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, 2024 |
Item 1. Reports to Stockholders
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Annual report
Equity funds
Delaware Ivy Core Equity Fund
Delaware Ivy Large Cap Growth Fund
Delaware Ivy Mid Cap Growth Fund
Delaware Ivy Mid Cap Income Opportunities Fund
Delaware Ivy Small Cap Growth Fund
Delaware Ivy Smid Cap Core Fund
Delaware Ivy Value Fund
Fixed income funds
Delaware Ivy Core Bond Fund
Delaware Ivy Global Bond Fund
Delaware Ivy High Income Fund
Global / international equity funds
Delaware Global Equity Fund II
(formerly, Delaware Global Value Equity Fund)
Delaware International Equity Fund II
(formerly, Delaware Ivy International Value Fund)
Delaware Ivy Global Growth Fund
Delaware Ivy International Core Equity Fund
Delaware Ivy Systematic Emerging Markets Equity Fund
Multi-asset fund
Delaware Ivy Managed International Opportunities Fund
March 31, 2024
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’s public markets businesses trace their roots to 1929 and partner 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.
Manage your account online
| ● | Check your account balance and transactions |
| ● | View statements and tax forms |
| ● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and 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.
This annual report is for the information of Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High 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 Mid Cap Income Opportunities 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 applicable fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of March 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested. All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
| Delaware Global Equity Fund II | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Global Equity Fund II (Class I shares) | 1-year return | +13.12% | |
| Delaware Global Equity Fund II (Class A shares) | 1-year return | +12.81% | |
| MSCI ACWI (net) (benchmark) | 1-year return | +23.22% | |
| MSCI ACWI Index (gross) (benchmark) | 1-year return | +23.81% | |
| MSCI World Index (net) (former benchmark) | 1-year return | +25.11% | |
| MSCI World Index (gross) (former benchmark) | 1-year return | +25.72% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Global Equity Fund II, please see the table on page 36.
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 38 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.
Significant Fund event
On August 31, 2023, the portfolio management responsibilities of the Fund changed and Aditya Kapoor, Charles John, and Charles (Trey) Schorgl now serve as portfolio managers of the Fund. In addition, on October 31, 2023, the Fund’s name changed to Delaware Global Equity Fund II and the Fund’s benchmark changed from the MSCI World Index to the MSCI ACWI (All Country World Index).
On January 16, 2024, the Board of Trustees of Ivy Funds approved the reorganization of Delaware Global Equity Fund II (Acquired Fund) into Delaware Ivy Global Growth Fund (Acquiring Fund). It is currently expected that the reorganization will be completed in the second quarter of 2024 subject to the approval of the reorganization by the Acquired Fund shareholders. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the reorganization date.
Market review
The fiscal period ended March 31, 2024, marked a solid recovery for global markets. Equities in the US were particularly strong, benefiting from the proliferation of artificial intelligence (AI) applications and fading concern for a US recession. International markets produced gains that were reasonable if not as strong.
Unlike the US, international equities didn’t benefit immediately from the launch of AI. Overseas markets recovered in earnest beginning in the fall 2023, driven by softer central-bank rhetoric. Toward the end of the fiscal year, international markets were driven by incrementally positive macroeconomic data and investor sentiment. Investor enthusiasm for AI ultimately bled into the international rally as it broadened into those parts of the tech sector with a more global presence.
It should come as no surprise then, that information technology (IT) was the strongest-performing sector and countries with leading tech companies performed well. This benefited the US, Taiwan, and Netherlands. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S also performed well. India has been a bright spot within global markets as it had one of the strongest economies in the world. China, and associated Hong Kong based holdings, performed weakest as macroeconomic issues lingered.
At a macro level, US gross domestic product (GDP) remained strong, despite certain areas of the economy experiencing a downturn. Consumers and the government have sustained growth, driving services on the consumer side and considerable local-government spending.
Europe, while contracting by many economic measures over the year, began to improve somewhat near period end. The services sector remained the area of growth. In Japan, the economic picture was mixed. The corporate landscape is quite sound and inflation, while increasing, has remained in check. The Bank of Japan abandoned its negative rate policy after many years but is keeping a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery. The government has only cautiously provided stimulus as it did in prior periods of weakness. The property market, a critical economic driver, continued to be under immense pressure. Toward the end of the fiscal year, China improved slightly in some sectors, mainly the result of higher export activity.
Global interest rates were volatile during the year, rising sharply in the first six months before rolling over as the US Federal Reserve adopted a more moderate posture. However, late in the fiscal year,
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Portfolio management reviews
Delaware Global Equity Fund II
rates rose again as inflation remained elevated. Oil was volatile but ended nearly flat for the fiscal year.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the period under prior portfolio management, from April 1, 2023, through August 31, 2023, Delaware Global Equity Fund II Class I shares posted a positive return but underperformed the Fund’s then current benchmark, the MSCI World Index (net).
The Fund sought to identify undervalued quality companies with the potential to provide solid relative capital protection in challenging times. Therefore, the portfolio was built bottom-up (stock-by-stock) by selecting company stocks based on quantitative insights and qualitative assessments.
Within the MSCI World Index benchmark, IT and communication services provided the strongest sector returns during this period while the weakest performance came from consumer staples and materials.
Stock selection as well as the overall active sector allocation negatively affected the relative performance while stock selection within materials and financials contributed to relative performance. The Fund’s sizable overweight to consumer stables, one of the weaker performing sectors, had a negative impact on the relative performance as did its sizable underweight to strongest-performing sector IT.
In terms of individual holdings, leading contributors to performance during the period cited were Danish pharmaceutical company Novo Nordisk A/S and German multinational enterprise resource planning (ERP) software company SAP SE.
Novo Nordisk, producer of two popular and revolutionary obesity medications and a substantial portion of the world’s supply of insulin, is reaping impressive profits. According to results published in August, a double-blinded trial with the company’s medication Wegovy and placebo demonstrated a statistically significant and superior reduction by 20% in the risk of major adverse cardiovascular events in overweight adults. That was good news for both Novo Nordisk, its stock price, and, not least, patients.
SAP delivered on its migration to a subscription-based business model, which we think may provide higher profitability, more stability, and better scalability. We invested early in this transformation three years ago and think management has executed well so far. Its first goal was to build an installed base of subscription customers. Now, the company is focused on margin expansion. Investors have rewarded SAP for its improving business fundamentals.
Conversely, primary detractors from performance during this period were the Swedish hygiene and health company Essity AB and the British multinational alcoholic beverage company Diageo PLC.
The end of the pandemic did not bring the relief Essity had hoped for. The latest quarterly results revealed that the company will have difficulties achieving flat volume levels for the full year. Management took the strategic decision to favor margins at the expense of volume as it believes strong brands, Essity’s prominent market positions in different regions, and relationships with distributors and retailers, will expand margins even with price concessions from private-label competitors.
Diageo showed resilient results with strong sales and earnings growth that was broad-based in regions and categories. However, the company also showed weak volume growth, which disappointed investors who may have extrapolated strong post-pandemic growth in the financial models.
For the fiscal year ended March 31, 2024, Delaware Global Equity Fund II advanced but underperformed its benchmark, the MSCI ACWI (All Country World Index) (net). The Fund’s Class I shares gained 13.12%. The Fund’s Class A shares gained 12.81% at net asset value (NAV) and 6.35% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 23.22%. For complete, annualized performance of Delaware Global Equity Fund II, please see the table on page 36.
Stock selection, particularly in consumer staples and healthcare, drove performance. Stock selection in IT, communication services, and consumer discretionary contributed most. From a country perspective, the US, Taiwan, and Hong Kong were the strongest contributors, while the UK, China, and Denmark were relatively weak performers.
Some of the largest detractors from performance during the period included China Mengniu Dairy Co. Ltd., Reckitt Benckiser Group PLC, and Genmab A/S.
China Mengniu is one of the largest dairy producers in China. The stock was weak as China struggled with a difficult macroeconomic backdrop. Nonetheless, the company grew sales modestly, and maintained a dominant position in staple products.
Reckitt, a UK-based consumer-products business, missed earnings expectations as volumes were weak. Reckitt provided guidance, however, that growth should pick up in 2024.
Genmab, a Danish biopharmaceutical company, was a weak performer with several concerns, including delays in a clinical trial due to recruitment risks and higher spending requirements for several phase 3 starts. However, we remain optimistic because the company has a robust pipeline and the ability to generate significant
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growth and cash flow through current commercialized products. Genmab’s shares are significantly undervalued, in our opinion.
On an individual stock basis, the largest contributors to performance were Taiwan Semiconductor Manufacturing Co. Ltd., Netflix Inc., and Adyen N.V.
Taiwan Semiconductor has a near-global monopoly in the semiconductor foundry space. The company benefited from reacceleration in the memory semiconductor cycle, while the entire semiconductor ecosystem benefited from the proliferation of artificial intelligence (AI). Also, Taiwan Semiconductor just concluded a significant capital expenditure cycle that will begin to generate a profit.
Netflix is a US-based media-streaming service. The company is the incumbent in the space, having never had a linear TV business, an advantage as competitors struggle with cannibalization and loss of legacy revenue. Netflix’s user growth has been strong as it expands overseas and combats password sharing. It also announced a new advertising-based platform, which should provide an additional tailwind for growth.
Adyen, a Netherlands-based financial technology company, rallied after a brief period of weakness in 2023. Adyen generates most of its revenue in the US but has achieved growth in other areas. The company grew margins when after a big investment cycle it slowed hiring, a significant cost headwind for much of last year. While strong secular tailwinds remain for Adyen, we believe that the company has superior technology that could make it a leader in the space.
As the portfolio was repositioned, there were many new holdings and exits. Within semiconductors, NVIDIA Corp. and Taiwan Semiconductor were added. These companies that are now core holdings within the Fund’s portfolio have clear competitive advantages and are in a massive upcycle, in our view. Of the many positions sold, Unilever PLC and Pfizer Inc. are two examples. Both companies had relatively elevated valuations given lackluster growth prospects and we did not find the fundamentals attractive.
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Portfolio management reviews
| Delaware International Equity Fund II | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware International Equity Fund II (Class I shares) | 1-year return | +5.91% | |
| Delaware International Equity Fund II (Class A shares) | 1-year return | +5.60% | |
| MSCI ACWI ex USA (net) (benchmark) | 1-year return | +13.26% | |
| MSCI ACWI ex USA (gross) (benchmark) | 1-year return | +13.83% | |
| MSCI EAFE (Europe, Australasia, Far East) Index (net) (former benchmark) | 1-year return | +15.32% | |
| MSCI EAFE (Europe, Australasia, Far East) Index (gross) (former benchmark) | 1-year return | +15.90% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware International Equity Fund II (formerly Delaware Ivy International Value Fund), please see the table on page 40.
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 42 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.
Significant Fund events
On August 31, 2023, the portfolio management responsibilities of the Fund changed and Aditya Kapoor, Charles John, and Charles (Trey) Schorgl now serve as portfolio managers of the Fund. In addition, on October 31, 2023, the Fund’s name changed to Delaware International Equity Fund II and the Fund’s benchmark changed from the MSCI EAFE (Europe, Australasia, Far East) Index to MSCI ACWI (All Country World Index) ex USA.
On January 16, 2024, the Board of Trustees of Ivy Funds approved the reorganization of Delaware International Equity Fund II (Acquired Fund) into Delaware Ivy International Core Equity Fund (Acquiring Fund). Acquired Fund shareholders approved the reorganization at a special shareholder meeting held on March 25, 2024. The reorganization will occur on or about May 3, 2024. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the Reorganization Date.
Market review
Equity markets rallied sharply in the latter months of the fiscal year ended March 31, 2024. Investors were buoyed by the receding possibility of a recession, increasingly likely interest rate cuts, and the burgeoning commercial use of artificial intelligence (AI).
Riding the AI wave, information technology (IT) was the strongest-performing sector, and countries with leading tech companies performed best, with the Netherlands and Taiwan standing out. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S, also performed well. India was likewise a bright spot. China and associated Hong Kong-based holdings, along with Brazil and Switzerland, were weak performers.
At a macroeconomic level, Europe, while contracting by many economic measures over the year, showed signs of improvement at the end of the fiscal period, largely due to growth in the services sector. In Japan, the economic picture remained mixed – the corporate landscape was sound and inflation, while increasing, remained in check, prompting Bank of Japan to keep a ceiling on rates. China continued to struggle in its post-COVID-19 recovery. The government has been cautious in applying stimulus unlike other periods of weakness, and the property market, a critical economic driver, was under immense pressure.
Global interest rates declined sharply in the first part of the period, but persistently high inflation pushed rates back toward the end of the fiscal year. Oil was volatile but essentially flat over the period.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the period under prior portfolio management, from April 1, 2023, through August 31, 2023, Delaware International Equity Fund II Class I shares showed a positive result but underperformed the Fund’s then current benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net).
The Fund has sought to identify undervalued quality companies with the potential to provide solid relative capital protection in challenging times. Therefore, the portfolio was built bottom-up (stock-by-stock) by selecting company stocks based on quantitative insights and qualitative assessments.
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Within the Fund’s original benchmark, energy and financials provided the strongest sector returns during this period while the weakest performance came from communication services and consumer staples.
Stock selection had a positive effect on relative performance for the period cited, while active sector allocation had a negative effect. At a sector level, stock selection in materials, IT, healthcare, and consumer discretionary contributed to relative performance. The Fund’s sizable overweight to consumer staples, one of the weaker-performing sectors, had a negative effect on relative performance as did its sizable underweight to financials, one of the better-performing sectors.
The largest individual detractors from this performance period included British multinational alcoholic beverage company Diageo PLC and Swedish security services company Securitas AB.
Diageo showed resilient results with strong sales and earnings growth that was broad-based in regions and categories. However, the company also showed weak volume growth, which disappointed investors who may have extrapolated strong post-pandemic growth in the financial models.
Securitas is digesting a large acquisition, leading to structurally higher earnings before interest, taxes, and amortization (EBITA) margins and a higher earnings contribution from technology-enabled services. While the debt load is currently high, it will be worked down over the next couple of years, potentially building equity for shareholders and derisking the current low-valuation multiple. We think the refinancing risk is substantially reduced as Securitas has no debt covenants and no significant near-term debt maturities. Its earnings report was a mixed bag but its organic growth, driven by price increases, was strong. However, the company’s European business is still running at sub-standard margins, which need improvement. Shares fell in May due to contracting valuation multiples.
The largest individual contributors to performance over the fiscal period cited included German multinational enterprise resource planning (ERP) software company SAP SE and French food services and facilities management company Sodexo SA.
SAP delivered on its migration to a subscription-based business model, which we think may provide higher profitability, more stability, and better scalability. We invested early in this transformation three years ago and think management has executed well so far. Its first goal was to build an installed base of subscription customers. Now, the company is focused on margin expansion. Investors have rewarded SAP for its improving business fundamentals.
Sodexo, one of the largest food service companies globally, operates on-premises catering facilities in addition to pursuing diversification of its business activities into other areas, such as facilities-management services. The latest sales and revenue announcement showed somewhat light numbers for the on-site segment recovery after COVID-19, despite strong organic revenue growth of 10.5% and “progressive softening of inflation on food costs,” according to management. After a brief initially negative market reaction, the Sodexo share price rose steadily throughout the month of August.
For the fiscal year ended March 31, 2024, Delaware International Equity Fund II advanced but underperformed its benchmark, the MSCI ACWI (All Country World Index) ex USA (net). The Fund’s Class I shares gained 5.91%. The Fund’s Class A shares gained 5.60% at net asset value (NAV) and declined 0.48% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 13.26%. For complete, annualized performance of Delaware International Equity Fund II, please see the table on page 40.
At the sector level, consumer staples, energy, and healthcare detracted from relative performance, while stock selection in financials, IT, and consumer discretionary contributed for the period. At a country level, the UK, Germany, and Japan were weaker relative performers, while the Netherlands, Spain, and Brazil were strong.
Leading detractors to relative performance were HelloFresh SE, Budweiser Brewing Company Apac Ltd., and China Mengniu Dairy Co. Ltd.
HelloFresh is a German online meal-kit company. While the business had promising growth prospects, we overestimated its ability to convert marketing spend into sustainable customer acquisition growth. We decided to sell the position.
Budweiser Brewing is a Hong Kong-based beer company. Despite the stable nature of beer and solid execution on premiumization in China, where Budweiser grew premium beer sales double digits in the recent period, the business faced headwinds on several fronts. Lower-end beer sales in China have been soft and Chinese consumers are still under pressure. Also, increased taxes in South Korea ate into profits since Budweiser did not increase prices to offset the tax. We believe the company is still well positioned in the long term and have retained our position.
China Mengniu is one of the largest dairy manufacturers in China. The stock was weak as a large part of the Chinese population struggled within a difficult macroeconomic backdrop. Despite the difficult environment, the company grew sales modestly and maintained a dominant position in staple products.
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Portfolio management reviews
Delaware International Equity Fund II
On an individual basis, the largest contributors to performance included Banco Bilbao Vizcaya Argentaria SA, Adyen NV, and Stellantis NV.
Banco Bilbao is a Spanish bank that generates most of its revenue in Mexico. With a healthy labor market and an appetite for consumption, Mexico had solid loan growth. The company also gained market share. Overall, Banco Bilbao had good execution and benefited from a macro tailwind in its key market.
Adyen, a Netherlands-based financial technology company, rallied after a brief period of weakness in 2023. Adyen generates most of its revenue in the US but has achieved growth in other areas. The company grew margins when after a big investment cycle it slowed hiring, a significant cost headwind for much of last year. While strong secular tailwinds remain for Adyen, we believe that the company has superior technology that could make it a leader in the space.
Stellantis is an auto conglomerate based in the Netherlands. It generated positive growth and strong cash flow in a difficult operating environment, including higher labor costs and price competition.
We made several changes to the Fund’s portfolio during the fiscal period, including the sale of HelloFresh mentioned above. We also initiated a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery like forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, its stock was depressed on a historical basis. We think Kion is well positioned to potentially benefit once the supply chain market improves and it works through some unprofitable fixed contracts.
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Portfolio management reviews
| Delaware Ivy Core Bond Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Core Bond Fund (Class I shares) | 1-year return | +2.79% | |
| Delaware Ivy Core Bond Fund (Class A shares) | 1-year return | +2.53% | |
| Bloomberg US Aggregate Index (benchmark) | 1-year return | +1.70% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Core Bond Fund, please see the table on page 44.
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 46 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.
Significant Fund event
On January 16, 2024, the Boards of Trustees of Ivy Funds and Delaware Group Adviser Funds approved the reorganization of Delaware Ivy Core Bond Fund (Acquired Fund) into Delaware Diversified Income Fund (Acquiring Fund). It is currently expected that the reorganization will be completed in the second quarter of 2024 subject to the approval of the reorganization by the Acquired Fund shareholders. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the reorganization date.
Market review
The fiscal year ended March 31, 2024, was notable for significant geopolitical, monetary policy, financial, and economic events. From the outset, inflation in the US was well above the US Federal Reserve’s 2% target, as residual stimulus from the pandemic continued to support consumer spending despite corporations’ pricing power.
The Fed tested its contention that inflation would be transitory as it raised short-term rates to their highest level in 22 years. As the period progressed, investors’ focus shifted from inflation to a possible recession amid concern that the Fed would tighten monetary policy too much.
Economists early in the Fund’s fiscal year predicted that the steep climb in short-term rates would lead to economic contraction. This appeared to be supported by various measures of the yield-curve. For example, the US Treasury 10-year-to-2-year yield spread spent the entire fiscal year in inverted territory, a signal usually associated with recessionary environments. Yet the Fed’s effective management of the regional banking crisis set off by the collapse of Silicon Valley Bank in March 2023 and residual fiscal momentum forestalled recession.
Inflation was the key economic indicator during the fiscal year, as investors’ inflation fear returned in the fall of 2023, only to sharply reverse in December as the Fed signaled an end to the tightening cycle. In the first quarter of 2024, however, economic resilience, persistent fiscal momentum, and wealth effects reignited concern that the path to lower inflation may not be as smooth as initially hoped. The US Consumer Price Index (CPI) reached a low of 3% in June 2023 but touched 3.7% before softening again, ultimately ending the fiscal year at 3.5%. Investors noted the improvement along with resilient unemployment and growth and began to use terms like “immaculate disinflation” or “no landing,” crediting the Fed with successfully managing inflation without damaging the economy.
The fiscal year ended with markets keenly focused on the Fed’s ability to transition from a tightening cycle to either a pause or easing. Expectations fluctuated from pricing in seven 2024 rate cuts in December to only three by the end of the fiscal year. Service sector pricing power resilience was a key focus at the end of the fiscal year. The interest rate on 10-year Treasurys traced back from an exuberant 3.8% in December to 4.2% by the end of March.
Risk markets took inflation in stride, focusing instead on a “no-landing” narrative, with yield spreads for non-government sectors declining significantly, a reflection of increased exuberance. While interest rates remained at secularly attractive levels, most credit-risk sectors offered historically limited value, having returned to the bottom quartile of valuations. At the end of the period, investors were evaluating the upcoming US presidential election and the fraught geopolitical backdrop as both Ukraine and the Middle East posed serious risks. Given that, investors’ optimism that inflation will be tamed and their enthusiasm for new technologies based on artificial intelligence (AI) may prove susceptible to negative exogenous surprises.
Source: Bloomberg, unless otherwise noted.
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Portfolio management reviews
Delaware Ivy Core Bond Fund
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Core Bond Fund outperformed its benchmark, the Bloomberg US Aggregate Index. The Fund’s Class I shares gained 2.79%. The Fund’s Class A shares advanced 2.53% at net asset value (NAV) and declined 2.09% at maximum offer price. These figures reflect all distributions reinvested. For the same period, the Fund’s benchmark gained 1.70%. For complete, annualized performance of Delaware Ivy Core Bond Fund, please see the table on page 44.
The Fund successfully navigated the volatile period with an agile, top-down sector allocation approach. The Fund benefited from an overweight and subsequent reduction in its allocations to credit-related sectors such as investment grade corporate, high yield, and emerging markets (EM) debt. The Fund also benefited from a modest and persistent allocation to non-agency residential mortgage-backed securities (MBS) and commercial MBS (CMBS). Conversely, our late-cycle transition to a neutral and eventually long-duration position detracted modestly from performance as interest rates continued to wrestle with inflation fears. (Duration is a measure of a security’s sensitivity to changes in interest rates). The Fund’s modest overweight to financials also detracted somewhat from performance.
The fiscal year experienced significant volatility in credit risk valuations as well as interest rates. Our decision to retain a modest overweight to investment grade corporates through the regional banking crisis was beneficial as was our allocation to plus sectors, including high yield and EM debt. However, as spreads across credit sectors tightened materially at the end of the fiscal year, we chose to monetize that strong performance by reducing the Fund’s credit risk to build its liquid capital reserve and await more compelling opportunities.
In managing the higher interest rate volatility, the Fund employed a strategic long-term approach. The significant short-term volatility detracted from returns. To minimize the impact of volatility and capture long-term trends in the initial phases of the Fed’s hiking cycle, the Fund maintained a strategic position intended to reduce interest rate exposure. Once the 10-year Treasury yield exceeded 4% and the Fed, along with economic indicators, began signaling late-cycle behavior, we sought to manage recession risk by increasing duration when interest rates rose significantly. In particular, we did that when rates reached 5% in October 2023. We subsequently reduced duration once interest rates dropped below 4% on exuberance about rate cuts.
The Fund’s overall exposure to high yield corporates benefited performance in a period of earnings resilience and balance-sheet strength. Beneficiaries of economic recovery included cruise ship operator Carnival Corp.’s senior unsecured bonds. Carnival benefited from favorable booking activity following the COVID-19 pandemic and the return to free-cash-flow generation.
The Fund’s allocation to EM corporate securities benefited overall performance, as risk premiums declined on economic optimism. Among the stronger performers, BBVA Bancomer SA benefited from strong fundamentals, which resulted in an upgrade. The securities also got a boost from the resurgence of demand for EM securities by the end of the fiscal year.
The Fund’s position in Brookfield Infrastructure Corp. detracted from performance. As interest rates rose and concerns with private asset valuations increased, the security reacted negatively to a report questioning the valuation methodologies of the manager. Given the limited liquidity of the security and concerns over interest rate volatility, we decided to tactically exit the position throughout 2023.
The Fund’s allocation to securitized assets was an important driver of returns during the fiscal year. Generally, the Fund retained an overweight to the residential mortgage-backed securities (RMBS) sector, which we believed would benefit from a strong residential real estate market. The Fund retained an overweight allocation to CMBS, which delivered strong performance at the end of the fiscal year. Senior fixed rate securities generally added to performance, while the modest allocation to subordinated securities detracted from performance under the pressure of commercial real estate headlines.
During the fiscal year, the Fund used a variety of derivatives, including futures, to manage interest rate risk, swaps and swaptions to adjust the Fund’s overall exposure to certain markets, and currency forwards to increase or decrease exposure to foreign currencies. The use of derivatives did not have a material impact on performance during the fiscal year.
In our opinion, this is a compelling time for agile, active management and bottom-up (bond by bond) security selection as dispersion (the gap between the strongest- and weakest-performing assets) increases. We believe some value remains in certain areas of the market such as agency MBS. Yet the exuberance expressed by credit risk markets toward the end of the fiscal year justifies a more cautious approach, as valuations are increasingly susceptible to undetermined unknowns. Bonds are bonds again, in our view, and exposure to the asset class is as attractive as we’ve seen in decades. We believe agility and security selection will remain key to navigating the uncertainty ahead.
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Portfolio management reviews
| Delaware Ivy Core Equity Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Core Equity Fund (Class I shares) | 1-year return | +31.50% | |
| Delaware Ivy Core Equity Fund (Class A shares) | 1-year return | +31.18% | |
| S&P 500® Index (benchmark) | 1-year return | +29.88% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Core Equity Fund, please see the table on page 47.
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 49 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.
Market review
The large-cap equity market in the US posted strong returns for the fiscal year ended March 31, 2024, with the S&P 500 gaining nearly 30%. We believe the equity rally that began in late October 2023 can be attributed primarily to resilient economic growth in the US, lower inflation, and an expectation that aggressive interest rate hikes intended to slow growth are behind us.
Stocks within the communications services, information technology (IT), and financials sectors outpaced the gains in the index while all other sectors underperformed the market. The more-defensive sectors, including utilities, consumer staples, and real estate, sharply lagged market returns. We think that can largely be attributed to the greater importance that interest rates have had within these sectors. Leadership was relatively narrow among growth sectors and was dominated by the performance of mega-cap companies. Growth companies outperformed their value counterparts as the Russell 1000® Growth Index doubled the gain of the Russell 1000® Value Index.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2023, Delaware Ivy Core Equity Fund outperformed its benchmark, the S&P 500 Index. The Fund’s Class I shares gained 31.50%. The Fund’s Class A shares gained 31.18% at net asset value (NAV) and advanced 23.60% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 29.88%. For complete annualized performance of Delaware Ivy Core Equity Fund, please see the table on page 47.
Stock selection drove roughly 60% of the relative outperformance versus the Fund’s benchmark while sector allocation decisions drove the remaining 40% of relative performance. Stock selection was strongest within financials where The Allstate Corp., Capital One Financial Corp., and KKR & Co. Inc. outperformed. Selection was also positive in consumer staples where Costco Wholesale Corp. outpaced market gains and in industrials where the Fund held Airbus SE, Howmet Aerospace Inc., and United Rentals Inc.
Stock selection decisions within IT detracted from relative performance driven by our underweight in NVIDIA Corp., our ownership in VeriSign Inc., and our lack of ownership in Broadcom Inc.
In total, selection decisions were positive or neutral in 7 of 11 S&P 500 Index sectors. From a sector allocation standpoint, the Fund’s underweight to the consumer staples sector, which underperformed the benchmark, and a significant overweight to the outperforming financials sector aided relative returns while modest holdings in cash and an underweight in the communications services sector detracted from performance. In total, sector allocation decisions were positive in 8 of 11 S&P 500 Index sectors.
On the individual stock level, KKR significantly contributed to Fund performance. Shares of the alternative asset manager advanced through the course of the fiscal year on strong earnings, improved capital market conditions, and expectations that the company was on the cusp of an accelerated fundraising cycle over the next 24 months.
United Rentals, the largest player in the construction rental equipment market in the US, also contributed to performance. The shares performed well on evidence of a sustained non-residential building cycle tied to megaprojects including electrification and grid investments, increased onshore manufacturing capacity, and infrastructure spending.
The Fund benefited from its underweight of Apple Inc. as the shares underperformed on reduced future earnings expectations tied to slowing iPhone demand globally. While key competitive advantages still exist, we believe growth will likely continue to be modest given a mature revenue base.
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Portfolio management reviews
Delaware Ivy Core Equity Fund
Lack of ownership of Tesla Inc. also benefited the Fund as shares declined on a sharp downgrade in delivery and earnings expectations associated with slowing demand in the US and China. Tesla continues to battle intense competition globally in the electric-vehicle (EV) market with market share and profit margins susceptible to steep declines.
Applied Materials Inc. also contributed to performance during the fiscal year as the semiconductor capital equipment provider posted robust gains on strong current business trends and expectations for a pending upcycle in equipment needed to power applications based on artificial intelligence (AI).
Although NVIDIA gained more than 225% during the fiscal period –largely due to investor enthusiasm for AI – the Fund was underweight the stock, detracting from relative performance.
Aptiv PLC was another detractor. The auto-parts supplier enables new vehicle technologies such as adaptive safety and electrification of power trains. A reduction in EV demand within developed markets put pressure on input costs and the company underperformed.
NextEra Energy Inc. also detracted from the Fund’s performance. A largely regulated utility based in Florida with an unregulated renewables business, NextEra Energy was subject to a reduced valuation level associated with higher interest rates despite no change in longer-term earnings expectations.
The Fund’s position in Meta Platforms Inc. also resulted in underperformance. While the purchase of this security during the fiscal year benefited our shareholders on an absolute basis (appreciating more than 125%), the Fund's relative underweight detracted. Meta benefited from significant cost cutting during late 2022 and early 2023 and from accelerating monetization of some of its key social-media investments, namely Instagram Reels.
Shares of UnitedHealth Group Inc., the largest health insurer in the US, declined on signs of elevated healthcare utilization. Demand had been low in the prior two years as seniors deferred care and elective medical procedures.
Shareholders have enjoyed attractive gains in equity performance since the most-recent market bottom in October 2022. Since that time, the S&P 500 Index has advanced more than 45% despite concerns about recession, aggressive interest rate increases, inflation, geopolitical unrest including wars in Ukraine and the Middle East, and political discord at home.
The advance in equity prices, we believe, stems from a resilient domestic economy that has proved many skeptics wrong. We have written extensively about underappreciated dynamics within our economy and the highly unusual impact of the COVID-19 pandemic, which we believe still provides opportunities for long-term investors like us.
Not since the advent and build-out of the internet in the late 20th century has a technology innovation captured investors’ attention to the extent that AI has. If you have not experimented with AI using various chatbots such as OpenAI’s ChatGPT, know that advances in computational power are opening avenues for machines to analyze massive quantities of data to provide true human utility. Much like the internet in its infancy, a rapid build-out of computational capacity will likely come well before the generation and monetization of business models that take advantage of the new capabilities deployed today.
As it relates to the opportunities AI creates for a large-cap core portfolio like our strategy, we believe it’s important to note that to date, AI is truly a big-company theme as only companies with massive financial resources have the capability to invest the billions to tens of billions of dollars necessary to build out dedicated data centers. These technologies are directly in the wheelhouse of firms owned in the Fund’s portfolio that include NVIDIA, Microsoft Corp., Alphabet Inc., and Applied Materials Inc. and are some of the more obvious early-stage beneficiaries of AI. We think large companies will also have an advantage when it comes to those firms that will take leadership positions in deploying the capabilities AI provides. We think companies like JPMorgan Chase & Co., UnitedHealth, The Home Depot Inc., and The Procter & Gamble Co. possess critical resource advantages that will enable them to create productivity, product development, and marketing advantages that may not exist today.
As a large-cap core portfolio that invests across the valuation spectrum (from value to growth), we believe we have a unique capability to look across the entire US market at opportunities created by these broader macroeconomic forces. The buildout and deployment of AI capacity, the continued electrification of the transport industry, the desire for cleaner power generation, government and private investment in infrastructure, and the desire for the US to be competitive in critical manufacturing technologies are creating what we view as an enormous opportunity for firms in many sectors of our economy beyond the large-capitalization technology names.
At the end of the Fund’s fiscal year, the largest sector overweight was in the financials sector where we believe several companies can potentially experience accelerated growth with attractive valuations. We remain broadly diversified within financials across alternative investments, capital markets, consumer finance, personal-lines insurance, and digital payments.
We have maintained a slight overweight within the technology sector with an emphasis on mega-cap participants in the build-out of AI but
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have also emphasized firms that faced post-pandemic deceleration in business activity, such as Zebra Technologies Corp.
Within industrials, we continue to expect a strong upcycle in commercial aerospace through the remainder of the decade to compensate for deferred aircraft deliveries in the 2020-2022 period.
The portfolio continues to have risk characteristics (beta and total volatility) approximately in line with that of the market and is slightly tilted toward growth-style investments though incremental additions have occurred in lowly valued areas of the market.
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Portfolio management reviews
| Delaware Ivy Global Bond Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Global Bond Fund (Class I shares) | 1-year return | +4.44% | |
| Delaware Ivy Global Bond Fund (Class A shares) | 1-year return | +4.19% | |
| Bloomberg Global Aggregate Index, Hedged to USD (benchmark) | 1-year return | +4.14% | |
| Bloomberg 1-10 Year Global Aggregate Index Hedged USD (former benchmark) | 1-year return | +4.46% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Global Bond 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 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.
Significant Fund event
Effective July 31, 2023, the Fund changed its benchmark index from the Bloomberg Global Aggregate 1-10 Year Index, Hedged to USD to the Bloomberg Global Aggregate Bond Index, Hedged to USD.
Market review
Although volatility in fixed income markets continued during the fiscal year ended March 31, 2024, they were positive overall. The Bloomberg Global Aggregate Index returned 4.14% for the year, boosted by much higher starting yields, offsetting the previous year’s losses. The key drivers for the bond market’s performance continued to be macroeconomic: a fall in inflation (but slower progress in the “final mile” of disinflation) and a resilient broader US economy, with the influence of central banks also clearly felt.
Progress on inflation continued to be the key to bond market performance. While the rate of inflation started the year well below the startling headline levels from 2022 (over 10% year over year in Europe and over 9% in the US), investors always had questions about the ability to reach the US Federal Reserve’s target within a reasonable timeframe. To sum up progress so far: goods inflation has fallen sharply with the re-opening of supply chains and improvements in energy prices. Inflation on shelter and core services, excluding shelter, remained elevated, however, with little progress lower in recent months.
The US Core Personal Consumption Expenditures (PCE) Price Index (the Fed’s preferred gauge) finished the year at 2.8% year over year, down from 4.8% in March 2023. This showed progress but was still well above the Fed’s target, with alternative measures such as the Consumer Price Index (CPI) running even higher. Progress in taming inflation has varied around the globe, reflecting differences in underlying economic strength. Euro-area inflation read 2.4% (headline CPI) for March, with signs of continued downward momentum, with similar progress in the UK. In contrast, Japan’s CPI remained close to 3% and has recently risen, after decades of low inflation, and China’s CPI remains at the cusp of outright deflation. Long-term inflation expectations continue to be generally well anchored in developed markets, with the Fed’s 5-year forward inflation rate around 2.3%, above pre-2020 levels but indicating that Fed credibility remains intact.
Corresponding with the slowing in inflation, the pace of central bank rate hikes also slowed over the year. The Fed made its latest rate increase in July 2023, and the European Central Bank last hiked in September. Major developed market central banks changed their messaging in late 2023, moving to a balanced or even dovish stance, indicating that rate cuts could come in 2024. For now, while the slowing pace of improvement in inflation has put hopes for significant, early rate hikes on hold, expectations for lower short rates remain, especially in Europe. The Swiss National Bank became the first major developed market central bank to cut its rates in March 2024, though the inflation picture in that country is much more benign.
Government bond markets continued to be highly volatile through the year. October 2023 marked the local peak in rates, with 10-year US Treasurys briefly trading above 5%, before a pivot in funding plans calmed a growing sense that borrowing costs had started to get out of control and sent yields to a low of 3.80% in late December. Those moves were mirrored in most major bond markets, with the exceptions of Japan and China since both countries are at very different points in the economic and inflation cycle. Recent months have seen a rebound in yields (higher) with the challenges on inflation progress providing renewed pressure in bond markets.
Credit markets similarly had a volatile year but finished much more positively than underlying government bonds. Credit benefited from some stabilization in government bond yields, from much higher yields (which drove very strong demand), and from surprisingly resilient economic activity. The average global investment grade
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credit spread fell to 92 basis points (0.92 percentage points), from 138 basis points a year earlier, with much of the gains happening in the fourth quarter of 2023 and into this year.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Global Bond Fund gained, only slightly outperforming its benchmark, the Bloomberg Global Aggregate Index, Hedged USD, which also gained. The Fund’s Class I shares returned 4.44%. The Fund’s Class A shares gained 4.19% at net asset value (NAV) and fell 0.51% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 4.14%. For complete, annualized performance of Delaware Ivy Global Bond Fund, please see the table on page 50.
Sector and security selection in credit sectors were the primary drivers of outperformance: the Fund maintained an overweight to investment grade corporate credit and to emerging markets, both of which contributed to performance. This was somewhat offset by duration positioning which detracted. The Fund trimmed US duration but held an overweight to the US for much of the year. Other country-active duration positioning was mostly positive, particularly positioning in Europe and Japan.
Our overall stance of gradually increasing duration and finding pockets of value in credit markets to add to the portfolio is in line with our expectation for continued volatility in fixed income markets and an increasing focus on global growth. The Fund has significant ability to increase its credit holdings, and we will look to do so as potential opportunities emerge.
During the fiscal year, the Fund’s use of swaps, futures, foreign exchange currency positions, and options had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.
Fund positioning
The Fund was active in adjusting duration positioning throughout the year, reflecting the continued volatility in yields, and began the year with approximately 5.75 years of interest rate duration, building this to more than 6.2 years as rates peaked in October 2023. Since that peak, overall duration exposure moved between 5.4 and 6.2 years, with an average of roughly 5.8 years. Among country weightings, the allocation to US duration was trimmed throughout the year, replaced with Europe, Australia, and Japan allocations. That reflects the relative strength of each of these regions’ economies, with US growth and inflation pulses clearly stronger than the rest of the world, providing upward pressure on bond yields here. We expect non-US central banks to raise rates less aggressively (this has mostly played out), and we think they will likely be able to cut more aggressively in the medium term, as these regions tend to have higher interest rate sensitivity and more structural impediments to growth.
Although the Fund generally maintained its corporate credit holdings through the year, with spreads relatively attractive, the outlook was highly uncertain. Given much tighter spreads, the Fund trimmed some investment grade exposures in February 2024, preferring to hold lower overall exposure with the possibility of wider, more volatile spreads. The Fund took advantage of material spread widening in agency mortgage-backed securities (MBS) to add further to its position through the first half of the year, with spreads on these securities near historic levels. The Fund also trimmed its emerging markets holdings in the second quarter of 2023, with spreads well off the 2022 and early 2023 levels. However, the Fund maintained an overweight compared with the benchmark.
The Fund’s currency exposures maintain a heavy weighting to US dollars, judging the US economy to be stronger than most global peers, and the US dollar likely to benefit both from safe-haven flows in a risk-off environment or from relatively higher yields in the event of stickier-than-expected inflation.
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Portfolio management reviews
| Delaware Ivy Global Growth Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Global Growth Fund (Class I shares) | 1-year return | +25.81% | |
| Delaware Ivy Global Growth Fund (Class A shares) | 1-year return | +25.48% | |
| MSCI ACWI (net) (benchmark) | 1-year return | +23.22% | |
| MSCI ACWI (gross) (benchmark) | 1-year return | +23.81% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Global Growth Fund, please see the table on page 54.
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 56 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.
Market review
The Fund’s fiscal year ended March 31, 2024 marked a solid recovery for global markets. The US was particularly strong, with the proliferation of artificial intelligence (AI) and fading concerns of a US recession. International markets fell significantly behind high-flying US equities, but they still produced reasonable double-digit gains. International equities didn’t benefit from the immediate launch of AI as the US did. The market recovered in earnest beginning in the fall of 2023, driven by softer central bank rhetoric. Toward the end of the Fund’s fiscal year, incrementally positive macroeconomic data and investor sentiment drove the international market. Investor excitement surrounding AI ultimately bled into the international rally as it broadened into other parts of the technology sector with a more global presence.
With that, information technology (IT) was the strongest-performing sector, and countries with leading tech companies performed well. This benefited the US, Taiwan, and Netherlands. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S, also performed well. India was a bright spot within global markets as it had one of the strongest economies in the world. China, and associated Hong Kong-based holdings, performed the weakest as macroeconomic issues lingered.
At a macro level, the US economy remained strong, although certain areas experienced a downturn. US consumers and governments carried growth forward, driven by services on the consumer side and considerable spending by local governments. While contracting by many economic measures throughout the year, Europe began to slightly improve toward the end of the Fund’s reporting period. The services sector remained the area of growth. In Japan, the economic picture was mixed. The corporate landscape was quite sound, however, and inflation, while increasing, remained in check. Japan’s central bank abandoned its negative rate policy after many years, but it kept a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery. The Chinese government was cautious about stimulating the economy as it had in prior periods of weakness, and the property market, a critical economic driver, remained under immense pressure. Toward the end of the fiscal year, China improved slightly in some sectors, mainly because of higher export activity.
Global interest rates were volatile during the Fund’s fiscal year. They rose sharply in the first six months before rolling over as US central bank rhetoric became more dovish. Late in the fiscal year, however, rates rose again as inflation remained elevated. The price of oil was volatile but ended nearly flat for the fiscal year.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Ivy Global Growth Fund outperformed its benchmark, the MSCI ACWI (All Country World Index) (net). The Fund’s Class I shares gained 25.81%. The Fund’s Class A shares gained 25.48% at net asset value (NAV) and advanced 18.26% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 23.22%. For complete, annualized performance of Delaware Ivy Global Growth Fund, please see the table on page 54.
Strong stock selection drove performance, particularly in the energy, utilities, IT, and industrials sectors. Stock selection in communication services and consumer staples detracted from performance the most. From a country perspective, the US, India, and Japan were the leading contributors, while China, Denmark, and UK holdings performed relatively poorly.
On an individual stock basis, Eli Lilly and Co., NTPC Ltd., and KLA Corp. performed the strongest relative to the benchmark. US pharmaceutical company Eli Lilly is responsible for many products,
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including those used for diabetes. Its development of GLP-1s has been a major growth driver and has drawn significant investor attention. The stock rallied, primarily, on this new class of drug. India-based utility NTPC rode several tailwinds throughout the year. Though a global leader in clean energy, it has also maintained strong production of coal-based energy since both are necessary in the highly populated and highly polluted country of India. Impressive economic growth and wealth creation in India also has created greater demand for energy. The stock of semiconductor capital equipment manufacturer KLA was significantly undervalued, particularly since this part of the industry has very few competitors. The stock rallied as the market appreciated that KLA would benefit from the cyclical recovery in semiconductors, which also ties to the growth and infrastructure needs of AI.
China Mengniu Dairy Ltd., Genmab A/S, and Aptiv PLC individually detracted the most from performance. China Mengniu, one of the largest dairy manufacturers in China, experienced weakness in its stock performance as a large part of the Chinese population continued to struggle within a difficult macroeconomic environment. Despite this backdrop, the company grew sales modestly and maintained a dominant position in staple products. Concerns about Danish biopharmaceutical company Genmab, including delays in a trial due to recruitment risks as well as higher spending needs for several phase 3 starts, weakened the stock. In our opinion, the stock is significantly undervalued, and we remain optimistic about Genmab’s robust pipeline and ability to generate significant growth and cash flow through current commercialized products. Aptiv, a vehicle component manufacturer, executed well in a difficult environment, generating positive 2023 sales and earnings growth in a tough auto environment. Unfortunately, even with its robust internal combustion engine part sales, investors have tied this stock’s success to the growth of electric vehicles (EVs), which has disappointed. We lost confidence that the market would reward this stock without EV growth and we sold our position.
The portfolio had several changes, including exiting our position in Aptiv, mentioned above, and initiating a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery such as forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, the stock was depressed on a historical basis. As the supply chain market improves and the company works through some unprofitable fixed contracts, we expect the skies to clear and we believe Kion Group will be well positioned.
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Portfolio management reviews
| Delaware Ivy High Income Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy High Income Fund (Class I shares) | 1-year return | +11.63% | |
| Delaware Ivy High Income Fund (Class A shares) | 1-year return | +11.36% | |
| ICE BofA US High Yield Constrained Index (benchmark) | 1-year return | +11.06% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy High Income 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 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 high current income and capital appreciation.
Market review
For the fiscal year ended March 31, 2024, the high yield bond market, along with fixed income more generally, maintained a focus on two primary concerns: the declining but still elevated rate of inflation and the likelihood that the US Federal Reserve would reduce rates. Each month, investors’ enthusiasm rose or fell based on the latest inflation data.
High yield bonds began the 12-month period yielding close to 9% amid generally tight spreads. Historically, when yields have been above 8%, the following year’s returns have been strong. As the fiscal year began, the high yield market was briefly in crisis following the collapse of Silicon Valley Bank but emerged unscathed. As the fiscal year progressed, high yield bonds were volatile, but the Fund’s benchmark, the ICE BofA US High Yield Constrained Index, maintained a series of consecutive quarterly gains as economic data defied those predicting an imminent recession.
The market received a boost in November, when Fed Chair Jerome Powell made a long-awaited rhetorical shift, signaling that while any interest rate moves would remain data-dependent, an end to the rate-hiking cycle was near. Investors reacted exuberantly, fueling a strong year-end rally. While the Fed’s dot plot indicated three rate cuts in 2024, investors priced in twice that number at the end of 2023.
Investors’ expectations came down to earth in January, however, when a higher-than-anticipated inflation report led to the realization that expectations might have been overly optimistic. The fiscal year ended with two additional stronger-than-expected monthly inflation readings, further lowering expectations on the timing and number of likely rate cuts in 2024.
Despite the uncertainty about federal funds futures, high yield bonds maintained strong overall performance as 12-month US high yield default rates remained generally modest, about 2% to 3% for the entire 12-month period. Projections for default rates in 2024 at the end of the fiscal year were in the 2.5% to 3.5% range.
Within the US high yield market, the automotive, housing, and gaming and leisure sectors were strongest, while broadcasting, metals and mining, and telecommunications performed relatively poorly. Overall market strength was resilient, and even relatively weak sectors had close to double-digit annual returns.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy High Income Fund slightly outperformed its benchmark, the ICE BofA US High Yield Constrained Index. The Fund’s Class I shares gained 11.63%. The Fund’s Class A shares advanced 11.36% at net asset value (NAV) and gained 6.28% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark advanced 11.06%. For complete annualized performance of Delaware Ivy High Income Fund, please see the table on page 57.
The primary sectors contributing to the Fund’s relative performance were energy, chemicals, and insurance brokers. The Fund’s respective overweight and security selection within all three sectors contributed to the sectors outperforming relative to its benchmark, highlighted by NFP Corp. being acquired by investment-grade-rated peer AON PLC.
Also contributing to performance during the fiscal period were the dominant cruise-line industry operators, Carnival Corp. PLC and Royal Caribbean Cruises Ltd. Both performed well as the industry continued to rebound from pent-up travel demand following the pandemic’s travel restrictions. Both Royal Caribbean and Carnival are on a trajectory to regain their investment grade status. Vistra Corp., an electric generator, also contributed to the Fund’s
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performance. It offered attractive valuations to start the 12-month period and it continued to post solid earnings through the end of the fiscal year.
At the sector level, the major detractors from the Fund’s relative performance were real estate, retail, and financial services. The Fund’s underweight to all three sectors during the fiscal period contributed to relative underperformance versus its benchmark.
Among individual securities detracting from performance during the fiscal year were Altice France SA, Cumulus Media New Holdings Inc., and Ardagh Packaging Finance PLC. All three companies are currently experiencing operational and secular challenges within their respective industries, leading to softening free cash flow generation. We continue to monitor all three from a fundamental perspective and will look to appropriately reposition as warranted. At this time, the Fund still maintains a position in all three holdings.
During the fiscal year, the Fund’s use of foreign exchange currency positions had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.
Despite the likelihood of elevated idiosyncratic risks and bouts of volatility, we remain constructive on the outlook for high yield in 2024. While fundamentals are expected to experience some level of deterioration, corporate balance sheets remain strong as both leverage metrics and interest coverage ratios are healthy on a historical basis. Given the backdrop, volatility in the high yield market is expected, and we will use our disciplined fundamental-based approach to seek to capture alpha as valuations dislocate from fundamentals.
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Portfolio management reviews
| Delaware Ivy International Core Equity Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy International Core Equity Fund (Class I shares) | 1-year return | +14.59% | |
| Delaware Ivy International Core Equity Fund (Class A shares) | 1-year return | +14.30% | * |
| MSCI ACWI ex USA Index (net) (benchmark) | 1-year return | +13.26% | |
| MSCI ACWI ex USA Index (gross) (benchmark) | 1-year return | +13.83% |
Past performance does not guarantee future results.
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
For complete, annualized performance for Delaware Ivy International Core Equity Fund, please see the table on page 60.
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 62 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.
Market review
The Fund’s fiscal year ended March 31, 2024 marked a solid recovery for international markets. Although their overall returns were significantly behind high-flying US equities, they posted double-digit gains. International equities didn’t benefit from the immediate launch of artificial intelligence (AI) as the US did. The market really recovered in earnest beginning in the fall of 2023, driven by fading concerns of a US recession and easing central bank policies. Toward the end of the fiscal year, the market was driven by incrementally positive macroeconomic data and investor sentiment. Investor excitement surrounding AI ultimately played a significant role in the rally as it broadened into other parts of the technology sector with a more global presence.
With that, information technology was the strongest-performing sector and countries with leading technology companies performed the best, particularly the Netherlands and Taiwan. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S (a holding in the Fund) also performed well. India has likewise been a bright spot within global markets as it had one of the world’s strongest economies. China and associated Hong Kong-based holdings, along with Brazil and Switzerland, were the weakest-performing countries.
At a macroeconomic level, Europe, while contracting by many economic measures over the fiscal year, began to improve slightly toward the end. The services sector remained the area of growth. In Japan, the economic picture was mixed, however. The corporate landscape was quite sound and inflation, while increasing, remained in check. With that, the central bank has kept a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery.
Its government has been hesitant to stimulate as it did in prior periods of weakness, and the property market, a critical economic driver, has been under immense pressure.
Global interest rates were volatile during the Fund’s fiscal year, rising sharply in the first six months before rolling over as US central bank rhetoric became more dovish. Late in the fiscal year, however, rates rose again as inflation remained elevated. Although the price of oil was volatile, it ended nearly flat for the 12-month period.
International markets remained ripe for fundamental investors as there was more dispersion throughout the investment landscape when compared with the US. The indices and passively managed vehicles continued to perform below the median manager, leaving skilled investors room to generate excess relative return.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy International Core Equity Fund outperformed its benchmark, the MSCI ACWI (All Country World Index) ex USA Index. The Fund’s Class I shares gained 14.59%. The Fund’s Class A shares advanced 14.30% at net asset value (NAV) and gained 7.72% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark advanced 13.26% (net). For complete annualized performance of Delaware Ivy International Core Equity Fund, please see the table on page 60.
Strong stock selection drove the Fund’s performance, particularly in financials, utilities, energy, and communication services. Stock selection in consumer staples, consumer discretionary, and healthcare detracted from performance. From a country perspective, the Netherlands, India, and France contributed the most while Hong
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Kong, which primarily consists of Chinese-based businesses, Denmark, and UK holdings performed relatively poorly.
On an individual stock basis, NTPC Ltd., Banco Bilbao Vizcaya Argentaria SA (BBVA), and Mitsubishi UFJ Financial Group Inc. were the strongest relative performers during the fiscal year. NTPC is an India-based utility. The company had several positive tailwinds throughout the period. It is a global leader in clean energy but has also maintained strong production of coal-based energy. Both are necessary in India, which is highly populated and highly polluted. Also, economic growth and wealth creation have been impressive there, creating greater demand for energy. BBVA is a Spanish bank with most of its revenue generated in Mexico. With a healthy labor market and an appetite for consumption, Mexico has had solid loan growth. BBVA has also gained market share. Overall, it has had solid execution and it benefited from a macroeconomic tailwind in its key market. Mitsubishi, a financial services business in Japan, had robust growth across most of its business. Loan rate spreads improved across major business units, and it capitalized on higher foreign currency interest rates.
The major individual detractors were Budweiser Brewing Company APAC Ltd., H World Group Ltd., and China Mengniu Dairy Co. Ltd. Budweiser Brewing is a Hong Kong-based beer company. Despite the stable nature of beer and solid execution on premiumization in China – where it grew its premium beer sales by double digits during the fiscal period – the business has faced headwinds on several fronts. Lower-end beer sales in China have been soft and sentiment around Chinese consumers is still under pressure. Also, increased taxes in South Korea ate into profits given that management did not increase prices to offset the tax. However, we believe Budweiser Brewing is still well positioned in the long term. H World is a large hotel operator with most of its operations in domestic China. After a pause in its business during the pandemic, H World has returned to consistent growth in recent quarters with strong cash flow. Domestic travel has been one of the rare areas of economic strength in China. However, the stock was down during the Fund’s fiscal year along with the broader Chinese market. China Mengniu is one of the largest dairy manufacturers in China. Its stock has been weak as a large part of the Chinese population has struggled within a difficult macroeconomic backdrop. Despite this, the company has grown sales modestly and maintains a dominant position in staple products. The portfolio had several changes during the fiscal year. We initiated a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery such as forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, the stock has been depressed on a historical basis. As the supply chain market improves and Kion Group works through some unprofitable fixed contracts it had previously entered, the skies should clear. As a result, we believe this company is well positioned. During the fiscal year, we sold the Fund’s position in HelloFresh SE, a German online meal kit company. While the business had promising growth prospects, we overestimated its ability to convert marketing spending into sustainable customer acquisition growth.
We believe the Fund’s portfolio is well balanced and positioned to capitalize on many of the global economy’s current areas of strength and areas that have been ignored. Our bottom-up (stock-by-stock) process focuses on three different types of investments (growth compounders, quality cyclicals, and unrecognized opportunity) and creates a portfolio of stocks with a diverse set of idiosyncratic drivers.
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Portfolio management reviews
| Delaware Ivy Large Cap Growth Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Large Cap Growth Fund (Class I shares) | 1-year return | +34.24% | |
| Delaware Ivy Large Cap Growth Fund (Class A shares) | 1-year return | +33.90% | |
| Russell 1000® Growth Index (benchmark) | 1-year return | +39.00% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Large Cap Growth Fund, please see the table on page 63.
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 65 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.
Market review
Beginning in late October 2023, growth equities staged a sharp rally through the end of the fiscal year on March 31, 2024. The surge was a welcome contrast to the year-earlier period when aggressive central bank tightening put the brakes on the post-COVID-19-pandemic recovery. Notably in 2022, stocks with higher valuations and companies with higher-risk business models were punished. Since then, the market has followed an entirely different path. Investor expectations gradually transitioned from recession to a soft landing and, most recently, to a no-landing scenario. The US Federal Reserve’s guidance for interest rate reductions only added fuel to the rally.
The introduction of generative artificial intelligence (AI) also contributed to the rally. The anticipation of a new industry and source of revenue encouraged investors to push markets higher. Investors coined the term Magnificent Seven to describe the largest and most influential stocks in the broad US large-cap indices. Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., and Tesla Inc. materially contributed to large-cap index returns during the fiscal year.
For the first nine months of the fiscal year, low-quality stocks rallied, behavior typical of a post-recessionary market in which many investors show little regard for the fundamentals of a business. For example, within the Russell 1000 Growth Index, the highest-beta (a measure of market risk), lowest-return-on-assets, and lowest-net-margin segments of the benchmark performed the strongest. These represent, by common measures of quality, the poorest-quality businesses. Meanwhile, the highest-quality segments of the benchmark, according to the same measures, performed relatively poorly.
As the fiscal year progressed, the rally focused less on low-quality characteristics and more on momentum. Momentum, like the previously mentioned market dynamics, can have periods of strong outperformance, but momentum is ascribed in hindsight and is a strategy that typically requires high turnover. In contrast, business quality is a persistent characteristic, and quality-first growth investing has historically offered compelling long-term returns.
The arrival of AI created one of the most concentrated market rallies on record. As investors sorted through the winners and losers of this new technology, those companies viewed as beneficiaries were responsible for the lion’s share of returns. Notably, semiconductor company NVIDIA was up roughly 325%. It was the first clear winner as its sales more than doubled in the last calendar year. In addition to AI, glucagon-like peptide-1s (GLP-1s) garnered a lot of investor attention. This new class of pharmaceuticals developed for the treatment of diabetes also gained acceptance for other indications, including weight loss. The makers of GLP-1s, including Eli Lilly and Co., performed well during the fiscal year. All sectors were positive for the fiscal period, with information technology (IT) and communication services notably standing out on the upside. The leading semiconductor, software, and internet companies that did exceptionally well during the year dominated these sectors. Lagging the index were real estate, consumer staples, and energy.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Large Cap Growth Fund had a positive return but underperformed its benchmark, the Russell 1000 Growth Index. The Fund’s Class I shares gained 34.24%. The Fund’s Class A shares gained 33.90% at net asset value (NAV) and advanced 26.18% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 39.00%. For complete annualized performance of Delaware Ivy Large Cap Growth Fund, please see the table on page 63.
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Stock selection primarily drove performance with communication services, IT, and healthcare detracting the most. Selection in consumer discretionary and real estate contributed to relative returns.
At the individual stock level, the largest detractors were Verisign Inc., and our lack of investment in Meta Platforms and Eli Lilly. Both Meta and Eli Lilly had large gains during the fiscal year and have significant weightings in the index, so not owning those stocks hurt relative performance. Neither stock met our investment criteria to take a position. Verisign provides internet infrastructure and is the domain name registry for .com and .net domains. The company’s business model and long-term government contract have led to generally consistent mid- to high-single-digit sales growth. Despite modest mid-single-digit revenue growth during fiscal 2023, the stock was out of favor. The market was sour on the company due to a decline in domain volume growth in China, despite China representing less than 10% of revenue. We think a likely more significant driver was investors’ enthusiasm for momentum stocks and those exposed to potential positive cyclical revisions as opposed to the stable recurring revenue stream enjoyed by Verisign. We believe, however, its monopolistic industry structure, consistency, and high free cash flow conversion have the potential to benefit our investors long term.
An underweight to Apple, not owning Tesla, and our position in Ferrari NV contributed the most individually. Apple has been a long-time holding in the portfolio as it clearly meets our quality criteria. As the business has matured and growth has slowed, however, the return profile became relatively less attractive, so we trimmed the position to a large underweight relative to the benchmark. The stock underperformed, which benefited performance. We have long felt that Tesla did not meet our quality standards, which require a favorable industry structure and sustainable competitive advantages. Neither the highly fragmented competitive structure of the auto industry nor the operating efficiencies Tesla once boasted were ever attractive. Ferrari, the Italian luxury auto company, was up considerably during the fiscal year. Unlike Tesla, Ferrari is more of a luxury-goods company than an auto business. Sales are fully booked through 2025, and it has significant pricing power. In addition to raising base prices on its vehicles, it has also grown personalization revenue. We have become cautious on the stock because of valuation, so we trimmed the position but remain confident in the underlying quality of the business.
Consistent with our low-turnover approach, the strategy eliminated two stocks and added two new positions during the quarter. We exited our small position in railroad operator Union Pacific Corp. The company continues to face labor headwinds and associated wage pressure, a common issue for many companies. However, Union Pacific also risks not being able to grow revenue ahead of gross domestic product (GDP). These fundamentals are not attractive. We initiated a position in Taiwan Semiconductor Manufacturing Co. Ltd., which enjoys a dominant global position. The company is a near monopoly in leading-edge semiconductor fabrication, providing manufacturing expertise to the world’s top semiconductor companies. The stock’s valuation lagged as areas of the semiconductor industry went through a cyclical down cycle. In anticipation of the industry reaccelerating and Taiwan Semiconductor’s recent capital expenditures beginning to provide accelerating shareholder returns, we bought the stock.
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Portfolio management reviews
| Delaware Ivy Managed International Opportunities Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Managed International Opportunities Fund (Class I shares) | 1-year return | +11.89% | |
| Delaware Ivy Managed International Opportunities Fund (Class A shares) | 1-year return | +11.57% | |
| MSCI ACWI (All Country World Index) ex USA Index (net) (benchmark) | 1-year return | +13.26% | |
| MSCI ACWI (All Country World Index) ex USA Index (gross) (benchmark) | 1-year return | +13.83% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Managed International Opportunities Fund, please see the table on page 66.
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 68 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.
Significant Fund event
On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Ivy Managed International Opportunities Fund. The Fund liquidation and dissolution occurred on April 19, 2024.
Market review
Stock markets in developed countries trended slightly positive at the beginning of the Fund’s fiscal year in the second quarter of 2023, although North American equities were under water at times. Europe and the Pacific region were the strongest performers, whereas emerging markets, led by China, slipped into negative territory. Equity markets saw some strong performance in June, particularly in Japan and the US, although overall equity performance was somewhat bumpy. After Congress agreed to raise the US debt ceiling and the Fiscal Responsibility Act of 2023 was signed into law in early June, equities rallied significantly. However, this positive phase was short lived. A large downturn followed the central bank meetings of the US Federal Reserve and the European Central Bank (ECB). Equity markets rallied again in late June, after the release of several surprisingly good US economic data points.
The third quarter of 2023 challenged markets as most major asset classes declined largely because central banks around the world continued tightening their monetary policy. In the US, the Fed continued raising rates, and the Federal Open Market Committee (FOMC) increased its interest rate outlook, with the latest dot plot calling for a median federal funds rate of 5.6% by the end of 2023. The ECB raised short-term policy rates to the highest level in more than 20 years. However, China continued to be the contrarian among major economies, easing both fiscal and monetary policy.
Higher rates make servicing debt more difficult, especially for governments running large budget deficits. None of this was lost on Fitch Ratings, the credit rating agency. It downgraded the US credit rating in August from AAA to AA+, focusing attention on the US government, which carries a national debt of more than $33 trillion. Capital markets reacted by selling off bonds as interest rates soared globally. The 10-year Treasury yield peaked at a level not seen since 2007. Similar trends appeared around the world, with 10-year German and Japanese government bonds rising to decade-high levels.
While global equities mostly suffered losses, energy stocks were an exception, as oil prices rose. Crude oil had its biggest quarterly gain since the Russian invasion of Ukraine. This followed news that Saudi Arabia and Russia decided to extend production cuts until the end of 2023, reducing overall market supply.
The fourth quarter of 2023 started very weak for global capital markets. Geopolitical risks and strong US economic data in conjunction with renewed inflationary pressure were the main drivers of the negative sentiment. With the Hamas attacks in Israel and uncertainty about the consequences, the geopolitical risks increased significantly, which led to oil price volatility. Ultimately, however, oil prices fell significantly over the month. Gold, on the other hand, was in demand throughout October, and its price rose significantly, again approaching $2,000 per ounce.
A strong November was then followed by a similarly robust December in most equity regions and bond classes. This two-month-long, year-end rally even accounted for almost all the market’s gains in 2023. Only commodities were weak in December (and for 2023 as a whole). Falling energy prices dragged the broad asset class down despite the unresolved Middle East conflict, in which other forces
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such as the Yemeni Houthi rebels were increasingly involved. The gold price, on the other hand, continued to rise, growing by double digits over the year.
Yields fell significantly in November and December on both sides of the Atlantic and the narrowing of risk premiums for corporate bonds (both investment grade and high yield) and especially for emerging markets (EM) hard currency bonds continued unabated. The rate of inflation continued to fall in the major economies, but while the economic situation remained gloomy in Europe, it was solid in the US. In China, an upward trend began to emerge in the country’s recently disappointing economy.
Equities had strong returns across all (MSCI) regions including EM in December, although both China’s (as an EM heavyweight) and Japan’s equity markets suffered losses. However, over the Fund’s full fiscal year, Japan and the US led performance, while Chinese equities continued their months-long downward trend. Although the Japanese yen gained against the euro in December it was only able to make up for a small part of the annual loss. The US dollar also depreciated against a broad basket of currencies including the euro in 2023, with losses increasing in December.
As expected, the Fed left the key interest rate unchanged at its December meeting, but for the first time explicitly spoke about possible interest rate cuts and reduced the inflation and growth forecasts for 2024. The market then priced interest rate cuts of 1.5 percentage points for 2024. The ECB and the Bank of England also left interest rates unchanged but swept the issue of interest rate cuts aside.
Despite the two-month market surge across various assets to end 2023, 2024 had a subdued start. Optimism about imminent interest rate cuts in the EU and the US waned due to central bank comments. In January, bonds, especially in Europe, faced losses, but equities in developed countries rebounded. The Japanese market rallied, the US market hit occasional all-time highs, and European equities turned positive after the ECB’s January meeting. However, emerging markets, particularly Chinese equities, remained negative despite authorities' efforts.
Global stock markets once again recorded strong price gains in February. Several major indices, such as the S&P 500® Index in the US, the German Deutscher Aktien Index (DAX) (despite the weakening German economy), and – for the first time since 1989 – the Japanese Nikkei, reached new all-time highs. NVIDIA Corp. led this surge, marking strong sales and profit growth. Chinese stocks also saw gains, breaking a six-month streak of declines. The earnings season for the fourth quarter of 2023 was notably positive for S&P 500 Index companies, contributing to an optimistic outlook for the US. In contrast, economic weakness continued in Germany, the UK, and Japan.
By the end of the Fund’s fiscal year in March 2024, all major asset classes had gained, with commodities and equities leading the way. Gold was particularly strong and reached a new all-time high along with Bitcoin. Oil prices also rose significantly again. This time, all major bond classes joined the positive trend. While EM and corporate bonds had the strongest performance, European and US government bonds likewise advanced.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Managed International Opportunities Fund advanced but underperformed its benchmark, the MSCI ACWI (All Country World Index) ex USA Index. The Fund’s Class I shares rose 11.89%. The Fund’s Class A shares gained 11.57% at net asset value (NAV) and increased 5.16% at maximum offer price. These figures reflect all distributions reinvested. For the same period, the benchmark gained 13.26% (net). For complete, annualized performance of Delaware Ivy Managed International Opportunities Fund, please see the table on page 66.
Fund performance reflected the mix of returns in the underlying funds and their allocation weightings.
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Portfolio management reviews
| Delaware Ivy Mid Cap Growth Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Mid Cap Growth Fund (Class I shares) | 1-year return | +15.74% | |
| Delaware Ivy Mid Cap Growth Fund (Class A shares) | 1-year return | +15.44% | |
| Russell Midcap® Growth Index (benchmark) | 1-year return | +26.28% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Mid Cap Growth Fund, please see the table on page 70.
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 72 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.
Market review
The Fund’s fiscal year ended March 31, 2024, began with many analysts baking a recession into their forecasts, but the real story was about mounting expectations for a dovish Federal Reserve pivot, continued spending by US consumers, resilient corporate earnings, generative artificial intelligence (AI), and weight loss drugs. US equities climbed higher in three of the four quarters, with a retrenchment in the third quarter of 2023, when the Fed openly discussed a need for further rate hikes, solidifying the notion of a “higher for longer” rate environment. However, dovish elements appeared out of the November and December 2023 Fed meetings, sparking an equity rally and Treasury yield slide that carried through the end of the year and into the first quarter of 2024. Rallies were largely driven by several mega-cap technology names that appear to be the most highly levered to the AI theme and the potential productivity gains and related discoveries that could result from the technological breakthrough.
During the 12-month period, the Fund’s benchmark, the Russell Midcap Growth Index rose 26.28%, with all sectors in the index posting positive absolute returns. The deconstruction of the index’s return profile saw more profitable, higher earnings growth, and more attractively valued stocks – as measured by price-to-earnings (P/E) ratios – outperforming during the year.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal period ending March 31, 2024, Delaware Ivy Mid Cap Growth Fund advanced but underperformed its benchmark, the Russell Midcap Growth Index, which also advanced. The Fund’s Class I shares gained 15.74%. The Fund’s Class A shares advanced 15.44% at net asset value (NAV) and gained 8.82% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark advanced 26.28%. For complete, annualized performance of Delaware Ivy Mid Cap Growth Fund, please see the table on page 70.
The fiscal year was largely a tale of three short cycles that affected the Fund. The second quarter of 2023 began the fiscal period with expectations of a rate hike and lowered expectations for corporate earnings, even as inflation appeared to moderate. The market’s AI trade took center stage in May 2023, when NVIDIA Corp. announced a rather surprising forecast for its earnings potential in that very same quarter. The third quarter of 2023 brought about one of the weakest relative performance periods for the Fund since its inception under the current management team in early 2001. The two primary drivers of underperformance were the Fund’s underappreciation for interest rate sensitivity coupled with speculative selling across the entire healthcare sector caused by the introduction of GLP-1 weight loss drugs. The third cycle within the fiscal year included both the fourth quarter of 2023 and first quarter of 2024, a period when the Fund slightly underperformed the benchmark, but in a more idiosyncratic fashion.
Sector overweight and underweight positions are primarily a by-product of bottom-up (stock-by-stock) selection, and we remain vigilant in our fundamental research, maintaining a concentrated portfolio of profitable, lower-debt companies that we think can grow throughout a market and economic cycle. During the fiscal year, our fundamentally driven bottom-up approach led us to notable overweight positions in information technology (IT), healthcare, real estate, and communication services. Notable underweights for the year included financials, industrials, and consumer staples. Materials and consumer discretionary were at relative market weights. The Fund’s lack of exposure to energy contributed to relative performance while the lack of holdings in utilities detracted. The Fund’s cash position also detracted from relative performance for the 12-month period.
IT is the largest sector in both the Fund and the benchmark, and it was the largest sector overweight for the Fund during the 12-month period. The overweight benefited relative performance, while stock
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selection detracted. Marvell Technology Inc., a semiconductor company with exposure to cloud, enterprise networking, 5G, and automotive, benefited significantly during the period from the rapid and immense exposure given to AI and the adoption currently underway. We ultimately sold the Fund’s position in Marvell during the fiscal period as the company’s market capitalization grew beyond mid-cap. We were also concerned about the sustainability of earnings, and a need to trim the Fund’s overall IT exposure relative to the benchmark after the index’s reconstitution in late June 2023.
Workiva Inc., on the other hand, was the largest detractor from relative performance that we owned in the IT sector for the period. Workiva, a software company specializing in compliance and regulatory reporting, stands to benefit from new regulatory changes in Europe, called European Single Electronic Format (ESEF). We believe the broad trends in environmental, social, and governance (ESG) disclosures will likely spark additional regulatory filings, expanding the company’s addressable market. The stock languished during the 12-month period because growth had slowed, largely due to a more sluggish purchasing environment, while the company continues to invest in the business, resulting in reduced investor enthusiasm in the near term. We continue to hold the stock, believing growth could reassert itself as recent SEC guidelines have been clarified, improving the purchasing cycle. Additionally, we believe Workiva remains uniquely positioned to deliver software solutions in its end markets.
The healthcare sector was an overweight for the Fund and produced the strongest relative contribution to performance for the trailing 12 months. The Fund’s long-held holding Intuitive Surgical Inc. provides robotic-assisted surgical solutions and invasive care through a comprehensive ecosystem of products and services, including the Da Vinci Surgical and Ion Endoluminal systems. The stock benefited from strong procedural growth of existing placements and overall placement growth of new procedural systems. Additionally, the firm announced US Food and Drug Administration (FDA) approval of its newest DaVinci robotics system. We have owned Intuitive Surgical since the Fund’s inception based on its unique and attractive robotic surgical device product set coupled with effective management as evidenced by its profitability. We maintained the Fund’s position during the 12-month period. The primary drivers of the Fund’s positive relative performance in the healthcare sector were Intuitive Surgical, Align Technology Inc., and Mettler-Toledo International Inc.
The consumer discretionary sector, a relative market weight in the Fund, was the largest relative detractor from performance during the fiscal year. BorgWarner Inc. is an out-of-benchmark holding that provides technology solutions for combustion, hybrid, and electric vehicles (EVs). Our thesis for the stock revolved around the broadening of its offering platform from combustion engines only to hybrid and EV. However, price action in the stock did not reflect this broader, multi-channel platform offering, in our view. While we have held the position for several years, we made the decision during the period to sell out of the position fully. The Fund’s largest relative detractors in consumer discretionary were BorgWarner, Foot Locker Inc., and Vail Resorts Inc.
The top five individual holdings that contributed to the Fund’s relative returns were Trex Co. Inc., Marvell Technology, CoStar Group Inc., Intuitive Surgical, and Martin Marietta Materials Inc.
The bottom five individual holdings that detracted from the Fund’s relative returns were MarketAxess Holdings Inc., Envista Holdings Corp., Paycom Software Inc., Foot Locker, and BorgWarner.
In the rapidly evolving landscape of investing, where new strategies and technologies emerge at a breakneck pace, the wisdom of Albert Einstein, "Out of complexity, find simplicity!" resonates more profoundly than ever. Amid the whirlwind of algorithmic trading, cryptocurrency speculation, macroeconomic results and commensurate Fed responses, and ever-shifting market dynamics, there appears to be a notable re-emergence of the importance of business fundamentals in pricing stocks. Investors, always captivated by the allure of quick gains through complex instruments, speculative assets, and bets on the direction and magnitude of Fed policy, are rediscovering the enduring value of solid business models, healthy balance sheets, and strong cash flows.
This shift reflects a broader realization that, despite the noise and frenzy of market trends, the core principles of investing – that is, analyzing a company's fundamental strengths, understanding its competitive position, and assessing its potential for sustainable growth – remain the bedrock of our investment decisions. In essence, the return to business fundamentals is not a retreat from innovation but a reaffirmation that in the maze of financial complexity, simplicity often holds the key to lasting success.
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Portfolio management reviews
| Delaware Ivy Mid Cap Income Opportunities Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Mid Cap Income Opportunities Fund (Class I shares) | 1-year return | +20.58% | |
| Delaware Ivy Mid Cap Income Opportunities Fund (Class A shares) | 1-year return | +20.24% | |
| Russell Midcap® Index (benchmark) | 1-year return | +22.35% |
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 73.
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 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.
Market review
Although the Fund’s fiscal year ended March 31, 2024 began with many analysts baking a recession into their forecasts, the real story was about mounting expectations for a dovish Federal Reserve pivot, continued spending by US consumers, resilient corporate earnings, generative artificial intelligence (AI), and weight loss drugs. US equities climbed higher in three of the four quarters, with a retrenchment in the third quarter of 2023 when the Fed openly discussed a need for further rate hikes, solidifying the notion of a ”higher for longer” rate environment. However, dovish elements appeared out of the November and December 2023 Fed meetings, sparking an equity rally and Treasury yield slide that carried through the end of 2023 and into the first quarter of 2024. Rallies were largely driven by several mega-cap technology names that appear to be the most highly levered to the AI theme and the potential productivity gains and related discoveries that could result from the technological breakthrough.
The Russell Midcap Index returned 22.35% for the fiscal year. All sectors produced positive performance, with financials, industrials, consumer discretionary, energy, and information technology (IT) outpacing the benchmark return. The healthcare and consumer staples sectors underperformed, returning just under 5% during the 12-month period. The materials sector also lagged, but less so, producing returns of almost 15%.
The investment environment was modestly negative for our investment process. Dividend-paying companies underperformed non-dividend-paying companies during the fiscal period.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal period ended March 31, 2024, Delaware Ivy Mid Cap Income Opportunities Fund gained, although it underperformed its benchmark, the Russell Midcap Index, which also gained. The Fund’s Class I shares gained 20.58%. The Fund’s Class A shares advanced 20.24% at net asset value (NAV) and gained 13.35% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark advanced 22.35%. For complete, annualized performance of Delaware Ivy Mid Cap Income Opportunities Fund, please see the table on page 73.
Both sector allocation and stock selection in certain sectors contributed to relative performance, though negative stock selection overall caused the Fund to underperform its benchmark for the fiscal year. Within sector allocation, the Fund’s underweight to the poorly performing healthcare sector and its overweight allocation to the strongly performing industrial and consumer discretionary sectors were the main contributors to performance. Slightly offsetting these positive sectors were overweight positions in the materials and consumer staples sectors. Stock selection was positive within the materials, IT, and healthcare sectors while stock selection within the industrials, financials, and consumer discretionary sectors slightly offset these gains.
Even though we were significantly underweight the underperforming healthcare sector, it produced the leading relative return for the Fund. Encompass Health Corp., a healthcare services provider, was a noteworthy contributor to performance here. We sold the position during the fiscal year because we found better alternatives that meet the Fund’s dividend and return objectives.
Strong stock selection within IT also contributed to the Fund’s relative performance. NetApp Inc., an IT infrastructure technology provider, produced strong results from the migration of commodity hardware products to cloud-based technology. Seagate Technology Holdings PLC, a disk drive manufacturer, has experienced a deep slump in demand for its nearline and storage products. The cycle appears to have bottomed, with green shoots emerging within
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enterprise and cloud customers, as well as a turn in China’s economy. Seagate Technology has restructured its business, taking out material fixed costs, leaving it in a better position to deliver incremental earnings power when demand resumes, in our view.
Strong stock selection in certain names mitigated weakness. Ares Management Corp., a private equity firm focused on private credit, continued to produce strong results, leading to a significant increase in the company’s dividend in the financials sector. The Fund also benefited from its holding in nVent Electric PLC, a provider of electrical connectors in the industrial sector. nVent’s exposure to the electrification of everything is resonating as the demand for more power grows. Finally, in consumer discretionary, Garmin Ltd., a maker of consumer electronics, delivered growth across all major segments, with strength in wearables in fitness and outdoor categories.
The consumer discretionary and financials sectors were both areas of relative weakness driven by negative stock selection. Foot Locker Inc., a footwear retailer, was the largest detractor for the Fund during the fiscal year. The retailer’s customer base has been disproportionately pressured by inflation and lapsing government stimulus payments, which had a negative impact on earnings and cash flow. Management eliminated the company’s dividend in response to this financial pressure. We sold the Fund’s position in Foot Locker during the fiscal year. Polaris Inc., a powersports vehicle manufacturer, has been buffeted by slower consumer demand for its products due to higher interest rates and dealers cautious about adding inventory. However, we believe Polaris is well positioned once macroeconomic trends abate as product inefficiencies improve, gross margins rebound with volume, and stock price valuations are supportive at the low end of its historical range.
Vail Resorts Inc., one of the largest operators of mountain resorts, also detracted from relative performance. Despite solid season pass results, investors remain concerned about resort attendance, inflationary labor costs, and additional capital expenditure requirements. We continue to believe Vail Resorts has the potential to deliver compounding growth. Finally, within financials, regional banks Columbia Banking System Inc. and Glacier Bancorp Inc. both declined during the 12-month period as deposit activity and net interest margin pressure battered performance. We have redeployed capital out of these banks into other areas that we view as having the potential to generate above-average returns.
In the rapidly evolving landscape of investing, where new strategies and technologies emerge at a breakneck pace, the wisdom of Albert Einstein, "Out of complexity, find simplicity!" resonates more profoundly than ever. Amid the whirlwind of algorithmic trading, cryptocurrency speculation, macroeconomic results and commensurate Fed responses, and ever-shifting market dynamics, there appears to be a notable re-emergence of the importance of business fundamentals in pricing stocks. Investors, always captivated by the allure of quick gains through complex instruments, speculative assets, and bets on the direction and magnitude of Fed policy, are rediscovering the enduring value of solid business models, healthy balance sheets, and strong cash flows.
This shift reflects a broader realization that, despite the noise and frenzy of market trends, the core principles of investing – that is, analyzing a company's fundamental strengths, understanding its competitive position, and assessing its potential for sustainable growth – remain the bedrock of our investment decisions. In essence, the return to business fundamentals is not a retreat from innovation but a reaffirmation that in the maze of financial complexity, simplicity often holds the key to lasting success.
Since the Fund’s inception we have watched several key variables to determine Fund positioning. These variables (domestic economic growth, change in interest rates, change in commodity prices, and foreign economic growth) have remained consistent throughout and continue to be monitored.
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Portfolio management reviews
| Delaware Ivy Small Cap Growth Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Small Cap Growth Fund (Class I shares) | 1-year return | +17.29% | |
| Delaware Ivy Small Cap Growth Fund (Class A shares) | 1-year return | +16.98% | |
| Russell 2000® Growth Index (benchmark) | 1-year return | +20.35% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Small Cap Growth 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 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.
Market review
The Russell 2000 Growth Index generated a positive, if uneven, return in the Fund’s fiscal year ended March 31, 2024. The index was down for the year as late as mid-November but staged a rather explosive rally from that point through the fiscal year end. The benchmark, and small-cap stocks in general, lagged the returns of mid-cap and large-cap stocks, the latter driven by a select few large technology companies that dominated returns during the period.
It was another roller coaster year for small-cap stocks, which were influenced by changes in interest rates, particularly the yield on 10-year US Treasury bonds; inflationary pressure on corporate earnings; and fear of a pending recession. The benchmark had a sustained upward move in the spring and mid-summer as earnings results proved resilient and bond yields were range-bound. The scenario changed in the third quarter, however, as bond yields rose sharply and small-cap stocks corrected significantly. The 10-year Treasury peaked at 5% in October, corresponding with a low point for the Russell 2000 Growth Index.
Inflation subsequently eased, and investors began discounting an end to US Federal Reserve interest rate hikes and the prospect of rate reductions in 2024, fueling a powerful rally through the end of the fiscal year. In the small-cap universe, the rally was led by a combination of biotechnology stocks, financials, crypto-related stocks, and heavy-cyclical companies, creating a challenging environment for high-quality growth-stock managers. The rally broadened in early 2024 to include traditional growth companies. That said, the small-cap index return was heavily influenced by the incredible 244% gain of the benchmark’s largest company, Super Micro Computer Inc.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal period ending March 31, 2024, Delaware Ivy Small Cap Growth Fund posted a positive return but underperformed its benchmark, the Russell 2000 Growth Index. The Fund’s Class I shares gained 17.29%. The Fund’s Class A shares gained 16.98% at net asset value (NAV) and advanced 10.27% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 20.35%. For complete, annualized performance of Delaware Ivy Small Cap Growth Fund, please see the table on page 76.
The Fund’s performance was skewed by a brief but sharp period of underperformance at calendar year end. The rally during this period had a very low-quality, speculative bias. Looking at the benchmark in quintiles during the December 2023 rally, we see that the smallest companies significantly outperformed larger companies; the lowest return on equity (ROE) quintile significantly outperformed the highest ROE group. Companies with no earnings were the leading performers, and stocks with low price-to-earnings (P/E) ratios were the leading performers among those companies with earnings. Historically these types of rallies tend to be short-lived and indeed that was the case as the market environment changed during early 2024. Accordingly, the Fund staged a strong outperforming rally in the last quarter of the fiscal year but didn’t quite catch the benchmark for the full 12-month period.
On a sector basis, consumer discretionary, materials, energy, and industrials were the largest contributors to performance while information technology (IT), healthcare, and communication services were detractors. Heavier weightings in the detracting sectors accounted for the overall shortfall. Wingstop Inc., Red Rock Resorts Inc., Abercrombie & Fitch Co., and Meritage Homes Corp. drove outperformance in the consumer discretionary sector. Strong earnings reports and healthy outlooks were the common
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thread for these stocks. Visteon Corp. and Fox Factory Holding Corp. detracted modestly in the sector and were sold during the reporting period.
ATI Inc., our sole position in the small materials sector, contributed for the year. Energy, another small sector in the Fund, gained strongly from Weatherford International PLC and SM Energy Co., a position which we exited. There were no significant detractors in this sector. Commercial activity in many industrial segments benefited from the renormalization of the economy, reshoring, economic stimulus, and the failure of a much-anticipated recession to materialize. Aerospace and defense, building supplies, machinery, distributors, and transportation were just some of the industrial segments generating more than 20% returns during the fiscal year. The Fund benefited from advantageous stock selection in the industrials sector. Federal Signal Corp., Parsons Corp., and Clean Harbors Inc. enabled the Fund to stay ahead even against a second-half cyclical surge propelled by declining interest rates and economic stimulus. Parsons is one of the Fund’s largest holdings, and the company continues to look attractive to us given its success and exposure to worldwide infrastructure and government spending.
Among sectors, IT detracted the most from performance. Disappointing earnings results put pressure on several stocks, including Belden Inc., Calix Inc., and Allegro MicroSystems Inc. We exited our positions in Belden and Calix. Performance in the sector also suffered as Super Micro Computer and MicroStrategy Inc., two of the benchmark’s largest weightings, posted sharp gains. The Fund owns Super Micro but at a lower weighting than the benchmark. The Fund did not own MicroStrategy, which is a speculative play on bitcoin pricing. On the positive side of the ledger, gains from CyberArk Software Ltd. and Onto Innovation Inc. were not sufficient to offset the shortfalls mentioned above. The healthcare sector also detracted from Fund performance during the fiscal year, as the overall sector declined and our underweight of the biotechnology subsector proved especially detrimental. Biotech outperformed with a massive 24% return during just the month of December. A combination of acquisition activity, risk-on investor appetite, and a late drop in interest rates benefited biotech more than other healthcare segments. That trend subsided somewhat during the fiscal fourth quarter, but biotech continued to outperform every other segment of healthcare. The Fund remained underweight biotechnology due to the binary nature and typical unprofitability of the segment, resulting in underperformance relative to the benchmark. Historically, we have found that holding other healthcare stocks with similar growth characteristics as biotech but with less-extreme volatility has been successful. While we think that will potentially once again be the case, it was an unfavorable position to take during the Fund’s fiscal year.
Adverse stock selection also caused underperformance in the sector due in part to cautious stock picking and from surprisingly poor execution on the part of some holdings. Two of the largest detractors, InMode Ltd., and Harmony Biosciences Holdings Inc., were hurt by disappointing sales and missed clinical results, respectively. Looking at a couple of the stronger performers, Vericel Corp. experienced a strong post-COVID-19 rebound in procedures for its monopolistic cartilage repair system, and Insmed Inc. had continued success with currently marketed products and its advancing pipeline.
Following the strong rebound at the end of the fiscal year, we think the Fund is well positioned. We believe there are several favorable trends driving growth for small-caps. These include growing demand for cybersecurity solutions; rapid development of artificial intelligence (AI) applications and the substantial infrastructure spending required to support that growth; a rebound in healthcare spending; an initial public offering (IPO) window that is opening along with an increase in mergers and acquisitions; continued consumer spending on goods, services, and experiences; and government stimulus programs supporting the industrials sector.
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Portfolio management reviews
| Delaware Ivy Smid Cap Core Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Smid Cap Core Fund (Class I shares) | 1-year return | +21.01% | |
| Delaware Ivy Smid Cap Core Fund (Class A shares) | 1-year return | +20.70% | |
| Russell 2500TM Index (benchmark) | 1-year return | +21.43% | |
| Russell 2000® Index (benchmark) | 1-year return | +19.71% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Smid Cap Core Fund, please see the table on page 79.
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 81 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.
Market review
For the fiscal year ended March 31, 2024, the Russell 2500 Index advanced 21.43%. Smid-cap growth stocks and smid-cap value stocks performed similarly. The Russell 2500™ Growth Index returned 21.12% and the Russell 2500™ Value Index gained 21.33%. Small-cap stocks lagged, and large-cap stocks outperformed smid-caps, as the Russell 2000 Index gained 19.71% and the large-cap Russell 1000® Index advanced 29.87% for the fiscal year.
Sector-level performance within the Russell 2500 Index was notably strong during the fiscal year – 15 sectors advanced and only communications services declined. The benchmark’s credit cyclicals, transportation, capital goods, basic materials, energy, and finance sectors led, as each gained more than 25%. The weakest sectors in the benchmark for the 12-month period were media and utilities, which each advanced by less than 10%.
The US Federal Reserve has maintained its target federal funds rate range of 5.25% to 5.50% since July 2023, and the market expects rate cuts in 2024. In February, the US Consumer Price Index (CPI) increased 3.2% for the trailing 12 months and the Personal Consumption Expenditures Price Index (PCE) for February rose 2.5%. The National Federation of Independent Business (NFIB) Small Business Optimism Index remained below its 50-year average of 98 for the 27th consecutive month, with a reading of 88.5 in March 2024, the lowest level since 2012 as business owners continue to manage numerous economic headwinds. The Purchasing Manager’s Index (PMI) came in at 51.9% in March as US manufacturing production has expanded on improving demand.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Smid Cap Core Fund gained, although it slightly underperformed its benchmark, the Russell 2500 Index, which also gained, and slightly outperformed the Russell 2000 Index, its other benchmark. The Fund’s Class I shares gained 21.01%. The Fund’s Class A shares advanced 20.70% at net asset value (NAV) and gained 13.73% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Russell 2500 Index gained 21.43%, and the Russell 2000 Index gained 19.71%. For complete, annualized performance of Delaware Ivy Smid Cap Core Fund, please see the table on page 79.
Stock selection detracted from relative performance during the fiscal year. The Fund’s holdings in the technology, consumer discretionary, transportation, and capital goods sectors lagged the stronger returns of those sectors in the benchmark during the fiscal year. The Fund’s holdings in the basic materials, healthcare, finance, and energy sectors contributed to relative performance for the year.
WNS Holdings Ltd. is a leading business process management (BPM) company that provides industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to help companies re-imagine the digital future of businesses. WNS has differentiated itself in the BPM space as a vertically integrated business to align services with solutions, allowing for cross-selling of higher-value, higher-margin services. During the fiscal year, shares of WNS declined as sentiment for companies in the BPM industry deteriorated in response to the potential risk that generative artificial intelligence (AI) technology could have on the company’s services. WNS’s management noted that it considers generative AI technology more of an opportunity than a risk as it is confident that companies will use WNS’s services and industry expertise to identify AI opportunities and manage the complexities of integrating AI into their operations. We maintained the Fund’s position in WNS. We view the
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company as potentially well positioned to financially benefit as its customers purchase more of the company’s solutions, resulting in organic growth.
In the technology sector, the Fund’s semiconductor positions detracted from performance, led lower by shares of MaxLinear Inc., a radio frequency (RF), analog, digital, and mixed-signal integrated circuits company. In 2022, MaxLinear entered into an agreement, subject to regulatory and conditional approvals, to acquire Silicon Motion Technology Corp. When the transaction was announced, we were focused on how the company would finance the transaction and manage financial leverage as we did see value in the combined company. During the Fund’s fiscal year, however, MaxLinear terminated the planned acquisition of Silicon Motion. We viewed this action favorably, but the market did not. We maintained the Fund’s position in MaxLinear as we think demand for its broadband and wireless infrastructure products should remain strong. Additionally, the company’s cost structure has improved.
Malibu Boats Inc. engages in designing and manufacturing recreational power boats, sport boats, and fishing boats. Malibu Boats underperformed after reporting fiscal second-quarter financial results that missed revenue expectations but beat earnings per share (EPS) expectations. The company lowered its full-year revenue guidance as well noting dealers that sell its boats were carrying too much inventory in a weakening-demand environment. We maintained the Fund’s position in Malibu Boats as we believe demand will slowly improve into the fall selling season, when inventory should normalize in time for the company’s new-model-year releases.
Boise Cascade Co. produces engineered wood products and plywood in North America and is a leading US wholesale distributor of building products. Boise Cascade outperformed for the Fund’s fiscal year, reporting multiple quarters of strong financial performance. The company has benefited from continued demand in its wood products and building materials segments. We maintained the Fund’s position in Boise Cascade as it has a strong balance sheet and management is returning capital to shareholders.
In the credit cyclicals sector, the Fund’s homebuilder positions contributed to performance. Toll Brothers Inc., the nation’s leading builder of luxury homes, outperformed with the company consistently reporting strong financial results during the fiscal year. Toll Brothers has maintained healthy margins as order growth remained robust, particularly in its higher margin spec homes. These homes also have higher return on equity (ROE) levels. We maintained the Fund’s position in Toll Brothers – we believe the company is attractively valued and that its buyer base tends to be more affluent and, as a result, less affected by higher interest rates.
Blueprint Medicines Corp. is a biotechnology company that invents life-changing therapies for people with cancer and blood disorders. During the fiscal period, Blueprint Medicines outperformed because of higher-than-expected sales of Ayvakit®, the company’s US Food and Drug Administration (FDA)-approved therapy for indolent systemic mastocytosis (ISM), a rare hematologic disorder that can lead to a range of debilitating symptoms across multiple organ systems. We maintained the Fund’s position in Blueprint Medicines since the company has sufficient capital to fund ongoing research and trials for additional opportunities in other mast cell diseases.
The Fund ended the fiscal year with the largest overweights in the healthcare, transportation, and business services sectors. The largest sector underweights were in technology, utilities, and capital goods. We believe the current market and economic environments should continue to support active management and our investment philosophy. 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, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Systematic Emerging Markets Equity Fund (Class I shares) | 1-year return | +10.55% | |
| Delaware Ivy Systematic Emerging Markets Equity Fund (Class A shares) | 1-year return | +10.25% | * |
| MSCI Emerging Markets Index (net) (benchmark) | 1-year return | +8.15% | |
| MSCI Emerging Markets Index (gross) (benchmark) | 1-year return | +8.59% |
Past performance does not guarantee future results.
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
For complete, annualized performance for Delaware Ivy Systematic Emerging Markets Equity 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 growth of capital.
Market review
The MSCI Emerging Markets Index (net) returned 8.15% during the Fund’s fiscal year ended March 31, 2024, lagging the developed markets MSCI World Index (net), which rose 25.11% for the period.
Investor sentiment was buoyed by the US Federal Reserve’s suggestion that it may cut interest rates in 2024, overcoming concerns with China’s growth prospects and fragile property market. Investors were also focused on geopolitical tensions and the upcoming US presidential election. Despite these headwinds, the emerging markets universe, as defined by the MSCI Emerging Markets Index, posted positive gains for the year.
At the country level, India and Taiwan were key drivers of positive returns. Taiwan continued to benefit from developments in artificial intelligence (AI), which was the main driver of returns in developed markets during the period. Information technology (IT) related stocks, particularly Taiwanese semiconductors, also got a boost from investors’ expectation that US monetary policy would ease in the second half of the fiscal period. In the Middle East, oil production cuts announced by OPEC+ supported equities in Saudi Arabia and United Arab Emirates. Unsurprisingly, China was the weakest performer.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Systematic Emerging Markets Equity Fund Class I shares had a positive return and outperformed the Fund’s benchmark, the MSCI Emerging Markets Index (net). The Fund’s Class I shares gained 10.55%. The Fund’s Class A shares gained 10.25% at net asset value (NAV) and advanced 3.91% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 8.15% (net). For complete, annualized performance of Delaware Ivy Systematic Emerging Markets Equity Fund, please see the table on page 83.
Strong stock selection in South Korea and Taiwan contributed to the Fund’s relative performance for the fiscal year. In South Korea, a position in automobile manufacturer KIA Corp. was the largest contributor. KIA (Hyundai-Kia) performed strongly on solid sales growth, with a year-over-year increase of 11.7% to set a record of 1.58 million vehicles. Shares of Samsung Electronics Co. Ltd. outperformed as rising demand for AI-related applications may support the company’s sales of memory chips. In Taiwan, the primary contributor was a position in MediaTek Inc., which outperformed as smartphone demand in China appeared to stabilize. Weak stock selection in Saudi Arabia was the key detractor from relative performance. In particular, an overweight holding in AI Rajhi Bank was the primary contributor to underperformance. Poor allocation to Poland also detracted from relative performance.
At the sector level, an overweight position in IT and an underweight position in industrials were the leading contributors to the Fund’s relative performance. An overweight allocation to consumer staples was the largest detractor.
The Fund’s use of foreign exchange (FX) currency positions had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.
At the end of the fiscal period, we were closely monitoring US monetary policy, global economic growth, and escalating geopolitical tension. We expect market conditions to remain volatile. Nonetheless, we do not believe these uncertainties have derailed long-term growth opportunities underpinned by secular trends such as digitalization and consumption premiumization (consumers’
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preference for high-quality, healthy, and premium products). Furthermore, we believe that equity valuations across several pockets of the emerging markets universe appear attractive.
In this environment, we think a strategy that focuses on identifying higher-quality companies (those with stronger balance sheets and more sustainable earnings and cash flows) at what we view as attractive valuations has the potential to hold up better and contribute to stronger long-term performance.
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Portfolio management reviews
| Delaware Ivy Value Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | |||
| Delaware Ivy Value Fund (Class I shares) | 1-year return | +16.11% | |
| Delaware Ivy Value Fund (Class A shares) | 1-year return | +15.83% | |
| Russell 1000® Value Index (benchmark) | 1-year return | +20.27% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Value Fund, please see the table on page 86.
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 88 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.
Significant Fund event
On January 16, 2024, the Boards of Trustees of Ivy Funds and Delaware Group Equity Funds II approved the reorganization of Delaware Ivy Value Fund (Acquired Fund) into Delaware Value Fund (Acquiring Fund). It is currently expected that the reorganization will be completed in the second quarter of 2024 subject to the approval of the reorganization by the Acquired Fund shareholders. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the reorganization date.
Market review
The major US stock indices posted outsized returns for the fiscal year ended March 31, 2024, led by stocks of the largest companies, particularly technology-related businesses. Falling inflation, exuberance for companies involved in artificial intelligence (AI), and a growing belief that the US Federal Reserve could engineer an economic soft landing helped buoy US equities during the Fund’s fiscal year.
The Fed kept interest rates on hold for most of the fiscal period with the last rate increase coming in July 2023, leaving the federal funds rate target range between 5.25% and 5.50%. Inflation eased over the course of the 12-month period, according to data from the Bureau of Economic Analysis. The Personal Consumption Expenditures Price Index (PCE) declined to 2.5% from 4.2% at the start of the Fund’s fiscal year. The Core Personal Consumption Expenditures Price Index (Core PCE), which excludes food and energy prices, fell to 2.8% from 4.6%.
Across the equity market, returns among economic sectors were mixed. Looking at sector returns in the Fund’s benchmark, the Russell 1000 Value Index, defensive sectors such as consumer staples, healthcare, and utilities were laggards, posting single-digit returns for the fiscal year. By contrast, cyclical sectors such as financials and industrials gained more than 30%.
Source: FactSet Research Systems, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Value Fund advanced, although it underperformed its benchmark, the Russell 1000 Value Index, which also advanced. The Fund’s Class I shares gained 16.11%. The Fund’s Class A shares gained 15.83% at net asset value (NAV) and advanced 9.18% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 20.27%. For complete, annualized performance of Delaware Ivy Value Fund, please see the table on page 86.
At the Fund level, stock selection was the primary driver of relative underperformance. Sector allocation had a negative effect. The two largest detractors from a sector perspective were consumer staples and industrials. Stock selection drove underperformance in these sectors. The two largest contributors at the sector level were healthcare and consumer discretionary, benefiting from stock selection. In terms of sector allocation, the Fund’s underweight in financials and overweight in consumer staples were the leading detractors, partially offset by an underweight in utilities and an overweight in information technology.
Archer-Daniels-Midland Co. (ADM), a leading grain processor and agricultural services provider, was a significant detractor for the fiscal year. We exited the Fund’s position in January 2024. That month, ADM announced it was putting its CFO on administrative leave and that outside counsel was conducting an investigation into the company’s accounting practices in its Nutrition business. The investigation was initiated in response to ADM’s receipt of a voluntary document request by the SEC. The company delayed its fourth-quarter 2023 earnings release and 10-K filing and withdrew its forward guidance for the nutrition segment. We spoke with ADM following the announcement. At that point, the scope of the
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investigation was unclear as was the potential outcome.
We had concerns about the potential implications for ADM and its stock given the nature of the issue and the possibility of a drawn-out investigation.
Packaged food maker Conagra Brands Inc. was also a significant detractor during the 12-month period. Following a relatively strong year in 2022, packaged-food stocks were generally weak during the Fund’s fiscal year owing to investors’ concerns about pricing power and consumer demand. We think Conagra remains well positioned among its competitors. The company is a leader in the snacks and frozen-food categories, which have relatively attractive growth profiles, in our view. It is investing in key brands and starting to see volume improvements. Free cash flow generation is also improving, and Conagra is paying down debt to strengthen its balance sheet. Conagra’s shares remain attractively valued, in our view, and are trading well below their five-year average.
Discount retailer Dollar General Corp. was another notable detractor in the Fund for the fiscal year. The company’s shares came under significant pressure during the 12-month period, owing to weaker-than-expected quarterly results, lowered full-year guidance, and missteps with inventory management. In October 2023, Dollar General announced that its former CEO was returning to the company effective immediately “for the foreseeable future” and would remain on the board. We continue to believe the company is taking the necessary steps to improve foot traffic and profitability and that its business is not structurally impaired.
Global insurance provider American International Group Inc. was a leading contributor to performance during the Fund’s fiscal year. The company has been executing well, aided by the steps it took to strengthen underwriting and simplify its business. During the fiscal period, AIG sold its Validus reinsurance business and continued to sell down its stake in its Life and Retirement business, Corebridge Financial. In our view, the company is well positioned to continue returning capital to shareholders via dividends and share buybacks. In addition, a firming property and casualty pricing cycle should continue to benefit companies such as AIG.
Broadcom Inc., a provider of semiconductor and enterprise software solutions, was a strong contributor during the Fund’s fiscal year. Broadcom’s stock price surged in 2023. Its offerings include products that support AI technology. Investor enthusiasm for companies exposed to AI contributed to the stock’s performance. Broadcom looked fully valued to us, and its stock price was also near its all-time high. In our opinion, a lot of good news was already priced into the stock, and as a result we no longer found its long-term risk-reward profile attractive. We exited the Fund’s position in September 2023.
Cloud services provider Oracle Corp. was also a notable contributor during the Fund’s fiscal year. Oracle’s autonomous database business is a beneficiary of generative AI, and the company has indicated that demand for its AI processing exceeds capacity. Oracle’s stock continues to trade at a reasonable valuation relative to the broader software group, in our view, and we believe accelerating growth in cloud revenue could provide a path for the company to continue growing above historic rates.
Several factors contributed to the Fund’s underperformance during the fiscal year: a speculative market backdrop that led to significant outperformance by large-cap growth stocks; the Fund’s more defensive positioning; and company-specific challenges with several holdings. As a team, we spent considerable time reviewing the fundamentals and investment thesis for each of these businesses, and we concluded not only that they are structurally sound but also that they have been unduly punished by investors.
We think large-cap value stocks look compelling right now. The valuation differential between large-cap value and large-cap growth is near all-time highs. Meanwhile, the Fund trades at a discount to the Russell 1000 Value Index and has more attractive quality attributes across a range of measures, including free cash flow yield, return on invested capital (ROIC), and five-year return on equity (ROE). At this point, we think owning quality value as a hedge against an overly extended market makes a lot of sense.
| 35 |
| Delaware Global Equity Fund II | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. June 4, 2012) | ||||
| Excluding sales charge | +12.81% | +8.15% | +6.30% | — |
| Including sales charge | +6.35% | +6.87% | +5.67% | — |
| Class C (Est. June 4, 2012) | ||||
| Excluding sales charge | +12.00% | +7.29% | +5.70% | — |
| Including sales charge | +11.00% | +7.29% | +5.70% | — |
| Class I (Est. June 4, 2012) | ||||
| Excluding sales charge | +13.12% | +8.45% | +6.63% | — |
| Including sales charge | +13.12% | +8.45% | +6.63% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +12.63% | +7.83% | +6.00% | — |
| Including sales charge | +12.63% | +7.83% | +6.00% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +13.15% | +8.57% | — | +6.77% |
| Including sales charge | +13.15% | +8.57% | — | +6.77% |
| Class Y (Est. June 4, 2012) | ||||
| Excluding sales charge | +12.84% | +8.17% | +6.35% | — |
| Including sales charge | +12.84% | +8.17% | +6.35% | — |
| MSCI ACWI (net) | +23.22% | +10.92% | +8.66% | — |
| MSCI ACWI (gross) | +23.81% | +11.45% | +9.22% | — |
| MSCI World Index (net) | +25.11% | +12.07% | +9.39% | — |
| MSCI World Index (gross) | +25.72% | +12.63% | +9.97% | — |
1Returns 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 in the “Fund expense ratios” table on page 37. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
| 36 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.33% | 2.27% | 0.93% | 1.48% | 0.83% | 1.19% |
| Net expenses (including fee waivers, if any) | 1.17% | 1.92% | 0.92% | 1.42% | 0.75% | 1.17% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 37 |
Performance summaries
Delaware Global Equity Fund II
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
 | MSCI World Index (gross) | $ | 10,000 | $ | 25,876 | ||||
 | MSCI World Index (net) | $ | 10,000 | $ | 24,542 | ||||
 | MSCI ACWI (gross) | $ | 10,000 | $ | 24,154 | ||||
 | MSCI ACWI (net) | $ | 10,000 | $ | 22,948 | ||||
 | Delaware Global Equity Fund II – Class I shares | $ | 10,000 | $ | 18,995 | ||||
 | Delaware Global Equity Fund II – Class A shares | $ | 9,425 | $ | 17,355 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 37. Please note additional details on pages 36 through 39.
The graph also assumes $10,000 invested in the MSCI ACWI and the MSCI World Index as of March 31, 2014. 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 “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
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.
Gross domestic product, mentioned on page 1, is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.
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.
| 38 |
| Nasdaq symbols | CUSIPs | |||
| Class A | IBIAX | 465899631 | ||
| Class C | IBICX | 465899615 | ||
| Class I | IBIIX | 465899599 | ||
| Class R | IYGEX | 465899458 | ||
| Class R6 | IICNX | 46600A864 | ||
| Class Y | IBIYX | 465899581 |
| 39 |
Performance summaries
| Delaware International Equity Fund II | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. September 4, 2001) | ||||
| Excluding sales charge | +5.60% | +4.46% | +1.83% | — |
| Including sales charge | -0.48% | +3.23% | +1.23% | — |
| Class C (Est. October 19, 2001) | ||||
| Excluding sales charge | +4.85%* | +3.69% | +1.30% | — |
| Including sales charge | +3.85% | +3.69% | +1.30% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +5.91% | +4.86% | +2.25% | — |
| Including sales charge | +5.91% | +4.86% | +2.25% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +5.32% | +4.28% | +1.67% | — |
| Including sales charge | +5.32% | +4.28% | +1.67% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +6.00% | +4.98% | — | +2.33% |
| Including sales charge | +6.00% | +4.98% | — | +2.33% |
| Class Y (Est. July 24, 2003) | ||||
| Excluding sales charge | +5.69%* | +4.61% | +2.00% | — |
| Including sales charge | +5.69% | +4.61% | +2.00% | — |
| MSCI ACWI ex USA (net) | +13.26% | +5.97% | +4.25% | — |
| MSCI ACWI ex USA (gross) | +13.83% | +6.48% | +4.75% | — |
| MSCI EAFE Index (net) | +15.32% | +7.33% | +4.80% | — |
| MSCI EAFE Index (gross) | +15.90% | +7.85% | +5.30% | — |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 41. 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 distribution and service (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.
| 40 |
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. 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 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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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% | 2.52% | 1.26% | 1.89% | 1.16% | 1.50% |
| Net expenses (including fee waivers, if any) | 1.04% | 1.79% | 0.79% | 1.29% | 0.65% | 1.04% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 41 |
Performance summaries
Delaware International Equity Fund II
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| MSCI EAFE Index (gross) | $ | 10,000 | $ | 16,763 | ||||
| MSCI EAFE Index (net) | $ | 10,000 | $ | 15,977 | ||||
| MSCI ACWI ex USA (gross) | $ | 10,000 | $ | 15,902 | ||||
| MSCI ACWI ex USA (net) | $ | 10,000 | $ | 15,167 | ||||
| Delaware International Equity Fund II – Class I shares | $ | 10,000 | $ | 12,498 | ||||
| Delaware International Equity Fund II – Class A shares | $ | 9,425 | $ | 11,297 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 41. Please note additional details on pages 40 through 43.
The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index and the MSCI EAFE Index as of March 31, 2014. 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.
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 “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.
| 42 |
| 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 |
| 43 |
Performance summaries
| Delaware Ivy Core Bond Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. August 14, 1987) | ||||
| Excluding sales charge | +2.53% | +0.45% | +1.74% | — |
| Including sales charge | -2.09% | -0.73% | +1.14% | — |
| Class C (Est. December 8, 2003) | ||||
| Excluding sales charge | +1.77% | -0.32% | +1.14% | — |
| Including sales charge | +0.78% | -0.32% | +1.14% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +2.79% | +0.83% | +2.13% | — |
| Including sales charge | +2.79% | +0.83% | +2.13% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +2.27% | +0.15% | +1.45% | — |
| Including sales charge | +2.27% | +0.15% | +1.45% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +2.86% | +0.84% | — | +2.03% |
| Including sales charge | +2.86% | +0.84% | — | +2.03% |
| Class Y (Est. December 8, 2003) | ||||
| Excluding sales charge | +2.53% | +0.47% | +1.78% | — |
| Including sales charge | +2.53% | +0.47% | +1.78% | — |
| Bloomberg US Aggregate Index | +1.70% | +0.36% | +1.54% | — |
1Returns 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 45. 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 distribution and service (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 5.75% to 4.50%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. 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 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.
| 44 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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 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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.09% | 2.02% | 0.64% | 1.20% | 0.62% | 0.95% |
| Net expenses (including fee waivers, if any) | 0.69% | 1.44% | 0.44% | 0.94% | 0.33% | 0.69% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 45 |
Performance summaries
Delaware Ivy Core Bond Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Delaware Ivy Core Bond Fund – Class I shares | $ | 10,000 | $ | 12,344 | ||||
| Bloomberg US Aggregate Index | $ | 10,000 | $ | 11,657 | ||||
| Delaware Ivy Core Bond Fund – Class A shares | $ | 9,425 | $ | 11,199 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 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 5.75% 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 45. Please note additional details on pages 44 through 46.
The graph also assumes $10,000 invested in the Bloomberg US Aggregate Index as of March 31, 2014. The Bloomberg US Aggregate Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.
The Consumer Price Index (CPI), mentioned on page 7, is a measure of inflation, representing changes in prices of all goods and services purchased for consumption by households.
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 I | IVBIX | 465897775 | ||
| Class R | IYBDX | 465899524 | ||
| Class R6 | IBNDX | 46600A302 | ||
| Class Y | IBOYX | 465898575 |
| 46 |
Performance summaries
| Delaware Ivy Core Equity Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. July 3, 2000) | ||||
| Excluding sales charge | +31.18% | +16.19% | +11.69% | — |
| Including sales charge | +23.60% | +14.82% | +11.03% | — |
| Class C (Est. October 4, 1999) | ||||
| Excluding sales charge | +30.19% | +15.22% | +10.96% | — |
| Including sales charge | +29.19% | +15.22% | +10.96% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +31.50% | +16.43% | +11.96% | — |
| Including sales charge | +31.50% | +16.43% | +11.96% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +30.84% | +15.79% | +11.29% | — |
| Including sales charge | +30.84% | +15.79% | +11.29% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +31.60% | +16.57% | — | +12.23% |
| Including sales charge | +31.60% | +16.57% | — | +12.23% |
| Class Y (Est. December 29, 1995) | ||||
| Excluding sales charge | +31.13% | +16.30% | +11.90% | — |
| Including sales charge | +31.13% | +16.30% | +11.90% | — |
| S&P 500 Index | +29.88% | +15.05% | +12.96% | — |
1Returns 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 in the “Fund expense ratios” table on page 48. 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 distribution and service (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 within one year of purchase. 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 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.
| 47 |
Performance summaries
Delaware Ivy Core Equity Fund
Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.03% | 1.99% | 0.78% | 1.31% | 0.69% | 0.97% |
| Net expenses (including fee waivers, if any) | 1.00% | 1.75% | 0.75% | 1.25% | 0.67% | 0.97% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 48 |
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| S&P 500 Index | $ | 10,000 | $ | 33,826 | ||||
| Delaware Ivy Core Equity Fund – Class I shares | $ | 10,000 | $ | 30,948 | ||||
| Delaware Ivy Core Equity Fund – Class A shares | $ | 9,425 | $ | 28,464 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 48. Please note additional details on pages 47 through 49.
The graph also assumes $10,000 invested in the S&P 500 Index as of March 31, 2014. 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 Russell 1000 Growth Index, mentioned on page 9, 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 1000 Value Index, mentioned on page 9, 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.
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 I | ICIEX | 466000163 | ||
| Class R | IYCEX | 465899573 | ||
| Class R6 | ICEQX | 46600A401 | ||
| Class Y | WCEYX | 466000403 |
| 49 |
Performance summaries
| Delaware Ivy Global Bond Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. April 4, 2008) | ||||
| Excluding sales charge | +4.19% | +1.57% | +1.79% | — |
| Including sales charge | -0.51% | +0.38% | +1.19% | — |
| Class C (Est. April 4, 2008) | ||||
| Excluding sales charge | +3.36% | +0.80% | +1.18% | — |
| Including sales charge | +2.36% | +0.80% | +1.18% | — |
| Class I (Est. April 4, 2008) | ||||
| Excluding sales charge | +4.44% | +1.81% | +2.04% | — |
| Including sales charge | +4.44% | +1.81% | +2.04% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +3.98% | +1.17% | +1.33% | — |
| Including sales charge | +3.98% | +1.17% | +1.33% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +4.50% | +1.83% | — | +1.92% |
| Including sales charge | +4.50% | +1.83% | — | +1.92% |
| Class Y (Est. April 4, 2008) | ||||
| Excluding sales charge | +4.21% | +1.58% | +1.79% | — |
| Including sales charge | +4.21% | +1.58% | +1.79% | — |
| Bloomberg Global Aggregate Index - Hedged to USD | +4.14% | +0.80% | +2.21% | — |
| Bloomberg 1-10 Year Global Aggregate Index Hedged USD | +4.46% | +1.23% | +1.98% | — |
1Returns 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 in 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 4.50%, and have an annual distribution and service (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 imposed on purchases for Class A shares changed from 5.75% to 4.50%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. 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 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.
| 50 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.24% | 2.06% | 0.75% | 1.31% | 0.73% | 0.99% |
| Net expenses (including fee waivers, if any) | 0.96% | 1.71% | 0.71% | 1.21% | 0.59% | 0.96% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 51 |
Performance summaries
Delaware Ivy Global Bond Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Bloomberg Global Aggregate Index, Hedged to USD | $ | 10,000 | $ | 12,443 | ||||
| Delaware Ivy Global Bond Fund – Class I shares | $ | 10,000 | $ | 12,237 | ||||
| Bloomberg 1-10 Year Global Aggregate Index Hedged USD | $ | 10,000 | $ | 12,164 | ||||
| Delaware Ivy Global Bond Fund – Class A shares | $ | 9,425 | $ | 11,260 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 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 sales charge imposed on purchases for Class A shares changed from 5.75% 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 51. Please note additional details on pages 50 through 53.
The graph also assumes $10,000 invested in the Bloomberg Global Aggregate Index, Hedged to USD, and the Bloomberg 1-10 Year Global Aggregate Index Hedged USD as of March 31, 2014. The Bloomberg Global Aggregate Index, Hedged to USD provides a broad-based measure of the global investment grade fixed-rate debt markets. Index returns are hedged to the US dollar, taking rolling one-month forward contracts that are reset at the end of each month and hedging each non-US-dollar-denominated bond in the index into US dollar terms. 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. Index returns are currency-hedged, and adjustments are made to the par amount outstanding of bonds for holdings of central governments that are publicly available.
The Consumer Price Index (CPI), mentioned on page 12, is a measure of inflation representing changes in prices of all goods and services purchased for consumption by urban households.
The Core Personal Consumption Expenditures Price Index (Core PCE), mentioned on page 12, measures the prices paid by consumers for goods and services excluding food and energy prices, because of the volatility caused by movements in food and energy prices, to reveal underlying inflation trends.
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.
| 52 |
| 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 |
| 53 |
Performance summaries
| Delaware Ivy Global Growth Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. April 30, 1986) | ||||
| Excluding sales charge | +25.48% | +11.45% | +8.44% | — |
| Including sales charge | +18.26% | +10.14% | +7.80% | — |
| Class C (Est. April 30, 1996) | ||||
| Excluding sales charge | +24.49% | +10.48% | +7.73% | — |
| Including sales charge | +23.49% | +10.48% | +7.73% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +25.81% | +11.75% | +8.76% | — |
| Including sales charge | +25.81% | +11.75% | +8.76% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +25.13% | +11.10% | +8.13% | — |
| Including sales charge | +25.13% | +11.10% | +8.13% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +25.87% | +11.85% | — | +8.95% |
| Including sales charge | +25.87% | +11.85% | — | +8.95% |
| Class Y (Est. July 24, 2003) | ||||
| Excluding sales charge | +25.48% | +11.45% | +8.48% | — |
| Including sales charge | +25.48% | +11.45% | +8.48% | — |
| MSCI ACWI (net) | +23.22% | +10.92% | +8.66% | — |
| MSCI ACWI (gross) | +23.81% | +11.45% | +9.22% | — |
1Returns 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 in the “Fund expense ratios” table on page 55. 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 distribution and service (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 within one year of purchase. 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 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.
| 54 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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% | 2.51% | 1.03% | 1.57% | 1.00% | 1.32% |
| Net expenses (including fee waivers, if any) | 1.17% | 1.92% | 0.92% | 1.42% | 0.81% | 1.17% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 55 |
Performance summaries
Delaware Ivy Global Growth Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| MSCI ACWI (gross) | $ | 10,000 | $ | 24,154 | ||||
| Delaware Ivy Global Growth Fund – Class I shares | $ | 10,000 | $ | 23,165 | ||||
| MSCI ACWI (net) | $ | 10,000 | $ | 22,948 | ||||
| Delaware Ivy Global Growth Fund – Class A shares | $ | 9,425 | $ | 21,186 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 55. Please note additional details on pages 54 through 56.
The graph also assumes $10,000 invested in the MSCI ACWI as of March 31, 2014. 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 | IVINX | 465897502 | ||
| Class C | IVNCX | 465897585 | ||
| Class I | IGIIX | 465898724 | ||
| Class R | IYIGX | 465899425 | ||
| Class R6 | ITGRX | 46600A815 | ||
| Class Y | IVIYX | 465897114 |
| 56 |
Performance summaries
| Delaware Ivy High Income Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. July 3, 2000) | ||||
| Excluding sales charge | +11.36% | +3.59% | +3.59% | — |
| Including sales charge | +6.28% | +2.37% | +2.98% | — |
| Class C (Est. October 4, 1999) | ||||
| Excluding sales charge | +10.53% | +2.85% | +3.01% | — |
| Including sales charge | +9.53% | +2.85% | +3.01% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +11.63% | +3.83% | +3.84% | — |
| Including sales charge | +11.63% | +3.83% | +3.84% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +11.08% | +3.24% | +3.24% | — |
| Including sales charge | +11.08% | +3.24% | +3.24% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +11.64% | +3.95% | — | +4.03% |
| Including sales charge | +11.64% | +3.95% | — | +4.03% |
| Class Y (Est. December 30, 1998) | ||||
| Excluding sales charge | +11.35% | +3.59% | +3.60% | — |
| Including sales charge | +11.35% | +3.59% | +3.60% | — |
| ICE BofA US High Yield Constrained Index | +11.06% | +4.01% | +4.36% | — |
1Returns 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 in the “Fund expense ratios” table on page 58. 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 distribution and service (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 5.75% to 4.50%.
Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. 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 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.
| 57 |
Performance summaries
Delaware Ivy High Income 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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.02% | 1.81% | 0.75% | 1.28% | 0.64% | 1.00% |
| Net expenses (including fee waivers, if any) | 0.97% | 1.72% | 0.72% | 1.22% | 0.63% | 0.97% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 58 |
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| ICE BofA US High Yield Constrained Index | $ | 10,000 | $ | 15,322 | ||||
| Delaware Ivy High Income Fund – Class I shares | $ | 10,000 | $ | 14,577 | ||||
| Delaware Ivy High Income Fund – Class A shares | $ | 9,425 | $ | 13,419 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 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 5.75% 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 58. Please note additional details on pages 57 through 59.
The graph also assumes $10,000 invested in the ICE BofA US High Yield Constrained Index as of March 31, 2014. 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.
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 I | IVHIX | 466000122 | ||
| Class R | IYHIX | 465899490 | ||
| Class R6 | IHIFX | 46600A831 | ||
| Class Y | WHIYX | 466000635 |
| 59 |
Performance summaries
| Delaware Ivy International Core Equity Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. May 13, 1997) | ||||
| Excluding sales charge | +14.30%* | +6.56% | +4.31% | — |
| Including sales charge | +7.72% | +5.31% | +3.69% | — |
| Class C (Est. May 13, 1997) | ||||
| Excluding sales charge | +13.41%* | +5.81% | +3.74% | — |
| Including sales charge | +12.41% | +5.81% | +3.74% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +14.59% | +6.98% | +4.69% | — |
| Including sales charge | +14.59% | +6.98% | +4.69% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +14.00%* | +6.26% | +4.02% | — |
| Including sales charge | +14.00% | +6.26% | +4.02% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +14.69% | +6.99% | — | +4.40% |
| Including sales charge | +14.69% | +6.99% | — | +4.40% |
| Class Y (Est. July 24, 2003) | ||||
| Excluding sales charge | +14.27% | +6.61% | +4.36% | — |
| Including sales charge | +14.27% | +6.61% | +4.36% | — |
| MSCI ACWI ex USA (net) | +13.26% | +5.97% | +4.25% | — |
| MSCI ACWI ex USA (gross) | +13.83% | +6.48% | +4.75% | — |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the netasset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into accountcertain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 61. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
| 60 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.42% | 2.20% | 0.94% | 1.51% | 0.93% | 1.24% |
| Net expenses (including fee waivers, if any) | 1.04% | 1.79% | 0.79% | 1.29% | 0.67% | 1.04% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 61 |
Performance summaries
Delaware Ivy International Core Equity Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| MSCI ACWI ex USA Index (gross) | $ | 10,000 | $ | 15,902 | ||||
| Delaware Ivy International Core Equity Fund – Class I shares | $ | 10,000 | $ | 15,810 | ||||
| MSCI ACWI ex USA Index (net) | $ | 10,000 | $ | 15,167 | ||||
| Delaware Ivy International Core Equity Fund – Class A shares | $ | 9,425 | $ | 14,373 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 61. Please note additional details on pages 60 through 62.
The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index as of March 31, 2014. 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 | IVIAX | 465897353 | ||
| Class C | IVIFX | 465897338 | ||
| Class I | ICEIX | 465899706 | ||
| Class R | IYITX | 465899433 | ||
| Class R6 | IINCX | 46600A823 | ||
| Class Y | IVVYX | 465898682 |
| 62 |
Performance summaries
| Delaware Ivy Large Cap Growth Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. June 30, 2000) | ||||
| Excluding sales charge | +33.90% | +17.19% | +15.07% | — |
| Including sales charge | +26.18% | +15.81% | +14.39% | — |
| Class C (Est. July 3, 2000) | ||||
| Excluding sales charge | +32.90% | +16.25% | +14.37% | — |
| Including sales charge | +31.90% | +16.25% | +14.37% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +34.24% | +17.53% | +15.40% | — |
| Including sales charge | +34.24% | +17.53% | +15.40% | — |
| Class R (Est. December 29, 2005) | ||||
| Excluding sales charge | +33.56% | +16.77% | +14.68% | — |
| Including sales charge | +33.56% | +16.77% | +14.68% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +34.29% | +17.56% | — | +15.57% |
| Including sales charge | +34.29% | +17.56% | — | +15.57% |
| Class Y (Est. July 6, 2000) | ||||
| Excluding sales charge | +33.90% | +17.19% | +15.11% | — |
| Including sales charge | +33.90% | +17.19% | +15.11% | — |
| Russell 1000 Growth Index | +39.00% | +18.52% | +15.98% | — |
1Returns 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 in the “Fund expense ratios” table on page 64. 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 distribution and service (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 within one year of purchase. 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 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.
| 63 |
Performance summaries
Delaware Ivy Large Cap Growth Fund
Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
“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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.00% | 1.90% | 0.66% | 1.24% | 0.66% | 0.96% |
| Net expenses (including fee waivers, if any) | 0.89% | 1.64% | 0.64% | 1.14% | 0.56% | 0.89% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 64 |
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Russell 1000 Growth Index | $ | 10,000 | $ | 44,042 | ||||
| Delaware Ivy Large Cap Growth Fund – Class I shares | $ | 10,000 | $ | 41,876 | ||||
| Delaware Ivy Large Cap Growth Fund – Class A shares | $ | 9,425 | $ | 38,374 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 64. Please note additional details on pages 63 through 65.
The graph also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2014. 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.
Gross domestic product is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.
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 I | IYGIX | 466001203 | ||
| Class R | WLGRX | 466000429 | ||
| Class R6 | ILGRX | 46600A799 | ||
| Class Y | WLGYX | 466000585 |
| 65 |
Performance summaries
| Delaware Ivy Managed International Opportunities Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. April 2, 2007) | ||||
| Excluding sales charge | +11.57% | +5.63% | +4.19% | — |
| Including sales charge | +5.16% | +4.39% | +3.58% | — |
| Class C (Est. April 2, 2007) | ||||
| Excluding sales charge | +10.75% | +4.96% | +3.62% | — |
| Including sales charge | +9.75% | +4.96% | +3.62% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +11.89% | +5.91% | +4.49% | — |
| Including sales charge | +11.89% | +5.91% | +4.49% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +11.27% | +5.42% | +4.01% | — |
| Including sales charge | +11.27% | +5.42% | +4.01% | — |
| Class R6 (Est. July 5, 2017) | ||||
| Excluding sales charge | +12.39% | +6.00% | — | +4.72% |
| Including sales charge | +12.39% | +6.00% | — | +4.72% |
| Class Y (Est. April 2, 2007) | ||||
| Excluding sales charge | +11.60% | +5.70% | +4.28% | — |
| Including sales charge | +11.60% | +5.70% | +4.28% | — |
| MSCI ACWI ex USA Index (net) | +13.26% | +5.97% | +4.25% | — |
| MSCI ACWI ex USA Index (gross) | +13.83% | +6.48% | +4.75% | — |
1Returns 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 may have been 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 in the “Fund expense ratios” table on page 67. If applicable, 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 distribution and service (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 within one year of purchase. 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 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.
| 66 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.55% | 2.49% | 1.21% | 1.74% | 1.27% | 1.48% |
| Net expenses (including fee waivers, if any) | 1.55% | 2.49% | 1.21% | 1.74% | 1.27% | 1.48% |
| Type of waiver | n/a | n/a | n/a | n/a | n/a | n/a |
| 67 |
Performance summaries
Delaware Ivy Managed International Opportunities Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| MSCI ACWI ex USA (gross) | $ | 10,000 | $ | 15,902 | ||||
| Delaware Ivy Managed International Opportunities Fund – Class I shares | $ | 10,000 | $ | 15,518 | ||||
| MSCI ACWI ex USA (net) | $ | 10,000 | $ | 15,167 | ||||
| Delaware Ivy Managed International Opportunities Fund – Class A shares | $ | 9,425 | $ | 14,212 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 67. Please note additional details on pages 66 through 69.
The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index as of March 31, 2014. 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.
The Deutscher Aktien Index (DAX) or the GER40, mentioned on page 23, is a stock index that represents 40 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. A free-float methodology is used to calculate the index weightings along with a measure of the average trading volume.
The Nikke, mentioned on page 23, is short for Japan's Nikkei 225 Stock Average, the leading and most-respected index of Japanese stocks. It is a price-weighted index composed of Japan's top 225 blue-chip companies traded on the Tokyo Stock Exchange.
The S&P 500 Index, mentioned on page 23, 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.
| 68 |
| 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 |
| 69 |
Performance summaries
| Delaware Ivy Mid Cap Growth Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. June 30, 2000) | ||||
| Excluding sales charge | +15.44% | +11.87% | +11.08% | — |
| Including sales charge | +8.82% | +10.55% | +10.43% | — |
| Class C (Est. July 3, 2000) | ||||
| Excluding sales charge | +14.56% | +11.01% | +10.43% | — |
| Including sales charge | +13.56% | +11.01% | +10.43% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +15.74% | +12.25% | +11.44% | — |
| Including sales charge | +15.74% | +12.25% | +11.44% | — |
| Class R (Est. December 29, 2005) | ||||
| Excluding sales charge | +15.15% | +11.50% | +10.72% | — |
| Including sales charge | +15.15% | +11.50% | +10.72% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +15.82% | +12.27% | — | +12.04% |
| Including sales charge | +15.82% | +12.27% | — | +12.04% |
| Class Y (Est. July 10, 2000) | ||||
| Excluding sales charge | +15.46% | +11.87% | +11.11% | — |
| Including sales charge | +15.46% | +11.87% | +11.11% | — |
| Russell Midcap Growth Index | +26.28% | +11.82% | +11.35% | — |
1Returns 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 in the “Fund expense ratios” table on page 71. 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 distribution and service (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 within one year of purchase. 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 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.
| 70 |
Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets. 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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.21% | 2.06% | 0.84% | 1.42% | 0.83% | 1.13% |
| Net expenses (including fee waivers, if any) | 1.04% | 1.79% | 0.79% | 1.29% | 0.69% | 1.04% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 71 |
Performance summaries
Delaware Ivy Mid Cap Growth Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Delaware Ivy Mid Cap Growth Fund – Class I shares | $ | 10,000 | $ | 29,542 | ||||
| Russell Midcap Growth Index | $ | 10,000 | $ | 29,308 | ||||
| Delaware Ivy Mid Cap Growth Fund – Class A shares | $ | 9,425 | $ | 26,959 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 71. Please note additional details on pages 70 through 72.
The graph also assumes $10,000 invested in the Russell Midcap Growth Index as of March 31, 2014. 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.
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.
The price-to-earnings ratio (P/E ratio) mentioned on page 24, is a valuation ratio of a company’s current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future.
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 I | IYMIX | 466001609 | ||
| Class R | WMGRX | 466000411 | ||
| Class R6 | IGRFX | 46600A765 | ||
| Class Y | WMGYX | 466000544 |
| 72 |
Performance summaries
| Delaware Ivy Mid Cap Income Opportunities Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | ||
| 1 year | 5 year | Lifetime | |
| Class A (Est. October 1, 2014) | |||
| Excluding sales charge | +20.24% | +10.50% | +10.11% |
| Including sales charge | +13.35% | +9.20% | +9.42% |
| Class C (Est. October 1, 2014) | |||
| Excluding sales charge | +19.36% | +9.67% | +9.43% |
| Including sales charge | +18.36% | +9.67% | +9.43% |
| Class I (Est. October 1, 2014) | |||
| Excluding sales charge | +20.58% | +10.91% | +10.48% |
| Including sales charge | +20.58% | +10.91% | +10.48% |
| Class R (Est. October 1, 2014) | |||
| Excluding sales charge | +20.00% | +10.16% | +9.74% |
| Including sales charge | +20.00% | +10.16% | +9.74% |
| Class R6 (Est. October 1, 2014) | |||
| Excluding sales charge | +20.63% | +10.91% | +10.52% |
| Including sales charge | +20.63% | +10.91% | +10.52% |
| Class Y (Est. October 1, 2014) | |||
| Excluding sales charge | +20.21% | +10.49% | +10.11% |
| Including sales charge | +20.21% | +10.49% | +10.11% |
| Russell Midcap Index | +22.35% | +11.10% | +10.29%* |
*The benchmark lifetime return is calculated using the Fund's inception date.
1Returns 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 in the “Fund expense ratios” table on page 74. 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 distribution and service (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 within one year of purchase. 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 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.
| 73 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.26% | 2.02% | 0.89% | 1.47% | 0.89% | 1.22% |
| Net expenses (including fee waivers, if any) | 1.08% | 1.83% | 0.83% | 1.33% | 0.72% | 1.08% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 74 |
Performance of a $10,000 investment1
For the period October 1, 2014 (Fund's inception) through March 31, 2024
| Starting value | Ending value | ||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund – Class I shares | $ | 10,000 | $ | 25,765 | ||||
| Russell Midcap Index | $ | 10,000 | $ | 24,360 | ||||
| Delaware Ivy Mid Cap Income Opportunities Fund – Class A shares | $ | 9,425 | $ | 23,516 | ||||
1The “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. 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 73 through 75.
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 |
| 75 |
Performance summaries
| Delaware Ivy Small Cap Growth Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. July 3, 2000) | ||||
| Excluding sales charge | +16.98% | +6.84% | +8.21% | — |
| Including sales charge | +10.27% | +5.58% | +7.57% | — |
| Class C (Est. October 4, 1999) | ||||
| Excluding sales charge | +16.04% | +6.02% | +7.61% | — |
| Including sales charge | +15.04% | +6.02% | +7.61% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +17.29% | +7.20% | +8.58% | — |
| Including sales charge | +17.29% | +7.20% | +8.58% | — |
| Class R (Est. December 29, 2005) | ||||
| Excluding sales charge | +16.70% | +6.50% | +7.89% | — |
| Including sales charge | +16.70% | +6.50% | +7.89% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +17.38% | +7.22% | — | +9.61% |
| Including sales charge | +17.38% | +7.22% | — | +9.61% |
| Class Y (Est. December 29, 1995) | ||||
| Excluding sales charge | +16.93% | +6.83% | +8.26% | — |
| Including sales charge | +16.93% | +6.83% | +8.26% | — |
| Russell 2000 Growth Index | +20.35% | +7.38% | +7.89% | — |
1Returns 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 in the “Fund expense ratios” table on page 77. 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 distribution and service (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 within one year of purchase. 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 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.
| 76 |
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
Investments 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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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% | 2.28% | 0.92% | 1.50% | 0.91% | 1.21% |
| Net expenses (including fee waivers, if any) | 1.14% | 1.89% | 0.89% | 1.39% | 0.76% | 1.14% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 77 |
Performance summaries
Delaware Ivy Small Cap Growth Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Delaware Ivy Small Cap Growth Fund – Class I shares | $ | 10,000 | $ | 22,777 | ||||
| Russell 2000 Growth Index | $ | 10,000 | $ | 21,376 | ||||
| Delaware Ivy Small Cap Growth Fund – Class A shares | $ | 9,425 | $ | 20,746 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 77. Please note additional details on pages 76 through 78.
The graph also assumes $10,000 invested in the Russell 2000 Growth Index as of March 31, 2014. 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.
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.
The price-to-earnings ratio (P/E ratio), mentioned on page 28, is a valuation ratio of a company's current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future.
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 | WSGAX | 466000502 | ||
| Class C | WRGCX | 466000700 | ||
| Class I | IYSIX | 466001872 | ||
| Class R | WSGRX | 466000445 | ||
| Class R6 | IRGFX | 46600A732 | ||
| Class Y | WSCYX | 466000809 |
| 78 |
Performance summaries
| Delaware Ivy Smid Cap Core Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. January 31, 1997) | ||||
| Excluding sales charge | +20.70% | +8.22% | +7.98% | — |
| Including sales charge | +13.73% | +6.94% | +7.35% | — |
| Class C (Est. December 8, 2003) | ||||
| Excluding sales charge | +19.77% | +7.43% | +7.39% | — |
| Including sales charge | +18.77% | +7.43% | +7.39% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +21.01% | +8.66% | +8.42% | — |
| Including sales charge | +21.01% | +8.66% | +8.42% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +20.38% | +7.93% | +7.74% | — |
| Including sales charge | +20.38% | +7.93% | +7.74% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +21.17% | +8.68% | — | +9.01% |
| Including sales charge | +21.17% | +8.68% | — | +9.01% |
| Class Y (Est. December 8, 2003) | ||||
| Excluding sales charge | +20.73% | +8.26% | +8.08% | — |
| Including sales charge | +20.73% | +8.26% | +8.08% | — |
| Russell 2500 Index | +21.43% | +9.90% | +8.84% | — |
| Russell 2000 Index | +19.71% | +8.10% | +7.58% | — |
1Returns 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 80. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
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.
| 79 |
Performance summaries
Delaware Ivy Smid Cap Core 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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.44% | 2.18% | 0.97% | 1.54% | 0.96% | 1.27% |
| Net expenses (including fee waivers, if any) | 1.14% | 1.89% | 0.89% | 1.39% | 0.76% | 1.14% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 80 |
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Russell 2500 Index | $ | 10,000 | $ | 23,328 | ||||
| Delaware Ivy Smid Cap Core Fund – Class I shares | $ | 10,000 | $ | 22,454 | ||||
| Russell 2000 Index | $ | 10,000 | $ | 20,761 | ||||
| Delaware Ivy Smid Cap Core Fund – Class A shares | $ | 9,425 | $ | 20,316 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 80. Please note additional details on pages 79 through 82.
The graph also assumes $10,000 invested in the Russell 2500 Index and the Russell 2000 Index as of March 31, 2014. 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 NFIB Small Business Optimism Index, mentioned on page 30, is a survey asking small business owners a battery of questions related to their expectations for the future and their plans to hire, build inventory, borrow, and expand.
The Personal Consumption Expenditures Price Index (PCE), mentioned on page 30, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.
The Purchasing Managers’ Index (PMI), mentioned on page 30, is an indicator of the economic health of the manufacturing sector. A PMI reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.
The Russell 1000 Index, mentioned on page 30, measures the performance of the large-cap segment of the US equity universe.
The Russell 2500 Growth Index, mentioned on page 30, 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 30, 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.
| 81 |
Performance summaries
Delaware Ivy Smid Cap Core Fund
The US Consumer Price Index (CPI), mentioned on page 30, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.
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 | IYSAX | 465898435 | ||
| Class C | IYSCX | 465898419 | ||
| Class I | IVVIX | 465899813 | ||
| Class R | IYSMX | 465899540 | ||
| Class R6 | ISPVX | 46600A724 | ||
| Class Y | IYSYX | 465898393 |
| 82 |
Performance summaries
| Delaware Ivy Systematic Emerging Markets Equity Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. October 25, 1993) | ||||
| Excluding sales charge | +10.25%* | +3.25% | +4.35% | — |
| Including sales charge | +3.91% | +2.04% | +3.73% | — |
| Class C (Est. April 30, 1996) | ||||
| Excluding sales charge | +9.48% | +2.54% | +3.73% | — |
| Including sales charge | +8.48% | +2.54% | +3.73% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +10.55% | +3.65% | +4.73% | — |
| Including sales charge | +10.55% | +3.65% | +4.73% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +9.99% | +3.00% | +4.06% | — |
| Including sales charge | +9.99% | +3.00% | +4.06% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +10.68%* | +3.70% | — | +4.31% |
| Including sales charge | +10.68% | +3.70% | — | +4.31% |
| Class Y (Est. July 24, 2003) | ||||
| Excluding sales charge | +10.25% | +3.31% | +4.39% | — |
| Including sales charge | +10.25% | +3.31% | +4.39% | — |
| MSCI Emerging Markets Index (net) | +8.15% | +2.22% | +2.95% | — |
| MSCI Emerging Markets Index (gross) | +8.59% | +2.61% | +3.33% | — |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 84. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
| 83 |
Performance summaries
Delaware Ivy Systematic Emerging Markets Equity Fund
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 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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.57% | 2.29% | 1.08% | 1.64% | 1.05% | 1.41% |
| Net expenses (including fee waivers, if any) | 1.05% | 1.80% | 0.80% | 1.30% | 0.65% | 1.05% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 84 |
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund – Class I shares | $ | 10,000 | $ | 15,877 | ||||
| Delaware Ivy Systematic Emerging Markets Equity Fund – Class A shares | $ | 9,425 | $ | 14,420 | ||||
| MSCI Emerging Markets Index (gross) | $ | 10,000 | $ | 13,879 | ||||
| MSCI Emerging Markets Index (net) | $ | 10,000 | $ | 13,370 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 84. Please note additional details on pages 83 through 85.
The graph also assumes $10,000 invested in the MSCI Emerging Markets Index as of March 31, 2014. 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.
The MSCI World Index, mentioned on page 32, 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 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 |
| 85 |
Performance summaries
| Delaware Ivy Value Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. September 16, 1994) | ||||
| Excluding sales charge | +15.83% | +10.76% | +8.10% | — |
| Including sales charge | +9.18% | +9.46% | +7.46% | — |
| Class C (Est. December 8, 2003) | ||||
| Excluding sales charge | +14.96% | +9.87% | +7.47% | — |
| Including sales charge | +14.14% | +9.87% | +7.47% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +16.11% | +11.05% | +8.41% | — |
| Including sales charge | +16.11% | +11.05% | +8.41% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +15.54% | +10.36% | +7.76% | — |
| Including sales charge | +15.54% | +10.36% | +7.76% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +16.20% | +11.19% | — | +8.39% |
| Including sales charge | +16.20% | +11.19% | — | +8.39% |
| Class Y (Est. December 8, 2003) | ||||
| Excluding sales charge | +15.77% | +10.67% | +8.09% | — |
| Including sales charge | +15.77% | +10.67% | +8.09% | — |
| Russell 1000 Value Index | +20.27% | +10.32% | +9.01% | — |
1Returns 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 in the “Fund expense ratios” table on page 87. 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 distribution and service (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 within one year of purchase. 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 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.
| 86 |
Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.14% | 1.98% | 0.86% | 1.80% | 0.74% | 1.11% |
| Net expenses (including fee waivers, if any) | 1.08% | 1.83% | 0.83% | 1.33% | 0.72% | 1.08% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
| 87 |
Performance summaries
Delaware Ivy Value Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||
| Russell 1000 Value Index | $ | 10,000 | $ | 23,696 | ||||
| Delaware Ivy Value Fund – Class I shares | $ | 10,000 | $ | 22,432 | ||||
| Delaware Ivy Value Fund – Class A shares | $ | 9,425 | $ | 20,535 | ||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 87. Please note additional details on pages 86 through 89.
The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2014. 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.
The Core Personal Consumption Expenditures Price Index (Core PCE), mentioned on page 34, measures the prices paid by consumers for goods and services excluding food and energy prices, because of the volatility caused by movements in food and energy prices, to reveal underlying inflation trends.
The Personal Consumption Expenditures Price Index (PCE), mentioned on page 34, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.
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.
| 88 |
| 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 |
| 89 |
For the six-month period from October 1, 2023 to March 31, 2024 (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, 2023 to March 31, 2024.
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 the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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.
Delaware Global Equity Fund II
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,190.50 | 1.17% | $ | 6.41 | |||||||
| Class C | 1,000.00 | 1,186.40 | 1.92% | 10.49 | ||||||||||
| Class I | 1,000.00 | 1,192.10 | 0.92% | 5.04 | ||||||||||
| Class R | 1,000.00 | 1,188.40 | 1.42% | 7.77 | ||||||||||
| Class R6 | 1,000.00 | 1,192.90 | 0.75% | 4.11 | ||||||||||
| Class Y | 1,000.00 | 1,190.90 | 1.17% | 6.41 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.15 | 1.17% | $ | 5.91 | |||||||
| Class C | 1,000.00 | 1,015.40 | 1.92% | 9.67 | ||||||||||
| Class I | 1,000.00 | 1,020.40 | 0.92% | 4.65 | ||||||||||
| Class R | 1,000.00 | 1,017.90 | 1.42% | 7.16 | ||||||||||
| Class R6 | 1,000.00 | 1,021.25 | 0.75% | 3.79 | ||||||||||
| Class Y | 1,000.00 | 1,019.15 | 1.17% | 5.91 | ||||||||||
| 90 |
Delaware International Equity Fund II
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,108.00 | 1.04% | $ | 5.48 | |||||||
| Class C | 1,000.00 | 1,104.10 | 1.79% | 9.42 | ||||||||||
| Class I | 1,000.00 | 1,109.40 | 0.79% | 4.17 | ||||||||||
| Class R | 1,000.00 | 1,106.90 | 1.29% | 6.79 | ||||||||||
| Class R6 | 1,000.00 | 1,110.20 | 0.65% | 3.43 | ||||||||||
| Class Y | 1,000.00 | 1,108.60 | 1.04% | 5.48 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.80 | 1.04% | $ | 5.25 | |||||||
| Class C | 1,000.00 | 1,016.05 | 1.79% | 9.02 | ||||||||||
| Class I | 1,000.00 | 1,021.05 | 0.79% | 3.99 | ||||||||||
| Class R | 1,000.00 | 1,018.55 | 1.29% | 6.51 | ||||||||||
| Class R6 | 1,000.00 | 1,021.75 | 0.65% | 3.29 | ||||||||||
| Class Y | 1,000.00 | 1,019.80 | 1.04% | 5.25 | ||||||||||
Delaware Ivy Core Bond Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,069.00 | 0.69% | $ | 3.57 | |||||||
| Class C | 1,000.00 | 1,065.00 | 1.44% | 7.43 | ||||||||||
| Class I | 1,000.00 | 1,070.30 | 0.44% | 2.28 | ||||||||||
| Class R | 1,000.00 | 1,066.40 | 0.94% | 4.86 | ||||||||||
| Class R6 | 1,000.00 | 1,070.90 | 0.33% | 1.71 | ||||||||||
| Class Y | 1,000.00 | 1,069.00 | 0.69% | 3.57 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,021.55 | 0.69% | $ | 3.49 | |||||||
| Class C | 1,000.00 | 1,017.80 | 1.44% | 7.26 | ||||||||||
| Class I | 1,000.00 | 1,022.80 | 0.44% | 2.23 | ||||||||||
| Class R | 1,000.00 | 1,020.30 | 0.94% | 4.75 | ||||||||||
| Class R6 | 1,000.00 | 1,023.35 | 0.33% | 1.67 | ||||||||||
| Class Y | 1,000.00 | 1,021.55 | 0.69% | 3.49 | ||||||||||
Delaware Ivy Core Equity Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,267.80 | 1.00% | $ | 5.67 | |||||||
| Class C | 1,000.00 | 1,263.20 | 1.75% | 9.90 | ||||||||||
| Class I | 1,000.00 | 1,269.70 | 0.75% | 4.26 | ||||||||||
| Class R | 1,000.00 | 1,266.40 | 1.25% | 7.08 | ||||||||||
| Class R6 | 1,000.00 | 1,270.20 | 0.67% | 3.80 | ||||||||||
| Class Y | 1,000.00 | 1,267.60 | 1.00% | 5.67 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,020.00 | 1.00% | $ | 5.05 | |||||||
| Class C | 1,000.00 | 1,016.25 | 1.75% | 8.82 | ||||||||||
| Class I | 1,000.00 | 1,021.25 | 0.75% | 3.79 | ||||||||||
| Class R | 1,000.00 | 1,018.75 | 1.25% | 6.31 | ||||||||||
| Class R6 | 1,000.00 | 1,021.65 | 0.67% | 3.39 | ||||||||||
| Class Y | 1,000.00 | 1,020.00 | 1.00% | 5.05 | ||||||||||
Delaware Ivy Global Bond Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,064.20 | 0.96% | $ | 4.95 | |||||||
| Class C | 1,000.00 | 1,061.00 | 1.71% | 8.81 | ||||||||||
| Class I | 1,000.00 | 1,065.40 | 0.71% | 3.67 | ||||||||||
| Class R | 1,000.00 | 1,063.40 | 1.21% | 6.24 | ||||||||||
| Class R6 | 1,000.00 | 1,065.90 | 0.59% | 3.05 | ||||||||||
| Class Y | 1,000.00 | 1,064.30 | 0.96% | 4.95 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,020.20 | 0.96% | $ | 4.85 | |||||||
| Class C | 1,000.00 | 1,016.45 | 1.71% | 8.62 | ||||||||||
| Class I | 1,000.00 | 1,021.45 | 0.71% | 3.59 | ||||||||||
| Class R | 1,000.00 | 1,018.95 | 1.21% | 6.11 | ||||||||||
| Class R6 | 1,000.00 | 1,022.05 | 0.59% | 2.98 | ||||||||||
| Class Y | 1,000.00 | 1,020.20 | 0.96% | 4.85 | ||||||||||
| 91 |
Disclosure of Fund expenses
Delaware Ivy Global Growth Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,224.30 | 1.16% | $ | 6.45 | |||||||
| Class C | 1,000.00 | 1,219.70 | 1.92% | 10.65 | ||||||||||
| Class I | 1,000.00 | 1,226.40 | 0.92% | 5.12 | ||||||||||
| Class R | 1,000.00 | 1,223.00 | 1.42% | 7.89 | ||||||||||
| Class R6 | 1,000.00 | 1,226.70 | 0.81% | 4.51 | ||||||||||
| Class Y | 1,000.00 | 1,224.70 | 1.17% | 6.51 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.20 | 1.16% | $ | 5.86 | |||||||
| Class C | 1,000.00 | 1,015.40 | 1.92% | 9.67 | ||||||||||
| Class I | 1,000.00 | 1,020.40 | 0.92% | 4.65 | ||||||||||
| Class R | 1,000.00 | 1,017.90 | 1.42% | 7.16 | ||||||||||
| Class R6 | 1,000.00 | 1,020.95 | 0.81% | 4.09 | ||||||||||
| Class Y | 1,000.00 | 1,019.15 | 1.17% | 5.91 | ||||||||||
Delaware Ivy High Income Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,090.70 | 0.96% | $ | 5.02 | |||||||
| Class C | 1,000.00 | 1,086.60 | 1.71% | 8.92 | ||||||||||
| Class I | 1,000.00 | 1,092.00 | 0.71% | 3.71 | ||||||||||
| Class R | 1,000.00 | 1,089.30 | 1.21% | 6.32 | ||||||||||
| Class R6 | 1,000.00 | 1,092.10 | 0.63% | 3.30 | ||||||||||
| Class Y | 1,000.00 | 1,090.70 | 0.96% | 5.02 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,020.20 | 0.96% | $ | 4.85 | |||||||
| Class C | 1,000.00 | 1,016.45 | 1.71% | 8.62 | ||||||||||
| Class I | 1,000.00 | 1,021.45 | 0.71% | 3.59 | ||||||||||
| Class R | 1,000.00 | 1,018.95 | 1.21% | 6.11 | ||||||||||
| Class R6 | 1,000.00 | 1,021.85 | 0.63% | 3.18 | ||||||||||
| Class Y | 1,000.00 | 1,020.20 | 0.96% | 4.85 | ||||||||||
Delaware Ivy International Core Equity Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,137.50 | 1.04% | $ | 5.56 | |||||||
| Class C | 1,000.00 | 1,133.30 | 1.79% | 9.55 | ||||||||||
| Class I | 1,000.00 | 1,138.70 | 0.79% | 4.22 | ||||||||||
| Class R | 1,000.00 | 1,135.70 | 1.29% | 6.89 | ||||||||||
| Class R6 | 1,000.00 | 1,139.10 | 0.67% | 3.58 | ||||||||||
| Class Y | 1,000.00 | 1,136.70 | 1.04% | 5.56 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.80 | 1.04% | $ | 5.25 | |||||||
| Class C | 1,000.00 | 1,016.05 | 1.79% | 9.02 | ||||||||||
| Class I | 1,000.00 | 1,021.05 | 0.79% | 3.99 | ||||||||||
| Class R | 1,000.00 | 1,018.55 | 1.29% | 6.51 | ||||||||||
| Class R6 | 1,000.00 | 1,021.65 | 0.67% | 3.39 | ||||||||||
| Class Y | 1,000.00 | 1,019.80 | 1.04% | 5.25 | ||||||||||
Delaware Ivy Large Cap Growth Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,240.50 | 0.89% | $ | 4.99 | |||||||
| Class C | 1,000.00 | 1,236.20 | 1.64% | 9.17 | ||||||||||
| Class I | 1,000.00 | 1,241.80 | 0.64% | 3.59 | ||||||||||
| Class R | 1,000.00 | 1,238.70 | 1.14% | 6.38 | ||||||||||
| Class R6 | 1,000.00 | 1,242.30 | 0.56% | 3.14 | ||||||||||
| Class Y | 1,000.00 | 1,240.70 | 0.89% | 4.99 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,020.55 | 0.89% | $ | 4.50 | |||||||
| Class C | 1,000.00 | 1,016.80 | 1.64% | 8.27 | ||||||||||
| Class I | 1,000.00 | 1,021.80 | 0.64% | 3.23 | ||||||||||
| Class R | 1,000.00 | 1,019.30 | 1.14% | 5.76 | ||||||||||
| Class R6 | 1,000.00 | 1,022.20 | 0.56% | 2.83 | ||||||||||
| Class Y | 1,000.00 | 1,020.55 | 0.89% | 4.50 | ||||||||||
| 92 |
Delaware Ivy Managed International Opportunities Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,136.40 | 0.66% | $ | 3.53 | |||||||
| Class C | 1,000.00 | 1,131.50 | 1.41% | 7.51 | ||||||||||
| Class I | 1,000.00 | 1,138.10 | 0.41% | 2.19 | ||||||||||
| Class R | 1,000.00 | 1,133.50 | 0.91% | 4.85 | ||||||||||
| Class R6 | 1,000.00 | 1,143.20 | 0.25% | 1.34 | ||||||||||
| Class Y | 1,000.00 | 1,136.60 | 0.66% | 3.53 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,021.70 | 0.66% | $ | 3.34 | |||||||
| Class C | 1,000.00 | 1,017.95 | 1.41% | 7.71 | ||||||||||
| Class I | 1,000.00 | 1,022.95 | 0.41% | 2.07 | ||||||||||
| Class R | 1,000.00 | 1,020.45 | 0.91% | 4.60 | ||||||||||
| Class R6 | 1,000.00 | 1,023.75 | 0.25% | 1.26 | ||||||||||
| Class Y | 1,000.00 | 1,021.70 | 0.66% | 3.34 | ||||||||||
Delaware Ivy Mid Cap Growth Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,221.70 | 1.04% | $ | 5.78 | |||||||
| Class C | 1,000.00 | 1,216.70 | 1.79% | 9.92 | ||||||||||
| Class I | 1,000.00 | 1,223.40 | 0.79% | 4.39 | ||||||||||
| Class R | 1,000.00 | 1,220.20 | 1.29% | 7.16 | ||||||||||
| Class R6 | 1,000.00 | 1,224.20 | 0.69% | 3.84 | ||||||||||
| Class Y | 1,000.00 | 1,221.70 | 1.04% | 5.78 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.80 | 1.04% | $ | 5.25 | |||||||
| Class C | 1,000.00 | 1,016.05 | 1.79% | 9.02 | ||||||||||
| Class I | 1,000.00 | 1,021.05 | 0.79% | 3.99 | ||||||||||
| Class R | 1,000.00 | 1,018.55 | 1.29% | 6.51 | ||||||||||
| Class R6 | 1,000.00 | 1,021.55 | 0.69% | 3.49 | ||||||||||
| Class Y | 1,000.00 | 1,019.80 | 1.04% | 5.25 | ||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,221.70 | 1.08% | $ | 6.00 | |||||||
| Class C | 1,000.00 | 1,217.60 | 1.83% | 10.15 | ||||||||||
| Class I | 1,000.00 | 1,223.70 | 0.83% | 4.61 | ||||||||||
| Class R | 1,000.00 | 1,220.50 | 1.33% | 7.38 | ||||||||||
| Class R6 | 1,000.00 | 1,224.40 | 0.72% | 4.00 | ||||||||||
| Class Y | 1,000.00 | 1,221.70 | 1.08% | 6.00 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.60 | 1.08% | $ | 5.45 | |||||||
| Class C | 1,000.00 | 1,015.85 | 1.83% | 9.22 | ||||||||||
| Class I | 1,000.00 | 1,020.85 | 0.83% | 4.19 | ||||||||||
| Class R | 1,000.00 | 1,018.35 | 1.33% | 6.71 | ||||||||||
| Class R6 | 1,000.00 | 1,021.40 | 0.72% | 3.64 | ||||||||||
| Class Y | 1,000.00 | 1,019.60 | 1.08% | 5.45 | ||||||||||
Delaware Ivy Small Cap Growth Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,199.60 | 1.14% | $ | 6.27 | |||||||
| Class C | 1,000.00 | 1,194.50 | 1.89% | 10.37 | ||||||||||
| Class I | 1,000.00 | 1,200.80 | 0.89% | 4.90 | ||||||||||
| Class R | 1,000.00 | 1,197.40 | 1.39% | 7.64 | ||||||||||
| Class R6 | 1,000.00 | 1,201.40 | 0.76% | 4.18 | ||||||||||
| Class Y | 1,000.00 | 1,199.10 | 1.14% | 6.27 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.30 | 1.14% | $ | 5.76 | |||||||
| Class C | 1,000.00 | 1,015.55 | 1.89% | 9.52 | ||||||||||
| Class I | 1,000.00 | 1,020.55 | 0.89% | 4.50 | ||||||||||
| Class R | 1,000.00 | 1,018.05 | 1.39% | 7.01 | ||||||||||
| Class R6 | 1,000.00 | 1,021.20 | 0.76% | 3.84 | ||||||||||
| Class Y | 1,000.00 | 1,019.30 | 1.14% | 5.76 | ||||||||||
| 93 |
Disclosure of Fund expenses
Delaware Ivy Smid Cap Core Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,207.90 | 1.14% | $ | 6.29 | |||||||
| Class C | 1,000.00 | 1,203.60 | 1.89% | 10.41 | ||||||||||
| Class I | 1,000.00 | 1,209.60 | 0.89% | 4.92 | ||||||||||
| Class R | 1,000.00 | 1,206.90 | 1.39% | 7.67 | ||||||||||
| Class R6 | 1,000.00 | 1,210.80 | 0.76% | 4.20 | ||||||||||
| Class Y | 1,000.00 | 1,207.90 | 1.14% | 6.29 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.30 | 1.14% | $ | 5.76 | |||||||
| Class C | 1,000.00 | 1,015.55 | 1.89% | 9.52 | ||||||||||
| Class I | 1,000.00 | 1,020.55 | 0.89% | 4.50 | ||||||||||
| Class R | 1,000.00 | 1,018.05 | 1.39% | 7.01 | ||||||||||
| Class R6 | 1,000.00 | 1,021.20 | 0.76% | 3.84 | ||||||||||
| Class Y | 1,000.00 | 1,019.30 | 1.14% | 5.76 | ||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,125.10 | 1.05% | $ | 5.58 | |||||||
| Class C | 1,000.00 | 1,120.70 | 1.80% | 9.54 | ||||||||||
| Class I | 1,000.00 | 1,126.00 | 0.80% | 4.25 | ||||||||||
| Class R | 1,000.00 | 1,123.50 | 1.30% | 6.90 | ||||||||||
| Class R6 | 1,000.00 | 1,127.80 | 0.65% | 3.46 | ||||||||||
| Class Y | 1,000.00 | 1,124.60 | 1.05% | 5.58 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.75 | 1.05% | $ | 5.30 | |||||||
| Class C | 1,000.00 | 1,016.00 | 1.80% | 9.07 | ||||||||||
| Class I | 1,000.00 | 1,021.00 | 0.80% | 4.04 | ||||||||||
| Class R | 1,000.00 | 1,018.50 | 1.30% | 6.56 | ||||||||||
| Class R6 | 1,000.00 | 1,021.75 | 0.65% | 3.29 | ||||||||||
| Class Y | 1,000.00 | 1,019.75 | 1.05% | 5.30 | ||||||||||
Delaware Ivy Value Fund
Expense analysis of an investment of $1,000
| Beginning Account Value 10/1/23 | Ending Account Value 3/31/24 | Annualized Expense Ratio | Expenses Paid During Period 10/1/23 to 3/31/24* | |||||||||||
| Actual Fund return† | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,191.80 | 1.08% | $ | 5.92 | |||||||
| Class C | 1,000.00 | 1,187.00 | 1.83% | 10.01 | ||||||||||
| Class I | 1,000.00 | 1,193.60 | 0.83% | 4.55 | ||||||||||
| Class R | 1,000.00 | 1,190.20 | 1.33% | 7.28 | ||||||||||
| Class R6 | 1,000.00 | 1,194.20 | 0.72% | 3.95 | ||||||||||
| Class Y | 1,000.00 | 1,191.60 | 1.08% | 5.92 | ||||||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.60 | 1.08% | $ | 5.45 | |||||||
| Class C | 1,000.00 | 1,015.85 | 1.83% | 9.22 | ||||||||||
| Class I | 1,000.00 | 1,020.85 | 0.83% | 4.19 | ||||||||||
| Class R | 1,000.00 | 1,018.35 | 1.33% | 6.71 | ||||||||||
| Class R6 | 1,000.00 | 1,021.40 | 0.72% | 3.64 | ||||||||||
| Class Y | 1,000.00 | 1,019.60 | 1.08% | 5.45 | ||||||||||
*“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 183/366 (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 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.
| 94 |
Security type / country and sector allocations
| Delaware Global Equity Fund II | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / country | Percentage of net assets | |||
| Common Stocks by Country | 98.75 | % | ||
| Austria | 0.94 | % | ||
| Brazil | 2.43 | % | ||
| Canada | 4.16 | % | ||
| China | 1.68 | % | ||
| Denmark | 1.53 | % | ||
| France | 7.41 | % | ||
| Germany | 3.05 | % | ||
| India | 1.81 | % | ||
| Japan | 6.09 | % | ||
| Netherlands | 2.51 | % | ||
| Switzerland | 2.32 | % | ||
| Taiwan | 3.16 | % | ||
| United Kingdom | 3.57 | % | ||
| United States | 58.09 | % | ||
| Short-Term Investments | 0.55 | % | ||
| Total Value of Securities | 99.30 | % | ||
| Receivables and Other Assets Net of Liabilities | 0.70 | % | ||
| Total Net Assets | 100.00 | % | ||
| Common stocks by sector | Percentage of net assets | |||
| Communication Services | 8.87 | % | ||
| Consumer Discretionary | 5.35 | % | ||
| Consumer Staples* | 25.07 | % | ||
| Energy | 5.19 | % | ||
| Financials | 11.70 | % | ||
| Healthcare | 11.24 | % | ||
| Industrials | 6.37 | % | ||
| Information Technology | 24.02 | % | ||
| Materials | 0.94 | % | ||
| Total | 98.75 | % | ||
*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, Household Products/Wares, and Retail. As of March 31, 2024, such amounts, as a percentage of total net assets were 4.96%, 5.26%, 4.00%, 2.03%, and 8.82%, 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%.
| 95 |
Security type / country and sector allocations
| Delaware International Equity Fund II | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / country | Percentage of net assets | |||
| Common Stocks by Country | 96.90 | % | ||
| Austria | 1.35 | % | ||
| Brazil | 3.06 | % | ||
| Canada | 3.61 | % | ||
| China | 2.31 | % | ||
| Denmark | 4.02 | % | ||
| Finland | 0.01 | % | ||
| France | 16.46 | % | ||
| Germany | 10.62 | % | ||
| India | 2.96 | % | ||
| Ireland | 0.78 | % | ||
| Japan | 14.49 | % | ||
| Netherlands | 7.92 | % | ||
| Republic of Korea | 1.71 | % | ||
| Singapore | 0.58 | % | ||
| Spain | 2.70 | % | ||
| Switzerland | 5.33 | % | ||
| Taiwan | 3.17 | % | ||
| United Kingdom | 10.34 | % | ||
| United States | 5.48 | % | ||
| Preferred Stock | 0.91 | % | ||
| Total Value of Securities | 97.81 | % | ||
| Receivables and Other Assets Net of Liabilities | 2.19 | % | ||
| Total Net Assets | 100.00 | % | ||
| Common stocks and preferred stock by sector | Percentage of net assets | |||
| Communication Services | 3.34 | % | ||
| Consumer Discretionary | 7.17 | % | ||
| Consumer Staples* | 25.51 | % | ||
| Energy | 5.87 | % | ||
| Financials | 19.31 | % | ||
| Healthcare | 10.09 | % | ||
| Industrials | 8.94 | % | ||
| Information Technology | 12.59 | % | ||
| Materials | 4.99 | % | ||
| Total | 97.81 | % | ||
*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, 2024, such amounts, as a percentage of total net assets were 4.35%, 7.68%, 12.57%, and 0.91%, 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%.
| 96 |
Security type / sector allocations
| Delaware Ivy Core Bond Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Agency Collateralized Mortgage Obligations | 0.19 | % | ||
| Agency Mortgage-Backed Securities | 28.15 | % | ||
| Collateralized Debt Obligations | 2.76 | % | ||
| Corporate Bonds | 35.87 | % | ||
| Banking | 8.84 | % | ||
| Basic Industry | 1.57 | % | ||
| Brokerage | 0.62 | % | ||
| Capital Goods | 1.42 | % | ||
| Communications | 4.24 | % | ||
| Consumer Cyclical | 1.22 | % | ||
| Consumer Non-Cyclical | 3.92 | % | ||
| Electric | 3.00 | % | ||
| Energy | 4.60 | % | ||
| Finance Companies | 1.82 | % | ||
| Industrials | 0.14 | % | ||
| Insurance | 1.36 | % | ||
| Natural Gas | 0.13 | % | ||
| Real Estate Investment Trusts | 0.19 | % | ||
| Technology | 1.81 | % | ||
| Transportation | 0.99 | % | ||
| Government Agency Obligations | 0.86 | % | ||
| Municipal Bonds | 1.26 | % | ||
| Non-Agency Asset-Backed Securities | 5.84 | % | ||
| Non-Agency Collateralized Mortgage Obligations | 3.66 | % | ||
| Non-Agency Commercial Mortgage-Backed Securities | 7.52 | % | ||
| Sovereign Bonds | 0.96 | % | ||
| US Treasury Obligations | 11.09 | % | ||
| Short-Term Investments | 0.59 | % | ||
| Total Value of Securities | 98.75 | % | ||
| Receivables and Other Assets Net of Liabilities | 1.25 | % | ||
| Total Net Assets | 100.00 | % | ||
| 97 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Core Equity Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 99.97 | % | ||
| Communication Services | 7.30 | % | ||
| Consumer Discretionary | 7.55 | % | ||
| Consumer Staples | 3.85 | % | ||
| Energy | 2.13 | % | ||
| Financials | 24.30 | % | ||
| Healthcare | 11.30 | % | ||
| Industrials | 6.77 | % | ||
| Information Technology* | 30.95 | % | ||
| Materials | 5.13 | % | ||
| Utilities | 0.69 | % | ||
| Short-Term Investments | 0.11 | % | ||
| Total Value of Securities | 100.08 | % | ||
| Liabilities Net of Receivables and Other Assets | (0.08 | %) | ||
| Total Net Assets | 100.00 | % | ||
*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, Electronics, Internet, Office/ Business Equipment, Semiconductors, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 4.07%, 2.26%, 1.37%, 1.99%, 10.13%, and 11.13%, 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%.
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| Microsoft | 8.65 | % | ||
| Alphabet Class A | 4.67 | % | ||
| NVIDIA | 4.05 | % | ||
| Amazon.com | 3.73 | % | ||
| UnitedHealth Group | 3.57 | % | ||
| Apple | 3.13 | % | ||
| HCA Healthcare | 3.07 | % | ||
| KKR & Co. | 2.96 | % | ||
| Capital One Financial | 2.89 | % | ||
| Airbus ADR | 2.71 | % | ||
| 98 |
Security type / country and sector allocations
| Delaware Ivy Global Bond Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / country | Percentage of net assets | |||
| Agency Mortgage-Backed Securities | 12.37 | % | ||
| Corporate Bonds | 33.12 | % | ||
| Australia | 3.32 | % | ||
| Brazil | 0.17 | % | ||
| Canada | 0.11 | % | ||
| Chile | 0.20 | % | ||
| China | 0.18 | % | ||
| Colombia | 0.45 | % | ||
| Denmark | 0.16 | % | ||
| France | 2.57 | % | ||
| Germany | 1.29 | % | ||
| Guatemala | 0.30 | % | ||
| Hong Kong | 0.50 | % | ||
| India | 0.20 | % | ||
| Ireland | 0.39 | % | ||
| Italy | 0.48 | % | ||
| Kuwait | 0.17 | % | ||
| Mexico | 1.18 | % | ||
| Netherlands | 0.17 | % | ||
| Peru | 0.70 | % | ||
| South Africa | 0.07 | % | ||
| Spain | 0.08 | % | ||
| Switzerland | 0.74 | % | ||
| Thailand | 0.15 | % | ||
| Turkey | 0.25 | % | ||
| Ukraine | 0.09 | % | ||
| United Arab Emirates | 0.40 | % | ||
| United Kingdom | 1.01 | % | ||
| United States | 17.79 | % | ||
| Government Agency Obligations | 2.50 | % | ||
| Sovereign Bonds | 26.89 | % | ||
| Albania | 0.18 | % | ||
| Angola | 0.13 | % | ||
| Australia | 0.94 | % | ||
| Belgium | 0.84 | % | ||
| Benin | 0.04 | % | ||
| Bermuda | 0.45 | % | ||
| Brazil | 0.32 | % | ||
| Chile | 0.43 | % | ||
| Dominican Republic | 0.71 | % | ||
| Finland | 0.04 | % | ||
| France | 1.41 | % | ||
| Georgia | 0.16 | % | ||
| Germany | 2.29 | % | ||
| Indonesia | 0.31 | % | ||
| Italy | 4.50 | % | ||
| Ivory Coast | 0.69 | % | ||
| Japan | 1.87 | % | ||
| Netherlands | 2.50 | % | ||
| Nigeria | 0.15 | % | ||
| Paraguay | 1.04 | % | ||
| Peru | 0.24 | % | ||
| Poland | 0.56 | % | ||
| Republic of Korea | 0.17 | % | ||
| Republic of North Macedonia | 0.35 | % | ||
| Serbia | 0.30 | % | ||
| South Africa | 0.14 | % | ||
| Spain | 1.57 | % | ||
| United Kingdom | 4.39 | % | ||
| Uruguay | 0.17 | % | ||
| Supranational Banks | 1.11 | % | ||
| US Treasury Obligations | 16.63 | % | ||
| Options Purchased | 0.01 | % | ||
| Short-Term Investments | 3.47 | % | ||
| Total Value of Securities before Options Written | 96.10 | % | ||
| Options Written | (0.00 | %) | ||
| Receivables and Other Assets Net of Liabilities | 3.90 | % | ||
| Total Net Assets | 100.00 | % | ||
| 99 |
Security type / country and sector allocations
Delaware Ivy Global Bond Fund
| Corporate bonds by sector | Percentage of net assets | |||
| Banking | 11.01 | % | ||
| Basic Industry | 0.74 | % | ||
| Brokerage | 0.42 | % | ||
| Capital Goods | 2.11 | % | ||
| Communications | 1.65 | % | ||
| Consumer Cyclical | 1.56 | % | ||
| Consumer Non-Cyclical | 2.09 | % | ||
| Electric | 3.21 | % | ||
| Energy | 3.19 | % | ||
| Finance Companies | 1.34 | % | ||
| Industrials | 0.57 | % | ||
| Insurance | 1.50 | % | ||
| Natural Gas | 0.64 | % | ||
| Real Estate Investment Trusts | 0.64 | % | ||
| Technology | 0.95 | % | ||
| Transportation | 1.36 | % | ||
| Utilities | 0.14 | % | ||
| Total | 33.12 | % | ||
| 100 |
Security type / country and sector allocations
| Delaware Ivy Global Growth Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / country | Percentage of net assets | |||
| Common Stocks by Country | 98.91 | % | ||
| Austria | 1.24 | % | ||
| Brazil | 1.43 | % | ||
| Canada | 1.32 | % | ||
| China | 1.28 | % | ||
| Denmark | 1.40 | % | ||
| France | 7.97 | % | ||
| Germany | 2.86 | % | ||
| India | 3.49 | % | ||
| Italy | 1.61 | % | ||
| Japan | 3.66 | % | ||
| Netherlands | 2.17 | % | ||
| Republic of Korea | 1.11 | % | ||
| Singapore | 0.53 | % | ||
| Taiwan | 2.87 | % | ||
| United Kingdom | 1.41 | % | ||
| United States | 64.56 | % | ||
| Preferred Stock | 0.72 | % | ||
| Short-Term Investments | 0.70 | % | ||
| Total Value of Securities | 100.33 | % | ||
| Liabilities Net of Receivables and Other Assets | (0.33 | %) | ||
| Total Net Assets | 100.00 | % | ||
| Common stocks and preferred stock by sector | Percentage of net assets | |||
| Communication Services | 9.82 | % | ||
| Consumer Discretionary | 9.97 | % | ||
| Consumer Staples | 7.08 | % | ||
| Energy | 5.15 | % | ||
| Financials | 16.14 | % | ||
| Healthcare | 11.24 | % | ||
| Industrials | 12.20 | % | ||
| Information Technology* | 25.10 | % | ||
| Materials | 1.24 | % | ||
| Utilities | 1.69 | % | ||
| Total | 99.63 | % | ||
*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, Semiconductors, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 2.46%, 11.66%, and 10.98%, 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%.
| 101 |
Security type / sector allocations
| Delaware Ivy High Income Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Convertible Bond | 2.56 | % | ||
| Corporate Bonds | 80.05 | % | ||
| Automotive | 1.79 | % | ||
| Banking | 0.86 | % | ||
| Basic Industry | 5.95 | % | ||
| Capital Goods | 5.75 | % | ||
| Consumer Goods | 2.12 | % | ||
| Electric | 2.85 | % | ||
| Energy | 11.30 | % | ||
| Financial Services | 2.19 | % | ||
| Healthcare | 7.97 | % | ||
| Insurance | 5.41 | % | ||
| Leisure | 6.34 | % | ||
| Media | 9.63 | % | ||
| Retail | 2.90 | % | ||
| Services | 3.20 | % | ||
| Technology & Electronics | 4.28 | % | ||
| Telecommunications | 6.94 | % | ||
| Transportation | 0.57 | % | ||
| Loan Agreements | 11.29 | % | ||
| Basic Industry | 3.75 | % | ||
| Capital Goods | 1.49 | % | ||
| Energy | 0.25 | % | ||
| Financial Services | 1.07 | % | ||
| Healthcare | 1.01 | % | ||
| Media | 0.27 | % | ||
| Services | 0.66 | % | ||
| Technology & Electronics | 2.44 | % | ||
| Telecommunications | 0.35 | % | ||
| Common Stocks | 3.95 | % | ||
| Preferred Stock | 0.09 | % | ||
| Warrants | 0.03 | % | ||
| Short-Term Investments | 2.38 | % | ||
| Total Value of Securities | 100.35 | % | ||
| Liabilities Net of Receivables and Other Assets | (0.35 | %) | ||
| Total Net Assets | 100.00 | % | ||
| 102 |
Security type / country and sector allocations
| Delaware Ivy International Core Equity Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / country | Percentage of net assets | |||
| Common Stocks by Country | 95.01 | % | ||
| Austria | 1.66 | % | ||
| Brazil | 5.30 | % | ||
| Canada | 2.83 | % | ||
| China | 4.02 | % | ||
| Denmark | 3.97 | % | ||
| France | 14.71 | % | ||
| Germany | 10.47 | % | ||
| India | 6.93 | % | ||
| Ireland | 2.11 | % | ||
| Japan | 12.03 | % | ||
| Netherlands | 7.62 | % | ||
| Republic of Korea | 4.54 | % | ||
| Singapore | 0.90 | % | ||
| Spain | 2.71 | % | ||
| Switzerland | 2.45 | % | ||
| Taiwan | 3.59 | % | ||
| United Kingdom | 4.17 | % | ||
| United States | 5.00 | % | ||
| Preferred Stocks | 2.51 | % | ||
| Short-Term Investments | 0.42 | % | ||
| Total Value of Securities | 97.94 | % | ||
| Receivables and Other Assets Net of Liabilities | 2.06 | % | ||
| Total Net Assets | 100.00 | % | ||
| Common stocks and preferred stocks by sector | Percentage of net assets | |||
| Communication Services | 5.05 | % | ||
| Consumer Discretionary | 11.48 | % | ||
| Consumer Staples | 9.48 | % | ||
| Energy | 6.68 | % | ||
| Financials | 22.39 | % | ||
| Healthcare | 10.82 | % | ||
| Industrials | 11.43 | % | ||
| Information Technology | 13.35 | % | ||
| Materials | 5.32 | % | ||
| Utilities | 1.52 | % | ||
| Total | 97.52 | % | ||
| 103 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Large Cap Growth Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 99.48 | % | ||
| Communication Services | 8.48 | % | ||
| Consumer Discretionary | 12.51 | % | ||
| Consumer Staples | 2.32 | % | ||
| Financials | 10.69 | % | ||
| Healthcare | 11.50 | % | ||
| Industrials | 8.49 | % | ||
| Information Technology* | 42.18 | % | ||
| Real Estate | 3.31 | % | ||
| Total Value of Securities | 99.48 | % | ||
| Receivables and Other Assets Net of Liabilities | 0.52 | % | ||
| Total Net Assets | 100.00 | % | ||
*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, Internet, Semiconductors, Software, and Telecommunications. As of March 31, 2024, such amounts, as a percentage of total net assets were 5.81%, 3.02%, 8.82%, 21.15%, and 3.38%, 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%.
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| Microsoft | 13.85 | % | ||
| NVIDIA | 8.08 | % | ||
| Amazon.com | 6.68 | % | ||
| Apple | 5.81 | % | ||
| Visa Class A | 5.75 | % | ||
| Alphabet Class A | 5.73 | % | ||
| UnitedHealth Group | 3.75 | % | ||
| Motorola Solutions | 3.38 | % | ||
| CoStar Group | 3.31 | % | ||
| VeriSign | 3.02 | % | ||
| 104 |
Security type
| Delaware Ivy Managed International Opportunities Fund | As of March 31, 2024 (Unaudited) |
| Security type / sector | Percentage of net assets | |||
| Affiliated Mutual Funds | 99.44 | % | ||
| Short-Term Investments | 0.51 | % | ||
| Total Value of Securities | 99.95 | % | ||
| Receivables and Other Assets Net of Liabilities | 0.05 | % | ||
| Total Net Assets | 100.00 | % | ||
| 105 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Mid Cap Growth Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 98.45 | % | ||
| Communication Services | 5.25 | % | ||
| Consumer Discretionary | 11.19 | % | ||
| Consumer Staples | 2.25 | % | ||
| Financials | 5.64 | % | ||
| Healthcare | 24.23 | % | ||
| Industrials | 16.74 | % | ||
| Information Technology* | 26.77 | % | ||
| Materials | 1.61 | % | ||
| Real Estate | 4.77 | % | ||
| Short-Term Investments | 1.66 | % | ||
| Total Value of Securities | 100.11 | % | ||
| Liabilities Net of Receivables and Other Assets | (0.11 | %) | ||
| Total Net Assets | 100.00 | % | ||
*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, Electrical Components & Equipment, Electronics, Office/Business Equipment, Semiconductors, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 1.96%, 3.08%, 4.61%, 1.33%, 8.04%, and 7.75%, 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%.
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| CoStar Group | 4.77 | % | ||
| Pinterest Class A | 2.89 | % | ||
| Monolithic Power Systems | 2.78 | % | ||
| Dexcom | 2.71 | % | ||
| Floor & Decor Holdings Class A | 2.46 | % | ||
| Trade Desk Class A | 2.35 | % | ||
| MarketAxess Holdings | 2.18 | % | ||
| Pool | 2.11 | % | ||
| Repligen | 2.01 | % | ||
| IDEXX Laboratories | 1.97 | % | ||
| 106 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Mid Cap Income Opportunities Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 98.80 | % | ||
| Consumer Discretionary | 20.24 | % | ||
| Consumer Staples | 8.93 | % | ||
| Financials | 11.64 | % | ||
| Healthcare | 5.78 | % | ||
| Industrials* | 25.95 | % | ||
| Information Technology | 11.72 | % | ||
| Materials | 14.54 | % | ||
| Short-Term Investments | 1.02 | % | ||
| Total Value of Securities | 99.82 | % | ||
| Receivables and Other Assets Net of Liabilities | 0.18 | % | ||
| Total Net Assets | 100.00 | % | ||
*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 Industrials sector consisted of Aerospace/Defense, Commercial Services, Distribution/Wholesale, Electronics, Hand/Machine Tools, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 2.86%, 2.82%, 5.74%, 2.95%, 5.88%, and 5.70%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Industrials sector for financial reporting purposes may exceed 25%.
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| McCormick & Co. | 3.18 | % | ||
| Polaris | 3.08 | % | ||
| First American Financial | 3.05 | % | ||
| Seagate Technology Holdings | 3.03 | % | ||
| Stanley Black & Decker | 2.98 | % | ||
| Discover Financial Services | 2.97 | % | ||
| Travel + Leisure | 2.97 | % | ||
| nVent Electric | 2.95 | % | ||
| Quest Diagnostics | 2.94 | % | ||
| Avery Dennison | 2.94 | % | ||
| 107 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Small Cap Growth Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 99.40 | % | ||
| Communication Services | 1.17 | % | ||
| Consumer Discretionary | 15.52 | % | ||
| Consumer Staples | 4.69 | % | ||
| Energy | 2.43 | % | ||
| Financials | 5.65 | % | ||
| Healthcare | 21.54 | % | ||
| Industrials | 22.52 | % | ||
| Information Technology | 23.57 | % | ||
| Materials | 2.31 | % | ||
| Short-Term Investments | 0.47 | % | ||
| Total Value of Securities | 99.87 | % | ||
| Receivables and Other Assets Net of Liabilities | 0.13 | % | ||
| Total Net Assets | 100.00 | % | ||
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| CyberArk Software | 3.89 | % | ||
| Federal Signal | 2.51 | % | ||
| Parsons | 2.48 | % | ||
| Vericel | 2.39 | % | ||
| Progyny | 2.39 | % | ||
| Sprout Social Class A | 2.37 | % | ||
| ATI | 2.31 | % | ||
| Red Rock Resorts Class A | 2.29 | % | ||
| Clean Harbors | 2.17 | % | ||
| Onto Innovation | 2.15 | % | ||
| 108 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Smid Cap Core Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 98.35 | % | ||
| Basic Materials | 8.74 | % | ||
| Business Services | 5.04 | % | ||
| Capital Goods | 11.72 | % | ||
| Consumer Discretionary | 5.15 | % | ||
| Consumer Services | 2.40 | % | ||
| Consumer Staples | 2.99 | % | ||
| Credit Cyclicals | 3.28 | % | ||
| Energy | 4.96 | % | ||
| Financials | 13.40 | % | ||
| Healthcare | 13.56 | % | ||
| Media | 1.68 | % | ||
| Real Estate Investment Trusts | 6.08 | % | ||
| Technology | 14.25 | % | ||
| Transportation | 3.59 | % | ||
| Utilities | 1.51 | % | ||
| Short-Term Investments | 1.84 | % | ||
| Total Value of Securities | 100.19 | % | ||
| Liabilities Net of Receivables and Other Assets | (0.19 | %) | ||
| Total Net Assets | 100.00 | % | ||
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| Liberty Energy | 1.67 | % | ||
| PTC | 1.63 | % | ||
| Chesapeake Energy | 1.61 | % | ||
| Dick's Sporting Goods | 1.55 | % | ||
| Boise Cascade | 1.54 | % | ||
| East West Bancorp | 1.54 | % | ||
| Reliance | 1.46 | % | ||
| Lincoln Electric Holdings | 1.43 | % | ||
| Beacon Roofing Supply | 1.38 | % | ||
| Reinsurance Group of America | 1.30 | % | ||
| 109 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Systematic Emerging Markets Equity Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 98.72 | % | ||
| Communication Services | 10.13 | % | ||
| Consumer Discretionary | 15.93 | % | ||
| Consumer Staples | 6.53 | % | ||
| Energy | 6.40 | % | ||
| Financials | 23.17 | % | ||
| Healthcare | 0.32 | % | ||
| Industrials | 3.48 | % | ||
| Information Technology* | 30.11 | % | ||
| Materials | 1.96 | % | ||
| Real Estate | 0.69 | % | ||
| Preferred Stock | 1.02 | % | ||
| Short-Term Investments | 0.70 | % | ||
| Total Value of Securities | 100.44 | % | ||
| Liabilities Net of Receivables and Other Assets | (0.44 | %) | ||
| Total Net Assets | 100.00 | % | ||
*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, Electrical Components & Equipment, Electronics, Home Furnishings, Manufacturing, Semiconductors, Software, and Telecommunications. As of March 31, 2024, such amounts, as a percentage of total net assets were 5.76%, 0.42%, 1.35%, 1.30%, 0.73%, 19.89%, 0.53%, and 0.13%, 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%.
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| Taiwan Semiconductor Manufacturing | 9.65 | % | ||
| Samsung Electronics | 6.64 | % | ||
| ICICI Bank | 3.75 | % | ||
| Tencent Holdings | 3.73 | % | ||
| Bajaj Auto | 3.28 | % | ||
| Kia | 3.23 | % | ||
| NetEase | 3.06 | % | ||
| Bank Rakyat Indonesia Persero | 2.42 | % | ||
| Tata Consultancy Services | 2.39 | % | ||
| Infosys | 2.36 | % | ||
| 110 |
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Value Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Security type / sector | Percentage of net assets | |||
| Common Stocks | 97.14 | % | ||
| Communication Services | 6.24 | % | ||
| Consumer Discretionary | 9.19 | % | ||
| Consumer Staples | 8.44 | % | ||
| Energy | 3.13 | % | ||
| Financials | 18.36 | % | ||
| Healthcare | 18.28 | % | ||
| Industrials | 9.22 | % | ||
| Information Technology | 14.99 | % | ||
| Materials | 3.10 | % | ||
| Real Estate | 3.11 | % | ||
| Utilities | 3.08 | % | ||
| Short-Term Investments | 2.51 | % | ||
| Total Value of Securities | 99.65 | % | ||
| Receivables and Other Assets Net of Liabilities | 0.35 | % | ||
| Total Net Assets | 100.00 | % | ||
Top 10 equity 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.
| Top 10 equity holdings | Percentage of net assets | |||
| Walt Disney | 3.17 | % | ||
| US Bancorp | 3.16 | % | ||
| Travelers | 3.14 | % | ||
| Exxon Mobil | 3.13 | % | ||
| Motorola Solutions | 3.13 | % | ||
| CVS Health | 3.11 | % | ||
| Equity Residential | 3.11 | % | ||
| Northrop Grumman | 3.11 | % | ||
| DuPont de Nemours | 3.10 | % | ||
| TJX | 3.10 | % | ||
| 111 |
| Delaware Global Equity Fund II | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks – 98.75%Δ | ||||||||
| Austria – 0.94% | ||||||||
| Mondi | 140,057 | $ | 2,466,866 | |||||
| 2,466,866 | ||||||||
| Brazil – 2.43% | ||||||||
| Banco do Brasil | 402,314 | 4,546,628 | ||||||
| Petroleo Brasileiro ADR | 119,388 | 1,815,891 | ||||||
| 6,362,519 | ||||||||
| Canada – 4.16% | ||||||||
| Alimentation Couche-Tard | 124,176 | 7,087,259 | ||||||
| Canadian Natural Resources | 50,111 | 3,822,649 | ||||||
| 10,909,908 | ||||||||
| China – 1.68% | ||||||||
| China Mengniu Dairy | 2,054,000 | 4,408,795 | ||||||
| 4,408,795 | ||||||||
| Denmark – 1.53% | ||||||||
| Genmab † | 13,402 | 4,018,304 | ||||||
| 4,018,304 | ||||||||
| France – 7.41% | ||||||||
| Airbus | 37,844 | 6,970,156 | ||||||
| BNP Paribas | 72,032 | 5,118,094 | ||||||
| L'Oreal | 15,540 | 7,354,112 | ||||||
| 19,442,362 | ||||||||
| Germany – 3.05% | ||||||||
| Deutsche Telekom | 209,488 | 5,085,138 | ||||||
| Siemens | 15,223 | 2,906,273 | ||||||
| 7,991,411 | ||||||||
| India – 1.81% | ||||||||
| ICICI Bank ADR | 180,256 | 4,760,561 | ||||||
| 4,760,561 | ||||||||
| Japan – 6.09% | ||||||||
| Asahi Group Holdings | 182,500 | 6,683,710 | ||||||
| ITOCHU | 77,900 | 3,326,368 | ||||||
| Mitsubishi UFJ Financial Group | 588,000 | 5,962,346 | ||||||
| 15,972,424 | ||||||||
| Netherlands – 2.51% | ||||||||
| Adyen 144A #, † | 2,618 | 4,428,705 | ||||||
| Shell | 64,857 | 2,165,952 | ||||||
| 6,594,657 | ||||||||
| Switzerland – 2.32% | ||||||||
| Nestle | 57,345 | 6,088,356 | ||||||
| 6,088,356 | ||||||||
| Taiwan – 3.16% | ||||||||
| Taiwan Semiconductor | ||||||||
| Manufacturing ADR | 60,932 | 8,289,799 | ||||||
| 8,289,799 | ||||||||
| United Kingdom – 3.57% | ||||||||
| AstraZeneca | 30,043 | 4,048,966 | ||||||
| Reckitt Benckiser Group | 93,516 | 5,325,569 | ||||||
| 9,374,535 | ||||||||
| United States – 58.09% | ||||||||
| Alphabet Class A † | 52,955 | 7,992,498 | ||||||
| Amazon.com † | 51,886 | 9,359,197 | ||||||
| Apple | 38,009 | 6,517,783 | ||||||
| Biogen † | 4,860 | 1,047,962 | ||||||
| Blue Owl Capital | 154,295 | 2,910,004 | ||||||
| Casey's General Stores | 24,485 | 7,797,248 | ||||||
| Coca-Cola | 103,573 | 6,336,596 | ||||||
| ConocoPhillips | 28,913 | 3,680,047 | ||||||
| Costco Wholesale | 11,264 | 8,252,344 | ||||||
| Danaher | 11,889 | 2,968,921 | ||||||
| Discover Financial Services | 22,548 | 2,955,817 | ||||||
| DraftKings Class A † | 29,604 | 1,344,318 | ||||||
| Eli Lilly & Co. | 7,654 | 5,954,506 | ||||||
| Home Depot | 8,675 | 3,327,730 | ||||||
| Ingersoll Rand | 36,631 | 3,478,113 | ||||||
| Intuit | 6,977 | 4,535,050 | ||||||
| KLA | 6,589 | 4,602,878 | ||||||
| Lam Research | 3,474 | 3,375,234 | ||||||
| Meta Platforms Class A | 7,934 | 3,852,592 | ||||||
| Microchip Technology | 38,509 | 3,454,642 | ||||||
| Microsoft | 34,615 | 14,563,223 | ||||||
| Netflix † | 6,060 | 3,680,420 | ||||||
| NVIDIA | 9,660 | 8,728,390 | ||||||
| Pinterest Class A † | 76,574 | 2,654,821 | ||||||
| Procter & Gamble | 39,773 | 6,453,169 | ||||||
| Salesforce | 21,168 | 6,375,378 | ||||||
| Schlumberger | 39,310 | 2,154,581 | ||||||
| Synopsys † | 4,494 | 2,568,321 | ||||||
| Thermo Fisher Scientific | 5,150 | 2,993,231 | ||||||
| UnitedHealth Group | 8,008 | 3,961,558 | ||||||
| Vertex Pharmaceuticals † | 10,778 | 4,505,312 | ||||||
| 152,381,884 | ||||||||
| Total Common Stocks (cost $224,895,581) | 259,062,381 | |||||||
| Short-Term Investments – 0.55% | ||||||||
| Money Market Mutual Funds – 0.55% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 359,072 | 359,072 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 359,072 | 359,072 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 359,071 | 359,071 | ||||||
| 112 |
| Number of shares | Value (US $) | |||||||
| Short-Term Investments (continued) | ||||||||
| Money Market Mutual Funds (continued) | ||||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 359,071 | $ | 359,071 | |||||
| Total Short-Term Investments (cost $1,436,286) | 1,436,286 | |||||||
| Total Value of Securities–99.30% (cost $226,331,867) | $ | 260,498,667 | ||||||
| Δ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 95 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, 2024, the aggregate value of Rule 144A securities was $4,428,705, which represents 1.69% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
| 113 |
Schedules of investments
| Delaware International Equity Fund II | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks – 96.90%Δ | ||||||||
| Austria – 1.35% | ||||||||
| Mondi | 70,130 | $ | 1,235,221 | |||||
| 1,235,221 | ||||||||
| Brazil – 3.06% | ||||||||
| Banco do Brasil | 138,939 | 1,570,176 | ||||||
| MercadoLibre † | 815 | 1,232,248 | ||||||
| 2,802,424 | ||||||||
| Canada – 3.61% | ||||||||
| Alimentation Couche-Tard | 14,646 | 835,910 | ||||||
| Dollarama | 32,357 | 2,464,966 | ||||||
| 3,300,876 | ||||||||
| China – 2.31% | ||||||||
| Budweiser Brewing 144A # | 631,700 | 929,766 | ||||||
| China Mengniu Dairy | 551,000 | 1,182,690 | ||||||
| 2,112,456 | ||||||||
| Denmark – 4.02% | ||||||||
| Genmab † | 5,073 | 1,521,031 | ||||||
| Novo Nordisk Class B | 16,842 | 2,160,381 | ||||||
| 3,681,412 | ||||||||
| Finland – 0.01% | ||||||||
| Nokia | 2,804 | 9,955 | ||||||
| 9,955 | ||||||||
| France – 16.46% | ||||||||
| Airbus | 14,697 | 2,706,912 | ||||||
| BNP Paribas | 25,409 | 1,805,387 | ||||||
| Euroapi † | 9 | 27 | ||||||
| L'Oreal | 8,499 | 4,022,046 | ||||||
| LVMH Moet Hennessy Louis Vuitton | 1,594 | 1,433,703 | ||||||
| Rexel | 489 | 13,205 | ||||||
| Sanofi | 81 | 7,949 | ||||||
| Schneider Electric | 81 | 18,321 | ||||||
| Technip Energies ADR | 857 | 21,725 | ||||||
| Thales | 12,071 | 2,058,253 | ||||||
| TotalEnergies | 28,531 | 1,953,649 | ||||||
| Vinci | 8,016 | 1,027,044 | ||||||
| 15,068,221 | ||||||||
| Germany – 10.62% | ||||||||
| Deutsche Telekom | 103,660 | 2,516,256 | ||||||
| Heidelberg Materials | 11,576 | 1,273,230 | ||||||
| KION Group | 18,916 | 995,479 | ||||||
| SAP | 14,212 | 2,766,924 | ||||||
| Siemens | 7,049 | 1,345,748 | ||||||
| Siemens Healthineers 144A #, † | 13,528 | 827,810 | ||||||
| 9,725,447 | ||||||||
| India – 2.96% | ||||||||
| Axis Bank GDR | 17,822 | 1,128,132 | ||||||
| ICICI Bank ADR | 59,875 | 1,581,299 | ||||||
| 2,709,431 | ||||||||
| Ireland – 0.78% | ||||||||
| ICON † | 2,137 | 717,925 | ||||||
| 717,925 | ||||||||
| Japan – 14.49% | ||||||||
| Asahi Group Holdings | 83,300 | 3,050,701 | ||||||
| Mitsubishi UFJ Financial Group | 213,000 | 2,159,829 | ||||||
| Mitsui Chemicals | 38,200 | 1,116,879 | ||||||
| Panasonic Holdings | 1,000 | 9,503 | ||||||
| Renesas Electronics | 115,300 | 2,044,294 | ||||||
| Seven & i Holdings | 210,100 | 3,053,376 | ||||||
| Tokio Marine Holdings | 58,700 | 1,832,194 | ||||||
| 13,266,776 | ||||||||
| Netherlands – 7.92% | ||||||||
| Adyen 144A #, † | 979 | 1,656,112 | ||||||
| ASML Holding | 2,803 | 2,698,028 | ||||||
| ING Groep | 63,345 | 1,041,908 | ||||||
| Shell | 55,558 | 1,855,404 | ||||||
| 7,251,452 | ||||||||
| Republic of Korea – 1.71% | ||||||||
| KB Financial Group | 30,015 | 1,567,357 | ||||||
| 1,567,357 | ||||||||
| Singapore – 0.58% | ||||||||
| Sea ADR † | 9,807 | 526,734 | ||||||
| 526,734 | ||||||||
| Spain – 2.70% | ||||||||
| Banco Bilbao Vizcaya Argentaria | 207,464 | 2,471,001 | ||||||
| 2,471,001 | ||||||||
| Switzerland – 5.33% | ||||||||
| Alcon | 17,307 | 1,441,500 | ||||||
| Nestle | 32,207 | 3,419,438 | ||||||
| Novartis | 159 | 15,404 | ||||||
| Sandoz Group † | 34 | 1,026 | ||||||
| 4,877,368 | ||||||||
| Taiwan – 3.17% | ||||||||
| Taiwan Semiconductor | ||||||||
| Manufacturing ADR | 21,356 | 2,905,484 | ||||||
| 2,905,484 | ||||||||
| United Kingdom – 10.34% | ||||||||
| AstraZeneca | 12,770 | 1,721,043 | ||||||
| Haleon | 712,779 | 2,996,681 | ||||||
| HSBC Holdings | 111,651 | 872,297 | ||||||
| J Sainsbury | 4,892 | 16,696 | ||||||
| John Wood Group † | 7,073 | 11,810 | ||||||
| Tesco | 1,023,321 | 3,830,840 | ||||||
| 114 |
| Number of shares | Value (US $) | |||||||
| Common StocksΔ (continued) | ||||||||
| United Kingdom (continued) | ||||||||
| Travis Perkins | 817 | $ | 7,521 | |||||
| Vodafone Group | 7,011 | 6,235 | ||||||
| 9,463,123 | ||||||||
| United States – 5.48% | ||||||||
| Freshworks Class A † | 60,737 | 1,106,021 | ||||||
| Newmont | 27,018 | 945,633 | ||||||
| Schlumberger | 28,335 | 1,553,041 | ||||||
| Stellantis | 49,821 | 1,416,028 | ||||||
| 5,020,723 | ||||||||
| Total Common Stocks (cost $79,246,647) | 88,713,386 | |||||||
| Preferred Stock – 0.91%Δ | ||||||||
| Germany – 0.91% | ||||||||
| Sartorius 0.22% ω | 2,093 | 832,311 | ||||||
| Total Preferred Stock (cost $628,690) | 832,311 | |||||||
| Total Value of Securities–97.81% (cost $79,875,337) | $ | 89,545,697 | ||||||
| Δ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 96 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, 2024, the aggregate value of Rule 144A securities was $3,413,688, which represents 3.73% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
| ω | Perpetual security with no stated maturity date. |
Summary of abbreviations:
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
| 115 |
Schedules of investments
| Delaware Ivy Core Bond Fund | March 31, 2024 |
| Principal amount° | Value (US $) | |||||||
| Agency Collateralized Mortgage Obligations — 0.19% | ||||||||
| Freddie Mac REMICs | ||||||||
| Series 2557 HL 5.30% 1/15/33 | 17,173 | $ | 17,014 | |||||
| Freddie Mac Whole Loan | ||||||||
| Securities Trust | ||||||||
| Series 2015-SC01 1A 3.50% 5/25/45 | 540,691 | 471,657 | ||||||
| Series 2016-SC02 1A 3.00% 10/25/46 | 168,909 | 145,930 | ||||||
| GNMA | ||||||||
| Series 2005-23 IO 1.00% 6/17/45 =, • | 56,862 | 0 | ||||||
| Vendee Mortgage Trust | ||||||||
| 6.486% 2/15/25 • | 1,813 | 1,807 | ||||||
| 7.793% 2/15/25 | 121 | 121 | ||||||
| Total Agency Collateralized Mortgage Obligations (cost $744,526) | 636,529 | |||||||
| Agency Mortgage-Backed Securities — 28.15% | ||||||||
| Fannie Mae | ||||||||
| 2.50% 11/1/27 | 130,588 | 125,355 | ||||||
| Fannie Mae S.F. 15 yr | ||||||||
| 2.00% 3/1/37 | 1,890,132 | 1,687,173 | ||||||
| 2.50% 8/1/36 | 1,588,154 | 1,447,373 | ||||||
| 4.50% 4/1/25 | 4,300 | 4,258 | ||||||
| 5.50% 10/1/38 | 1,202,830 | 1,212,250 | ||||||
| Fannie Mae S.F. 20 yr | ||||||||
| 4.00% 8/1/42 | 524,069 | 493,353 | ||||||
| 4.00% 9/1/42 | 2,499,336 | 2,348,768 | ||||||
| Fannie Mae S.F. 30 yr | ||||||||
| 2.00% 3/1/51 | 8,277,926 | 6,575,892 | ||||||
| 2.00% 9/1/51 | 382,309 | 303,599 | ||||||
| 2.50% 11/1/51 | 915,817 | 762,138 | ||||||
| 2.50% 12/1/51 | 418,454 | 346,984 | ||||||
| 2.50% 2/1/52 | 3,253,494 | 2,716,254 | ||||||
| 3.00% 9/1/42 | 649,288 | 582,378 | ||||||
| 3.00% 5/1/43 | 906,235 | 809,076 | ||||||
| 3.00% 1/1/46 | 458,637 | 400,065 | ||||||
| 3.00% 6/1/52 | 1,598,330 | 1,385,853 | ||||||
| 3.50% 1/1/48 | 423,588 | 387,501 | ||||||
| 3.50% 6/1/52 | 8,794,256 | 7,875,164 | ||||||
| 3.50% 9/1/52 | 3,171,000 | 2,862,501 | ||||||
| 4.00% 2/1/47 | 110,722 | 104,913 | ||||||
| 4.00% 9/1/52 | 2,742,219 | 2,543,258 | ||||||
| 4.50% 1/1/50 | 902,585 | 885,177 | ||||||
| 4.50% 10/1/52 | 2,170,243 | 2,066,570 | ||||||
| 4.50% 2/1/53 | 1,988,227 | 1,893,247 | ||||||
| 5.00% 7/1/47 | 5,066,565 | 5,080,753 | ||||||
| 5.00% 9/1/53 | 368,318 | 359,359 | ||||||
| 5.50% 8/1/52 | 762,004 | 759,868 | ||||||
| 6.00% 1/1/42 | 506,816 | 525,073 | ||||||
| Fannie Mae S.F. 30 yr | ||||||||
| 6.50% 12/1/31 | 1,516 | 1,582 | ||||||
| 6.50% 2/1/32 | 28,328 | 29,492 | ||||||
| 6.50% 4/1/32 | 3,671 | 3,793 | ||||||
| 6.50% 5/1/32 | 5,910 | 6,102 | ||||||
| 6.50% 7/1/32 | 2,132 | 2,225 | ||||||
| 6.50% 8/1/32 | 4,291 | 4,461 | ||||||
| 6.50% 9/1/32 | 9,650 | 9,969 | ||||||
| 6.50% 10/1/32 | 8,609 | 8,959 | ||||||
| 6.50% 8/1/33 | 4,697 | 4,880 | ||||||
| 6.50% 9/1/34 | 19,082 | 19,524 | ||||||
| 6.50% 11/1/34 | 1,927 | 2,015 | ||||||
| 6.50% 3/1/35 | 38,698 | 39,846 | ||||||
| 7.00% 9/1/31 | 1,608 | 1,657 | ||||||
| 7.00% 11/1/31 | 16,969 | 17,495 | ||||||
| 7.00% 2/1/32 | 15,272 | 15,746 | ||||||
| 7.00% 3/1/32 | 16,951 | 17,477 | ||||||
| 7.50% 5/1/31 | 3,990 | 3,961 | ||||||
| Freddie Mac S.F. 20 yr | ||||||||
| 2.00% 5/1/42 | 1,730,735 | 1,451,523 | ||||||
| 2.00% 8/1/42 | 949,509 | 802,003 | ||||||
| 2.50% 2/1/42 | 2,104,971 | 1,827,354 | ||||||
| 3.00% 3/1/37 | 1,661,596 | 1,525,205 | ||||||
| 5.00% 5/1/29 | 8,327 | 8,251 | ||||||
| Freddie Mac S.F. 30 yr | ||||||||
| 2.50% 11/1/51 | 2,906,405 | 2,447,594 | ||||||
| 2.50% 2/1/52 | 3,990,624 | 3,321,612 | ||||||
| 3.00% 8/1/42 | 414,028 | 371,791 | ||||||
| 3.00% 1/1/43 | 528,474 | 471,820 | ||||||
| 3.00% 12/1/46 | 224,999 | 197,841 | ||||||
| 3.00% 1/1/47 | 601,165 | 528,481 | ||||||
| 3.00% 7/1/50 | 1,070,646 | 940,385 | ||||||
| 3.00% 8/1/52 | 3,669,531 | 3,197,635 | ||||||
| 4.00% 8/1/52 | 1,283,140 | 1,195,591 | ||||||
| 4.00% 9/1/52 | 2,322,109 | 2,164,213 | ||||||
| 4.50% 7/1/52 | 4,095,787 | 3,903,933 | ||||||
| 4.50% 9/1/52 | 4,778,383 | 4,552,011 | ||||||
| 4.50% 10/1/52 | 1,470,485 | 1,400,239 | ||||||
| 5.00% 9/1/34 | 181 | 182 | ||||||
| 5.00% 9/1/52 | 1,920,217 | 1,890,006 | ||||||
| 5.00% 6/1/53 | 750,247 | 731,940 | ||||||
| 5.50% 9/1/52 | 3,461,903 | 3,518,149 | ||||||
| 5.50% 3/1/53 | 1,011,755 | 1,015,706 | ||||||
| 5.50% 9/1/53 | 1,646,746 | 1,649,362 | ||||||
| 6.00% 12/1/52 | 1,299,324 | 1,313,416 | ||||||
| 6.50% 9/1/32 | 7,867 | 8,291 | ||||||
| 6.50% 5/1/34 | 40,969 | 42,831 | ||||||
| 6.50% 7/1/36 | 4,804 | 4,922 | ||||||
| 7.00% 12/1/37 | 11,713 | 12,076 | ||||||
| GNMA I | ||||||||
| 6.25% 7/15/24 | 1,065 | 1,062 | ||||||
| 116 |
| Principal amount° | Value (US $) | |||||||
| Agency Mortgage-Backed Securities (continued) | ||||||||
| GNMA I S.F. 30 yr | ||||||||
| 3.00% 3/15/45 | 827,316 | $ | 735,091 | |||||
| 4.00% 1/15/41 | 153,442 | 146,894 | ||||||
| 4.00% 10/15/41 | 91,698 | 87,267 | ||||||
| 4.50% 6/15/40 | 117,694 | 115,505 | ||||||
| 5.00% 12/15/35 | 63,218 | 62,391 | ||||||
| 5.50% 10/15/42 | 775,731 | 795,005 | ||||||
| GNMA II | ||||||||
| 3.25% 11/20/35 | 296,829 | 277,771 | ||||||
| 4.00% 8/20/31 | 209,009 | 202,928 | ||||||
| 4.00% 6/20/36 | 335,806 | 318,414 | ||||||
| GNMA II S.F. 30 yr | ||||||||
| 3.00% 12/20/51 | 1,353,474 | 1,194,047 | ||||||
| 4.00% 12/20/40 | 168,024 | 160,321 | ||||||
| 4.00% 12/20/44 | 117,199 | 112,437 | ||||||
| 5.50% 6/20/49 | 1,424,195 | 1,441,820 | ||||||
| 6.00% 2/20/54 | 1,780,737 | 1,797,351 | ||||||
| Total Agency Mortgage-Backed Securities (cost $97,444,006) | 94,676,004 | |||||||
| Collateralized Debt Obligations — 2.76% | ||||||||
| Ares LXIV CLO Series 2022-64A A1 144A 6.754% (TSFR03M + 1.44%, Floor 1.44%) 4/15/35 #, • | 3,000,000 | 3,002,688 | ||||||
| BlueMountain CLO XXX Series 2020-30A AR 144A 6.684% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, • | 3,300,000 | 3,287,599 | ||||||
| CIFC Funding Series 2022-3A A 144A 6.728% (TSFR03M + 1.41%, Floor 1.41%) 4/21/35 #, • | 3,000,000 | 3,000,270 | ||||||
| Total Collateralized Debt Obligations (cost $9,087,766) | 9,290,557 | |||||||
| Corporate Bonds — 35.87% | ||||||||
| Banking — 8.84% | ||||||||
| Banco Santander | ||||||||
| 5.538% 3/14/30 µ | 200,000 | 200,052 | ||||||
| 5.588% 8/8/28 | 400,000 | 405,879 | ||||||
| Bank of America | ||||||||
| 2.482% 9/21/36 µ | 1,130,000 | 904,430 | ||||||
| 5.468% 1/23/35 µ | 490,000 | 493,380 | ||||||
| 5.819% 9/15/29 µ | 773,000 | 792,872 | ||||||
| 6.204% 11/10/28 µ | 970,000 | 1,003,875 | ||||||
| Bank of Montreal 7.70% 5/26/84 µ | 405,000 | 410,772 | ||||||
| Bank of New York Mellon 4.70% 9/20/25 µ, ψ | 1,430,000 | 1,406,739 | ||||||
| Barclays 6.224% 5/9/34 µ | 289,000 | 298,232 | ||||||
| BBVA Bancomer 144A 5.875% 9/13/34 #, µ | 1,000,000 | 946,991 | ||||||
| Citibank 5.488% 12/4/26 | 645,000 | 652,062 | ||||||
| Citigroup 5.174% 2/13/30 µ | 710,000 | 706,896 | ||||||
| Citizens Bank 6.064% 10/24/25 µ | 900,000 | 896,525 | ||||||
| Credit Agricole | ||||||||
| 144A 5.365% 3/11/34 # | 505,000 | 506,724 | ||||||
| 144A 6.316% 10/3/29 #, µ | 915,000 | 949,065 | ||||||
| Deutsche Bank | ||||||||
| 3.729% 1/14/32 µ | 612,000 | 515,881 | ||||||
| 6.72% 1/18/29 µ | 915,000 | 946,825 | ||||||
| 6.819% 11/20/29 µ | 620,000 | 648,504 | ||||||
| 7.146% 7/13/27 µ | 345,000 | 354,681 | ||||||
| Fifth Third Bank 5.852% 10/27/25 µ | 665,000 | 664,555 | ||||||
| Goldman Sachs Group 6.484% 10/24/29 µ | 1,445,000 | 1,520,780 | ||||||
| Huntington Bancshares 6.208% 8/21/29 µ | 1,000,000 | 1,024,144 | ||||||
| ING Groep 6.083% 9/11/27 µ | 245,000 | 248,112 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 5.012% 1/23/30 µ | 360,000 | 358,674 | ||||||
| 5.336% 1/23/35 µ | 545,000 | 547,337 | ||||||
| 6.254% 10/23/34 µ | 207,000 | 221,252 | ||||||
| KeyBank 4.15% 8/8/25 | 624,000 | 606,761 | ||||||
| KeyCorp 6.401% 3/6/35 µ | 260,000 | 265,673 | ||||||
| Morgan Stanley | ||||||||
| 5.173% 1/16/30 µ | 295,000 | 295,344 | ||||||
| 5.25% 4/21/34 µ | 164,000 | 162,776 | ||||||
| 6.138% 10/16/26 µ | 980,000 | 991,537 | ||||||
| 6.296% 10/18/28 µ | 450,000 | 465,721 | ||||||
| 6.407% 11/1/29 µ | 335,000 | 351,414 | ||||||
| 6.627% 11/1/34 µ | 460,000 | 503,543 | ||||||
| PNC Financial Services Group | ||||||||
| 5.676% 1/22/35 µ | 305,000 | 307,916 | ||||||
| 6.875% 10/20/34 µ | 640,000 | 701,184 | ||||||
| Popular 7.25% 3/13/28 | 325,000 | 333,280 | ||||||
| State Street 4.993% 3/18/27 | 400,000 | 400,893 | ||||||
| SVB Financial Group 4.57% 4/29/33 ‡ | 1,127,000 | 714,941 | ||||||
| Truist Financial | ||||||||
| 4.95% 9/1/25 µ, ψ | 1,505,000 | 1,480,293 | ||||||
| 8.693% 12/15/24 ψ, • | 2,165,000 | 2,185,031 | ||||||
| UBS Group 144A 5.699% 2/8/35 #, µ | 200,000 | 201,103 | ||||||
| US Bancorp | ||||||||
| 2.491% 11/3/36 µ | 1,415,000 | 1,114,108 | ||||||
| 4.653% 2/1/29 µ | 416,000 | 407,909 | ||||||
| 5.384% 1/23/30 µ | 140,000 | 140,655 | ||||||
| 5.678% 1/23/35 µ | 310,000 | 313,147 | ||||||
| 5.727% 10/21/26 µ | 146,000 | 146,831 | ||||||
| 29,715,299 | ||||||||
| 117 |
Schedules of investments
Delaware Ivy Core Bond Fund
| Principal amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Basic Industry — 1.57% | ||||||||
| First Quantum Minerals 144A 8.625% 6/1/31 # | 1,055,000 | $ | 1,026,864 | |||||
| Freeport-McMoRan 5.45% 3/15/43 | 170,000 | 162,900 | ||||||
| LYB International Finance III | ||||||||
| 3.625% 4/1/51 | 330,000 | 233,988 | ||||||
| 5.50% 3/1/34 | 580,000 | 581,306 | ||||||
| Methanex 5.25% 12/15/29 | 1,645,000 | 1,575,275 | ||||||
| Novelis 144A 4.75% 1/30/30 # | 745,000 | 687,976 | ||||||
| Sherwin-Williams 3.30% 5/15/50 | 1,450,000 | 1,026,171 | ||||||
| 5,294,480 | ||||||||
| Brokerage — 0.62% | ||||||||
| Jefferies Financial Group | ||||||||
| 5.875% 7/21/28 | 474,000 | 482,791 | ||||||
| 6.05% 3/12/25 | 405,000 | 405,455 | ||||||
| 6.50% 1/20/43 | 1,150,000 | 1,207,334 | ||||||
| 2,095,580 | ||||||||
| Capital Goods — 1.42% | ||||||||
| Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 # | 1,330,000 | 1,150,292 | ||||||
| Boeing 2.196% 2/4/26 | 815,000 | 763,351 | ||||||
| Mauser Packaging Solutions Holding 144A 7.875% 8/15/26 # | 700,000 | 713,651 | ||||||
| Northrop Grumman 5.20% 6/1/54 | 560,000 | 545,831 | ||||||
| Standard Industries 144A 3.375% 1/15/31 # | 1,150,000 | 965,475 | ||||||
| United Rentals North America 3.875% 2/15/31 | 705,000 | 632,374 | ||||||
| 4,770,974 | ||||||||
| Communications — 4.24% | ||||||||
| American Tower | ||||||||
| 2.30% 9/15/31 | 1,220,000 | 996,439 | ||||||
| 5.20% 2/15/29 | 260,000 | 260,002 | ||||||
| 5.45% 2/15/34 | 225,000 | 225,452 | ||||||
| AT&T 3.55% 9/15/55 | 1,818,000 | 1,272,222 | ||||||
| CCO Holdings 144A 4.25% 1/15/34 # | 2,000,000 | 1,511,458 | ||||||
| Cellnex Finance 144A 3.875% 7/7/41 # | 350,000 | 274,932 | ||||||
| Charter Communications Operating 3.85% 4/1/61 | 2,270,000 | 1,348,380 | ||||||
| Connect Finco 144A 6.75% 10/1/26 # | 638,000 | 625,849 | ||||||
| Directv Financing 144A 5.875% 8/15/27 # | 800,000 | 757,329 | ||||||
| Discovery Communications 4.00% 9/15/55 | 1,280,000 | 876,699 | ||||||
| Frontier Communications Holdings 144A 5.00% 5/1/28 # | 800,000 | 743,150 | ||||||
| Rogers Communications | ||||||||
| 5.00% 2/15/29 | 500,000 | 496,737 | ||||||
| 5.30% 2/15/34 | 555,000 | 550,258 | ||||||
| Sprint Capital 6.875% 11/15/28 | 1,505,000 | 1,604,980 | ||||||
| Summit Digitel Infrastructure 144A 2.875% 8/12/31 # | 750,000 | 627,448 | ||||||
| T-Mobile USA 3.375% 4/15/29 | 735,000 | 680,342 | ||||||
| Verizon Communications 5.50% 2/23/54 | 385,000 | 389,438 | ||||||
| Vmed O2 UK Financing I 144A 4.25% 1/31/31 # | 1,215,000 | 1,029,836 | ||||||
| 14,270,951 | ||||||||
| Consumer Cyclical — 1.22% | ||||||||
| Alsea 144A 7.75% 12/14/26 # | 500,000 | 511,691 | ||||||
| Aptiv 3.10% 12/1/51 | 1,950,000 | 1,231,074 | ||||||
| Carnival 144A 4.00% 8/1/28 # | 665,000 | 619,893 | ||||||
| Ford Motor Credit | ||||||||
| 5.80% 3/5/27 | 405,000 | 406,670 | ||||||
| 5.80% 3/8/29 | 275,000 | 276,222 | ||||||
| 6.798% 11/7/28 | 200,000 | 208,873 | ||||||
| General Motors | ||||||||
| 5.40% 4/1/48 | 360,000 | 330,530 | ||||||
| 5.95% 4/1/49 | 120,000 | 118,435 | ||||||
| General Motors Financial 5.75% 2/8/31 | 400,000 | 404,476 | ||||||
| 4,107,864 | ||||||||
| Consumer Non-Cyclical — 3.92% | ||||||||
| AbbVie | ||||||||
| 4.95% 3/15/31 | 835,000 | 841,377 | ||||||
| 5.35% 3/15/44 | 190,000 | 193,861 | ||||||
| Amgen | ||||||||
| 5.25% 3/2/30 | 270,000 | 274,206 | ||||||
| 5.25% 3/2/33 | 741,000 | 747,569 | ||||||
| Cardinal Health 5.125% 2/15/29 | 685,000 | 686,636 | ||||||
| Central American Bottling 144A 5.25% 4/27/29 # | 500,000 | 476,954 | ||||||
| DaVita | ||||||||
| 144A 3.75% 2/15/31 # | 315,000 | 264,008 | ||||||
| 144A 4.625% 6/1/30 # | 570,000 | 510,688 | ||||||
| HCA | ||||||||
| 3.50% 7/15/51 | 1,049,000 | 725,191 | ||||||
| 5.45% 4/1/31 | 255,000 | 256,419 | ||||||
| 6.00% 4/1/54 | 355,000 | 360,633 | ||||||
| New York and Presbyterian Hospital | ||||||||
| 2.256% 8/1/40 | 2,445,000 | 1,681,139 | ||||||
| 2.606% 8/1/60 | 1,600,000 | 927,577 | ||||||
| NYU Langone Hospitals 3.38% 7/1/55 | 1,455,000 | 1,050,590 | ||||||
| Royalty Pharma 3.35% 9/2/51 | 3,531,000 | 2,324,560 | ||||||
| 118 |
| Principal amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Consumer Non-Cyclical (continued) | ||||||||
| Tenet Healthcare 4.25% 6/1/29 | 2,015,000 | $ | 1,874,856 | |||||
| 13,196,264 | ||||||||
| Electric — 3.00% | ||||||||
| Alfa Desarrollo 144A 4.55% 9/27/51 # | 993,761 | 760,155 | ||||||
| Appalachian Power 4.50% 8/1/32 | 755,000 | 708,784 | ||||||
| Berkshire Hathaway Energy 2.85% 5/15/51 | 1,360,000 | 876,831 | ||||||
| Constellation Energy Generation 5.75% 3/15/54 | 410,000 | 410,978 | ||||||
| DTE Energy 5.10% 3/1/29 | 370,000 | 368,677 | ||||||
| Duke Energy Carolinas 4.95% 1/15/33 | 415,000 | 413,024 | ||||||
| Fells Point Funding Trust 144A 3.046% 1/31/27 # | 820,000 | 769,578 | ||||||
| JSW Hydro Energy 144A 4.125% 5/18/31 # | 603,750 | 535,627 | ||||||
| NextEra Energy Capital Holdings | ||||||||
| 5.55% 3/15/54 | 440,000 | 437,463 | ||||||
| 5.749% 9/1/25 | 945,000 | 949,370 | ||||||
| Oglethorpe Power | ||||||||
| 4.50% 4/1/47 | 1,725,000 | 1,436,178 | ||||||
| 144A 6.20% 12/1/53 # | 100,000 | 105,215 | ||||||
| PacifiCorp | ||||||||
| 5.10% 2/15/29 | 100,000 | 100,797 | ||||||
| 5.45% 2/15/34 | 170,000 | 170,634 | ||||||
| 5.80% 1/15/55 | 155,000 | 152,999 | ||||||
| Southern California Edison 5.20% 6/1/34 | 375,000 | 371,411 | ||||||
| Vistra 144A 7.00% 12/15/26 #, µ, ψ | 535,000 | 530,260 | ||||||
| Vistra Operations | ||||||||
| 144A 5.125% 5/13/25 # | 528,000 | 523,832 | ||||||
| 144A 6.95% 10/15/33 # | 430,000 | 459,363 | ||||||
| 10,081,176 | ||||||||
| Energy — 4.60% | ||||||||
| BP Capital Markets 4.875% 3/22/30 µ, ψ | 1,575,000 | 1,507,504 | ||||||
| Cheniere Energy Partners 4.50% 10/1/29 | 560,000 | 533,527 | ||||||
| ConocoPhillips 5.05% 9/15/33 | 940,000 | 949,117 | ||||||
| Diamondback Energy 3.125% 3/24/31 | 465,000 | 412,189 | ||||||
| El Paso Natural Gas 8.375% 6/15/32 | 1,440,000 | 1,660,728 | ||||||
| Energean Israel Finance 144A 4.875% 3/30/26 # | 1,000,000 | 951,313 | ||||||
| Energy Transfer | ||||||||
| 5.95% 5/15/54 | 305,000 | 304,564 | ||||||
| 6.10% 12/1/28 | 740,000 | 767,824 | ||||||
| Enterprise Products Operating 8.38% 6/1/67 • | 2,875,000 | 2,818,838 | ||||||
| Geopark 144A 5.50% 1/17/27 # | 500,000 | 454,525 | ||||||
| Kinder Morgan 5.00% 2/1/29 | 145,000 | 144,493 | ||||||
| NuStar Logistics 6.375% 10/1/30 | 1,530,000 | 1,541,301 | ||||||
| Occidental Petroleum 6.125% 1/1/31 | 635,000 | 658,222 | ||||||
| Targa Resources Partners 5.00% 1/15/28 | 725,000 | 715,158 | ||||||
| Tennessee Gas Pipeline 8.375% 6/15/32 | 1,795,000 | 2,057,637 | ||||||
| 15,476,940 | ||||||||
| Finance Companies — 1.82% | ||||||||
| AerCap Ireland Capital DAC 3.00% 10/29/28 | 1,555,000 | 1,407,817 | ||||||
| Air Lease | ||||||||
| 4.625% 10/1/28 | 1,628,000 | 1,585,335 | ||||||
| 5.10% 3/1/29 | 1,178,000 | 1,171,119 | ||||||
| Aviation Capital Group 144A 3.50% 11/1/27 # | 955,000 | 889,260 | ||||||
| MAF Global Securities 7.875% 6/30/27 µ, ψ | 1,000,000 | 1,049,253 | ||||||
| 6,102,784 | ||||||||
| Industrials — 0.14% | ||||||||
| Bidvest Group UK 144A 3.625% 9/23/26 # | 500,000 | 466,637 | ||||||
| 466,637 | ||||||||
| Insurance — 1.36% | ||||||||
| Aon 2.90% 8/23/51 | 2,155,000 | 1,374,172 | ||||||
| Aon North America | ||||||||
| 5.30% 3/1/31 | 590,000 | 594,825 | ||||||
| 5.75% 3/1/54 | 95,000 | 97,484 | ||||||
| Athene Holding | ||||||||
| 3.45% 5/15/52 | 1,040,000 | 683,363 | ||||||
| 3.95% 5/25/51 | 460,000 | 338,431 | ||||||
| 6.25% 4/1/54 | 195,000 | 198,136 | ||||||
| New York Life Global Funding 144A 5.45% 9/18/26 # | 570,000 | 574,855 | ||||||
| UnitedHealth Group | ||||||||
| 4.90% 4/15/31 | 360,000 | 360,327 | ||||||
| 5.375% 4/15/54 | 340,000 | 346,055 | ||||||
| 4,567,648 | ||||||||
| Natural Gas — 0.13% | ||||||||
| ENN Energy Holdings 144A 2.625% 9/17/30 # | 500,000 | 429,427 | ||||||
| 429,427 | ||||||||
| 119 |
Schedules of investments
Delaware Ivy Core Bond Fund
| Principal amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Real Estate Investment Trusts — 0.19% | ||||||||
| Extra Space Storage 5.40% 2/1/34 | 650,000 | $ | 647,385 | |||||
| 647,385 | ||||||||
| Technology — 1.81% | ||||||||
| Autodesk 2.40% 12/15/31 | 850,000 | 712,253 | ||||||
| Broadcom 144A 3.469% 4/15/34 # | 1,190,000 | 1,020,140 | ||||||
| CDW 3.276% 12/1/28 | 1,640,000 | 1,497,837 | ||||||
| Iron Mountain Information Management Services 144A 5.00% 7/15/32 # | 1,660,000 | 1,517,689 | ||||||
| NCR Voyix | ||||||||
| 144A 5.00% 10/1/28 # | 135,000 | 125,990 | ||||||
| 144A 5.125% 4/15/29 # | 190,000 | 176,436 | ||||||
| Oracle | ||||||||
| 3.60% 4/1/50 | 694,000 | 501,795 | ||||||
| 4.65% 5/6/30 | 535,000 | 524,830 | ||||||
| 6,076,970 | ||||||||
| Transportation — 0.99% | ||||||||
| British Airways 2020-1 Class A Pass Through Trust 144A 4.25% 5/15/34 #, t | 822,372 | 766,885 | ||||||
| ERAC USA Finance 144A 5.00% 2/15/29 # | 195,000 | 195,439 | ||||||
| Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 861,702 | 799,365 | ||||||
| United Airlines 144A 4.625% 4/15/29 # | 1,680,000 | 1,564,273 | ||||||
| 3,325,962 | ||||||||
| Total Corporate Bonds (cost $121,309,427) | 120,626,341 | |||||||
| Government Agency Obligations — 0.86% | ||||||||
| Freeport Indonesia 144A 5.315% 4/14/32 # | 1,000,000 | 979,188 | ||||||
| Gaci First Investment 4.875% 2/14/35 | 486,000 | 464,387 | ||||||
| Petrobras Global Finance 6.50% 7/3/33 | 1,000,000 | 1,016,837 | ||||||
| Saudi Arabian Oil 144A 4.25% 4/16/39 # | 500,000 | 438,249 | ||||||
| Total Government Agency Obligations (cost $2,848,269) | 2,898,661 | |||||||
| Municipal Bonds — 1.26% | ||||||||
| GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40 | 1,458,700 | 1,400,352 | ||||||
| Municipal Electric Authority of Georgia (Build America Bonds Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57 | 2,470,000 | 2,854,184 | ||||||
| Total Municipal Bonds (cost $4,163,565) | 4,254,536 | |||||||
| Non-Agency Asset-Backed Securities — 5.84% | ||||||||
| FirstKey Homes Trust | ||||||||
| Series 2021-SFR1 B 144A 1.788% 8/17/38 # | 4,800,000 | 4,375,076 | ||||||
| Series 2021-SFR2 D 144A 2.058% 9/17/38 # | 4,400,000 | 3,970,314 | ||||||
| GreenState Auto Receivables Trust | ||||||||
| Series 2024-1A A2 144A 5.53% 8/16/27 # | 1,000,000 | 999,358 | ||||||
| Home Partners of America Trust | ||||||||
| Series 2021-1 A 144A 1.698% 9/17/41 # | 3,815,046 | 3,169,612 | ||||||
| Series 2021-3 B 144A 2.649% 1/17/41 # | 4,714,130 | 4,182,326 | ||||||
| Progress Residential Trust | ||||||||
| Series 2021-SFR7 D 144A 2.341% 8/17/40 # | 3,450,000 | 2,959,935 | ||||||
| Total Non-Agency Asset-Backed Securities (cost $22,178,645) | 19,656,621 | |||||||
| Non-Agency Collateralized Mortgage Obligations — 3.66% | ||||||||
| Agate Bay Mortgage Trust | ||||||||
| Series 2013-1 B4 144A 3.562% 7/25/43 #, • | 1,482,562 | 1,114,849 | ||||||
| Bear Stearns Mortgage Securities | ||||||||
| Series 1996-6 B2 8.00% 11/25/29 | 12,710 | 4,540 | ||||||
| CHL Mortgage Pass Through Trust | ||||||||
| Series 2004-J4 3B1 5.25% 5/25/34 | 14,707 | 13,343 | ||||||
| Citigroup Global Markets Mortgage Securities VII | ||||||||
| Series 1997-HUD1 B2 2.825% 12/25/30 • | 542,247 | 106,684 | ||||||
| CSMC Trust | ||||||||
| Series 2013-7 B4 144A 3.536% 8/25/43 #, • | 1,156,099 | 947,430 | ||||||
| Series 2017-HL1 A12 144A 3.50% 6/25/47 #, • | 1,561,608 | 1,370,589 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2004-A3 4A2 5.633% 7/25/34 • | 2,703 | 2,602 | ||||||
| 120 |
| Principal amount° | Value (US $) | |||||||
| Non-Agency Collateralized Mortgage Obligations (continued) | ||||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2017-4 A13 144A 3.50% 11/25/48 #, • | 5,810,917 | $ | 4,934,646 | |||||
| Series 2021-4 A5 144A 2.50% 8/25/51 #, • | 6,000,000 | 3,817,096 | ||||||
| MRFC Mortgage Pass Through Trust | ||||||||
| Series 1998-2 B1 6.75% 6/25/28 t | 326 | 315 | ||||||
| Structured Asset Mortgage Investments | ||||||||
| Series 1998-2 B 6.75% 5/2/30 • | 3,241 | 94 | ||||||
| Series 1998-2 C 6.75% 5/2/30 • | 1,471 | 36 | ||||||
| Total Non-Agency Collateralized Mortgage Obligations (cost $16,520,405) | 12,312,224 | |||||||
| Non-Agency Commercial Mortgage-Backed Securities — 7.52% | ||||||||
| BAMLL Commercial Mortgage Securities Trust | ||||||||
| Series 2014-520M A 144A 4.185% 8/15/46 #, • | 4,130,000 | 3,414,403 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2020-B18 A5 1.925% 7/15/53 | 3,000,000 | 2,438,529 | ||||||
| Series 2021-B25 A5 2.577% 4/15/54 | 5,000,000 | 4,083,327 | ||||||
| Citigroup Commercial Mortgage Trust | ||||||||
| Series 2018-TBR A 144A 6.52% (TSFR01M + 1.07% , Floor 0.83%) 12/15/36 #, • | 10,000,000 | 9,937,500 | ||||||
| GS Mortgage Securities Trust | ||||||||
| Series 2012-BWTR C 144A 3.328% 11/5/34 #, • | 1,000,000 | 322,023 | ||||||
| Series 2020-GC47 A5 2.377% 5/12/53 | 1,128,000 | 960,799 | ||||||
| JPMCC Commercial Mortgage Securities Trust | ||||||||
| Series 2017-JP5 A5 3.723% 3/15/50 | 1,500,000 | 1,425,553 | ||||||
| One Market Plaza Trust | ||||||||
| Series 2017-1MKT A 144A 3.614% 2/10/32 # | 2,921,791 | 2,697,088 | ||||||
| Total Non-Agency Commercial Mortgage- Backed Securities (cost $27,486,369) | 25,279,222 | |||||||
| Sovereign Bonds — 0.96%Δ | ||||||||
| Colombia — 0.13% | ||||||||
| Colombia Government International Bond 3.25% 4/22/32 | 550,000 | 429,646 | ||||||
| 429,646 | ||||||||
| Dominican Republic — 0.21% | ||||||||
| Dominican Republic International Bond 144A 4.875% 9/23/32 # | 789,000 | 708,740 | ||||||
| 708,740 | ||||||||
| Ivory Coast — 0.15% | ||||||||
| Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 550,000 | 497,346 | ||||||
| 497,346 | ||||||||
| Mexico — 0.17% | ||||||||
| Mexico Government International Bond 3.50% 2/12/34 | 700,000 | 583,952 | ||||||
| 583,952 | ||||||||
| Oman — 0.22% | ||||||||
| Oman Government International Bond 144A 6.75% 1/17/48 # | 710,000 | 728,495 | ||||||
| 728,495 | ||||||||
| Paraguay — 0.08% | ||||||||
| Paraguay Government International Bond 144A 5.40% 3/30/50 # | 300,000 | 264,536 | ||||||
| 264,536 | ||||||||
| Total Sovereign Bonds (cost $3,081,796) | 3,212,715 | |||||||
| US Treasury Obligations — 11.09% | ||||||||
| US Treasury Bonds | ||||||||
| 3.875% 2/15/43 | 635,000 | 587,201 | ||||||
| 4.25% 2/15/54 | 1,635,000 | 1,608,303 | ||||||
| 4.50% 2/15/44 | 5,895,000 | 5,929,081 | ||||||
| 4.75% 11/15/43 | 65,000 | 67,448 | ||||||
| US Treasury Notes | ||||||||
| 4.00% 2/15/34 | 5,545,000 | 5,454,028 | ||||||
| 4.25% 3/15/27 | 9,320,000 | 9,277,769 | ||||||
| 4.25% 2/28/29 | 12,815,000 | 12,834,023 | ||||||
| 4.25% 2/28/31 | 1,155,000 | 1,157,256 | ||||||
| 4.625% 2/28/26 | 400,000 | 399,703 | ||||||
| Total US Treasury Obligations (cost $37,318,779) | 37,314,812 | |||||||
| 121 |
Schedules of investments
Delaware Ivy Core Bond Fund
| Number of shares | Value (US $) | |||||||
| Short-Term Investments — 0.59% | ||||||||
| Money Market Mutual Funds — 0.59% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 496,960 | $ | 496,960 | |||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 496,959 | 496,959 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 496,960 | 496,960 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 496,960 | 496,960 | ||||||
| Total Short-Term Investments (cost $1,987,839) | 1,987,839 | |||||||
| Total Value of Securities—98.75% (cost $344,171,392) | $ | 332,146,061 | ||||||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| = | 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.” |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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. SOFR01M, SOFR03M, 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, 2024, the aggregate value of Rule 144A securities was $89,836,997, which represents 26.71% 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, 2024. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| ‡ | Non-income producing security. Security is currently in default. |
| t | 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. |
| Δ | Securities have been classified by country of risk. |
The following futures contracts and swap contracts were outstanding at March 31, 2024:1
Futures Contracts
Exchange-Traded
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||||||||||||||
| 653 | US Treasury 5 yr Notes | $ | 69,881,206 | $ | 69,796,022 | 6/28/24 | $ | 85,184 | $ | — | $ | (76,518 | ) | |||||||||||
| 114 | US Treasury 10 yr Notes | 12,630,844 | 12,545,632 | 6/18/24 | 85,212 | — | (8,906 | ) | ||||||||||||||||
| (51) | US Treasury 10 yr Ultra Notes | (5,845,078 | ) | (5,787,973 | ) | 6/18/24 | — | (57,105 | ) | (797 | ) | |||||||||||||
| Total Futures Contracts | $ | 76,553,681 | $ | 170,396 | $ | (57,105 | ) | $ | (86,221 | ) | ||||||||||||||
| 122 |
Swap Contracts
CDS Contracts2
| Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation4 | Variation Margin Due from (Due to) Brokers | ||||||||||||||||||
| Centrally Cleared: | ||||||||||||||||||||||||
| Protection Purchased/ Moody’s Ratings: | ||||||||||||||||||||||||
| CDX.NA.HY.41.V25 12/20/28-Quarterly | 3,861,000 | 5.000 | % | $ | (284,249 | ) | $ | (200,748 | ) | $ | (83,501 | ) | $ | 829 | ||||||||||
The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the 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.” |
| 2 | 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). 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 CDS agreement. |
| 3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
| 4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(6,435). |
| 5 | Markit’s North America High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market. |
Summary of abbreviations:
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
GNMA – Government National Mortgage Association
GS – Goldman Sachs S.F. – Single Family
TSFR01M – 1 Month Term 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.
| 123 |
Schedules of investments
| Delaware Ivy Core Equity Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 99.97%t | ||||||||
| Communication Services — 7.30% | ||||||||
| Alphabet Class A † | 1,153,582 | $ | 174,110,131 | |||||
| AT&T | 950,693 | 16,732,197 | ||||||
| Meta Platforms Class A | 168,401 | 81,772,158 | ||||||
| 272,614,486 | ||||||||
| Consumer Discretionary — 7.55% | ||||||||
| Amazon.com † | 772,431 | 139,331,104 | ||||||
| AutoZone † | 24,078 | 75,885,429 | ||||||
| Home Depot | 173,711 | 66,635,539 | ||||||
| 281,852,072 | ||||||||
| Consumer Staples — 3.85% | ||||||||
| Costco Wholesale | 124,375 | 91,120,856 | ||||||
| Procter & Gamble | 324,320 | 52,620,920 | ||||||
| 143,741,776 | ||||||||
| Energy — 2.13% | ||||||||
| ConocoPhillips | 534,175 | 67,989,794 | ||||||
| Schlumberger | 207,586 | 11,377,789 | ||||||
| 79,367,583 | ||||||||
| Financials — 24.30% | ||||||||
| Allstate | 379,656 | 65,684,285 | ||||||
| American Express | 262,418 | 59,749,954 | ||||||
| Aon Class A | 183,700 | 61,304,364 | ||||||
| Blackstone | 411,334 | 54,036,948 | ||||||
| Capital One Financial | 723,517 | 107,724,446 | ||||||
| CME Group | 312,405 | 67,257,673 | ||||||
| Discover Financial Services | 147,683 | 19,359,765 | ||||||
| Fiserv † | 585,631 | 93,595,546 | ||||||
| JPMorgan Chase & Co. | 332,598 | 66,619,379 | ||||||
| KKR & Co. | 1,099,642 | 110,601,992 | ||||||
| Mastercard Class A | 145,161 | 69,905,183 | ||||||
| Morgan Stanley | 792,296 | 74,602,591 | ||||||
| Progressive | 271,559 | 56,163,832 | ||||||
| 906,605,958 | ||||||||
| Healthcare — 11.30% | ||||||||
| Abbott Laboratories | 606,749 | 68,963,091 | ||||||
| Danaher | 247,639 | 61,840,411 | ||||||
| HCA Healthcare | 343,152 | 114,451,486 | ||||||
| UnitedHealth Group | 269,351 | 133,247,940 | ||||||
| Vertex Pharmaceuticals † | 103,264 | 43,165,385 | ||||||
| 421,668,313 | ||||||||
| Industrials — 6.77% | ||||||||
| Airbus ADR | 2,191,472 | 101,158,348 | ||||||
| Howmet Aerospace | 1,032,772 | 70,672,588 | ||||||
| United Rentals | 111,848 | 80,654,711 | ||||||
| 252,485,647 | ||||||||
| Information Technology — 30.95% | ||||||||
| Apple | 681,186 | 116,809,775 | ||||||
| Applied Materials | 431,631 | 89,015,261 | ||||||
| Intuit | 57,746 | 37,534,900 | ||||||
| Microchip Technology | 474,983 | 42,610,725 | ||||||
| Micron Technology | 184,915 | 21,799,629 | ||||||
| Microsoft | 766,715 | 322,572,335 | ||||||
| NVIDIA | 167,052 | 150,941,505 | ||||||
| Salesforce | 183,248 | 55,190,633 | ||||||
| Seagate Technology Holdings | 378,365 | 35,206,863 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 541,328 | 73,647,675 | ||||||
| TE Connectivity | 579,343 | 84,143,777 | ||||||
| VeriSign † | 269,759 | 51,122,028 | ||||||
| Zebra Technologies Class A † | 245,765 | 74,083,402 | ||||||
| 1,154,678,508 | ||||||||
| Materials — 5.13% | ||||||||
| Crown Holdings | 522,217 | 41,390,920 | ||||||
| Linde | 182,310 | 84,650,179 | ||||||
| Sherwin-Williams | 187,846 | 65,244,551 | ||||||
| 191,285,650 | ||||||||
| Utilities — 0.69% | ||||||||
| NextEra Energy | 403,434 | 25,783,467 | ||||||
| 25,783,467 | ||||||||
| Total Common Stocks (cost $1,929,264,844) | 3,730,083,460 | |||||||
| Short-Term Investments — 0.11% | ||||||||
| Money Market Mutual Funds — 0.11% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 1,026,666 | 1,026,666 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 1,026,666 | 1,026,666 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,026,666 | 1,026,666 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 1,026,667 | 1,026,667 | ||||||
| Total Short-Term Investments (cost $4,106,665) | 4,106,665 | |||||||
| Total Value of Securities—100.08% (cost $1,933,371,509) | $ | 3,734,190,125 | ||||||
| 124 |
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
| † | Non-income producing security. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
| 125 |
Schedules of investments
| Delaware Ivy Global Bond Fund | March 31, 2024 |
| Principal amount° | Value (US $) | |||||||||||
| Agency Mortgage-Backed Securities – 12.37% | ||||||||||||
| Fannie Mae S.F. 20 yr 4.00% 8/1/42 | 452,571 | $ | 426,046 | |||||||||
| Fannie Mae S.F. 30 yr | ||||||||||||
| 2.00% 9/1/51 | 3,773,594 | 2,996,683 | ||||||||||
| 2.50% 2/1/52 | 2,365,175 | 1,967,116 | ||||||||||
| 3.00% 5/1/51 | 2,494,021 | 2,156,431 | ||||||||||
| 3.50% 1/1/52 | 1,999,760 | 1,792,533 | ||||||||||
| 3.50% 6/1/52 | 4,105,560 | 3,676,486 | ||||||||||
| 3.50% 9/1/52 | 1,229,139 | 1,100,644 | ||||||||||
| 4.00% 5/1/51 | 1,008,230 | 949,308 | ||||||||||
| 4.50% 1/1/50 | 80,149 | 78,603 | ||||||||||
| 4.50% 4/1/50 | 809,177 | 784,799 | ||||||||||
| 4.50% 10/1/52 | 396,337 | 377,404 | ||||||||||
| 4.50% 12/1/52 | 3,263,620 | 3,107,724 | ||||||||||
| 4.50% 2/1/53 | 708,161 | 674,331 | ||||||||||
| 5.00% 9/1/52 | 2,340,078 | 2,285,027 | ||||||||||
| 5.00% 2/1/53 | 1,210,630 | 1,181,806 | ||||||||||
| 5.00% 8/1/53 | 372,367 | 363,290 | ||||||||||
| 5.50% 10/1/52 | 2,088,975 | 2,082,654 | ||||||||||
| 5.50% 3/1/53 | 7,017,709 | 6,985,113 | ||||||||||
| 5.50% 7/1/53 | 2,054,436 | 2,044,078 | ||||||||||
| Freddie Mac S.F. 15 yr 5.00% 6/1/38 | 1,798,851 | 1,796,112 | ||||||||||
| Freddie Mac S.F. 20 yr 5.50% 6/1/43 | 1,555,670 | 1,563,917 | ||||||||||
| Freddie Mac S.F. 30 yr | ||||||||||||
| 2.50% 2/1/52 | 139,129 | 115,804 | ||||||||||
| 3.00% 12/1/46 | 1,436,199 | 1,262,850 | ||||||||||
| 4.00% 8/1/52 | 1,260,406 | 1,174,407 | ||||||||||
| 4.50% 9/1/52 | 1,309,673 | 1,247,650 | ||||||||||
| 4.50% 10/1/52 | 2,609,219 | 2,484,576 | ||||||||||
| 5.00% 6/1/53 | 7,380,086 | 7,214,898 | ||||||||||
| 5.50% 2/1/54 | 2,290,594 | 2,290,727 | ||||||||||
| 6.00% 12/1/52 | 788,173 | 796,722 | ||||||||||
| 6.00% 3/1/53 | 1,469,790 | 1,484,369 | ||||||||||
| 6.00% 9/1/53 | 482,415 | 486,780 | ||||||||||
| GNMA II S.F. 30 yr | ||||||||||||
| 3.00% 12/20/51 | 1,361,544 | 1,201,166 | ||||||||||
| 5.50% 5/20/53 | 283,407 | 283,221 | ||||||||||
| 6.00% 2/20/54 | 1,154,884 | 1,165,659 | ||||||||||
| Total Agency Mortgage-Backed Securities (cost $59,661,997) | 59,598,934 | |||||||||||
| Corporate Bonds – 33.12%Δ | ||||||||||||
| Australia – 3.32% | ||||||||||||
| Ampol | ||||||||||||
| 7.748% 12/2/81 • | AUD | 1,000,000 | 673,647 | |||||||||
| 7.946% 12/9/80 • | AUD | 3,000,000 | 2,011,649 | |||||||||
| APA Infrastructure 2.00% 7/15/30 | EUR | 1,000,000 | 981,414 | |||||||||
| AusNet Services Holdings Pty 7.463% 10/6/80 • | AUD | 2,000,000 | 1,308,977 | |||||||||
| Charter Hall LWR Pty 2.086% 3/3/28 | AUD | 3,350,000 | 1,909,234 | |||||||||
| Commonwealth Bank of Australia 6.86% 11/9/32 µ | AUD | 1,900,000 | 1,302,233 | |||||||||
| National Australia Bank 6.322% 8/3/32 µ | AUD | 6,142,000 | 4,120,934 | |||||||||
| NSW Electricity Networks Finance Pty 2.543% 9/23/30 | AUD | 3,500,000 | 1,894,248 | |||||||||
| WestConnex Finance 3.15% 3/31/31 | AUD | 3,200,000 | 1,807,144 | |||||||||
| 16,009,480 | ||||||||||||
| Brazil – 0.17% | ||||||||||||
| Raizen Fuels Finance 144A 6.45% 3/5/34 # | 385,000 | 395,246 | ||||||||||
| Rumo Luxembourg 144A 5.25% 1/10/28# | 435,000 | 420,873 | ||||||||||
| 816,119 | ||||||||||||
| Canada – 0.11% | ||||||||||||
| Bank of Montreal 7.70% 5/26/84 µ | 540,000 | 547,696 | ||||||||||
| 547,696 | ||||||||||||
| Chile – 0.20% | ||||||||||||
| AES Andes 144A 6.30% 3/15/29 # | 400,000 | 404,364 | ||||||||||
| Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33# | 540,000 | 565,460 | ||||||||||
| 969,824 | ||||||||||||
| China – 0.18% | ||||||||||||
| ENN Energy Holdings 144A 2.625% 9/17/30 # | 909,000 | 780,698 | ||||||||||
| RKPF Overseas 2020 A 5.125% 7/26/26 | 425,000 | 101,851 | ||||||||||
| 882,549 | ||||||||||||
| Colombia – 0.45% | ||||||||||||
| Geopark 144A 5.50% 1/17/27 # | 1,635,000 | 1,486,296 | ||||||||||
| Grupo Energia Bogota 144A 7.85% 11/9/33 # | 600,000 | 664,781 | ||||||||||
| 2,151,077 | ||||||||||||
| 126 |
| Principal amount° | Value (US $) | |||||||||||
| Corporate BondsΔ (continued) | ||||||||||||
| Denmark – 0.16% | ||||||||||||
| Danfoss Finance I 0.375% 10/28/28 | EUR | 800,000 | $ | 751,019 | ||||||||
| 751,019 | ||||||||||||
| France – 2.57% | ||||||||||||
| BPCE | ||||||||||||
| 3.50% 1/25/28 | EUR | 1,500,000 | 1,625,976 | |||||||||
| 144A 5.125% 1/18/28 # | 3,215,000 | 3,203,143 | ||||||||||
| Credit Agricole | ||||||||||||
| 1.625% 6/5/30 µ | EUR | 1,800,000 | 1,881,898 | |||||||||
| 144A 5.365% 3/11/34 # | 675,000 | 677,304 | ||||||||||
| 144A 6.316% 10/3/29 #, µ | 1,405,000 | 1,457,307 | ||||||||||
| Edenred 3.625% 6/13/31 | EUR | 1,000,000 | 1,088,806 | |||||||||
| Engie 0.50% 10/24/30 | EUR | 1,500,000 | 1,354,019 | |||||||||
| Kering 3.625% 9/5/31 | EUR | 1,000,000 | 1,100,049 | |||||||||
| 12,388,502 | ||||||||||||
| Germany – 1.29% | ||||||||||||
| Aroundtown 1.625% 1/31/28 | EUR | 1,700,000 | 1,535,160 | |||||||||
| Deutsche Bank | ||||||||||||
| 6.72% 1/18/29 µ | 745,000 | 770,912 | ||||||||||
| 6.819% 11/20/29 µ | 740,000 | 774,021 | ||||||||||
| 7.146% 7/13/27 µ | 360,000 | 370,103 | ||||||||||
| E.ON 4.00% 8/29/33 | EUR | 1,300,000 | 1,458,645 | |||||||||
| Volkswagen International Finance 3.875% 3/29/26 | EUR | 1,200,000 | 1,298,598 | |||||||||
| 6,207,439 | ||||||||||||
| Guatemala – 0.30% | ||||||||||||
| Central American Bottling 144A 5.25% 4/27/29 # | 1,500,000 | 1,430,861 | ||||||||||
| 1,430,861 | ||||||||||||
| Hong Kong – 0.50% | ||||||||||||
| Cheung Kong Infrastructure Finance 1.00% 12/12/24 | EUR | 875,000 | 920,293 | |||||||||
| CK Hutchison International 23 144A 4.875% 4/21/33# | 1,500,000 | 1,487,468 | ||||||||||
| 2,407,761 | ||||||||||||
| India – 0.20% | ||||||||||||
| Summit Digitel Infrastructure 144A 2.875% 8/12/31# | 1,158,000 | 968,779 | ||||||||||
| 968,779 | ||||||||||||
| Ireland – 0.39% | ||||||||||||
| AerCap Ireland Capital DAC | ||||||||||||
| 3.00% 10/29/28 | 1,445,000 | 1,308,229 | ||||||||||
| 5.10% 1/19/29 | 555,000 | 552,007 | ||||||||||
| 1,860,236 | ||||||||||||
| Italy – 0.48% | ||||||||||||
| Aeroporti di Roma 1.75% 7/30/31 | EUR | 1,000,000 | 944,429 | |||||||||
| Autostrade per l'Italia | ||||||||||||
| 2.00% 12/4/28 | EUR | 300,000 | 300,260 | |||||||||
| 2.00% 1/15/30 | EUR | 1,100,000 | 1,078,469 | |||||||||
| 2,323,158 | ||||||||||||
| Kuwait – 0.17% | ||||||||||||
| NBK SPC 144A 1.625% 9/15/27 #, µ | 887,000 | 809,321 | ||||||||||
| 809,321 | ||||||||||||
| Mexico – 1.18% | ||||||||||||
| Banco Santander Mexico | ||||||||||||
| 144A 5.375% 4/17/25 # | 1,150,000 | 1,146,306 | ||||||||||
| 144A 7.525% 10/1/28 #, µ | 850,000 | 884,677 | ||||||||||
| BBVA Bancomer | ||||||||||||
| 144A 1.875% 9/18/25 # | 1,400,000 | 1,330,030 | ||||||||||
| 144A 5.875% 9/13/34 #, µ | 1,700,000 | 1,609,886 | ||||||||||
| Cemex 144A 9.125% 3/14/28 #, µ, ψ | 660,000 | 717,406 | ||||||||||
| 5,688,305 | ||||||||||||
| Netherlands – 0.17% | ||||||||||||
| ING Groep 2.125% 5/26/31 µ | EUR | 800,000 | 829,010 | |||||||||
| 829,010 | ||||||||||||
| Peru – 0.70% | ||||||||||||
| Banco BBVA Peru 144A 6.20% 6/7/34#, µ | 400,000 | 399,650 | ||||||||||
| Banco Internacional del Peru 144A 3.25% 10/4/26 # | 800,000 | 754,866 | ||||||||||
| SAN Miguel Industrias 144A 3.50% 8/2/28 # | 2,550,000 | 2,215,989 | ||||||||||
| 3,370,505 | ||||||||||||
| South Africa – 0.07% | ||||||||||||
| Bidvest Group UK 144A 3.625% 9/23/26# | 387,000 | 361,177 | ||||||||||
| 361,177 | ||||||||||||
| 127 |
Schedules of investments
Delaware Ivy Global Bond Fund
| Principal amount° | Value (US $) | |||||||||||
| Corporate BondsΔ (continued) | ||||||||||||
| Spain – 0.08% | ||||||||||||
| Banco Santander 5.538% 3/14/30 µ | 400,000 | $ | 400,104 | |||||||||
| 400,104 | ||||||||||||
| Switzerland – 0.74% | ||||||||||||
| Holcim Finance Luxembourg 0.50% 4/23/31 | EUR | 1,300,000 | 1,137,346 | |||||||||
| Sika Capital | ||||||||||||
| 3.75% 11/3/26 | EUR | 900,000 | 979,143 | |||||||||
| 3.75% 5/3/30 | EUR | 400,000 | 441,874 | |||||||||
| UBS Group | ||||||||||||
| 144A 4.751% 5/12/28 #, µ | 800,000 | 784,161 | ||||||||||
| 144A 5.699% 2/8/35 #, µ | 205,000 | 206,131 | ||||||||||
| 3,548,655 | ||||||||||||
| Thailand – 0.15% | ||||||||||||
| Thaioil Treasury Center 144A 2.50% 6/18/30 # | 850,000 | 718,417 | ||||||||||
| 718,417 | ||||||||||||
| Turkey – 0.25% | ||||||||||||
| TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 700,000 | 723,258 | ||||||||||
| Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, µ | 500,000 | 500,345 | ||||||||||
| 1,223,603 | ||||||||||||
| Ukraine – 0.09% | ||||||||||||
| Metinvest 8.50% 4/23/26 | 235,000 | 189,236 | ||||||||||
| MHP Lux 6.95% 4/3/26 | 275,000 | 230,879 | ||||||||||
| 420,115 | ||||||||||||
| United Arab Emirates – 0.40% | ||||||||||||
| Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | 1,357,860 | 1,275,278 | ||||||||||
| MAF Global Securities 7.875% 6/30/27 µ, ψ | 625,000 | 655,783 | ||||||||||
| 1,931,061 | ||||||||||||
| United Kingdom – 1.01% | ||||||||||||
| Ashtead Capital 144A 5.80% 4/15/34# | 1,865,000 | 1,863,962 | ||||||||||
| Babcock International Group 1.375% 9/13/27 EUR | 1,300,000 | 1,295,390 | ||||||||||
| Barclays | ||||||||||||
| 6.224% 5/9/34 µ | 269,000 | 277,593 | ||||||||||
| 7.385% 11/2/28 µ | 285,000 | 302,364 | ||||||||||
| National Grid 0.25% 9/1/28 | EUR | 1,200,000 | 1,127,620 | |||||||||
| 4,866,929 | ||||||||||||
| United States – 17.79% | ||||||||||||
| AbbVie 4.95% 3/15/31 | 1,855,000 | 1,869,167 | ||||||||||
| AEP Texas 5.40% 6/1/33 | 180,000 | 179,714 | ||||||||||
| Air Lease | ||||||||||||
| 4.625% 10/1/28 | 729,000 | 709,895 | ||||||||||
| 5.10% 3/1/29 | 528,000 | 524,916 | ||||||||||
| American Homes 4 Rent 5.50% 2/1/34 | 1,140,000 | 1,136,997 | ||||||||||
| American Tower | ||||||||||||
| 2.30% 9/15/31 | 1,375,000 | 1,123,036 | ||||||||||
| 5.20% 2/15/29 | 345,000 | 345,002 | ||||||||||
| 5.45% 2/15/34 | 305,000 | 305,613 | ||||||||||
| Amgen 5.15% 3/2/28 | 2,140,000 | 2,154,749 | ||||||||||
| Aon North America 5.30% 3/1/31 | 1,860,000 | 1,875,210 | ||||||||||
| Appalachian Power 4.50% 8/1/32 | 685,000 | 643,069 | ||||||||||
| Athene Global Funding 4.76% 4/21/27 | AUD | 3,500,000 | 2,166,944 | |||||||||
| Autodesk 2.40% 12/15/31 | 1,350,000 | 1,131,226 | ||||||||||
| Aviation Capital Group 144A 3.50% 11/1/27 # | 1,080,000 | 1,005,656 | ||||||||||
| Bank of America | ||||||||||||
| 3.648% 3/31/29 µ | EUR | 1,500,000 | 1,626,371 | |||||||||
| 5.468% 1/23/35 µ | 580,000 | 584,000 | ||||||||||
| 5.819% 9/15/29 µ | 300,000 | 307,712 | ||||||||||
| 6.204% 11/10/28 µ | 1,015,000 | 1,050,447 | ||||||||||
| Carrier Global | ||||||||||||
| 4.125% 5/29/28 | EUR | 800,000 | 883,287 | |||||||||
| 4.50% 11/29/32 | EUR | 400,000 | 458,467 | |||||||||
| CDW 3.276% 12/1/28 | 2,050,000 | 1,872,296 | ||||||||||
| Charter Communications | ||||||||||||
| Operating 3.85% 4/1/61 | 1,515,000 | 899,910 | ||||||||||
| Cheniere Energy Partners 4.50% 10/1/29 | 570,000 | 543,054 | ||||||||||
| Citizens Bank 6.064% 10/24/25 µ | 2,120,000 | 2,111,815 | ||||||||||
| Constellation Energy Generation 5.60% 3/1/28 | 1,735,000 | 1,767,947 | ||||||||||
| CRH SMW Finance DAC 4.00% 7/11/27 | EUR | 600,000 | 659,232 | |||||||||
| Diamondback Energy 3.125% 3/24/31 | 745,000 | 660,388 | ||||||||||
| 128 |
| Principal amount° | Value (US $) | |||||||||||
| Corporate BondsΔ (continued) | ||||||||||||
| United States (continued) | ||||||||||||
| Discovery Communications 4.00% 9/15/55 | 1,245,000 | $ | 852,726 | |||||||||
| DTE Energy 5.10% 3/1/29 | 475,000 | 473,301 | ||||||||||
| Duke Energy | ||||||||||||
| 2.55% 6/15/31 | 261,000 | 219,939 | ||||||||||
| 3.10% 6/15/28 | EUR | 1,200,000 | 1,272,276 | |||||||||
| Duke Energy Carolinas 4.95% 1/15/33 | 1,300,000 | 1,293,809 | ||||||||||
| Energy Transfer | ||||||||||||
| 5.95% 5/15/54 | 360,000 | 359,486 | ||||||||||
| 6.50% 11/15/26 µ, ψ | 660,000 | 648,544 | ||||||||||
| Entegris 144A 4.75% 4/15/29 # | 1,660,000 | 1,592,705 | ||||||||||
| Ford Motor Credit | ||||||||||||
| 2.30% 2/10/25 | 475,000 | 460,762 | ||||||||||
| 2.90% 2/10/29 | 695,000 | 613,190 | ||||||||||
| 5.80% 3/5/27 | 475,000 | 476,959 | ||||||||||
| 5.80% 3/8/29 | 370,000 | 371,644 | ||||||||||
| 6.798% 11/7/28 | 200,000 | 208,873 | ||||||||||
| Freeport-McMoRan 5.45% 3/15/43 | 940,000 | 900,740 | ||||||||||
| General Motors Financial 5.75% 2/8/31 | 1,860,000 | 1,880,816 | ||||||||||
| Goldman Sachs Group | ||||||||||||
| 1.542% 9/10/27 µ | 1,665,000 | 1,521,807 | ||||||||||
| HCA 5.45% 4/1/31 | 1,865,000 | 1,875,375 | ||||||||||
| Huntington National Bank 5.65% 1/10/30 | 1,760,000 | 1,770,659 | ||||||||||
| JBS USA LUX 3.625% 1/15/32 | 2,865,000 | 2,453,185 | ||||||||||
| Jefferies Financial Group | ||||||||||||
| 2.625% 10/15/31 | 1,630,000 | 1,343,746 | ||||||||||
| 5.875% 7/21/28 | 135,000 | 137,504 | ||||||||||
| 6.05% 3/12/25 | 540,000 | 540,607 | ||||||||||
| JPMorgan Chase & Co. | ||||||||||||
| 3.54% 5/1/28 µ | 2,132,000 | 2,037,288 | ||||||||||
| 5.012% 1/23/30 µ | 420,000 | 418,453 | ||||||||||
| 5.336% 1/23/35 µ | 640,000 | 642,744 | ||||||||||
| 6.254% 10/23/34 µ | 213,000 | 227,665 | ||||||||||
| KeyCorp 6.401% 3/6/35 µ | 1,160,000 | 1,185,313 | ||||||||||
| Kinder Morgan | ||||||||||||
| 5.00% 2/1/29 | 175,000 | 174,389 | ||||||||||
| 5.20% 6/1/33 | 2,980,000 | 2,936,332 | ||||||||||
| LYB International Finance III 5.50% 3/1/34 | 1,870,000 | 1,874,209 | ||||||||||
| Morgan Stanley | ||||||||||||
| 2.95% 5/7/32 µ | EUR | 2,200,000 | 2,283,660 | |||||||||
| 5.173% 1/16/30 µ | 345,000 | 345,402 | ||||||||||
| 5.466% 1/18/35 µ | 380,000 | 383,541 | ||||||||||
| 6.138% 10/16/26 µ | 1,320,000 | 1,335,540 | ||||||||||
| 6.296% 10/18/28 µ | 3,010,000 | 3,115,159 | ||||||||||
| 6.407% 11/1/29 µ | 205,000 | 215,045 | ||||||||||
| 6.627% 11/1/34 µ | 410,000 | 448,810 | ||||||||||
| Occidental Petroleum 6.125% 1/1/31 | 1,597,000 | 1,655,402 | ||||||||||
| PacifiCorp | ||||||||||||
| 5.10% 2/15/29 | 115,000 | 115,916 | ||||||||||
| 5.45% 2/15/34 | 200,000 | 200,746 | ||||||||||
| PNC Financial Services Group | ||||||||||||
| 5.676% 1/22/35 µ | 360,000 | 363,442 | ||||||||||
| 6.875% 10/20/34 µ | 305,000 | 334,158 | ||||||||||
| Southern California Edison 5.20% 6/1/34 | 1,885,000 | 1,866,959 | ||||||||||
| Sprint Capital 6.875% 11/15/28 | 1,970,000 | 2,100,871 | ||||||||||
| State Street 4.993% 3/18/27 | 535,000 | 536,194 | ||||||||||
| SVB Financial Group 4.57% 4/29/33‡ | 1,123,000 | 712,403 | ||||||||||
| Targa Resources Partners 5.00% 1/15/28 | 1,910,000 | 1,884,071 | ||||||||||
| T-Mobile USA 5.75% 1/15/34 | 1,290,000 | 1,344,081 | ||||||||||
| UnitedHealth Group | ||||||||||||
| 4.50% 4/15/33 | 2,790,000 | 2,701,603 | ||||||||||
| 4.90% 4/15/31 | 485,000 | 485,441 | ||||||||||
| US Bancorp | ||||||||||||
| 4.653% 2/1/29 µ | 1,109,000 | 1,087,431 | ||||||||||
| 5.384% 1/23/30 µ | 160,000 | 160,748 | ||||||||||
| 5.678% 1/23/35 µ | 365,000 | 368,705 | ||||||||||
| 5.727% 10/21/26 µ | 817,000 | 821,653 | ||||||||||
| 6.787% 10/26/27 µ | 225,000 | 233,054 | ||||||||||
| Vistra Operations | ||||||||||||
| 144A 5.125% 5/13/25 # | 808,000 | 801,621 | ||||||||||
| 144A 6.95% 10/15/33 # | 485,000 | 518,119 | ||||||||||
| 85,780,941 | ||||||||||||
| Total Corporate Bonds (cost $161,117,951) | 159,662,643 | |||||||||||
| Government Agency Obligations – 2.50% | ||||||||||||
| Electricite de France 4.25% 1/25/32 | EUR | 500,000 | 560,515 | |||||||||
| 129 |
Schedules of investments
Delaware Ivy Global Bond Fund
| Principal amount° | Value (US $) | |||||||||||
| Government Agency Obligations (continued) | ||||||||||||
| Georgian Railway JSC 4.00% 6/17/28 | 1,525,000 | $ | 1,393,393 | |||||||||
| Greenko Power II 144A 4.30% 12/13/28# | 360,000 | 330,811 | ||||||||||
| Perusahaan Perseroan Persero Perusahaan Listrik Negara 144A 5.375% 1/25/29# | 4,800,000 | 4,796,049 | ||||||||||
| Development Bank of Kazakhstan JSC | ||||||||||||
| 144A 5.75% 5/12/25 # | 2,000,000 | 2,000,224 | ||||||||||
| 144A 10.95% 5/6/26 # | KZT | 429,000,000 | 879,953 | |||||||||
| QazaqGaz JSC 144A 4.375% 9/26/27# | 1,588,000 | 1,497,540 | ||||||||||
| Petronas Capital 144A 3.50% 4/21/30# | 650,000 | 597,249 | ||||||||||
| Total Government Agency Obligations (cost $11,978,192) | 12,055,734 | |||||||||||
| Sovereign Bonds – 26.89%Δ | ||||||||||||
| Albania – 0.18% | ||||||||||||
| Albania Government International Bond 144A 3.50% 11/23/31 # | EUR | 896,000 | 870,884 | |||||||||
| 870,884 | ||||||||||||
| Angola – 0.13% | ||||||||||||
| Angolan Government International Bond 144A 8.75% 4/14/32 # | 680,000 | 626,754 | ||||||||||
| 626,754 | ||||||||||||
| Australia – 0.94% | ||||||||||||
| Australia Government Bond 4.75% 6/21/54 | AUD | 6,500,000 | 4,532,372 | |||||||||
| 4,532,372 | ||||||||||||
| Belgium – 0.84% | ||||||||||||
| Kingdom of Belgium Government Bond 144A 3.45% 6/22/43 # | EUR | 3,650,000 | 4,061,450 | |||||||||
| 4,061,450 | ||||||||||||
| Benin – 0.04% | ||||||||||||
| Benin Government International Bond 144A 7.96% 2/13/38 # | 200,000 | 195,125 | ||||||||||
| 195,125 | ||||||||||||
| Bermuda – 0.45% | ||||||||||||
| Bermuda Government International Bonds 3.375% 8/20/50 | 1,149,000 | 776,149 | ||||||||||
| Bermuda Government International Bonds 144A 2.375% 8/20/30 # | 1,688,000 | 1,418,258 | ||||||||||
| 2,194,407 | ||||||||||||
| Brazil – 0.32% | ||||||||||||
| Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/33 | BRL | 8,043,000 | 1,527,063 | |||||||||
| 1,527,063 | ||||||||||||
| Chile – 0.43% | ||||||||||||
| Chile Government International Bonds | ||||||||||||
| 3.10% 5/7/41 | 685,000 | 508,630 | ||||||||||
| 4.34% 3/7/42 | 1,800,000 | 1,574,503 | ||||||||||
| 2,083,133 | ||||||||||||
| Dominican Republic – 0.71% | ||||||||||||
| Dominican Republic International Bond 144A 4.875% 9/23/32 # | 3,789,000 | 3,403,568 | ||||||||||
| 3,403,568 | ||||||||||||
| Finland – 0.04% | ||||||||||||
| Finland Government Bond 144A 1.375% 4/15/27 # | EUR | 200,000 | 207,209 | |||||||||
| 207,209 | ||||||||||||
| France – 1.41% | ||||||||||||
| French Republic Government Bonds OAT | ||||||||||||
| 144A 3.50% 11/25/33 # | EUR | 2,366,000 | 2,701,113 | |||||||||
| 144A 4.50% 4/25/41 # | EUR | 3,200,000 | 4,091,476 | |||||||||
| 6,792,589 | ||||||||||||
| Georgia – 0.16% | ||||||||||||
| Georgia Government International Bond 144A 2.75% 4/22/26 # | 854,000 | 796,466 | ||||||||||
| 796,466 | ||||||||||||
| Germany – 2.29% | ||||||||||||
| Bundesrepublik Deutschland Bundesanleihe | ||||||||||||
| 0.25% 2/15/29 | EUR | 3,350,000 | 3,280,320 | |||||||||
| 1.80% 8/15/53 | EUR | 200,000 | 186,848 | |||||||||
| 2.20% 2/15/34 | EUR | 7,055,000 | 7,550,092 | |||||||||
| 11,017,260 | ||||||||||||
| 130 |
| Principal amount° | Value (US $) | |||||||||||
| Sovereign BondsΔ (continued) | ||||||||||||
| Indonesia – 0.31% | ||||||||||||
| Indonesia Treasury Bond 6.625% 2/15/34 | IDR | 23,945,000,000 | $ | 1,498,492 | ||||||||
| 1,498,492 | ||||||||||||
| Italy – 4.50% | ||||||||||||
| Italy Buoni Poliennali Del Tesoro | ||||||||||||
| 2.50% 12/1/32 | EUR | 450,000 | 450,335 | |||||||||
| 3.80% 4/15/26 | EUR | 15,850,000 | 17,294,881 | |||||||||
| 4.20% 3/1/34 | EUR | 3,500,000 | 3,954,733 | |||||||||
| 21,699,949 | ||||||||||||
| Ivory Coast – 0.69% | ||||||||||||
| Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 3,661,000 | 3,310,514 | ||||||||||
| 3,310,514 | ||||||||||||
| Japan – 1.87% | ||||||||||||
| Japan Government Thirty Year Bonds | ||||||||||||
| 0.40% 3/20/50 | JPY | 1,608,250,000 | 7,829,003 | |||||||||
| 1.20% 6/20/53 | JPY | 203,000,000 | 1,183,678 | |||||||||
| 9,012,681 | ||||||||||||
| Netherlands – 2.50% | ||||||||||||
| Netherlands Government Bonds | ||||||||||||
| 144A 2.00% 1/15/54 # | EUR | 2,320,000 | 2,174,296 | |||||||||
| 144A 2.50% 7/15/33 # | EUR | 9,200,000 | 9,882,925 | |||||||||
| 12,057,221 | ||||||||||||
| Nigeria – 0.15% | ||||||||||||
| Nigeria Government International Bond 7.375% 9/28/33 | 849,000 | 728,739 | ||||||||||
| 728,739 | ||||||||||||
| Paraguay – 1.04% | ||||||||||||
| Paraguay Government International Bonds 5.60% 3/13/48 | 1,693,000 | 1,540,619 | ||||||||||
| 144A 2.739% 1/29/33 # | 1,887,000 | 1,536,544 | ||||||||||
| 144A 4.95% 4/28/31 # | 1,989,000 | 1,918,399 | ||||||||||
| 4,995,562 | ||||||||||||
| Peru – 0.24% | ||||||||||||
| Corp Financiera de Desarrollo 144A 2.40% 9/28/27 # | 1,300,000 | 1,163,149 | ||||||||||
| 1,163,149 | ||||||||||||
| Poland – 0.56% | ||||||||||||
| Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33# | 1,000,000 | 996,106 | ||||||||||
| Republic of Poland Government International Bond 5.50% 4/4/53 | 1,694,000 | 1,692,304 | ||||||||||
| 2,688,410 | ||||||||||||
| Republic of Korea – 0.17% | ||||||||||||
| Export-Import Bank of Korea 5.125% 1/11/33 | 800,000 | 816,975 | ||||||||||
| 816,975 | ||||||||||||
| Republic of North Macedonia – 0.35% | ||||||||||||
| North Macedonia Government International Bond 144A 1.625% 3/10/28 # | EUR | 1,777,000 | 1,670,575 | |||||||||
| 1,670,575 | ||||||||||||
| Serbia – 0.30% | ||||||||||||
| Serbia International Bond 1.00% 9/23/28 | EUR | 1,571,000 | 1,442,337 | |||||||||
| 1,442,337 | ||||||||||||
| South Africa – 0.14% | ||||||||||||
| Republic of South Africa Government International Bond 5.65% 9/27/47 | 931,000 | 678,355 | ||||||||||
| 678,355 | ||||||||||||
| Spain – 1.57% | ||||||||||||
| Spain Government Bonds | ||||||||||||
| 144A 1.90% 10/31/52 # | EUR | 3,210,000 | 2,377,311 | |||||||||
| 144A 3.55% 10/31/33 # | EUR | 4,640,000 | 5,188,048 | |||||||||
| 7,565,359 | ||||||||||||
| United Kingdom – 4.39% | ||||||||||||
| United Kingdom Gilt | ||||||||||||
| 1.75% 9/7/37 | GBP | 8,250,000 | 7,883,484 | |||||||||
| 4.50% 6/7/28 | GBP | 8,590,000 | 11,080,932 | |||||||||
| 4.50% 12/7/42 | GBP | 3,000 | 3,865 | |||||||||
| 4.75% 10/22/43 | GBP | 1,656,000 | 2,191,859 | |||||||||
| 21,160,140 | ||||||||||||
| 131 |
Schedules of investments
Delaware Ivy Global Bond Fund
| Principal amount° | Value (US $) | |||||||||||
| Sovereign Bonds∆ (continued) | ||||||||||||
| Uruguay – 0.17% | ||||||||||||
| Uruguay Government International Bond 9.75% 7/20/33 | UYU | 29,015,000 | $ | 813,293 | ||||||||
| 813,293 | ||||||||||||
| Total Sovereign Bonds (cost $128,108,388) | 129,610,031 | |||||||||||
| Supranational Banks – 1.11% | ||||||||||||
| Central American Bank for Economic Integration 144A 1.140% 2/9/26 # | 2,000,000 | 1,847,352 | ||||||||||
| Corp Andina de Fomento 5.000% 1/24/29 | 300,000 | 299,070 | ||||||||||
| European Union 1.000% 7/6/32 | EUR | 3,420,000 | 3,219,928 | |||||||||
| Total Supranational Banks (cost $5,596,604) | 5,366,350 | |||||||||||
| US Treasury Obligations – 16.63% | ||||||||||||
| US Treasury Bonds | ||||||||||||
| 3.875% 2/15/43 | 200,000 | 184,945 | ||||||||||
| 4.125% 8/15/53 | 115,000 | 110,562 | ||||||||||
| 4.25% 2/15/54 | 35,000 | 34,428 | ||||||||||
| 4.50% 2/15/44 | 5,800,000 | 5,833,532 | ||||||||||
| US Treasury Notes | ||||||||||||
| 2.375% 5/15/27 | 5,500,000 | 5,176,553 | ||||||||||
| 2.375% 3/31/29 | 13,665,000 | 12,526,162 | ||||||||||
| 2.875% 4/30/29 | 9,000,000 | 8,443,652 | ||||||||||
| 3.75% 12/31/28 | 4,135,000 | 4,047,535 | ||||||||||
| 4.00% 1/31/31 | 1,185,000 | 1,169,725 | ||||||||||
| 4.00% 2/15/34 | 7,405,000 | 7,283,512 | ||||||||||
| 4.25% 3/15/27 | 1,250,000 | 1,244,336 | ||||||||||
| 4.25% 2/28/29 | 29,415,000 | 29,458,664 | ||||||||||
| 4.50% 9/30/28 | 4,205,000 | 4,266,104 | ||||||||||
| 4.625% 2/28/26 | 400,000 | 399,703 | ||||||||||
| Total US Treasury Obligations (cost $81,889,233) | 80,179,413 | |||||||||||
| Number of contracts | ||||||||||||
| Options Purchased – 0.01% | ||||||||||||
| Foreign Currency Put Options – 0.01% | ||||||||||||
| CHF vs JPY strike price CHF 156, expiration date 6/14/24, notional amount CHF 1,414,764,000 (JPMCB) | 9,069,000 | 11,704 | ||||||||||
| USD vs JPY strike price $139, expiration date 5/14/24, notional amount $1,487,248,570 (JPMCB) | 10,699,630 | 6,165 | ||||||||||
| Total Options Purchased (cost $431,366) | 17,869 | |||||||||||
| Number of shares | ||||||||||||
| Short-Term Investments – 3.47% | ||||||||||||
| Money Market Mutual Funds – 3.47% | ||||||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 4,185,508 | 4,185,508 | ||||||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 4,185,508 | 4,185,508 | ||||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 4,185,508 | 4,185,508 | ||||||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 4,185,508 | 4,185,508 | ||||||||||
| Total Short-Term Investments (cost $16,742,032) | 16,742,032 | |||||||||||
| Total Value of Securities Before Options Written–96.10% (cost $465,525,763) | 463,233,006 | |||||||||||
| 132 |
| Number of contracts | Value (US $) | |||||||
| Options Written – (0.00%) | ||||||||
| Foreign Currency Put Options – (0.00%) | ||||||||
| CHF vs JPY strike price CHF 152, expiration date 6/14/24, notional amount CHF (1,378,488,000) (JPMCB) | (9,069,000 | ) | $ | (5,177 | ) | |||
| USD vs JPY strike price $134, expiration date 5/14/24, notional amount $(1,433,750,420) (JPMCB) | (10,699,630 | ) | (2,197 | ) | ||||
| (7,374 | ) | |||||||
| Futures Call Options – (0.00%) | ||||||||
| US Treasury 10 yr Notes strike price $117, expiration date 4/26/24, notional amount $(1,895,400,000) | (162 | ) | 0 | |||||
| Total Options Written (premium received $296,107) | $ | (7,374 | ) | |||||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Δ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 100 in “Security type / country and sector allocations.” |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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. SOFR01M, SOFR03M, 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, 2024. Rate will reset at a future date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $94,700,889, which represents 19.65% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
| ψ | Perpetual security. Maturity date represents next call date. |
| ‡ | Non-income producing security. Security is currently in default. |
The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2024:1
Forward Foreign Currency Exchange Contracts
| Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
| CITI | AUD | (35,599,214 | ) | USD | 23,012,756 | 5/23/24 | $ | — | $ | (223,340 | ) | ||||||||||||
| CITI | GBP | (400,000 | ) | USD | 511,710 | 5/23/24 | 6,691 | — | |||||||||||||||
| CITI | JPY | (1,403,540,000 | ) | USD | 9,444,681 | 5/23/24 | 89,909 | — | |||||||||||||||
| JPMCB | CZK | 17,980,452 | USD | (775,910 | ) | 4/19/24 | — | (9,417 | ) | ||||||||||||||
| JPMCB | EUR | (3,739,000 | ) | USD | 4,089,223 | 4/19/24 | 51,859 | — | |||||||||||||||
| JPMCB | INR | 100,068,180 | USD | (1,208,188 | ) | 4/19/24 | — | (8,821 | ) | ||||||||||||||
| MS | GBP | (16,445,000 | ) | USD | 20,720,172 | 5/23/24 | — | (42,396 | ) | ||||||||||||||
| TD | CAD | 360,000 | USD | (265,446 | ) | 5/23/24 | 544 | — | |||||||||||||||
| TD | EUR | (94,267,659 | ) | USD | 101,312,371 | 5/23/24 | — | (617,973 | ) | ||||||||||||||
| Total Forward Foreign Currency Exchange Contracts | $ | 149,003 | $ | (901,947 | ) | ||||||||||||||||||
Futures Contracts
Exchange-Traded
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||||||||||||||
| 885 | Australian 3 yr Treasury Bonds | $ | 61,658,492 | $ | 61,681,225 | 6/17/24 | $ | — | $ | (22,733 | ) | $ | 51,022 | |||||||||||
| 133 |
Schedules of investments
Delaware Ivy Global Bond Fund
Futures Contracts
Exchange-Traded
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||||||||||||||
| Australian 10 yr | ||||||||||||||||||||||||
| 182 | Treasury Bonds | $ | 13,825,927 | $ | 13,808,495 | 6/17/24 | $ | 17,432 | $ | — | $ | 42,615 | ||||||||||||
| Canadian Treasury | ||||||||||||||||||||||||
| 176 | 10 yr Bonds | 15,636,071 | 15,732,232 | 6/19/24 | — | (96,161 | ) | (2,778 | ) | |||||||||||||||
| E-mini Japanese | ||||||||||||||||||||||||
| 10 | Treasury 10 yr Bonds | 962,544 | 960,820 | 6/12/24 | 1,724 | — | (67 | ) | ||||||||||||||||
| 772 | Euro-Bobl | 98,487,137 | 98,195,411 | 6/6/24 | 291,726 | — | — | |||||||||||||||||
| (95) | Euro-BTP | (12,197,424 | ) | (12,015,819 | ) | 6/6/24 | — | (181,605 | ) | 47,973 | ||||||||||||||
| (109) | Euro-Bund | (15,684,775 | ) | (15,564,963 | ) | 6/6/24 | — | (119,812 | ) | (747 | ) | |||||||||||||
| 19 | Euro-Buxl | 2,783,649 | 2,761,436 | 6/6/24 | 22,213 | — | 3,623 | |||||||||||||||||
| 19 | Euro-OAT | 2,627,248 | 2,611,504 | 6/6/24 | 15,744 | — | (3,143 | ) | ||||||||||||||||
| 83 | Euro-Schatz | 9,464,859 | 9,466,547 | 6/6/24 | — | (1,688 | ) | (2,690 | ) | |||||||||||||||
| (79) | Long 10 yr Gilt | (9,965,002 | ) | (9,750,493 | ) | 6/26/24 | — | (214,509 | ) | (17,699 | ) | |||||||||||||
| (157) | Short Euro-BTP | (17,933,896 | ) | (17,906,470 | ) | 6/6/24 | — | (27,426 | ) | 17,098 | ||||||||||||||
| 272 | US Treasury 2 yr Notes | 55,619,750 | 55,662,637 | 6/28/24 | — | (42,887 | ) | (55,250 | ) | |||||||||||||||
| 402 | US Treasury 5 yr Notes | 43,020,281 | 42,913,148 | 6/28/24 | 107,133 | — | (38,408 | ) | ||||||||||||||||
| US Treasury 10 yr | ||||||||||||||||||||||||
| (934) | Notes | (103,484,281 | ) | (102,785,553 | ) | 6/18/24 | — | (698,728 | ) | 72,964 | ||||||||||||||
| US Treasury 10 yr Ultra | ||||||||||||||||||||||||
| (368) | Notes | (42,176,250 | ) | (42,046,274 | ) | 6/18/24 | — | (129,976 | ) | (5,752 | ) | |||||||||||||
| US Treasury Long | ||||||||||||||||||||||||
| 1 | Bonds | 120,438 | 119,190 | 6/18/24 | 1,248 | — | 250 | |||||||||||||||||
| US Treasury Ultra | ||||||||||||||||||||||||
| 36 | Bonds | 4,644,000 | 4,537,471 | 6/18/24 | 106,529 | — | 16,875 | |||||||||||||||||
| Total Futures Contracts | $ | 108,380,544 | $ | 563,749 | $ | (1,535,525 | ) | $ | 125,886 | |||||||||||||||
Swap Contracts
CDS Contracts2
| Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Appreciation4 | Unrealized Depreciation4 | ||||||||||||||||||
| Over-The-Counter: | ||||||||||||||||||||||||
| Protection Purchased/ Moody’s Ratings: | ||||||||||||||||||||||||
| JPMCB Republic of Brazil 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 2,827,000 | 1.000 | % | $ | 9,828 | $ | 101,440 | $ | — | $ | (91,612 | ) | ||||||||||||
| JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | 4,033,000 | 1.000 | % | (62,959 | ) | (19,566 | ) | — | (43,393 | ) | ||||||||||||||
| JPMCB Republic of South | ||||||||||||||||||||||||
| Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 2,272,000 | 1.000 | % | 101,288 | 111,073 | — | (9,785 | ) | ||||||||||||||||
| 134 |
| Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Appreciation4 | Unrealized Depreciation4 | ||||||||||||||||||
| Over-The-Counter (continued): | ||||||||||||||||||||||||
| Protection Purchased/ Moody’s Ratings (continued): | ||||||||||||||||||||||||
| JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly | 1,494,000 | 1.000 | % | $ | 66,603 | $ | 77,194 | $ | — | $ | (10,591 | ) | ||||||||||||
| Total CDS Contracts | $ | 114,760 | $ | 270,141 | $ | — | $ | (155,381 | ) | |||||||||||||||
| IRS Contracts5 Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/ FloatingRate) | Notional Amount3 | Fixed/ Floating Interest Rate Paid (Received) | Value | Amortized Upfront Payments Paid (Received) | Unrealized Appreciation4 | Unrealized Depreciation4 | Variation Margin Due from (Due to) Brokers | ||||||||||||||||||
| Centrally Cleared: | |||||||||||||||||||||||||
| 1 yr IRS6 6/19/25- (Quarterly / Quarterly) | AUD | 184,700,000 | (4.095)% / 4.344% | $ | 48,006 | $ | — | $ | 48,006 | $ | — | $ | 2,987 | ||||||||||||
| 2 yr IRS7 3/15/26- (Annually/ Annually) | 18,050,000 | (4.401)% / 5.32% | (3,555 | ) | — | — | (3,555 | ) | (18,820 | ) | |||||||||||||||
| 10 yr IRS8 2//15/33- (Annually/ Annually) | EUR | 3,191,000 | (2.551)% / 3.906% | 36,354 | 9,922 | 26,432 | — | (2,051 | ) | ||||||||||||||||
| 12 yr IRS9 3/7/36- (Annually/ Annually) | GBP | 3,120,000 | (3.811)% / 5.19% | 62,923 | (1,070 | ) | 63,993 | — | (912 | ) | |||||||||||||||
| 20 yr IRS7 8/15/43- (Annually/ Annually) | 4,848,000 | 3.669 % / (5.32)% | 92,076 | 314 | 91,762 | — | (715 | ) | |||||||||||||||||
| 20 yr IRS9 10/22/43- (Annually/ Annually) | GBP | 1,593,000 | 3.698% / (5.19)% | 9,477 | 9,610 | — | (133 | ) | 833 | ||||||||||||||||
| Total IRS Contracts | $ | 245,281 | $ | 18,776 | $ | 230,193 | $ | (3,688 | ) | $ | (18,678 | ) | |||||||||||||
The use of forward foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The forward 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.” |
| 135 |
Schedules of investments
Delaware Ivy Global Bond Fund
| 2 | 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). 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 CDS agreement. |
| 3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
| 4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $18,858. |
| 5 | An IRS agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts. |
| 6 | Rates reset based on BBSW3M. |
| 7 | Rates reset based on SOFR. |
| 8 | Rates reset based on ESTR. |
| 9 | Rates reset based on SONIA. |
Summary of abbreviations:
BBSW3M – Bank Bill Swap Rate 3 Month
BTP – Buoni del Tesoro Poliennali
CITI – Citigroup
DAC – Designated Activity Company
ESTR – Euro Short-Term Rate
GNMA – Government National Mortgage Association
JPMCB – JPMorgan Chase Bank
JSC – Joint Stock Company
MS – Morgan Stanley
OAT – Obligations Assimilables du Trésor
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SONIA – Sterling Overnight Indexed Average
TD – TD Bank
yr – Year
Summary of currencies:
AUD – Australian Dollar BRL – Brazilian Real
CAD – Canadian Dollar
CHF – Swiss Franc
CZK – Czech Koruna
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesian Rupiah
INR – Indian Rupee
JPY – Japanese Yen
KZT – Kazakhstani Tenge
USD – US Dollar
UYU – Uruguayan Peso
See accompanying notes, which are an integral part of the financial statements.
| 136 |
| Delaware Ivy Global Growth Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks – 98.91%Δ | ||||||||
| Austria – 1.24% | ||||||||
| Mondi | 382,094 | $ | 6,729,937 | |||||
| 6,729,937 | ||||||||
| Brazil – 1.43% | ||||||||
| Banco do Brasil | 686,885 | 7,762,620 | ||||||
| 7,762,620 | ||||||||
| Canada – 1.32% | ||||||||
| Canadian Natural Resources | 94,189 | 7,188,504 | ||||||
| 7,188,504 | ||||||||
| China – 1.28% | ||||||||
| China Mengniu Dairy | 3,234,000 | 6,941,599 | ||||||
| 6,941,599 | ||||||||
| Denmark – 1.40% | ||||||||
| Genmab † | 25,405 | 7,617,147 | ||||||
| 7,617,147 | ||||||||
| France – 7.97% | ||||||||
| Airbus | 66,031 | 12,161,674 | ||||||
| BNP Paribas | 122,093 | 8,675,081 | ||||||
| LVMH Moet Hennessy Louis Vuitton | 9,255 | 8,324,292 | ||||||
| Thales | 44,408 | 7,572,108 | ||||||
| Vinci | 51,338 | 6,577,641 | ||||||
| 43,310,796 | ||||||||
| Germany – 2.86% | ||||||||
| Deutsche Telekom | 368,196 | 8,937,636 | ||||||
| Siemens | 34,590 | 6,603,691 | ||||||
| 15,541,327 | ||||||||
| India – 3.49% | ||||||||
| ICICI Bank | 747,356 | 9,796,880 | ||||||
| NTPC | 2,279,363 | 9,177,304 | ||||||
| 18,974,184 | ||||||||
| Italy – 1.61% | ||||||||
| Ferrari | 20,093 | 8,757,643 | ||||||
| 8,757,643 | ||||||||
| Japan – 3.66% | ||||||||
| Asahi Group Holdings | 153,400 | 5,617,979 | ||||||
| ITOCHU | 146,800 | 6,268,432 | ||||||
| Mitsubishi UFJ Financial Group | 788,300 | 7,993,397 | ||||||
| 19,879,808 | ||||||||
| Netherlands – 2.17% | ||||||||
| Adyen 144A #, † | 4,281 | 7,241,897 | ||||||
| Shell | 135,379 | 4,521,090 | ||||||
| 11,762,987 | ||||||||
| Republic of Korea – 1.11% | ||||||||
| KB Financial Group | 115,285 | 6,020,082 | ||||||
| 6,020,082 | ||||||||
| Singapore – 0.53% | ||||||||
| Sea ADR † | 53,274 | 2,861,347 | ||||||
| 2,861,347 | ||||||||
| Taiwan – 2.87% | ||||||||
| Taiwan Semiconductor Manufacturing | 649,000 | 15,594,576 | ||||||
| 15,594,576 | ||||||||
| United Kingdom – 1.41% | ||||||||
| AstraZeneca | 56,746 | 7,647,793 | ||||||
| 7,647,793 | ||||||||
| United States – 64.56% | ||||||||
| Alphabet Class A † | 132,809 | 20,044,862 | ||||||
| Amazon.com † | 101,029 | 18,223,611 | ||||||
| Aon Class A | 18,617 | 6,212,865 | ||||||
| Apple | 78,016 | 13,378,184 | ||||||
| Biogen † | 10,282 | 2,217,108 | ||||||
| Blue Owl Capital | 355,523 | 6,705,164 | ||||||
| Casey's General Stores | 27,837 | 8,864,693 | ||||||
| Coca-Cola | 128,217 | 7,844,316 | ||||||
| ConocoPhillips | 61,220 | 7,792,082 | ||||||
| CSX | 212,368 | 7,872,482 | ||||||
| Danaher | 26,288 | 6,564,639 | ||||||
| Darden Restaurants | 48,309 | 8,074,849 | ||||||
| Discover Financial Services | 51,236 | 6,716,527 | ||||||
| DraftKings Class A † | 61,377 | 2,787,130 | ||||||
| Eli Lilly & Co. | 15,817 | 12,304,993 | ||||||
| Home Depot | 20,781 | 7,971,592 | ||||||
| Howmet Aerospace | 141,110 | 9,656,157 | ||||||
| Ingersoll Rand | 100,564 | 9,548,552 | ||||||
| Intercontinental Exchange | 55,910 | 7,683,711 | ||||||
| Intuit | 14,689 | 9,547,850 | ||||||
| KLA | 17,197 | 12,013,308 | ||||||
| Lam Research | 8,389 | 8,150,501 | ||||||
| Mastercard Class A | 26,741 | 12,877,663 | ||||||
| Meta Platforms Class A | 16,926 | 8,218,927 | ||||||
| Microchip Technology | 102,240 | 9,171,950 | ||||||
| Microsoft | 73,403 | 30,882,110 | ||||||
| Netflix † | 13,412 | 8,145,510 | ||||||
| NVIDIA | 20,362 | 18,398,289 | ||||||
| Pinterest Class A † | 148,317 | 5,142,150 | ||||||
| Procter & Gamble | 56,407 | 9,152,036 | ||||||
| Salesforce | 44,610 | 13,435,640 | ||||||
| Schlumberger | 84,244 | 4,617,414 | ||||||
| Synopsys † | 10,120 | 5,783,580 | ||||||
| Thermo Fisher Scientific | 11,134 | 6,471,192 | ||||||
| UnitedHealth Group | 17,470 | 8,642,409 | ||||||
| 137 |
Schedules of investments
Delaware Ivy Global Growth Fund
| Number of shares | Value (US $) | |||||||
| Common StocksΔ (continued) | ||||||||
| United States (continued) | ||||||||
| Vertex Pharmaceuticals † | 22,932 | $ | 9,585,805 | |||||
| 350,699,851 | ||||||||
| Total Common Stocks (cost $356,463,907) | 537,290,201 | |||||||
| Preferred Stock – 0.72%Δ | ||||||||
| Brazil – 0.72% | ||||||||
| Petroleo Brasileiro 8.44% ω | 522,304 | 3,905,252 | ||||||
| Total Preferred Stock (cost $3,187,356) | 3,905,252 | |||||||
| Short-Term Investments – 0.70% | ||||||||
| Money Market Mutual Funds – 0.70% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 957,282 | 957,282 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 957,282 | 957,282 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 957,282 | 957,282 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 957,282 | 957,282 | ||||||
| Total Short-Term Investments (cost $3,829,128) | 3,829,128 | |||||||
| Total Value of Securities–100.33% (cost $363,480,391) | $ | 545,024,581 | ||||||
| Δ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 101 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, 2024, the aggregate value of Rule 144A securities was $7,241,897, which represents 1.33% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
| ω | Perpetual security with no stated maturity date. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
| 138 |
| Delaware Ivy High Income Fund | March 31, 2024 |
| Principal amount° | Value (US $) | |||||||
| Convertible Bond — 2.56% | ||||||||
| New Cotai 5.00% exercise price $0.40, maturity date 2/2/27 <<, = | 23,915,789 | $ | 60,940,343 | |||||
| Total Convertible Bond (cost $23,382,999) | 60,940,343 | |||||||
| Corporate Bonds — 80.05% | ||||||||
| Automotive — 1.79% | ||||||||
| Ford Motor 4.75% 1/15/43 | 9,515,000 | 7,910,317 | ||||||
| Ford Motor Credit | ||||||||
| 6.80% 5/12/28 | 13,870,000 | 14,417,133 | ||||||
| 7.35% 3/6/30 | 4,855,000 | 5,179,331 | ||||||
| Goodyear Tire & Rubber 5.25% 7/15/31 | 13,055,000 | 11,908,984 | ||||||
| Wand NewCo 3 144A 7.625% 1/30/32 # | 2,950,000 | 3,053,447 | ||||||
| 42,469,212 | ||||||||
| Banking — 0.86% | ||||||||
| Bank of Montreal 7.70% 5/26/84 µ | 8,570,000 | 8,692,131 | ||||||
| Barclays 9.625% 12/15/29 µ, ψ | 11,165,000 | 11,867,301 | ||||||
| 20,559,432 | ||||||||
| Basic Industry — 5.95% | ||||||||
| Arsenal AIC Parent 144A 8.00% 10/1/30 # | 7,545,000 | 7,930,814 | ||||||
| Cleveland-Cliffs 144A 7.00% 3/15/32 # | 16,390,000 | 16,626,840 | ||||||
| CP Atlas Buyer 144A 7.00% 12/1/28 # | 13,789,000 | 12,959,004 | ||||||
| First Quantum Minerals | ||||||||
| 144A 6.875% 10/15/27 # | 6,374,000 | 6,118,530 | ||||||
| 144A 8.625% 6/1/31 # | 9,425,000 | 9,173,640 | ||||||
| FMG Resources August 2006 144A 5.875% 4/15/30 # | 13,205,000 | 13,004,023 | ||||||
| NOVA Chemicals 144A 8.50% 11/15/28 # | 2,745,000 | 2,925,124 | ||||||
| Novelis 144A 4.75% 1/30/30 # | 18,409,000 | 16,999,933 | ||||||
| Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 21,172,000 | 19,411,959 | ||||||
| Standard Industries 144A 3.375% 1/15/31 # | 23,240,000 | 19,510,993 | ||||||
| Vibrantz Technologies 144A 9.00% 2/15/30 # | 18,063,000 | 16,701,034 | ||||||
| 141,361,894 | ||||||||
| Capital Goods — 5.75% | ||||||||
| ARD Finance 144A PIK 6.50% 6/30/27 #, > | 8,075,311 | 2,710,785 | ||||||
| Ardagh Metal Packaging Finance USA | ||||||||
| 144A 3.25% 9/1/28 # | 6,896,000 | 5,964,222 | ||||||
| 144A 4.00% 9/1/29 # | 8,080,000 | 6,521,662 | ||||||
| Bombardier | ||||||||
| 144A 6.00% 2/15/28 # | 9,468,000 | 9,323,847 | ||||||
| 144A 7.25% 7/1/31 # | 5,675,000 | 5,693,648 | ||||||
| 144A 7.50% 2/1/29 # | 9,720,000 | 10,019,901 | ||||||
| 144A 8.75% 11/15/30 # | 4,630,000 | 4,949,590 | ||||||
| Clydesdale Acquisition Holdings | ||||||||
| 144A 6.625% 4/15/29 # | 3,010,000 | 3,010,666 | ||||||
| 144A 8.75% 4/15/30 # | 8,380,000 | 8,242,436 | ||||||
| Esab 144A 6.25% 4/15/29 # | 5,105,000 | 5,135,288 | ||||||
| Mauser Packaging Solutions Holding | ||||||||
| 144A 7.875% 8/15/26 # | 18,385,000 | 18,743,526 | ||||||
| 144A 9.25% 4/15/27 # | 6,690,000 | 6,644,274 | ||||||
| Sealed Air | ||||||||
| 144A 5.00% 4/15/29 # | 8,655,000 | 8,316,687 | ||||||
| 144A 7.25% 2/15/31 # | 2,985,000 | 3,107,194 | ||||||
| TransDigm | ||||||||
| 144A 6.625% 3/1/32 # | 8,325,000 | 8,421,079 | ||||||
| 144A 6.875% 12/15/30 # | 20,695,000 | 21,119,144 | ||||||
| Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 27,345,000 | 8,887,125 | ||||||
| 136,811,074 | ||||||||
| Consumer Goods — 2.12% | ||||||||
| Acushnet 144A 7.375% 10/15/28 # | 7,734,000 | 8,021,264 | ||||||
| Cerdia Finanz 144A 10.50% 2/15/27 # | 12,495,000 | 13,017,991 | ||||||
| Fiesta Purchaser 144A 7.875% 3/1/31 # | 9,790,000 | 10,117,671 | ||||||
| MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 20,462,000 | 19,210,734 | ||||||
| 50,367,660 | ||||||||
| Electric — 2.85% | ||||||||
| Calpine | ||||||||
| 144A 4.625% 2/1/29 # | 13,165,000 | 12,197,982 | ||||||
| 144A 5.00% 2/1/31 # | 1,495,000 | 1,372,900 | ||||||
| 144A 5.125% 3/15/28 # | 12,255,000 | 11,772,012 | ||||||
| Vistra | ||||||||
| 144A 7.00% 12/15/26 #, µ, ψ | 27,505,000 | 27,261,325 | ||||||
| 144A 8.00% 10/15/26 #, µ, ψ | 14,795,000 | 15,154,400 | ||||||
| 67,758,619 | ||||||||
| 139 |
Schedules of investments
Delaware Ivy High Income Fund
| Principal amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Energy — 11.30% | ||||||||
| Ascent Resources Utica Holdings | ||||||||
| 144A 5.875% 6/30/29 # | 16,875,000 | $ | 16,104,666 | |||||
| 144A 7.00% 11/1/26 # | 8,882,000 | 8,910,350 | ||||||
| Callon Petroleum | ||||||||
| 144A 7.50% 6/15/30 # | 9,930,000 | 10,531,808 | ||||||
| 144A 8.00% 8/1/28 # | 8,955,000 | 9,391,413 | ||||||
| Civitas Resources 144A 8.625% 11/1/30 # | 11,635,000 | 12,501,365 | ||||||
| EQM Midstream Partners | ||||||||
| 144A 4.75% 1/15/31 # | 20,804,000 | 19,366,036 | ||||||
| 6.50% 7/15/48 | 4,635,000 | 4,652,182 | ||||||
| Genesis Energy | ||||||||
| 7.75% 2/1/28 | 11,885,000 | 11,953,838 | ||||||
| 8.00% 1/15/27 | 5,568,000 | 5,637,756 | ||||||
| Hilcorp Energy I | ||||||||
| 144A 6.00% 4/15/30 # | 20,775,000 | 20,360,291 | ||||||
| 144A 6.00% 2/1/31 # | 1,905,000 | 1,859,418 | ||||||
| 144A 6.25% 4/15/32 # | 8,530,000 | 8,419,201 | ||||||
| Kodiak Gas Services 144A 7.25% 2/15/29 # | 6,330,000 | 6,451,871 | ||||||
| Murphy Oil 6.375% 7/15/28 | 27,202,000 | 27,403,077 | ||||||
| Nabors Industries | ||||||||
| 144A 7.25% 1/15/26 # | 2,885,000 | 2,869,072 | ||||||
| 144A 9.125% 1/31/30 # | 8,815,000 | 9,171,981 | ||||||
| NuStar Logistics | ||||||||
| 6.00% 6/1/26 | 10,678,000 | 10,637,597 | ||||||
| 6.375% 10/1/30 | 10,860,000 | 10,940,212 | ||||||
| Transocean 144A 8.00% 2/1/27 # | 17,099,000 | 16,983,667 | ||||||
| USA Compression Partners | ||||||||
| 6.875% 4/1/26 | 3,570,000 | 3,568,894 | ||||||
| 6.875% 9/1/27 | 17,405,000 | 17,457,285 | ||||||
| 144A 7.125% 3/15/29 # | 5,790,000 | 5,865,796 | ||||||
| Vital Energy | ||||||||
| 144A 7.875% 4/15/32 # | 4,610,000 | 4,686,769 | ||||||
| 9.75% 10/15/30 | 2,975,000 | 3,255,879 | ||||||
| Weatherford International 144A 8.625% 4/30/30 # | 18,925,000 | 19,772,726 | ||||||
| 268,753,150 | ||||||||
| Financial Services — 2.19% | ||||||||
| AerCap Holdings 5.875% 10/10/79 µ | 26,710,000 | 26,539,251 | ||||||
| Air Lease 4.65% 6/15/26 µ, ψ | 14,260,000 | 13,499,895 | ||||||
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 12,604,000 | 12,151,766 | ||||||
| 52,190,912 | ||||||||
| Healthcare — 7.97% | ||||||||
| AthenaHealth Group 144A 6.50% 2/15/30 # | 9,500,000 | 8,698,710 | ||||||
| Avantor Funding 144A 3.875% 11/1/29 # | 14,785,000 | 13,343,455 | ||||||
| Bausch Health 144A 6.125% 2/1/27 # | 12,880,000 | 8,037,700 | ||||||
| Catalent Pharma Solutions | ||||||||
| 144A 3.125% 2/15/29 # | 6,025,000 | 5,763,087 | ||||||
| 144A 3.50% 4/1/30 # | 1,325,000 | 1,263,082 | ||||||
| Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 18,185,000 | 17,346,157 | ||||||
| CHS | ||||||||
| 144A 4.75% 2/15/31 # | 12,020,000 | 9,287,276 | ||||||
| 144A 5.25% 5/15/30 # | 6,560,000 | 5,354,811 | ||||||
| 144A 6.125% 4/1/30 # | 2,948,000 | 2,128,408 | ||||||
| 144A 6.875% 4/15/29 # | 2,940,000 | 2,203,918 | ||||||
| DaVita | ||||||||
| 144A 3.75% 2/15/31 # | 8,365,000 | 7,010,891 | ||||||
| 144A 4.625% 6/1/30 # | 5,075,000 | 4,546,915 | ||||||
| Heartland Dental 144A 8.50% 5/1/26 # | 13,150,000 | 13,052,073 | ||||||
| Legacy LifePoint Health 144A 4.375% 2/15/27 # | 9,095,000 | 8,674,177 | ||||||
| Medline Borrower | ||||||||
| 144A 3.875% 4/1/29 # | 14,286,000 | 13,012,567 | ||||||
| 144A 5.25% 10/1/29 # | 20,381,000 | 19,279,071 | ||||||
| Organon & Co. 144A 5.125% 4/30/31 # | 14,270,000 | 12,697,980 | ||||||
| Surgery Center Holdings 144A 7.25% 4/15/32 # | 11,895,000 | 12,002,242 | ||||||
| Tenet Healthcare | ||||||||
| 4.375% 1/15/30 | 16,530,000 | 15,291,929 | ||||||
| 6.125% 10/1/28 | 10,415,000 | 10,386,369 | ||||||
| 189,380,818 | ||||||||
| Insurance — 5.41% | ||||||||
| Ardonagh Finco 144A 7.75% 2/15/31 # | 13,770,000 | 13,721,888 | ||||||
| Howden UK Refinance | ||||||||
| 144A 7.25% 2/15/31 # | 7,650,000 | 7,686,810 | ||||||
| 144A 8.125% 2/15/32 # | 7,000,000 | 7,066,024 | ||||||
| HUB International | ||||||||
| 144A 5.625% 12/1/29 # | 12,750,000 | 11,967,165 | ||||||
| 144A 7.375% 1/31/32 # | 11,530,000 | 11,614,849 | ||||||
| Jones Deslauriers Insurance Management | ||||||||
| 144A 8.50% 3/15/30 # | 17,390,000 | 18,142,205 | ||||||
| 144A 10.50% 12/15/30 # | 9,340,000 | 9,878,778 | ||||||
| NFP | ||||||||
| 144A 6.875% 8/15/28 # | 20,781,000 | 21,062,333 | ||||||
| 144A 7.50% 10/1/30 # | 6,740,000 | 7,106,393 | ||||||
| Panther Escrow Issuer 144A 7.125% 6/1/31 # | 11,615,000 | 11,818,379 | ||||||
| 140 |
| Principal amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Insurance (continued) | ||||||||
| USI 144A 7.50% 1/15/32 # | 8,630,000 | $ | 8,656,684 | |||||
| 128,721,508 | ||||||||
| Leisure — 6.34% | ||||||||
| Boyd Gaming 144A 4.75% 6/15/31 # | 14,470,000 | 13,310,694 | ||||||
| Caesars Entertainment | ||||||||
| 144A 6.50% 2/15/32 # | 5,735,000 | 5,789,087 | ||||||
| 144A 7.00% 2/15/30 # | 17,030,000 | 17,491,683 | ||||||
| Carnival | ||||||||
| 144A 5.75% 3/1/27 # | 11,663,000 | 11,550,575 | ||||||
| 144A 6.00% 5/1/29 # | 24,605,000 | 24,293,370 | ||||||
| Light & Wonder International 144A 7.25% 11/15/29 # | 18,585,000 | 19,091,293 | ||||||
| Royal Caribbean Cruises | ||||||||
| 144A 5.50% 4/1/28 # | 31,976,000 | 31,625,188 | ||||||
| 144A 7.25% 1/15/30 # | 6,055,000 | 6,295,305 | ||||||
| Scientific Games Holdings 144A 6.625% 3/1/30 # | 22,110,000 | 21,391,323 | ||||||
| 150,838,518 | ||||||||
| Media — 9.63% | ||||||||
| Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 8,939,000 | 8,429,313 | ||||||
| AMC Networks 4.25% 2/15/29 | 16,881,000 | 11,976,516 | ||||||
| Arches Buyer 144A 6.125% 12/1/28 # | 18,049,000 | 15,140,023 | ||||||
| CCO Holdings | ||||||||
| 144A 4.50% 8/15/30 # | 10,995,000 | 9,221,201 | ||||||
| 144A 4.75% 2/1/32 # | 13,515,000 | 11,042,951 | ||||||
| 144A 6.375% 9/1/29 # | 24,785,000 | 23,530,698 | ||||||
| CMG Media 144A 8.875% 12/15/27 # | 24,397,000 | 16,188,393 | ||||||
| CSC Holdings | ||||||||
| 144A 4.625% 12/1/30 # | 26,866,000 | 13,664,295 | ||||||
| 144A 5.00% 11/15/31 # | 11,141,000 | 5,644,114 | ||||||
| 144A 5.75% 1/15/30 # | 12,893,000 | 6,835,459 | ||||||
| Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 16,035,000 | 8,675,515 | ||||||
| Directv Financing 144A 5.875% 8/15/27 # | 26,815,000 | 25,384,720 | ||||||
| DISH DBS 144A 5.75% 12/1/28 # | 23,485,000 | 16,184,218 | ||||||
| Gray Television | ||||||||
| 144A 4.75% 10/15/30 # | 15,965,000 | 10,482,996 | ||||||
| 144A 5.375% 11/15/31 # | 17,180,000 | 11,281,666 | ||||||
| Nexstar Media 144A 4.75% 11/1/28 # | 15,495,000 | 14,133,444 | ||||||
| Sirius XM Radio 144A 4.125% 7/1/30 # | 24,060,000 | 21,047,524 | ||||||
| 228,863,046 | ||||||||
| Retail — 2.90% | ||||||||
| Asbury Automotive Group | ||||||||
| 144A 4.625% 11/15/29 # | 366,000 | 338,129 | ||||||
| 4.75% 3/1/30 | 12,623,650 | 11,637,528 | ||||||
| Bath & Body Works 6.875% 11/1/35 | 20,415,000 | 20,891,364 | ||||||
| LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 12,464,000 | 12,362,750 | ||||||
| Murphy Oil USA 4.75% 9/15/29 | 3,385,000 | 3,213,068 | ||||||
| PetSmart 144A 7.75% 2/15/29 # | 20,951,000 | 20,413,236 | ||||||
| 68,856,075 | ||||||||
| Services — 3.20% | ||||||||
| GFL Environmental 144A 6.75% 1/15/31 # | 8,680,000 | 8,906,227 | ||||||
| SRS Distribution | ||||||||
| 144A 6.00% 12/1/29 # | 6,390,000 | 6,534,331 | ||||||
| 144A 6.125% 7/1/29 # | 6,415,000 | 6,548,567 | ||||||
| Staples 144A 7.50% 4/15/26 # | 13,987,000 | 13,664,414 | ||||||
| United Rentals North America 3.875% 2/15/31 | 14,255,000 | 12,786,515 | ||||||
| White Cap Buyer 144A 6.875% 10/15/28 # | 17,234,000 | 16,923,927 | ||||||
| White Cap Parent 144A PIK 8.25% 3/15/26 #, > | 10,700,000 | 10,698,904 | ||||||
| 76,062,885 | ||||||||
| Technology & Electronics — 4.28% | ||||||||
| Clarios Global 144A 8.50% 5/15/27 # | 12,920,000 | 12,963,766 | ||||||
| CommScope Technologies | ||||||||
| 144A 6.00% 6/15/25 # | 7,061,000 | 6,149,778 | ||||||
| Entegris 144A 5.95% 6/15/30 # | 21,920,000 | 21,681,559 | ||||||
| NCR Voyix | ||||||||
| 144A 5.00% 10/1/28 # | 11,115,000 | 10,373,214 | ||||||
| 144A 5.125% 4/15/29 # | 4,085,000 | 3,793,363 | ||||||
| 144A 5.25% 10/1/30 # | 4,652,000 | 4,213,565 | ||||||
| Seagate HDD Cayman | ||||||||
| 5.75% 12/1/34 | 7,135,000 | 6,985,629 | ||||||
| 144A 8.25% 12/15/29 # | 6,515,000 | 7,006,909 | ||||||
| Sensata Technologies 144A 4.00% 4/15/29 # | 13,855,000 | 12,665,163 | ||||||
| UKG 144A 6.875% 2/1/31 # | 15,540,000 | 15,842,362 | ||||||
| 101,675,308 | ||||||||
| Telecommunications — 6.94% | ||||||||
| Altice France | ||||||||
| 144A 5.125% 7/15/29 # | 11,143,000 | 7,544,910 | ||||||
| 144A 5.50% 10/15/29 # | 5,739,000 | 3,901,303 | ||||||
| Altice France Holding 144A 6.00% 2/15/28 # | 19,526,000 | 5,577,813 | ||||||
| Connect Finco 144A 6.75% 10/1/26 # | 28,718,000 | 28,171,068 | ||||||
| 141 |
Schedules of investments
Delaware Ivy High Income Fund
| Principal amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Telecommunications (continued) | ||||||||
| Consolidated Communications | ||||||||
| 144A 5.00% 10/1/28 # | 3,650,000 | $ | 3,045,682 | |||||
| 144A 6.50% 10/1/28 # | 23,656,000 | 20,723,169 | ||||||
| Frontier Communications Holdings | ||||||||
| 144A 5.00% 5/1/28 # | 2,665,000 | 2,475,619 | ||||||
| 144A 5.875% 10/15/27 # | 10,030,000 | 9,718,333 | ||||||
| 5.875% 11/1/29 | 5,789,667 | 4,898,406 | ||||||
| 144A 6.00% 1/15/30 # | 3,564,000 | 3,022,726 | ||||||
| 144A 6.75% 5/1/29 # | 15,295,000 | 13,647,497 | ||||||
| 144A 8.75% 5/15/30 # | 4,190,000 | 4,291,011 | ||||||
| Northwest Fiber 144A 4.75% 4/30/27 # | 21,305,000 | 21,799,425 | ||||||
| Sable International Finance 144A 5.75% 9/7/27 # | 13,610,000 | 13,143,245 | ||||||
| Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 15,225,000 | 13,137,030 | ||||||
| VZ Secured Financing 144A 5.00% 1/15/32 # | 11,580,000 | 9,953,860 | ||||||
| 165,051,097 | ||||||||
| Transportation — 0.57% | ||||||||
| Air Canada 144A 3.875% 8/15/26 # | 14,170,000 | 13,538,738 | ||||||
| 13,538,738 | ||||||||
| Total Corporate Bonds (cost $1,978,441,775) | 1,903,259,946 | |||||||
| Loan Agreements — 11.29% | ||||||||
| Basic Industry — 3.75% | ||||||||
| CP Atlas Buyer Tranche B 9.18% (SOFR01M + 3.85%) 11/23/27 • | 6,845,568 | 6,774,778 | ||||||
| Foresight Energy Operating Tranche A 13.409% (SOFR03M + 8.10%) 6/30/27 <<, • | 7,494,928 | 7,270,080 | ||||||
| Form Technologies Tranche B 10.193% (SOFR03M + 4.85%) 7/22/25 • | 35,846,664 | 34,278,373 | ||||||
| Hexion Holdings 2nd Lien 12.868% (SOFR01M + 7.54%) 3/15/30 • | 17,120,000 | 15,279,600 | ||||||
| PMHC II 9.723% (SOFR03M + 4.25%) 4/23/29 • | 2,890,653 | 2,864,539 | ||||||
| Vantage Specialty Chemicals 1st Lien 10.068% (SOFR03M + 4.75%) 10/26/26 • | 22,840,304 | 22,647,577 | ||||||
| 89,114,947 | ||||||||
| Capital Goods — 1.49% | ||||||||
| CD&R Hydra Buyer TBD 3/14/31 X | 11,935,000 | 11,964,838 | ||||||
| Hunter Douglas Holding Tranche B-1 8.824% (SOFR03M + 3.50%) 2/26/29 • | 7,073,365 | 7,004,286 | ||||||
| SPX Flow 9.927% (SOFR01M + 4.60%) 4/5/29 • | 16,451,407 | 16,539,833 | ||||||
| 35,508,957 | ||||||||
| Energy — 0.25% | ||||||||
| Parkway Generation Tranche B 10.324% (SOFR03M + 5.01%) 2/18/29 • | 5,324,413 | 5,317,757 | ||||||
| Parkway Generation Tranche C 10.324% (SOFR03M + 5.01%) 2/18/29 • | 670,422 | 669,584 | ||||||
| 5,987,341 | ||||||||
| Financial Services — 1.07% | ||||||||
| Amynta Agency Borrower 9.552% (SOFR03M + 4.25%) 2/28/28 • | 25,294,181 | 25,393,562 | ||||||
| 25,393,562 | ||||||||
| Healthcare — 1.01% | ||||||||
| Bausch & Lomb 8.677% (SOFR01M + 3.35%) 5/10/27 • | 12,301,098 | 12,195,666 | ||||||
| Cotiviti Holdings TBD 2/21/31 X | 11,745,000 | 11,764,579 | ||||||
| 23,960,245 | ||||||||
| Media — 0.27% | ||||||||
| Advantage Sales & Marketing Tranche B-1 10.092% (SOFR03M + 4.76%) 10/28/27 • | 6,361,196 | 6,381,513 | ||||||
| 6,381,513 | ||||||||
| Services — 0.66% | ||||||||
| Pre Paid Legal Services 2nd Lien 12.445% (SOFR01M + 7.11%) 12/14/29 • | 734,441 | 719,752 | ||||||
| SWF Holdings I 9.445% (SOFR01M + 4.11%) 10/6/28 • | 16,156,573 | 14,901,547 | ||||||
| 15,621,299 | ||||||||
| Technology & Electronics — 2.44% | ||||||||
| Applied Systems 2nd Lien 10.559% (SOFR03M + 5.25%) 2/23/32 • | 11,131,000 | 11,544,939 | ||||||
| Commscope 8.695% (SOFR01M + 3.36%) 4/6/26 • | 6,246,605 | 5,694,824 | ||||||
| 142 |
| Principal amount° | Value (US $) | |||||||
| Loan Agreements (continued) | ||||||||
| Technology & Electronics (continued) | ||||||||
| INDICOR Tranche B 9.302% (SOFR03M + 4.00%) 11/22/29 • | 23,155,695 | $ | 23,304,563 | |||||
| UKG 2nd Lien 10.68% (SOFR03M + 5.35%) 5/3/27 • | 17,415,138 | 17,562,087 | ||||||
| 58,106,413 | ||||||||
| Telecommunications — 0.35% | ||||||||
| MLN US HoldCo 1st Lien 12.11% (SOFR03M + 6.80%) 10/18/27 • | 32,191,651 | 6,438,330 | ||||||
| MLN US HoldCo Tranche B 14.66% (SOFR03M + 9.35%) 10/18/27 • | 13,596,147 | 1,869,470 | ||||||
| 8,307,800 | ||||||||
| Total Loan Agreements (cost $299,950,679) | 268,382,077 | |||||||
| Number of shares | ||||||||
| Common Stocks — 3.95% | ||||||||
| Basic Industry — 0.87% | ||||||||
| BIS Industries Holdings <<, =, † | 19,682,813 | 0 | ||||||
| Foresight Energy <<, = | 1,117,414 | 20,694,501 | ||||||
| Westmoreland Coal =, † | 4,238 | 7,416 | ||||||
| 20,701,917 | ||||||||
| Consumer Goods — 0.00% | ||||||||
| ASG Warrant =, † | 19,688 | 0 | ||||||
| 0 | ||||||||
| Energy — 0.02% | ||||||||
| Maritime Finance <<, =, † | 1,750,000 | 600,075 | ||||||
| Sabine Oil & Gas Holdings =, † | 5,385 | 6,671 | ||||||
| 606,746 | ||||||||
| Financial Services — 0.87% | ||||||||
| New Cotai <<, =, † | 20,316,462 | 20,707,528 | ||||||
| 20,707,528 | ||||||||
| Leisure — 1.65% | ||||||||
| Studio City International Holdings † | 3,843,131 | 26,632,898 | ||||||
| Studio City International Holdings ADR † | 1,820,808 | 12,618,199 | ||||||
| 39,251,097 | ||||||||
| Retail — 0.53% | ||||||||
| True Religion Apparel <<, =, † | 395 | 12,513,477 | ||||||
| 12,513,477 | ||||||||
| Utilities — 0.01% | ||||||||
| Larchmont Resources <<, =, † | 18,338 | 214,011 | ||||||
| 214,011 | ||||||||
| Total Common Stocks (cost $302,066,633) | 93,994,776 | |||||||
| Preferred Stock — 0.09% | ||||||||
| True Religion Apparel 6.25% <<, =, †, ω | 410 | 2,050,430 | ||||||
| Total Preferred Stock (cost $6,748,583) | 2,050,430 | |||||||
| Warrants — 0.03% | ||||||||
| California Resources † | 40,269 | 787,661 | ||||||
| Total Warrants (cost $3,503,208) | 787,661 | |||||||
| Short-Term Investments — 2.38% | ||||||||
| Money Market Mutual Funds — 2.38% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 14,132,768 | 14,132,768 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 14,132,767 | 14,132,767 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 14,132,767 | 14,132,767 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 14,132,768 | 14,132,768 | ||||||
| Total Short-Term Investments (cost $56,531,070) | 56,531,070 | |||||||
| Total Value of Securities—100.35% (cost $2,670,624,947) | $ | 2,385,946,303 | ||||||
| ° | 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.” |
| = | 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.” |
| 143 |
Schedules of investments
Delaware Ivy High Income Fund
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $1,609,671,559, which represents 67.70% 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, 2024. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| > | PIK. 100% of the income received was in the form of cash. |
| ‡ | Non-income producing security. Security is currently in default. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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. SOFR01M, SOFR03M, 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, 2024, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be determined. |
| † | Non-income producing security. |
| ω | Perpetual security with no stated maturity date. |
Summary of abbreviations:
ADR – American Depositary Receipt
DAC – Designated Activity Company
PIK – Payment-in-kind
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
| 144 |
| Delaware Ivy International Core Equity Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks – 95.01%Δ | ||||||||
| Austria – 1.66% | ||||||||
| Mondi | 1,255,172 | $ | 22,107,725 | |||||
| 22,107,725 | ||||||||
| Brazil – 5.30% | ||||||||
| Banco do Brasil | 2,958,929 | 33,439,426 | ||||||
| MercadoLibre † | 24,514 | 37,064,187 | ||||||
| 70,503,613 | ||||||||
| Canada – 2.83% | ||||||||
| Dollarama | 492,887 | 37,548,270 | ||||||
| 37,548,270 | ||||||||
| China – 4.02% | ||||||||
| Alibaba Group Holding ADR | 194,356 | 14,063,600 | ||||||
| Budweiser Brewing 144A # | 9,406,200 | 13,844,488 | ||||||
| China Mengniu Dairy | 5,016,000 | 10,766,562 | ||||||
| H World Group ADR | 381,677 | 14,770,900 | ||||||
| 53,445,550 | ||||||||
| Denmark – 3.97% | ||||||||
| Genmab † | 58,996 | 17,688,692 | ||||||
| Novo Nordisk Class B | 273,454 | 35,076,877 | ||||||
| 52,765,569 | ||||||||
| France – 14.71% | ||||||||
| Airbus | 220,142 | 40,546,034 | ||||||
| BNP Paribas | 389,050 | 27,643,193 | ||||||
| L'Oreal | 39,974 | 18,917,198 | ||||||
| LVMH Moet Hennessy Louis Vuitton | 27,747 | 24,956,685 | ||||||
| Thales | 209,579 | 35,735,785 | ||||||
| TotalEnergies | 424,768 | 29,085,823 | ||||||
| Vinci | 145,758 | 18,675,131 | ||||||
| 195,559,849 | ||||||||
| Germany – 10.47% | ||||||||
| Deutsche Telekom | 1,406,299 | 34,136,678 | ||||||
| Heidelberg Materials | 145,424 | 15,995,005 | ||||||
| KION Group | 410,314 | 21,593,309 | ||||||
| SAP | 172,491 | 33,582,147 | ||||||
| Siemens | 106,672 | 20,365,103 | ||||||
| Siemens Healthineers 144A #, † | 220,564 | 13,496,834 | ||||||
| 139,169,076 | ||||||||
| India – 6.93% | ||||||||
| Axis Bank | 1,921,762 | 24,129,603 | ||||||
| Bharti Airtel | 1,429,215 | 21,053,728 | ||||||
| ICICI Bank | 2,039,033 | 26,729,112 | ||||||
| NTPC | 5,010,127 | 20,172,065 | ||||||
| 92,084,508 | ||||||||
| Ireland – 2.11% | ||||||||
| Experian | 186,269 | 8,120,334 | ||||||
| ICON † | 59,396 | 19,954,086 | ||||||
| 28,074,420 | ||||||||
| Japan – 12.03% | ||||||||
| Asahi Group Holdings | 674,800 | 24,713,246 | ||||||
| Mitsubishi UFJ Financial Group | 3,210,500 | 32,554,614 | ||||||
| Mitsui Chemicals | 648,700 | 18,966,483 | ||||||
| Renesas Electronics | 1,673,800 | 29,676,835 | ||||||
| Seven & i Holdings | 1,878,000 | 27,292,905 | ||||||
| Tokio Marine Holdings | 855,153 | 26,691,755 | ||||||
| 159,895,838 | ||||||||
| Netherlands – 7.62% | ||||||||
| Adyen 144A #, † | 18,169 | 30,735,349 | ||||||
| ASML Holding | 28,217 | 27,160,273 | ||||||
| ING Groep | 1,076,686 | 17,709,490 | ||||||
| Shell | 768,262 | 25,656,725 | ||||||
| 101,261,837 | ||||||||
| Republic of Korea – 4.54% | ||||||||
| KB Financial Group | 540,603 | 28,229,817 | ||||||
| LG | 108,492 | 7,059,535 | ||||||
| SK Hynix | 189,126 | 25,034,171 | ||||||
| 60,323,523 | ||||||||
| Singapore – 0.90% | ||||||||
| Sea ADR † | 223,757 | 12,017,989 | ||||||
| 12,017,989 | ||||||||
| Spain – 2.71% | ||||||||
| Banco Bilbao Vizcaya Argentaria | 3,023,490 | 36,011,290 | ||||||
| 36,011,290 | ||||||||
| Switzerland – 2.45% | ||||||||
| Alcon | 253,062 | 21,077,534 | ||||||
| Nestle | 108,017 | 11,468,235 | ||||||
| 32,545,769 | ||||||||
| Taiwan – 3.59% | ||||||||
| Taiwan Semiconductor | ||||||||
| Manufacturing | 1,985,000 | 47,696,814 | ||||||
| 47,696,814 | ||||||||
| United Kingdom – 4.17% | ||||||||
| AstraZeneca ADR | 332,994 | 22,560,344 | ||||||
| Haleon | 4,560,110 | 19,171,713 | ||||||
| HSBC Holdings | 1,758,259 | 13,736,765 | ||||||
| 55,468,822 | ||||||||
| United States – 5.00% | ||||||||
| Freshworks Class A † | 778,449 | 14,175,556 | ||||||
| Newmont | 393,003 | 13,755,153 | ||||||
| Schlumberger | 264,439 | 14,493,902 | ||||||
| 145 |
Schedules of investments
Delaware Ivy International Core Equity Fund
| Number of shares | Value (US $) | |||||||
| Common StocksΔ (continued) | ||||||||
| United States (continued) | ||||||||
| Stellantis | 846,726 | $ | 24,047,633 | |||||
| 66,472,244 | ||||||||
| Total Common Stocks (cost $986,348,320) | 1,262,952,706 | |||||||
| Preferred Stocks – 2.51%Δ | ||||||||
| Brazil – 1.47% | ||||||||
| Petroleo Brasileiro 8.44% ω | 2,609,407 | 19,510,460 | ||||||
| 19,510,460 | ||||||||
| Germany – 1.04% | ||||||||
| Sartorius 0.22% ω | 34,957 | 13,901,145 | ||||||
| 13,901,145 | ||||||||
| Total Preferred Stocks (cost $27,841,449) | 33,411,605 | |||||||
| Short-Term Investments – 0.42% | ||||||||
| Money Market Mutual Funds – 0.42% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 1,385,125 | 1,385,125 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 1,385,126 | 1,385,126 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,385,126 | 1,385,126 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 1,385,125 | 1,385,125 | ||||||
| Total Short-Term Investments (cost $5,540,502) | 5,540,502 | |||||||
| Total Value of Securities–97.94% (cost $1,019,730,271) | $ | 1,301,904,813 | ||||||
| Δ | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 103 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, 2024, the aggregate value of Rule 144A securities was $58,076,671, which represents 4.37% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
| ω | Perpetual security with no stated maturity date. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
| 146 |
| Delaware Ivy Large Cap Growth Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 99.48%t | ||||||||
| Communication Services — 8.48% | ||||||||
| Alphabet Class A † | 2,584,075 | $ | 390,014,440 | |||||
| Alphabet Class C † | 403,278 | 61,403,108 | ||||||
| Electronic Arts | 946,392 | 125,557,827 | ||||||
| 576,975,375 | ||||||||
| Consumer Discretionary — 12.51% | ||||||||
| Amazon.com † | 2,519,193 | 454,412,033 | ||||||
| Booking Holdings | 24,091 | 87,399,257 | ||||||
| Ferrari | 283,431 | 123,558,910 | ||||||
| Home Depot | 86,789 | 33,292,260 | ||||||
| LVMH Moet Hennessy Louis Vuitton ADR | 683,156 | 123,671,731 | ||||||
| NIKE Class B | 309,324 | 29,070,270 | ||||||
| 851,404,461 | ||||||||
| Consumer Staples — 2.32% | ||||||||
| Coca-Cola | 2,582,675 | 158,008,056 | ||||||
| 158,008,056 | ||||||||
| Financials — 10.69% | ||||||||
| Intercontinental Exchange | 1,440,092 | 197,911,844 | ||||||
| S&P Global | 324,407 | 138,018,958 | ||||||
| Visa Class A | 1,401,786 | 391,210,437 | ||||||
| 727,141,239 | ||||||||
| Healthcare — 11.50% | ||||||||
| Cooper | 1,063,120 | 107,864,155 | ||||||
| Danaher | 741,004 | 185,043,519 | ||||||
| Intuitive Surgical † | 277,675 | 110,817,316 | ||||||
| UnitedHealth Group | 515,924 | 255,227,603 | ||||||
| Veeva Systems Class A † | 304,804 | 70,620,039 | ||||||
| Zoetis | 311,049 | 52,632,601 | ||||||
| 782,205,233 | ||||||||
| Industrials — 8.49% | ||||||||
| Broadridge Financial Solutions | 587,488 | 120,352,792 | ||||||
| Equifax | 560,621 | 149,977,330 | ||||||
| JB Hunt Transport Services | 326,487 | 65,052,535 | ||||||
| TransUnion | 423,400 | 33,787,320 | ||||||
| Verisk Analytics | 227,330 | 53,588,501 | ||||||
| Waste Connections | 902,936 | 155,314,021 | ||||||
| 578,072,499 | ||||||||
| Information Technology — 42.18% | ||||||||
| Adobe † | 99,638 | 50,277,335 | ||||||
| Apple | 2,303,901 | 395,072,944 | ||||||
| Autodesk † | 289,322 | 75,345,235 | ||||||
| Intuit | 302,354 | 196,530,100 | ||||||
| Microsoft | 2,240,337 | 942,554,583 | ||||||
| Motorola Solutions | 648,635 | 230,252,452 | ||||||
| NVIDIA | 608,241 | 549,582,238 | ||||||
| Salesforce | 578,785 | 174,318,466 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 373,228 | 50,777,669 | ||||||
| VeriSign † | 1,083,477 | 205,329,726 | ||||||
| 2,870,040,748 | ||||||||
| Real Estate — 3.31% | ||||||||
| CoStar Group † | 2,333,570 | 225,422,862 | ||||||
| 225,422,862 | ||||||||
| Total Common Stocks (cost $2,707,828,842) | 6,769,270,473 | |||||||
| Total Value of Securities—99.48% (cost $2,707,828,842) | $ | 6,769,270,473 | ||||||
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
| † | Non-income producing security. |
Summary of abbreviations:
ADR – American Depositary Receipt
S&P – Standard & Poor’s Financial Services LLC
See accompanying notes, which are an integral part of the financial statements.
| 147 |
Schedules of investments
| Delaware Ivy Managed International Opportunities Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Affiliated Mutual Funds — 99.44%<< | ||||||||
| Global / International Equity Funds — 99.44% | ||||||||
| Delaware International Equity Fund II Class R6 | 513,212 | $ | 8,288,374 | |||||
| Delaware Ivy International Core Equity Fund Class R6 | 1,174,856 | 24,953,932 | ||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund Class R6 | 418,383 | 8,150,099 | ||||||
| Total Affiliated Mutual Funds (cost $29,076,538) | 41,392,405 | |||||||
| Short-Term Investments — 0.51% | ||||||||
| Money Market Mutual Funds — 0.51% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 52,945 | 52,945 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 52,945 | 52,945 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 52,945 | 52,945 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 52,945 | 52,945 | ||||||
| Total Short-Term Investments (cost $211,780) | 211,780 | |||||||
| Total Value of Securities—99.95% (cost $29,288,318) | $ | 41,604,185 | ||||||
| << | Affiliated company. See Note 2 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
| 148 |
| Delaware Ivy Mid Cap Growth Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 98.45%t | ||||||||
| Communication Services — 5.25% | ||||||||
| Pinterest Class A † | 5,215,297 | $ | 180,814,347 | |||||
| Trade Desk Class A † | 1,682,316 | 147,068,065 | ||||||
| 327,882,412 | ||||||||
| Consumer Discretionary — 11.19% | ||||||||
| Five Below † | 156,541 | 28,393,407 | ||||||
| Floor & Decor Holdings Class A † | 1,185,238 | 153,630,550 | ||||||
| Fox Factory Holding † | 372,954 | 19,419,715 | ||||||
| Levi Strauss & Co. Class A | 3,799,049 | 75,942,989 | ||||||
| Lululemon Athletica † | 105,498 | 41,212,794 | ||||||
| National Vision Holdings † | 2,012,320 | 44,593,011 | ||||||
| On Holding Class A † | 3,105,897 | 109,886,636 | ||||||
| Pool | 325,961 | 131,525,263 | ||||||
| Vail Resorts | 423,964 | 94,471,898 | ||||||
| 699,076,263 | ||||||||
| Consumer Staples — 2.25% | ||||||||
| Brown-Forman Class B | 1,537,309 | 79,355,890 | ||||||
| Casey's General Stores | 111,877 | 35,627,231 | ||||||
| Celsius Holdings † | 308,685 | 25,596,160 | ||||||
| 140,579,281 | ||||||||
| Financials — 5.64% | ||||||||
| Blue Owl Capital | 2,668,904 | 50,335,529 | ||||||
| FactSet Research Systems | 160,925 | 73,122,711 | ||||||
| Kinsale Capital Group | 114,004 | 59,822,459 | ||||||
| LPL Financial Holdings | 124,081 | 32,782,200 | ||||||
| MarketAxess Holdings | 620,520 | 136,049,010 | ||||||
| 352,111,909 | ||||||||
| Healthcare — 24.23% | ||||||||
| Agilent Technologies | 614,463 | 89,410,511 | ||||||
| Align Technology † | 299,256 | 98,132,028 | ||||||
| Bio-Techne | 1,433,798 | 100,925,041 | ||||||
| Cooper | 1,004,971 | 101,964,358 | ||||||
| Dexcom † | 1,222,092 | 169,504,160 | ||||||
| Edwards Lifesciences † | 1,017,462 | 97,228,669 | ||||||
| GE HealthCare Technologies | 1,082,717 | 98,429,802 | ||||||
| IDEXX Laboratories † | 227,908 | 123,054,366 | ||||||
| Inspire Medical Systems † | 310,442 | 66,679,837 | ||||||
| Intuitive Surgical † | 294,875 | 117,681,664 | ||||||
| Ionis Pharmaceuticals † | 995,279 | 43,145,345 | ||||||
| Mettler-Toledo International † | 56,137 | 74,734,627 | ||||||
| Repligen † | 682,188 | 125,468,017 | ||||||
| Veeva Systems Class A † | 498,844 | 115,577,166 | ||||||
| West Pharmaceutical Services | 231,056 | 91,431,170 | ||||||
| 1,513,366,761 | ||||||||
| Industrials — 16.74% | ||||||||
| A O Smith | 1,054,472 | 94,333,065 | ||||||
| Copart † | 1,882,172 | 109,015,402 | ||||||
| Fastenal | 1,515,503 | 116,905,902 | ||||||
| Generac Holdings † | 770,344 | 97,171,192 | ||||||
| HEICO Class A | 763,392 | 117,516,565 | ||||||
| Howmet Aerospace | 1,382,640 | 94,614,055 | ||||||
| Lincoln Electric Holdings | 366,604 | 93,645,326 | ||||||
| Rollins | 1,613,745 | 74,667,981 | ||||||
| Trex † | 1,102,353 | 109,959,712 | ||||||
| Westinghouse Air Brake Technologies | 454,677 | 66,237,345 | ||||||
| WillScot Mobile Mini Holdings † | 1,536,524 | 71,448,366 | ||||||
| 1,045,514,911 | ||||||||
| Information Technology — 26.77% | ||||||||
| Coherent † | 1,628,544 | 98,722,337 | ||||||
| Crowdstrike Holdings Class A † | 382,527 | 122,634,331 | ||||||
| DoubleVerify Holdings † | 1,754,347 | 61,682,841 | ||||||
| HubSpot † | 145,665 | 91,267,863 | ||||||
| Keysight Technologies † | 529,451 | 82,795,547 | ||||||
| Lattice Semiconductor † | 998,344 | 78,100,451 | ||||||
| Microchip Technology | 1,281,878 | 114,997,275 | ||||||
| MongoDB † | 200,713 | 71,983,710 | ||||||
| Monolithic Power Systems | 256,714 | 173,903,198 | ||||||
| Novanta † | 496,919 | 86,846,534 | ||||||
| Onto Innovation † | 67,788 | 12,275,051 | ||||||
| Teradyne | 1,088,085 | 122,768,631 | ||||||
| Trimble † | 1,658,653 | 106,750,907 | ||||||
| Tyler Technologies † | 274,993 | 116,874,775 | ||||||
| Universal Display | 625,925 | 105,437,066 | ||||||
| Workday Class A † | 270,861 | 73,877,338 | ||||||
| Workiva † | 803,253 | 68,115,854 | ||||||
| Zebra Technologies Class A † | 274,673 | 82,797,429 | ||||||
| 1,671,831,138 | ||||||||
| Materials — 1.61% | ||||||||
| Martin Marietta Materials | 163,697 | 100,500,136 | ||||||
| 100,500,136 | ||||||||
| Real Estate — 4.77% | ||||||||
| CoStar Group † | 3,085,635 | 298,072,341 | ||||||
| 298,072,341 | ||||||||
| Total Common Stocks (cost $4,183,145,394) | 6,148,935,152 | |||||||
| Short-Term Investments — 1.66% | ||||||||
| Money Market Mutual Funds — 1.66% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 25,989,142 | 25,989,142 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 25,989,142 | 25,989,142 | ||||||
| 149 |
Schedules of investments
Delaware Ivy Mid Cap Growth Fund
| Number of shares | Value (US $) | |||||||
| Short-Term Investments (continued) | ||||||||
| Money Market Mutual Funds (continued) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 25,989,142 | $ | 25,989,142 | |||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 25,989,141 | 25,989,141 | ||||||
| Total Short-Term Investments (cost $103,956,567) | 103,956,567 | |||||||
| Total Value of Securities—100.11% (cost $4,287,101,961) | $ | 6,252,891,719 | ||||||
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
| † | Non-income producing security. |
See accompanying notes, which are an integral part of the financial statements.
| 150 |
| Delaware Ivy Mid Cap Income Opportunities Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 98.80%t | ||||||||
| Consumer Discretionary — 20.24% | ||||||||
| Darden Restaurants | 191,360 | $ | 31,985,824 | |||||
| Garmin | 227,759 | 33,906,483 | ||||||
| Polaris | 360,462 | 36,089,456 | ||||||
| Service Corp. International | 452,739 | 33,597,761 | ||||||
| Tractor Supply | 129,981 | 34,018,627 | ||||||
| Travel + Leisure | 710,498 | 34,785,982 | ||||||
| Vail Resorts | 147,528 | 32,873,664 | ||||||
| 237,257,797 | ||||||||
| Consumer Staples — 8.93% | ||||||||
| Clorox | 221,992 | 33,989,195 | ||||||
| McCormick & Co. | 486,070 | 37,335,037 | ||||||
| Sysco | 411,576 | 33,411,739 | ||||||
| 104,735,971 | ||||||||
| Financials — 11.64% | ||||||||
| Ares Management Class A | 250,244 | 33,277,447 | ||||||
| Arthur J Gallagher & Co. | 130,565 | 32,646,473 | ||||||
| Discover Financial Services | 265,625 | 34,820,781 | ||||||
| First American Financial | 585,272 | 35,730,856 | ||||||
| 136,475,557 | ||||||||
| Healthcare — 5.78% | ||||||||
| Quest Diagnostics | 258,863 | 34,457,254 | ||||||
| Royalty Pharma Class A | 1,098,573 | 33,363,662 | ||||||
| 67,820,916 | ||||||||
| Industrials — 25.95% | ||||||||
| Broadridge Financial Solutions | 163,634 | 33,522,061 | ||||||
| Fastenal | 430,178 | 33,183,931 | ||||||
| L3Harris Technologies | 157,397 | 33,541,301 | ||||||
| nVent Electric | 459,022 | 34,610,259 | ||||||
| Paychex | 271,607 | 33,353,339 | ||||||
| Rollins | 713,381 | 33,008,139 | ||||||
| Snap-on | 114,406 | 33,889,345 | ||||||
| Stanley Black & Decker | 357,234 | 34,983,926 | ||||||
| Watsco | 78,950 | 34,104,031 | ||||||
| 304,196,332 | ||||||||
| Information Technology — 11.72% | ||||||||
| Microchip Technology | 378,171 | 33,925,720 | ||||||
| NetApp | 319,874 | 33,577,174 | ||||||
| Seagate Technology Holdings | 382,151 | 35,559,151 | ||||||
| TE Connectivity | 236,380 | 34,331,831 | ||||||
| 137,393,876 | ||||||||
| Materials — 14.54% | ||||||||
| Avery Dennison | 154,329 | 34,453,949 | ||||||
| Packaging Corp of America | 181,346 | 34,415,844 | ||||||
| PPG Industries | 232,406 | 33,675,629 | ||||||
| RPM International | 283,692 | 33,745,164 | ||||||
| Sonoco Products | 590,449 | 34,151,570 | ||||||
| 170,442,156 | ||||||||
| Total Common Stocks (cost $764,042,820) | 1,158,322,605 | |||||||
| Short-Term Investments — 1.02% | ||||||||
| Money Market Mutual Funds — 1.02% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 2,989,975 | 2,989,975 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 2,989,975 | 2,989,975 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 2,989,976 | 2,989,976 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 2,989,976 | 2,989,976 | ||||||
| Total Short-Term Investments (cost $11,959,902) | 11,959,902 | |||||||
| Total Value of Securities—99.82% (cost $776,002,722) | $ | 1,170,282,507 | ||||||
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
See accompanying notes, which are an integral part of the financial statements.
| 151 |
Schedules of investments
| Delaware Ivy Small Cap Growth Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 99.40% | ||||||||
| Communication Services — 1.17% | ||||||||
| IMAX † | 1,007,215 | $ | 16,286,667 | |||||
| 16,286,667 | ||||||||
| Consumer Discretionary — 15.52% | ||||||||
| Abercrombie & Fitch Class A † | 196,173 | 24,586,362 | ||||||
| Acushnet Holdings | 234,835 | 15,487,368 | ||||||
| First Watch Restaurant Group † | 603,433 | 14,856,521 | ||||||
| Installed Building Products | 80,237 | 20,759,719 | ||||||
| Light & Wonder † | 214,005 | 21,847,770 | ||||||
| Meritage Homes | 136,600 | 23,967,836 | ||||||
| Modine Manufacturing † | 67,370 | 6,412,950 | ||||||
| Red Rock Resorts Class A | 531,695 | 31,805,995 | ||||||
| Texas Roadhouse | 168,453 | 26,020,935 | ||||||
| Wingstop | 80,220 | 29,392,608 | ||||||
| 215,138,064 | ||||||||
| Consumer Staples — 4.69% | ||||||||
| BellRing Brands † | 397,113 | 23,441,580 | ||||||
| elf Beauty † | 132,264 | 25,927,712 | ||||||
| MGP Ingredients | 181,155 | 15,602,880 | ||||||
| 64,972,172 | ||||||||
| Energy — 2.43% | ||||||||
| Cactus Class A | 277,191 | 13,884,497 | ||||||
| Weatherford International † | 171,425 | 19,785,874 | ||||||
| 33,670,371 | ||||||||
| Financials — 5.65% | ||||||||
| Flywire † | 955,145 | 23,697,147 | ||||||
| Houlihan Lokey | 214,810 | 27,536,494 | ||||||
| Kinsale Capital Group | 39,090 | 20,512,087 | ||||||
| WisdomTree | 718,545 | 6,603,428 | ||||||
| 78,349,156 | ||||||||
| Healthcare — 21.54% | ||||||||
| Acadia Healthcare † | 246,730 | 19,545,951 | ||||||
| ACADIA Pharmaceuticals † | 241,693 | 4,468,903 | ||||||
| ANI Pharmaceuticals † | 138,860 | 9,599,392 | ||||||
| Axsome Therapeutics † | 199,260 | 15,900,948 | ||||||
| CryoPort † | 702,841 | 12,440,286 | ||||||
| Encompass Health | 205,631 | 16,981,008 | ||||||
| Evolent Health Class A † | 681,363 | 22,341,893 | ||||||
| Halozyme Therapeutics † | 255,432 | 10,390,974 | ||||||
| Harmony Biosciences Holdings † | 194,863 | 6,543,499 | ||||||
| HealthEquity † | 208,757 | 17,040,834 | ||||||
| Insmed † | 576,882 | 15,650,809 | ||||||
| Integer Holdings † | 152,721 | 17,819,486 | ||||||
| Intra-Cellular Therapies † | 96,941 | 6,708,317 | ||||||
| Madrigal Pharmaceuticals † | 19,688 | 5,257,483 | ||||||
| NeoGenomics † | 710,769 | 11,173,289 | ||||||
| Option Care Health † | 592,241 | 19,863,763 | ||||||
| Progyny † | 866,959 | 33,074,486 | ||||||
| TransMedics Group † | 194,400 | 14,373,936 | ||||||
| Vericel † | 636,774 | 33,124,983 | ||||||
| Viking Therapeutics † | 76,927 | 6,308,014 | ||||||
| 298,608,254 | ||||||||
| Industrials — 22.52% | ||||||||
| ACV Auctions Class A † | 748,984 | 14,058,430 | ||||||
| AeroVironment † | 144,776 | 22,191,265 | ||||||
| CBIZ † | 365,174 | 28,666,159 | ||||||
| Clean Harbors † | 149,266 | 30,048,738 | ||||||
| Construction Partners Class A † | 183,379 | 10,296,731 | ||||||
| EnerSys | 74,997 | 7,084,217 | ||||||
| Federal Signal | 410,448 | 34,834,722 | ||||||
| Kirby † | 196,293 | 18,710,649 | ||||||
| Legalzoom.com † | 1,304,572 | 17,402,990 | ||||||
| NEXTracker Class A † | 213,547 | 12,016,290 | ||||||
| Parsons † | 414,935 | 34,418,858 | ||||||
| Paycor HCM † | 791,438 | 15,385,555 | ||||||
| SiteOne Landscape Supply † | 129,906 | 22,675,092 | ||||||
| Trex † | 260,292 | 25,964,127 | ||||||
| Verra Mobility † | 741,233 | 18,508,588 | ||||||
| 312,262,411 | ||||||||
| Information Technology — 23.57% | ||||||||
| Advanced Energy Industries | 122,886 | 12,531,914 | ||||||
| Allegro MicroSystems † | 93,166 | 2,511,755 | ||||||
| Box Class A † | 270,940 | 7,673,021 | ||||||
| Braze Class A † | 342,807 | 15,186,350 | ||||||
| CyberArk Software † | 202,931 | 53,904,562 | ||||||
| Descartes Systems Group † | 140,115 | 12,824,726 | ||||||
| DoubleVerify Holdings † | 760,164 | 26,727,366 | ||||||
| Harmonic † | 641,204 | 8,617,782 | ||||||
| Instructure Holdings † | 486,313 | 10,397,372 | ||||||
| Monday.com † | 86,661 | 19,574,120 | ||||||
| Onto Innovation † | 164,654 | 29,815,546 | ||||||
| OSI Systems † | 19,032 | 2,718,150 | ||||||
| Rambus † | 362,716 | 22,419,476 | ||||||
| Sprout Social Class A † | 550,244 | 32,855,069 | ||||||
| Super Micro Computer † | 18,089 | 18,270,433 | ||||||
| Tenable Holdings † | 520,804 | 25,743,342 | ||||||
| Varonis Systems † | 531,362 | 25,064,346 | ||||||
| 326,835,330 | ||||||||
| Materials — 2.31% | ||||||||
| ATI † | 625,203 | 31,991,638 | ||||||
| 31,991,638 | ||||||||
| Total Common Stocks (cost $1,056,664,195) | 1,378,114,063 | |||||||
| 152 |
| Number of shares | Value (US $) | |||||||
| Short-Term Investments — 0.47% | ||||||||
| Money Market Mutual Funds — 0.47% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 1,622,265 | $ | 1,622,265 | |||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 1,622,264 | 1,622,264 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,622,264 | 1,622,264 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 1,622,265 | 1,622,265 | ||||||
| Total Short-Term Investments (cost $6,489,058) | 6,489,058 | |||||||
| Total Value of Securities—99.87% (cost $1,063,153,253) | $ | 1,384,603,121 | ||||||
| † | Non-income producing security. |
See accompanying notes, which are an integral part of the financial statements.
| 153 |
Schedules of investments
| Delaware Ivy Smid Cap Core Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 98.35% | ||||||||
| Basic Materials — 8.74% | ||||||||
| Beacon Roofing Supply † | 47,743 | $ | 4,679,769 | |||||
| Boise Cascade | 34,132 | 5,234,825 | ||||||
| Huntsman | 161,229 | 4,196,791 | ||||||
| Kaiser Aluminum | 22,824 | 2,039,553 | ||||||
| Minerals Technologies | 52,499 | 3,952,125 | ||||||
| Reliance | 14,835 | 4,957,560 | ||||||
| Summit Materials Class A † | 44,459 | 1,981,537 | ||||||
| Westrock | 53,592 | 2,650,124 | ||||||
| 29,692,284 | ||||||||
| Business Services — 5.04% | ||||||||
| ABM Industries | 48,115 | 2,146,891 | ||||||
| Aramark | 70,325 | 2,286,969 | ||||||
| ASGN † | 29,604 | 3,101,315 | ||||||
| Casella Waste Systems Class A † | 19,783 | 1,955,945 | ||||||
| Clean Harbors † | 15,356 | 3,091,317 | ||||||
| Vestis | 35,162 | 677,572 | ||||||
| WillScot Mobile Mini Holdings † | 82,686 | 3,844,899 | ||||||
| 17,104,908 | ||||||||
| Capital Goods — 11.72% | ||||||||
| Ameresco Class A † | 32,280 | 778,916 | ||||||
| API Group † | 18,416 | 723,196 | ||||||
| Applied Industrial Technologies | 6,227 | 1,230,144 | ||||||
| Carlisle | 10,346 | 4,054,080 | ||||||
| Chart Industries † | 11,956 | 1,969,392 | ||||||
| Coherent † | 51,151 | 3,100,774 | ||||||
| Federal Signal | 35,854 | 3,042,929 | ||||||
| Gates Industrial † | 66,428 | 1,176,440 | ||||||
| Graco | 27,723 | 2,590,992 | ||||||
| Kadant | 6,970 | 2,286,857 | ||||||
| KBR | 49,472 | 3,149,387 | ||||||
| Lincoln Electric Holdings | 19,076 | 4,872,773 | ||||||
| Quanta Services | 6,855 | 1,780,929 | ||||||
| Tetra Tech | 14,590 | 2,694,919 | ||||||
| WESCO International | 21,881 | 3,747,778 | ||||||
| Zurn Elkay Water Solutions | 77,714 | 2,601,088 | ||||||
| 39,800,594 | ||||||||
| Consumer Discretionary — 5.15% | ||||||||
| BJ's Wholesale Club Holdings † | 36,415 | 2,754,795 | ||||||
| Dick's Sporting Goods | 23,425 | 5,267,346 | ||||||
| Five Below † | 20,746 | 3,762,909 | ||||||
| Malibu Boats Class A † | 41,801 | 1,809,147 | ||||||
| Steven Madden | 92,002 | 3,889,845 | ||||||
| 17,484,042 | ||||||||
| Consumer Services — 2.40% | ||||||||
| Brinker International † | 44,900 | 2,230,632 | ||||||
| Jack in the Box | 15,067 | 1,031,788 | ||||||
| Texas Roadhouse | 20,588 | 3,180,228 | ||||||
| Wendy's | 91,463 | 1,723,163 | ||||||
| 8,165,811 | ||||||||
| Consumer Staples — 2.99% | ||||||||
| Casey's General Stores | 13,787 | 4,390,470 | ||||||
| Helen of Troy † | 11,951 | 1,377,233 | ||||||
| J & J Snack Foods | 15,651 | 2,262,509 | ||||||
| YETI Holdings † | 55,605 | 2,143,573 | ||||||
| 10,173,785 | ||||||||
| Credit Cyclicals — 3.28% | ||||||||
| BorgWarner | 56,412 | 1,959,753 | ||||||
| KB Home | 30,464 | 2,159,288 | ||||||
| La-Z-Boy | 39,542 | 1,487,570 | ||||||
| Taylor Morrison Home † | 34,465 | 2,142,689 | ||||||
| Toll Brothers | 26,179 | 3,386,777 | ||||||
| 11,136,077 | ||||||||
| Energy — 4.96% | ||||||||
| Chesapeake Energy | 61,684 | 5,479,390 | ||||||
| Liberty Energy | 273,694 | 5,670,940 | ||||||
| Permian Resources | 83,633 | 1,476,959 | ||||||
| Southwestern Energy † | 557,030 | 4,222,287 | ||||||
| 16,849,576 | ||||||||
| Financials — 13.40% | ||||||||
| Axis Capital Holdings | 49,026 | 3,187,671 | ||||||
| Columbia Banking System | 136,823 | 2,647,525 | ||||||
| East West Bancorp | 66,113 | 5,230,199 | ||||||
| Essent Group | 55,944 | 3,329,227 | ||||||
| Hamilton Lane Class A | 26,325 | 2,968,407 | ||||||
| Kemper | 63,473 | 3,930,248 | ||||||
| Pinnacle Financial Partners | 28,230 | 2,424,392 | ||||||
| Primerica | 10,034 | 2,538,201 | ||||||
| Reinsurance Group of America | 22,971 | 4,430,647 | ||||||
| SouthState | 33,314 | 2,832,689 | ||||||
| Stifel Financial | 56,327 | 4,403,082 | ||||||
| Valley National Bancorp | 214,857 | 1,710,262 | ||||||
| Webster Financial | 74,332 | 3,773,836 | ||||||
| WSFS Financial | 46,930 | 2,118,420 | ||||||
| 45,524,806 | ||||||||
| Healthcare — 13.56% | ||||||||
| Amicus Therapeutics † | 126,400 | 1,488,992 | ||||||
| Apellis Pharmaceuticals † | 39,112 | 2,299,003 | ||||||
| Azenta † | 30,339 | 1,828,835 | ||||||
| Bio-Techne | 31,658 | 2,228,407 | ||||||
| Blueprint Medicines † | 32,112 | 3,046,144 | ||||||
| Catalent † | 29,975 | 1,692,089 | ||||||
| Encompass Health | 35,844 | 2,959,998 | ||||||
| Exact Sciences † | 26,384 | 1,822,079 | ||||||
| Halozyme Therapeutics † | 58,161 | 2,365,989 | ||||||
| Insmed † | 67,843 | 1,840,581 | ||||||
| 154 |
| Number of shares | Value (US $) | |||||||
| Common Stocks (continued) | ||||||||
| Healthcare (continued) | ||||||||
| Inspire Medical Systems † | 9,354 | $ | 2,009,146 | |||||
| Intra-Cellular Therapies † | 26,711 | 1,848,401 | ||||||
| Lantheus Holdings † | 28,733 | 1,788,342 | ||||||
| Ligand Pharmaceuticals † | 21,783 | 1,592,337 | ||||||
| Natera † | 41,403 | 3,786,718 | ||||||
| Neurocrine Biosciences † | 28,473 | 3,926,996 | ||||||
| OmniAb 12.5 =, † | 10,854 | 0 | ||||||
| OmniAb 15 =, † | 10,854 | 0 | ||||||
| Repligen † | 14,116 | 2,596,215 | ||||||
| Shockwave Medical † | 10,864 | 3,537,644 | ||||||
| Supernus Pharmaceuticals † | 44,702 | 1,524,785 | ||||||
| Travere Therapeutics † | 68,056 | 524,712 | ||||||
| Ultragenyx Pharmaceutical † | 29,397 | 1,372,546 | ||||||
| 46,079,959 | ||||||||
| Media — 1.68% | ||||||||
| IMAX † | 93,836 | 1,517,328 | ||||||
| Interpublic Group | 80,822 | 2,637,222 | ||||||
| Nexstar Media Group | 9,041 | 1,557,674 | ||||||
| 5,712,224 | ||||||||
| Real Estate Investment Trusts — 6.08% | ||||||||
| Brixmor Property Group | 135,917 | 3,187,254 | ||||||
| Camden Property Trust | 32,243 | 3,172,711 | ||||||
| First Industrial Realty Trust | 75,803 | 3,982,690 | ||||||
| Healthpeak Properties | 80,562 | 1,510,537 | ||||||
| Jones Lang LaSalle † | 10,621 | 2,072,051 | ||||||
| Kite Realty Group Trust | 123,509 | 2,677,675 | ||||||
| National Storage Affiliates Trust | 59,958 | 2,347,955 | ||||||
| Terreno Realty | 25,733 | 1,708,671 | ||||||
| 20,659,544 | ||||||||
| Technology — 14.25% | ||||||||
| Atkore | 7,693 | 1,464,439 | ||||||
| Box Class A † | 44,589 | 1,262,760 | ||||||
| DoubleVerify Holdings † | 59,297 | 2,084,883 | ||||||
| Dynatrace † | 50,445 | 2,342,666 | ||||||
| ExlService Holdings † | 102,017 | 3,244,141 | ||||||
| Guidewire Software † | 24,543 | 2,864,414 | ||||||
| MACOM Technology Solutions Holdings † | 33,274 | 3,182,325 | ||||||
| MaxLinear † | 60,075 | 1,121,600 | ||||||
| Procore Technologies † | 30,903 | 2,539,299 | ||||||
| PTC † | 29,247 | 5,525,928 | ||||||
| Q2 Holdings † | 49,751 | 2,614,913 | ||||||
| Rapid7 † | 22,992 | 1,127,528 | ||||||
| Regal Rexnord | 14,816 | 2,668,362 | ||||||
| Semtech † | 69,183 | 1,901,841 | ||||||
| Silicon Laboratories † | 15,747 | 2,263,159 | ||||||
| Smartsheet Class A † | 38,766 | 1,492,491 | ||||||
| Sprout Social Class A † | 20,821 | 1,243,222 | ||||||
| SPS Commerce † | 4,227 | 781,572 | ||||||
| Varonis Systems † | 63,773 | 3,008,172 | ||||||
| WNS Holdings † | 43,208 | 2,183,300 | ||||||
| Workiva † | 14,346 | 1,216,541 | ||||||
| Yelp † | 35,700 | 1,406,580 | ||||||
| Ziff Davis † | 13,826 | 871,591 | ||||||
| 48,411,727 | ||||||||
| Transportation — 3.59% | ||||||||
| Allegiant Travel | 13,837 | 1,040,681 | ||||||
| ArcBest | 4,965 | 707,512 | ||||||
| Kirby † | 40,719 | 3,881,335 | ||||||
| Knight-Swift Transportation Holdings | 50,462 | 2,776,419 | ||||||
| Saia † | 1,284 | 751,140 | ||||||
| Werner Enterprises | 53,923 | 2,109,468 | ||||||
| XPO † | 7,656 | 934,262 | ||||||
| 12,200,817 | ||||||||
| Utilities — 1.51% | ||||||||
| Black Hills | 45,538 | 2,486,375 | ||||||
| Spire | 43,134 | 2,647,133 | ||||||
| 5,133,508 | ||||||||
| Total Common Stocks (cost $274,834,556) | 334,129,662 | |||||||
| Short-Term Investments — 1.84% | ||||||||
| Money Market Mutual Funds — 1.84% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 1,563,691 | 1,563,691 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 1,563,691 | 1,563,691 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,563,691 | 1,563,691 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 1,563,689 | 1,563,689 | ||||||
| Total Short-Term Investments (cost $6,254,762) | 6,254,762 | |||||||
| Total Value of Securities—100.19% (cost $281,089,318) | $ | 340,384,424 | ||||||
| † | Non-income producing security. |
| 155 |
Schedules of investments
Delaware Ivy Smid Cap Core Fund
| = | 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 accompanying notes, which are an integral part of the financial statements. |
| 156 |
| Delaware Ivy Systematic Emerging Markets Equity Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 98.72%t | ||||||||
| Communication Services — 10.13% | ||||||||
| 37 Interactive Entertainment Network Technology Group Class A | 200,100 | $ | 488,383 | |||||
| Baidu Class A † | 324,950 | 4,263,804 | ||||||
| Bharti Airtel | 328,975 | 4,846,122 | ||||||
| China United Network Communications Class A | 1,392,900 | 888,456 | ||||||
| Kuaishou Technology 144A #, † | 246,800 | 1,546,658 | ||||||
| NetEase | 1,118,700 | 23,269,029 | ||||||
| Saudi Telecom | 674,415 | 7,120,873 | ||||||
| Sitios Latinoamerica † | 1 | 0 | ||||||
| Tencent Holdings | 732,220 | 28,421,014 | ||||||
| Tencent Music Entertainment | ||||||||
| Group ADR † | 128,377 | 1,436,539 | ||||||
| Turkcell Iletisim Hizmetleri | 2,263,001 | 4,787,716 | ||||||
| 77,068,594 | ||||||||
| Consumer Discretionary — 15.93% | ||||||||
| Alibaba Group Holding | 1,332,900 | 11,963,386 | ||||||
| ANTA Sports Products | 49,600 | 527,248 | ||||||
| Bajaj Auto | 227,842 | 24,991,251 | ||||||
| Geely Automobile Holdings | 2,135,000 | 2,520,461 | ||||||
| Hero MotoCorp | 34,487 | 1,952,675 | ||||||
| Hyundai Motor | 57,188 | 10,067,637 | ||||||
| JD.com Class A | 382,161 | 5,268,391 | ||||||
| Kia | 295,507 | 24,584,426 | ||||||
| LG Electronics | 20,555 | 1,477,975 | ||||||
| Li Auto Class A † | 170,400 | 2,640,831 | ||||||
| Maruti Suzuki India | 23,106 | 3,490,827 | ||||||
| Meituan Class B 144A #, † | 678,112 | 8,386,621 | ||||||
| Naspers Class N | 20,406 | 3,617,432 | ||||||
| PDD Holdings ADR † | 66,705 | 7,754,456 | ||||||
| Tata Motors | 159,222 | 1,895,334 | ||||||
| Tofas Turk Otomobil Fabrikasi | 183,208 | 1,545,599 | ||||||
| Vibra Energia | 1,049,814 | 5,232,953 | ||||||
| Vipshop Holdings ADR | 199,512 | 3,301,924 | ||||||
| 121,219,427 | ||||||||
| Consumer Staples — 6.53% | ||||||||
| Ambev | 3,131,497 | 7,817,191 | ||||||
| BIM Birlesik Magazalar | 239,555 | 2,604,463 | ||||||
| China Resources Beer Holdings | 488,000 | 2,247,684 | ||||||
| Chongqing Brewery Class A | 36,601 | 327,145 | ||||||
| Fix Price Group GDR 144A #, = | 1,489,220 | 0 | ||||||
| Hindustan Unilever | 101,548 | 2,756,994 | ||||||
| ITC | 2,063,058 | 10,595,736 | ||||||
| Jiangsu Yanghe Brewery Joint- Stock Class A | 45,900 | 626,188 | ||||||
| Kweichow Moutai Class A | 15,101 | 3,555,399 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Class A | 85,015 | 2,883,061 | ||||||
| Wal-Mart de Mexico | 3,400,169 | 13,703,349 | ||||||
| Wuliangye Yibin Class A | 122,161 | 2,587,752 | ||||||
| 49,704,962 | ||||||||
| Energy — 6.40% | ||||||||
| China Petroleum & Chemical | ||||||||
| Class H | 3,856,000 | 2,187,410 | ||||||
| China Shenhua Energy Class A | 479,592 | 2,564,035 | ||||||
| China Shenhua Energy Class H | 1,373,000 | 5,394,186 | ||||||
| Coal India | 1,532,836 | 7,978,227 | ||||||
| LUKOIL PJSC = | 276,569 | 0 | ||||||
| Oil & Natural Gas | 372,571 | 1,197,418 | ||||||
| PetroChina Class H | 5,788,000 | 4,947,261 | ||||||
| Petroleo Brasileiro | 318,171 | 2,431,610 | ||||||
| Prio | 369,976 | 3,583,649 | ||||||
| PTT Exploration & Production | 764,600 | 3,143,268 | ||||||
| Reliance Industries | 137,663 | 4,905,047 | ||||||
| Shaanxi Coal Industry Class A | 1,611,000 | 5,572,505 | ||||||
| Shanxi Coking Coal Energy Group Class A | 480,700 | 679,070 | ||||||
| Shanxi Lu'an Environmental Energy Development Class A | 921,000 | 2,554,988 | ||||||
| Ultrapar Participacoes | 271,174 | 1,543,649 | ||||||
| 48,682,323 | ||||||||
| Financials — 23.17% | ||||||||
| Agricultural Bank of China Class A | 9,601,600 | 5,539,806 | ||||||
| Axis Bank | 530,355 | 6,659,126 | ||||||
| Banco do Brasil | 857,435 | 9,690,038 | ||||||
| Bank Central Asia | 27,910,500 | 17,735,622 | ||||||
| Bank of China Class A | 6,168,879 | 3,738,482 | ||||||
| Bank of China Class H | 34,464,000 | 14,222,581 | ||||||
| Bank Rakyat Indonesia Persero | 48,301,000 | 18,430,845 | ||||||
| BB Seguridade Participacoes | 846,206 | 5,498,635 | ||||||
| China Construction Bank Class A | 3,020,500 | 2,854,397 | ||||||
| China Construction Bank Class H | 14,375,000 | 8,668,822 | ||||||
| China Life Insurance Class H | 829,000 | 994,558 | ||||||
| FirstRand | 4,345,437 | 14,162,821 | ||||||
| Grupo Financiero Banorte Class O | 983,000 | 10,428,687 | ||||||
| ICICI Bank | 2,175,723 | 28,520,943 | ||||||
| Industrial & Commercial Bank of China Class H | 12,798,000 | 6,442,413 | ||||||
| Jio Financial Services † | 434,439 | 1,842,664 | ||||||
| Kasikornbank | 442,300 | 1,503,123 | ||||||
| KB Financial Group | 78,074 | 4,076,956 | ||||||
| Ping An Insurance Group Co. of China Class H | 337,500 | 1,425,133 | ||||||
| 157 |
Consolidated schedules of investments
Delaware Ivy Systematic Emerging Markets Equity Fund
| Number of shares | Value (US $) | |||||||
| Common Stocks (continued) | ||||||||
| Financials (continued) | ||||||||
| Powszechna Kasa Oszczednosci Bank Polski | 738,549 | $ | 10,972,010 | |||||
| Saudi National Bank | 120,000 | 1,305,426 | ||||||
| Sberbank of Russia PJSC = | 4,129,544 | 0 | ||||||
| Union Bank of India | 903,458 | 1,662,790 | ||||||
| 176,375,878 | ||||||||
| Healthcare — 0.32% | ||||||||
| Shenzhen Mindray Bio-Medical Electronics Class A | 62,200 | 2,408,755 | ||||||
| 2,408,755 | ||||||||
| Industrials — 3.48% | ||||||||
| COSCO SHIPPING Holdings Class A | 515,300 | 740,069 | ||||||
| Eva Airways | 2,436,000 | 2,405,287 | ||||||
| Evergreen Marine Taiwan | 503,200 | 2,767,297 | ||||||
| Hindustan Aeronautics | 54,863 | 2,188,534 | ||||||
| KOC Holding | 1,072,958 | 6,750,272 | ||||||
| Larsen & Toubro | 257,948 | 11,641,024 | ||||||
| 26,492,483 | ||||||||
| Information Technology — 30.11% | ||||||||
| Accton Technology | 66,000 | 945,553 | ||||||
| Delta Electronics | 299,794 | 3,208,382 | ||||||
| HCL Technologies | 218,011 | 4,034,782 | ||||||
| Hon Hai Precision Industry | 1,940,000 | 9,426,156 | ||||||
| Infosys | 999,004 | 17,943,802 | ||||||
| Largan Precision | 73,000 | 5,542,831 | ||||||
| Lenovo Group | 1,030,000 | 1,193,589 | ||||||
| Lite-On Technology | 2,978,000 | 9,863,546 | ||||||
| MediaTek | 478,879 | 17,357,465 | ||||||
| Novatek Microelectronics | 458,000 | 8,429,140 | ||||||
| Quanta Computer | 178,000 | 1,557,330 | ||||||
| Realtek Semiconductor | 91,000 | 1,583,795 | ||||||
| Samsung Electronics | 842,263 | 50,551,421 | ||||||
| Taiwan Semiconductor Manufacturing | 3,057,404 | 73,465,205 | ||||||
| Tata Consultancy Services | 391,009 | 18,172,935 | ||||||
| Unimicron Technology | 143,000 | 848,970 | ||||||
| Wiwynn | 73,000 | 4,995,391 | ||||||
| 229,120,293 | ||||||||
| Materials — 1.96% | ||||||||
| Huaibei Mining Holdings Class A | 451,300 | 1,022,808 | ||||||
| NMDC | 855,763 | 2,070,084 | ||||||
| POSCO Holdings | 14,735 | 4,607,937 | ||||||
| Tata Steel | 1,332,556 | 2,490,079 | ||||||
| Vale | 204,603 | 2,490,124 | ||||||
| Yunnan Aluminium Class A | 715,100 | 1,347,593 | ||||||
| Zhongjin Gold Class A | 539,100 | 921,940 | ||||||
| 14,950,565 | ||||||||
| Real Estate — 0.69% | ||||||||
| China Resources Land | 1,486,000 | 4,698,987 | ||||||
| Etalon Group GDR =, † | 2,791,564 | 0 | ||||||
| KE Holdings ADR | 41,123 | 564,619 | ||||||
| 5,263,606 | ||||||||
| Total Common Stocks (cost $605,375,532) | 751,286,886 | |||||||
| Preferred Stock — 1.02% | ||||||||
| Petroleo Brasileiro 8.44% ω | 1,033,139 | 7,724,750 | ||||||
| Total Preferred Stock (cost $3,151,144) | 7,724,750 | |||||||
| Short-Term Investments — 0.70% | ||||||||
| Money Market Mutual Funds — 0.70% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 1,333,251 | 1,333,251 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 1,333,252 | 1,333,252 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,333,251 | 1,333,251 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 1,333,251 | 1,333,251 | ||||||
| Total Short-Term Investments (cost $5,333,005) | 5,333,005 | |||||||
| Total Value of Securities—100.44% (cost $613,859,681) | $ | 764,344,641 | ||||||
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
| † | Non-income producing security. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $9,933,279, which represents 1.31% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
| 158 |
| = | 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. |
Summary of abbreviations:
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
PJSC – Private Joint Stock Company
See accompanying notes, which are an integral part of the financial statements.
| 159 |
Schedules of investments
| Delaware Ivy Value Fund | March 31, 2024 |
| Number of shares | Value (US $) | |||||||
| Common Stocks — 97.14% | ||||||||
| Communication Services — 6.24% | ||||||||
| Verizon Communications | 360,339 | $ | 15,119,824 | |||||
| Walt Disney | 127,308 | 15,577,407 | ||||||
| 30,697,231 | ||||||||
| Consumer Discretionary — 9.19% | ||||||||
| Genuine Parts | 97,212 | 15,061,055 | ||||||
| Lowe's | 58,367 | 14,867,826 | ||||||
| TJX | 150,345 | 15,247,990 | ||||||
| 45,176,871 | ||||||||
| Consumer Staples — 8.44% | ||||||||
| Conagra Brands | 453,078 | 13,429,232 | ||||||
| Dollar General | 94,519 | 14,750,635 | ||||||
| Dollar Tree † | 100,085 | 13,326,318 | ||||||
| 41,506,185 | ||||||||
| Energy — 3.13% | ||||||||
| Exxon Mobil | 132,400 | 15,390,176 | ||||||
| 15,390,176 | ||||||||
| Financials — 18.36% | ||||||||
| Allstate | 86,103 | 14,896,680 | ||||||
| American International Group | 192,840 | 15,074,303 | ||||||
| Fidelity National Information Services | 204,603 | 15,177,451 | ||||||
| Travelers | 67,109 | 15,444,465 | ||||||
| Truist Financial | 362,333 | 14,123,740 | ||||||
| US Bancorp | 347,492 | 15,532,892 | ||||||
| 90,249,531 | ||||||||
| Healthcare — 18.28% | ||||||||
| Baxter International | 345,059 | 14,747,822 | ||||||
| Cigna Group | 41,277 | 14,991,394 | ||||||
| CVS Health | 191,581 | 15,280,500 | ||||||
| Hologic † | 193,070 | 15,051,737 | ||||||
| Johnson & Johnson | 93,972 | 14,865,431 | ||||||
| Merck & Co. | 113,336 | 14,954,685 | ||||||
| 89,891,569 | ||||||||
| Industrials — 9.22% | ||||||||
| Dover | 84,610 | 14,992,046 | ||||||
| Honeywell International | 73,280 | 15,040,720 | ||||||
| Northrop Grumman | 31,900 | 15,269,254 | ||||||
| 45,302,020 | ||||||||
| Information Technology — 14.99% | ||||||||
| Cisco Systems | 304,419 | 15,193,553 | ||||||
| Cognizant Technology Solutions Class A | 185,973 | 13,629,961 | ||||||
| Motorola Solutions | 43,346 | 15,386,963 | ||||||
| Oracle | 118,777 | 14,919,579 | ||||||
| Teledyne Technologies † | 33,957 | 14,578,419 | ||||||
| 73,708,475 | ||||||||
| Materials — 3.10% | ||||||||
| DuPont de Nemours | 198,940 | 15,252,730 | ||||||
| 15,252,730 | ||||||||
| Real Estate — 3.11% | ||||||||
| Equity Residential | 241,996 | 15,272,367 | ||||||
| 15,272,367 | ||||||||
| Utilities — 3.08% | ||||||||
| Duke Energy | 156,700 | 15,154,457 | ||||||
| 15,154,457 | ||||||||
| Total Common Stocks (cost $418,631,612) | 477,601,612 | |||||||
| Short-Term Investments — 2.51% | ||||||||
| Money Market Mutual Funds — 2.51% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 3,085,786 | 3,085,786 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 3,085,785 | 3,085,785 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 3,085,786 | 3,085,786 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 3,085,785 | 3,085,785 | ||||||
| Total Short-Term Investments (cost $12,343,142) | 12,343,142 | |||||||
| Total Value of Securities—99.65% (cost $430,974,754) | $ | 489,944,754 | ||||||
| † | Non-income producing security. |
See accompanying notes, which are an integral part of the financial statements.
| 160 |
Statements of assets and liabilities
| Ivy Funds | March 31, 2024 |
| Delaware Global Equity Fund II | Delaware International Equity Fund II | Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value* | $ | 260,498,667 | $ | 89,545,697 | $ | 332,146,061 | $ | 3,734,190,125 | ||||||||
| Foreign currencies, at valueΔ | 559,374 | 453,677 | — | — | ||||||||||||
| Cash | 155 | — | 371,125 | 206,752 | ||||||||||||
| Cash collateral due from brokers | — | — | 1,344,566 | — | ||||||||||||
| Foreign tax reclaims receivable | 1,152,523 | 702,181 | — | 66,631 | ||||||||||||
| Receivable for securities sold | 477,987 | 993,250 | 1,021,157 | 22,209,026 | ||||||||||||
| Dividends and interest receivable | 248,204 | 215,261 | 2,577,607 | 1,033,521 | ||||||||||||
| Receivable for fund shares sold | 242,485 | 89,000 | 684,743 | 2,821,164 | ||||||||||||
| Prepaid expenses | 88,316 | 85,429 | 77,961 | 140,340 | ||||||||||||
| Variation margin due from brokers on centrally cleared credit default swap contracts | — | — | 829 | — | ||||||||||||
| Other assets | 38,088 | 36,516 | 53,664 | 138,723 | ||||||||||||
| Total Assets | 263,305,799 | 92,121,011 | 338,277,713 | 3,760,806,282 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Due to custodian | — | 113,129 | — | — | ||||||||||||
| Payable for fund shares redeemed | 369,420 | 304,821 | 1,335,019 | 5,043,966 | ||||||||||||
| Investment management fees payable to affiliates | 191,546 | 4,707 | 232,573 | 2,920,289 | ||||||||||||
| IRS compliance fee for foreign withholding tax claims (see Note 1) | 137,573 | — | — | — | ||||||||||||
| Administration expenses payable to affiliates | 127,837 | 53,482 | 210,539 | 214,594 | ||||||||||||
| Other accrued expenses | 101,101 | 83,957 | 42,895 | 1,222,808 | ||||||||||||
| Distribution fees payable to affiliates | 39,069 | 8,207 | 29,086 | 616,494 | ||||||||||||
| Payable for securities purchased | — | — | — | 19,690,376 | ||||||||||||
| Distribution payable | — | — | 6,932 | — | ||||||||||||
| Variation margin due to broker on futures contracts | — | — | 86,221 | — | ||||||||||||
| Total Liabilities | 966,546 | 568,303 | 1,943,265 | 29,708,527 | ||||||||||||
| Total Net Assets | $ | 262,339,253 | $ | 91,552,708 | $ | 336,334,448 | $ | 3,731,097,755 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in capital | $ | 250,440,722 | $ | 104,294,845 | $ | 449,293,920 | $ | 1,805,479,142 | ||||||||
| Total distributable earnings (loss) | 11,898,531 | (12,742,137 | ) | (112,959,472 | ) | 1,925,618,613 | ||||||||||
| Total Net Assets | $ | 262,339,253 | $ | 91,552,708 | $ | 336,334,448 | $ | 3,731,097,755 | ||||||||
| 161 |
Statements of assets and liabilities
Ivy Funds
| Delaware Global Equity Fund II | Delaware International Equity Fund II | Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||
| Net Asset Value | ||||||||||||||||
| Class A: | ||||||||||||||||
| Net assets | $ | 174,222,440 | $ | 35,658,591 | $ | 119,818,015 | $ | 2,846,374,308 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 19,486,427 | 2,297,060 | 13,068,732 | 166,358,441 | ||||||||||||
| Net asset value per share | $ | 8.94 | $ | 15.52 | $ | 9.17 | $ | 17.11 | ||||||||
| Sales charge | 5.75 | % | 5.75 | % | 4.50 | % | 5.75 | % | ||||||||
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 9.49 | $ | 16.47 | $ | 9.60 | $ | 18.15 | ||||||||
| Class C: | ||||||||||||||||
| Net assets | $ | 1,880,833 | $ | 323,061 | $ | 2,600,494 | $ | 18,100,826 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 212,565 | 22,958 | 283,650 | 1,466,894 | ||||||||||||
| Net asset value per share | $ | 8.85 | $ | 14.07 | $ | 9.17 | $ | 12.34 | ||||||||
| Class I: | ||||||||||||||||
| Net assets | $ | 83,353,951 | $ | 20,047,775 | $ | 150,193,320 | $ | 764,906,178 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 9,282,480 | 1,242,034 | 16,381,779 | 36,322,284 | ||||||||||||
| Net asset value per share | $ | 8.98 | $ | 16.14 | $ | 9.17 | $ | 21.06 | ||||||||
| Class R: | ||||||||||||||||
| Net assets | $ | 260,063 | $ | 362,815 | $ | 939,108 | $ | 160,599 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 29,158 | 23,722 | 102,415 | 9,539 | ||||||||||||
| Net asset value per share | $ | 8.92 | $ | 15.29 | $ | 9.17 | $ | 16.84 | ||||||||
| Class R6: | ||||||||||||||||
| Net assets | $ | 1,349,258 | $ | 34,613,946 | $ | 57,890,160 | $ | 70,742,620 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 149,838 | 2,143,115 | 6,314,784 | 3,348,703 | ||||||||||||
| Net asset value per share | $ | 9.00 | $ | 16.15 | $ | 9.17 | $ | 21.13 | ||||||||
| Class Y: | ||||||||||||||||
| Net assets | $ | 1,272,708 | $ | 546,520 | $ | 4,893,351 | $ | 30,813,224 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 142,329 | 34,512 | 533,708 | 1,545,723 | ||||||||||||
| Net asset value per share | $ | 8.94 | $ | 15.84 | $ | 9.17 | $ | 19.93 | ||||||||
| *Investments, at cost | $ | 226,331,867 | $ | 79,875,337 | $ | 344,171,392 | $ | 1,933,371,509 | ||||||||
| ΔForeign currencies, at cost | 561,460 | 456,202 | — | — | ||||||||||||
See accompanying notes, which are an integral part of the financial statements.
| 162 |
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value* | $ | 463,233,006 | $ | 545,024,581 | $ | 2,260,955,858 | $ | 1,301,904,813 | ||||||||
| Investments of affiliated issuers, at value** | — | — | 124,990,445 | — | ||||||||||||
| Foreign currencies, at valueΔ | 6,213,083 | 845,331 | — | 6,128,333 | ||||||||||||
| Cash | — | 25,200 | 13,530,624 | 105,301 | ||||||||||||
| Cash collateral due from brokers | 8,009,853 | — | — | — | ||||||||||||
| Dividends and interest receivable | 4,918,849 | 402,713 | 38,468,123 | 3,214,903 | ||||||||||||
| Receivable for securities sold | 3,030,786 | 289,075 | 5,552,506 | 16,054,332 | ||||||||||||
| Receivable for fund shares sold | 636,366 | 758,660 | 3,186,567 | 2,213,988 | ||||||||||||
| Upfront payments paid on over-the-counter credit default swap contracts | 270,141 | — | — | — | ||||||||||||
| Unrealized appreciation on forward foreign currency exchange contracts | 149,003 | — | — | — | ||||||||||||
| Variation margin due from broker on futures contracts | 125,886 | — | — | — | ||||||||||||
| Prepaid expenses | 83,973 | 95,185 | 107,568 | 95,454 | ||||||||||||
| Foreign tax reclaims receivable | — | 457,597 | — | 7,425,387 | ||||||||||||
| Other assets | 42,733 | 59,752 | 127,957 | 48,269 | ||||||||||||
| Total Assets | 486,713,679 | 547,958,094 | 2,446,919,648 | 1,337,190,780 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Options written, at valueΣ | 7,374 | — | — | — | ||||||||||||
| Due to custodian | 373,931 | — | — | — | ||||||||||||
| Payable for securities purchased | 1,895,620 | — | 57,994,290 | — | ||||||||||||
| Unrealized depreciation on forward foreign currency exchange contracts | 901,947 | — | — | — | ||||||||||||
| Payable for fund shares redeemed | 613,628 | 1,371,742 | 8,418,812 | 2,683,988 | ||||||||||||
| Investment management fees payable to affiliates | 200,494 | 1,156,229 | 1,180,540 | 875,993 | ||||||||||||
| Cash collateral due to brokers | 190,000 | — | — | — | ||||||||||||
| Other accrued expenses | 164,889 | 138,352 | 958,727 | 526,325 | ||||||||||||
| Unrealized depreciation on over-the-counter credit default swap contracts | 155,381 | — | — | — | ||||||||||||
| Administration expenses payable to affiliates | 104,397 | 210,291 | 209,313 | 209,313 | ||||||||||||
| Due to brokers | 26,853 | — | — | — | ||||||||||||
| Distribution fees payable to affiliates | 22,366 | 72,258 | 355,248 | 102,546 | ||||||||||||
| Variation margin due to brokers on centrally cleared interest rate swap contracts | 18,678 | — | — | — | ||||||||||||
| Distribution payable | — | — | 205,250 | — | ||||||||||||
| Accrued capital gains taxes on appreciated securities | — | 814,333 | — | 3,002,475 | ||||||||||||
| IRS compliance fee for foreign withholding tax claims (see Note 1) | — | 981,202 | — | 519,011 | ||||||||||||
| Total Liabilities | 4,675,558 | 4,744,407 | 69,322,180 | 7,919,651 | ||||||||||||
| Total Net Assets | $ | 482,038,121 | $ | 543,213,687 | $ | 2,377,597,468 | $ | 1,329,271,129 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in capital | $ | 588,231,687 | $ | 339,985,782 | $ | 4,374,470,427 | $ | 1,108,036,118 | ||||||||
| Total distributable earnings (loss) | (106,193,566 | ) | 203,227,905 | (1,996,872,959 | ) | 221,235,011 | ||||||||||
| Total Net Assets | $ | 482,038,121 | $ | 543,213,687 | $ | 2,377,597,468 | $ | 1,329,271,129 | ||||||||
| 163 |
Statements of assets and liabilities
Ivy Funds
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||
| Net Asset Value | ||||||||||||||||
| Class A: | ||||||||||||||||
| Net assets | $ | 96,399,911 | $ | 346,464,456 | $ | 1,109,864,725 | $ | 293,101,777 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 10,534,236 | 9,989,049 | 182,549,971 | 13,966,052 | ||||||||||||
| Net asset value per share | $ | 9.15 | $ | 34.68 | $ | 6.08 | $ | 20.99 | ||||||||
| Sales charge | 4.50 | % | 5.75 | % | 4.50 | % | 5.75 | % | ||||||||
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 9.58 | $ | 36.80 | $ | 6.37 | $ | 22.27 | ||||||||
| Class C: | ||||||||||||||||
| Net assets | $ | 1,728,753 | $ | 2,164,027 | $ | 111,787,052 | $ | 18,338,174 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 189,149 | 104,175 | 18,385,131 | 1,005,584 | ||||||||||||
| Net asset value per share | $ | 9.14 | $ | 20.77 | $ | 6.08 | $ | 18.24 | ||||||||
| Class I: | ||||||||||||||||
| Net assets | $ | 210,566,639 | $ | 177,271,728 | $ | 1,013,680,343 | $ | 693,391,408 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 23,038,625 | 4,838,670 | 166,731,570 | 32,737,313 | ||||||||||||
| Net asset value per share | $ | 9.14 | $ | 36.64 | $ | 6.08 | $ | 21.18 | ||||||||
| Class R: | ||||||||||||||||
| Net assets | $ | 342,134 | $ | 772,086 | $ | 32,778,279 | $ | 40,626,634 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 37,494 | 23,025 | 5,390,989 | 1,937,747 | ||||||||||||
| Net asset value per share | $ | 9.13 | $ | 33.53 | $ | 6.08 | $ | 20.97 | ||||||||
| Class R6: | ||||||||||||||||
| Net assets | $ | 171,001,879 | $ | 14,681,111 | $ | 53,111,150 | $ | 244,996,444 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 18,726,166 | 399,629 | 8,735,362 | 11,532,035 | ||||||||||||
| Net asset value per share | $ | 9.13 | $ | 36.74 | $ | 6.08 | $ | 21.24 | ||||||||
| Class Y: | ||||||||||||||||
| Net assets | $ | 1,998,805 | $ | 1,860,279 | $ | 56,375,919 | $ | 38,816,692 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 218,473 | 53,096 | 9,272,227 | 1,834,112 | ||||||||||||
| Net asset value per share | $ | 9.15 | $ | 35.04 | $ | 6.08 | $ | 21.16 | ||||||||
| *Investments, at cost | $ | 465,525,763 | $ | 363,480,391 | $ | 2,378,415,325 | $ | 1,019,730,271 | ||||||||
| **Investments of affiliated issuers, at cost | — | — | 292,209,622 | — | ||||||||||||
| ΔForeign currencies, at cost | 6,270,202 | 850,095 | — | 6,193,944 | ||||||||||||
| ΣOptions written, premium received | (296,107 | ) | — | — | — | |||||||||||
See accompanying notes, which are an integral part of the financial statements.
| 164 |
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value* | $ | 6,769,270,473 | $ | 211,780 | $ | 6,252,891,719 | $ | 1,170,282,507 | ||||||||
| Investments of affiliated issuers, at value** | — | 41,392,405 | — | — | ||||||||||||
| Cash | 18,922,588 | — | 250,370 | 815,940 | ||||||||||||
| Receivable for securities sold | 24,504,297 | 865,399 | 4,300,655 | 1,744,169 | ||||||||||||
| Receivable for fund shares sold | 8,259,417 | 100,994 | 9,253,325 | 3,145,749 | ||||||||||||
| Dividends and interest receivable | 3,072,080 | 995 | 2,129,339 | 935,467 | ||||||||||||
| Prepaid expenses | 184,307 | 72,886 | 162,171 | 76,919 | ||||||||||||
| Foreign tax reclaims receivable | 68,711 | — | — | 64,413 | ||||||||||||
| Other assets | 113,483 | 33,443 | 67,060 | 88,611 | ||||||||||||
| Total Assets | 6,824,395,356 | 42,677,902 | 6,269,054,639 | 1,177,153,775 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable for fund shares redeemed | 9,357,756 | 971,071 | 11,312,148 | 3,855,959 | ||||||||||||
| Payable for securities purchased | 7,269,840 | — | 9,176,276 | — | ||||||||||||
| Other accrued expenses | 1,667,300 | 35,086 | 1,622,296 | 221,425 | ||||||||||||
| Investment management fees payable to affiliates | 950,361 | 1,970 | 365,577 | 354,236 | ||||||||||||
| Distribution fees payable to affiliates | 606,374 | 5,538 | 455,993 | 58,674 | ||||||||||||
| Administration expenses payable to affiliates | 209,671 | 38,081 | 209,313 | 229,452 | ||||||||||||
| Total Liabilities | 20,061,302 | 1,051,746 | 23,141,603 | 4,719,746 | ||||||||||||
| Total Net Assets | $ | 6,804,334,054 | $ | 41,626,156 | $ | 6,245,913,036 | $ | 1,172,434,029 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in capital | $ | 2,626,778,586 | $ | 27,051,744 | $ | 4,150,041,492 | $ | 753,242,275 | ||||||||
| Total distributable earnings (loss) | 4,177,555,468 | 14,574,412 | 2,095,871,544 | 419,191,754 | ||||||||||||
| Total Net Assets | $ | 6,804,334,054 | $ | 41,626,156 | $ | 6,245,913,036 | $ | 1,172,434,029 | ||||||||
| 165 |
Statements of assets and liabilities
Ivy Funds
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||
| Net Asset Value | ||||||||||||||||
| Class A: | ||||||||||||||||
| Net assets | $ | 2,532,713,684 | $ | 23,221,330 | $ | 1,549,166,861 | $ | 164,478,447 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 77,511,900 | 2,283,663 | 55,013,738 | 8,364,431 | ||||||||||||
| Net asset value per share | $ | 32.68 | $ | 10.17 | $ | 28.16 | $ | 19.66 | ||||||||
| Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 34.67 | $ | 10.79 | $ | 29.88 | $ | 20.86 | ||||||||
| Class C: | ||||||||||||||||
| Net assets | $ | 61,155,959 | $ | 288,288 | $ | 68,707,873 | $ | 18,741,859 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 2,759,016 | 29,542 | 3,445,190 | 955,236 | ||||||||||||
| Net asset value per share | $ | 22.17 | $ | 9.76 | $ | 19.94 | $ | 19.62 | ||||||||
| Class I: | ||||||||||||||||
| Net assets | $ | 3,830,418,211 | $ | 17,897,009 | $ | 3,054,251,738 | $ | 865,422,941 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 106,637,946 | 1,736,233 | 93,924,818 | 43,982,701 | ||||||||||||
| Net asset value per share | $ | 35.92 | $ | 10.31 | $ | 32.52 | $ | 19.68 | ||||||||
| Class R: | ||||||||||||||||
| Net assets | $ | 34,190,429 | $ | 119,843 | $ | 54,529,572 | $ | 13,116,504 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 1,138,446 | 11,931 | 2,062,233 | 667,672 | ||||||||||||
| Net asset value per share | $ | 30.03 | $ | 10.04 | $ | 26.44 | $ | 19.65 | ||||||||
| Class R6: | ||||||||||||||||
| Net assets | $ | 313,271,748 | $ | 13,841 | $ | 1,292,279,352 | $ | 95,788,808 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 8,636,250 | 1,335 | 39,200,302 | 4,867,862 | ||||||||||||
| Net asset value per share | $ | 36.27 | $ | 10.37 | $ | 32.97 | $ | 19.68 | ||||||||
| Class Y: | ||||||||||||||||
| Net assets | $ | 32,584,023 | $ | 85,845 | $ | 226,977,640 | $ | 14,885,470 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 955,541 | 8,428 | 7,476,350 | 752,514 | ||||||||||||
| Net asset value per share | $ | 34.10 | $ | 10.19 | $ | 30.36 | $ | 19.78 | ||||||||
| *Investments, at cost | $ | 2,707,828,842 | $ | 211,780 | $ | 4,287,101,961 | $ | 776,002,722 | ||||||||
| **Investments of affiliated issuers, at cost | — | 29,076,538 | — | — | ||||||||||||
See accompanying notes, which are an integral part of the financial statements.
| 166 |
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundf | Delaware Ivy Value Fund | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value* | $ | 1,384,603,121 | $ | 340,384,424 | $ | 764,344,641 | $ | 489,944,754 | ||||||||
| Foreign currencies, at valueΔ | — | — | 198,358 | — | ||||||||||||
| Cash | 313,729 | 83,868 | 293,430 | 67,109 | ||||||||||||
| Receivable for securities sold | 12,495,974 | 182,402 | — | 2,538,794 | ||||||||||||
| Receivable for fund shares sold | 2,199,150 | 873,568 | 1,319,604 | 1,132,000 | ||||||||||||
| Dividends and interest receivable | 216,286 | 255,033 | 3,416,989 | 782,611 | ||||||||||||
| Prepaid expenses | 86,659 | 74,937 | 88,148 | 90,852 | ||||||||||||
| Foreign tax reclaims receivable | — | — | 148,737 | — | ||||||||||||
| Other assets | 75,038 | 60,437 | 47,898 | 64,540 | ||||||||||||
| Total Assets | 1,399,989,957 | 341,914,669 | 769,857,805 | 494,620,660 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable for securities purchased | 8,091,934 | 202,075 | — | — | ||||||||||||
| Payable for fund shares redeemed | 3,384,175 | 1,301,972 | 2,206,184 | 2,489,708 | ||||||||||||
| Investment management fees payable to affiliates | 1,171,353 | 398,140 | 56,918 | 101,112 | ||||||||||||
| Other accrued expenses | 523,771 | 88,624 | 380,457 | 119,018 | ||||||||||||
| Administration expenses payable to affiliates | 224,417 | 152,509 | 210,683 | 208,867 | ||||||||||||
| Distribution fees payable to affiliates | 177,765 | 43,454 | 56,211 | 57,921 | ||||||||||||
| Accrued capital gains taxes on appreciated securities | — | — | 5,919,548 | — | ||||||||||||
| Total Liabilities | 13,573,415 | 2,186,774 | 8,830,001 | 2,976,626 | ||||||||||||
| Total Net Assets | $ | 1,386,416,542 | $ | 339,727,895 | $ | 761,027,804 | $ | 491,644,034 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in capital | $ | 1,015,792,723 | $ | 289,028,387 | $ | 650,221,880 | $ | 440,072,078 | ||||||||
| Total distributable earnings (loss) | 370,623,819 | 50,699,508 | 110,805,924 | 51,571,956 | ||||||||||||
| Total Net Assets | $ | 1,386,416,542 | $ | 339,727,895 | $ | 761,027,804 | $ | 491,644,034 | ||||||||
| 167 |
Statements of assets and liabilities
Ivy Funds
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundf | Delaware Ivy Value Fund | |||||||||||||
| Net Asset Value | ||||||||||||||||
| Class A: | ||||||||||||||||
| Net assets | $ | 647,244,339 | $ | 115,866,640 | $ | 158,395,754 | $ | 258,765,698 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 49,914,981 | 7,322,253 | 8,540,049 | 14,523,944 | ||||||||||||
| Net asset value per share | $ | 12.97 | $ | 15.82 | $ | 18.55 | $ | 17.82 | ||||||||
| Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 13.76 | $ | 16.79 | $ | 19.68 | $ | 18.91 | ||||||||
| Class C: | ||||||||||||||||
| Net assets | $ | 16,724,148 | $ | 11,117,214 | $ | 16,557,859 | $ | 4,794,308 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 2,368,651 | 951,609 | 1,095,561 | 295,574 | ||||||||||||
| Net asset value per share | $ | 7.06 | $ | 11.68 | $ | 15.11 | $ | 16.22 | ||||||||
| Class I: | ||||||||||||||||
| Net assets | $ | 468,024,603 | $ | 144,334,260 | $ | 432,707,801 | $ | 226,256,822 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 21,218,614 | 7,865,965 | 22,336,019 | 12,557,648 | ||||||||||||
| Net asset value per share | $ | 22.06 | $ | 18.35 | $ | 19.37 | $ | 18.02 | ||||||||
| Class R: | ||||||||||||||||
| Net assets | $ | 44,935,318 | $ | 21,640,551 | $ | 5,880,330 | $ | 6,857 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 3,688,139 | 1,389,628 | 322,212 | 387 | ||||||||||||
| Net asset value per share | $ | 12.18 | $ | 15.57 | $ | 18.25 | $ | 17.75 | ** | |||||||
| Class R6: | ||||||||||||||||
| Net assets | $ | 175,469,078 | $ | 40,996,825 | $ | 120,493,408 | $ | 1,737,054 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 7,867,591 | 2,204,667 | 6,183,692 | 95,202 | ||||||||||||
| Net asset value per share | $ | 22.30 | $ | 18.60 | $ | 19.49 | $ | 18.25 | ||||||||
| Class Y: | ||||||||||||||||
| Net assets | $ | 34,019,056 | $ | 5,772,405 | $ | 26,992,652 | $ | 83,295 | ||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 1,738,857 | 333,650 | 1,420,543 | 4,689 | ||||||||||||
| Net asset value per share | $ | 19.56 | $ | 17.30 | $ | 19.00 | $ | 17.76 | ||||||||
| *Investments, at cost | $ | 1,063,153,253 | $ | 281,089,318 | $ | 613,859,681 | $ | 430,974,754 | ||||||||
| ΔForeign currencies, at cost | — | — | 198,898 | — | ||||||||||||
| f | Consolidated statement of assets and liabilities. |
| ** | Net asset value per share does not recalculate exactly, due to rounding. |
See accompanying notes, which are an integral part of the financial statements.
| 168 |
Ivy Funds | Year ended March 31, 2024 |
| Delaware Global Equity Fund II | Delaware International Equity Fund II | Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||
| Investment Income: | ||||||||||||||||
| Dividends | $ | 6,703,282 | $ | 2,990,133 | $ | 420,955 | $ | 40,552,365 | ||||||||
| Reclaim income | 879,326 | — | — | — | ||||||||||||
| Interest | — | — | 19,747,447 | — | ||||||||||||
| Securities lending income | — | 94 | — | — | ||||||||||||
| IRS compliance fee for foreign withholding tax claims (see Note 1) | (137,573 | ) | — | — | — | |||||||||||
| Foreign tax withheld | (639,072 | ) | (333,504 | ) | — | (259,395 | ) | |||||||||
| 6,805,963 | 2,656,723 | 20,168,402 | 40,292,970 | |||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 1,989,115 | 1,091,713 | 2,092,744 | 21,804,459 | ||||||||||||
| Distribution expenses — Class A | 454,180 | 96,042 | 312,716 | 6,484,790 | ||||||||||||
| Distribution expenses — Class C | 21,223 | 3,593 | 32,544 | 169,681 | ||||||||||||
| Distribution expenses — Class R | 1,191 | 1,069 | 4,486 | 989 | ||||||||||||
| Distribution expenses — Class Y | 3,058 | 1,675 | 11,780 | 67,208 | ||||||||||||
| Dividend disbursing and transfer agent fees and expenses | 463,690 | 129,436 | 280,746 | 2,240,939 | ||||||||||||
| Accounting and administration expenses | 93,598 | 44,801 | 72,299 | 525,304 | ||||||||||||
| Registration fees | 90,026 | 91,885 | 93,119 | 156,508 | ||||||||||||
| Custodian fees | 43,549 | 43,803 | 3,300 | 27,156 | ||||||||||||
| Audit and tax fees | 40,559 | 47,933 | 53,993 | 41,975 | ||||||||||||
| Reports and statements to shareholders expenses | 37,408 | 69,859 | 32,972 | 320,779 | ||||||||||||
| Trustees’ fees and expenses | 28,094 | 13,134 | 24,129 | 242,372 | ||||||||||||
| Legal fees | 24,237 | 13,267 | 25,917 | 237,271 | ||||||||||||
| Other | 24,406 | 11,998 | 56,821 | 54,224 | ||||||||||||
| 3,314,334 | 1,660,208 | 3,097,566 | 32,373,655 | |||||||||||||
| Less expenses waived | (220,738 | ) | (663,191 | ) | (1,010,030 | ) | (38,838 | ) | ||||||||
| Less expenses paid indirectly | (1,127 | ) | (565 | ) | (1,324 | ) | (4,693 | ) | ||||||||
| Total operating expenses | 3,092,469 | 996,452 | 2,086,212 | 32,330,124 | ||||||||||||
| Net Investment Income (Loss) | 3,713,494 | 1,660,271 | 18,082,190 | 7,962,846 | ||||||||||||
| 169 |
Statements of operations
Ivy Funds
| Delaware Global Equity Fund II | Delaware International Equity Fund II | Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||
| Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments* | $ | 3,368,679 | $ | (9,032,406 | ) | $ | (15,954,583 | ) | $ | 303,961,897 | ||||||
| Foreign currencies | (189,823 | ) | (297,634 | ) | 110,042 | — | ||||||||||
| Forward foreign currency exchange contracts | — | — | (105,962 | ) | — | |||||||||||
| Futures contracts | — | — | (1,429,644 | ) | — | |||||||||||
| Options written | — | — | 13,853 | — | ||||||||||||
| Swap contracts | — | — | 84,041 | — | ||||||||||||
| Net realized gain (loss) | 3,178,856 | (9,330,040 | ) | (17,282,253 | ) | 303,961,897 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 25,261,398 | 12,524,269 | 9,424,205 | 627,513,039 | ||||||||||||
| Foreign currencies | (4,824 | ) | 128,310 | — | — | |||||||||||
| Futures contracts | — | — | (1,369,970 | ) | — | |||||||||||
| Swap contracts | — | — | (198,437 | ) | — | |||||||||||
| Net change in unrealized appreciation (depreciation) | 25,256,574 | 12,652,579 | 7,855,798 | 627,513,039 | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | 28,435,430 | 3,322,539 | (9,426,455 | ) | 931,474,936 | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 32,148,924 | $ | 4,982,810 | $ | 8,655,735 | $ | 939,437,782 | ||||||||
| * | Includes $487,284 in proceeds received from the settlement of class action litigation for Delaware Global Equity Fund II. |
See accompanying notes, which are an integral part of the financial statements.
| 170 |
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||
| Investment Income: | ||||||||||||||||
| Interest | $ | 19,392,934 | $ | — | $ | 194,534,536 | $ | — | ||||||||
| Dividends | 574,419 | 9,650,273 | 1,696,353 | 38,120,210 | ||||||||||||
| Interest from affiliated investments | — | — | 1,381,412 | — | ||||||||||||
| Reclaim income | — | 1,099,027 | — | 6,377,424 | ||||||||||||
| IRS compliance fee for foreign withholding tax claims (see Note 1) | — | (981,202 | ) | — | (519,011 | ) | ||||||||||
| Foreign tax withheld | — | (237,209 | ) | — | (3,636,191 | ) | ||||||||||
| 19,967,353 | 9,530,889 | 197,612,301 | 40,342,432 | |||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 2,741,748 | 4,348,255 | 13,480,489 | 11,141,424 | ||||||||||||
| Distribution expenses — Class A | 252,627 | 780,010 | 2,834,988 | 689,237 | ||||||||||||
| Distribution expenses — Class C | 18,906 | 21,182 | 1,256,904 | 226,344 | ||||||||||||
| Distribution expenses — Class R | 1,364 | 3,606 | 165,951 | 201,457 | ||||||||||||
| Distribution expenses — Class Y | 4,860 | 4,036 | 154,055 | 99,936 | ||||||||||||
| Dividend disbursing and transfer agent fees and expenses | 386,574 | 323,342 | 713,923 | 1,318,675 | ||||||||||||
| Registration fees | 102,858 | 51,911 | 118,412 | 57,575 | ||||||||||||
| Accounting and administration expenses | 77,386 | 32,099 | 323,966 | 169,005 | ||||||||||||
| Legal fees | 51,077 | 2,069 | 354,066 | 111,752 | ||||||||||||
| Audit and tax fees | 47,290 | 46,808 | 42,917 | 62,263 | ||||||||||||
| Trustees’ fees and expenses | 31,886 | 22,466 | 107,425 | 83,306 | ||||||||||||
| Custodian fees | 21,022 | 3,912 | 72,141 | 88,012 | ||||||||||||
| Reports and statements to shareholders expenses | 11,664 | 11,310 | 253,380 | 104,657 | ||||||||||||
| Other | 82,418 | 22,909 | 32,958 | 37,382 | ||||||||||||
| 3,831,680 | 5,673,915 | 19,911,575 | 14,391,025 | |||||||||||||
| Less expenses waived | (511,616 | ) | (74,143 | ) | — | (2,957,090 | ) | |||||||||
| Less expenses paid indirectly | (1,077 | ) | (1,653 | ) | (3,989 | ) | (2,349 | ) | ||||||||
| Total operating expenses | 3,318,987 | 5,598,119 | 19,907,586 | 11,431,586 | ||||||||||||
| Net Investment Income (Loss) | 16,648,366 | 3,932,770 | 177,704,715 | 28,910,846 | ||||||||||||
| 171 |
Statements of operations
Ivy Funds
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||
| Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments*, 1 | $ | (7,841,309 | ) | $ | 34,981,107 | $ | (153,990,160 | ) | $ | 20,027,495 | ||||||
| Foreign currencies | (164,123 | ) | (163,589 | ) | (812,955 | ) | (2,546,852 | ) | ||||||||
| Forward foreign currency exchange contracts | 4,900,016 | — | 52,953 | — | ||||||||||||
| Futures contracts | (467,011 | ) | — | — | — | |||||||||||
| Options purchased | (889,088 | ) | — | — | — | |||||||||||
| Options written | 1,397,743 | — | — | — | ||||||||||||
| Swap contracts | 302,336 | — | — | — | ||||||||||||
| Net realized gain (loss) | (2,761,436 | ) | 34,817,518 | (154,750,162 | ) | 17,480,643 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments2 | 8,641,857 | 76,967,875 | 228,485,433 | 129,673,592 | ||||||||||||
| Affiliated investments | — | — | 9,316,202 | — | ||||||||||||
| Foreign currencies | (93,790 | ) | 24,592 | 50,438 | 564,048 | |||||||||||
| Forward foreign currency exchange contracts | (1,340,306 | ) | — | (60,529 | ) | — | ||||||||||
| Futures contracts | (1,836,129 | ) | — | — | — | |||||||||||
| Options purchased | 258,523 | — | — | — | ||||||||||||
| Options written | (153,509 | ) | — | — | — | |||||||||||
| Swap contracts | 105,960 | — | — | — | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 5,582,606 | 76,992,467 | 237,791,544 | 130,237,640 | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | 2,821,170 | 111,809,985 | 83,041,382 | 147,718,283 | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 19,469,536 | $ | 115,742,755 | $ | 260,746,097 | $ | 176,629,129 | ||||||||
| * | Includes $1,260,994 in proceeds received from the settlement of class action litigation for Delaware Ivy International Core Equity Fund. |
| 1 | Includes $(621,951) and $(1,618) capital gains tax paid for Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund, respectively. |
| 2 | Includes $(814,333) and $(3,002,475) capital gains tax accrued for Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 172 |
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||
| Investment Income: | ||||||||||||||||
| Dividends | $ | 38,481,666 | $ | 16,964 | $ | 31,985,632 | $ | 31,668,199 | ||||||||
| Dividends from affiliated investments | — | 1,701,623 | — | — | ||||||||||||
| Foreign tax withheld | (598,907 | ) | — | — | — | |||||||||||
| 37,882,759 | 1,718,587 | 31,985,632 | 31,668,199 | |||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 35,480,495 | 33,300 | 46,067,351 | 9,889,188 | ||||||||||||
| Distribution expenses — Class A | 5,755,203 | 79,575 | 3,727,858 | 405,241 | ||||||||||||
| Distribution expenses — Class C | 519,061 | 4,541 | 682,159 | 189,676 | ||||||||||||
| Distribution expenses — Class R | 98,851 | 509 | 275,077 | 30,532 | ||||||||||||
| Distribution expenses — Class Y | 71,086 | 216 | 544,861 | 31,239 | ||||||||||||
| Dividend disbursing and transfer agent fees and expenses | 5,704,591 | 130,680 | 6,687,132 | 992,699 | ||||||||||||
| Accounting and administration expenses | 902,349 | 24,962 | 940,926 | 205,751 | ||||||||||||
| Reports and statements to shareholders expenses | 408,899 | 20,870 | 705,491 | 142,895 | ||||||||||||
| Legal fees | 383,529 | 4,927 | 460,337 | 106,782 | ||||||||||||
| Trustees’ fees and expenses | 309,716 | 3,248 | 313,797 | 67,667 | ||||||||||||
| Registration fees | 250,529 | 16,800 | 187,813 | 122,582 | ||||||||||||
| Audit and tax fees | 39,914 | 23,458 | 41,569 | 38,754 | ||||||||||||
| Custodian fees | 6,239 | 1,758 | 64,779 | 13,758 | ||||||||||||
| Other | 114,929 | 10,489 | 150,513 | 31,370 | ||||||||||||
| 50,045,391 | 355,333 | 60,849,663 | 12,268,134 | |||||||||||||
| Less expenses waived | (5,877,560 | ) | — | (10,317,282 | ) | (1,984,311 | ) | |||||||||
| Less expenses paid indirectly | (5,085 | ) | (409 | ) | (7,757 | ) | (1,577 | ) | ||||||||
| Total operating expenses | 44,162,746 | 354,924 | 50,524,624 | 10,282,246 | ||||||||||||
| Net Investment Income (Loss) | (6,279,987 | ) | 1,363,663 | (18,538,992 | ) | 21,385,953 | ||||||||||
| 173 |
Statements of operations
Ivy Funds
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||
| Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | $ | 266,207,078 | $ | — | $ | 219,577,322 | $ | 55,256,132 | ||||||||
| Affiliated investments | — | 6,294,362 | — | — | ||||||||||||
| Foreign currencies | (20 | ) | — | — | — | |||||||||||
| Net realized gain (loss) | 266,207,058 | 6,294,362 | 219,577,322 | 55,256,132 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 1,496,273,822 | — | 658,199,829 | 132,600,856 | ||||||||||||
| Affiliated investments | — | (1,314,276 | ) | — | — | |||||||||||
| Net change in unrealized appreciation (depreciation) | 1,496,273,822 | (1,314,276 | ) | 658,199,829 | 132,600,856 | |||||||||||
| Net Realized and Unrealized Gain (Loss) | 1,762,480,880 | 4,980,086 | 877,777,151 | 187,856,988 | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,756,200,893 | $ | 6,343,749 | $ | 859,238,159 | $ | 209,242,941 | ||||||||
See accompanying notes, which are an integral part of the financial statements.
| 174 |
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundf | Delaware Ivy Value Fund | |||||||||||||
| Investment Income: | ||||||||||||||||
| Dividends | $ | 4,900,862 | $ | 4,638,651 | $ | 33,854,214 | $ | 14,246,910 | ||||||||
| Foreign tax withheld | — | — | (4,245,782 | ) | — | |||||||||||
| 4,900,862 | 4,638,651 | 29,608,432 | 14,246,910 | |||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 11,892,661 | 2,763,901 | 7,661,759 | 4,005,787 | ||||||||||||
| Distribution expenses — Class A | 1,560,179 | 269,724 | 411,193 | 703,493 | ||||||||||||
| Distribution expenses — Class C | 174,067 | 112,075 | 194,115 | 53,580 | ||||||||||||
| Distribution expenses — Class R | 208,515 | 96,679 | 28,041 | 32 | ||||||||||||
| Distribution expenses — Class Y | 131,584 | 12,925 | 65,059 | 227 | ||||||||||||
| Dividend disbursing and transfer agent fees and expenses | 1,377,377 | 163,514 | 1,173,485 | 868,553 | ||||||||||||
| Reports and statements to shareholders expenses | 209,044 | 123,213 | 126,411 | 81,442 | ||||||||||||
| Accounting and administration expenses | 161,982 | 23,223 | 70,852 | 80,405 | ||||||||||||
| Legal fees | 114,901 | 41,318 | 68,801 | 48,243 | ||||||||||||
| Registration fees | 59,724 | 93,048 | 58,857 | 114,982 | ||||||||||||
| Audit and tax fees | 39,891 | 56,339 | 72,553 | 41,843 | ||||||||||||
| Trustees’ fees and expenses | 26,105 | 19,856 | 54,093 | 39,465 | ||||||||||||
| Custodian fees | 19,513 | 10,231 | 694,161 | 9,035 | ||||||||||||
| Other | 52,487 | 12,897 | 53,318 | 27,915 | ||||||||||||
| 16,028,030 | 3,798,943 | 10,732,698 | 6,075,002 | |||||||||||||
| Less expenses waived | (1,555,812 | ) | (445,873 | ) | (3,601,207 | ) | (567,583 | ) | ||||||||
| Less expenses paid indirectly | (3,402 | ) | (988 | ) | (2,002 | ) | (1,681 | ) | ||||||||
| Total operating expenses | 14,468,816 | 3,352,082 | 7,129,489 | 5,505,738 | ||||||||||||
| Net Investment Income (Loss) | (9,567,954 | ) | 1,286,569 | 22,478,943 | 8,741,172 | |||||||||||
| 175 |
Statements of operations
Ivy Funds
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fundf | Delaware Ivy Value Fund | |||||||||||||
| Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments*, 1 | $ | 71,849,436 | $ | 5,714,445 | $ | (17,515,711 | ) | $ | (5,788,438 | ) | ||||||
| Foreign currencies | — | — | (102,569 | ) | — | |||||||||||
| Forward foreign currency exchange contracts | — | — | (1,035,360 | ) | — | |||||||||||
| Net realized gain (loss) | 71,849,436 | 5,714,445 | (18,653,640 | ) | (5,788,438 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments2 | 152,099,587 | 54,446,145 | 71,724,925 | 72,604,329 | ||||||||||||
| Foreign currencies | — | — | 132,760 | — | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 152,099,587 | 54,446,145 | 71,857,685 | 72,604,329 | ||||||||||||
| Net Realized and Unrealized Gain (Loss) | 223,949,023 | 60,160,590 | 53,204,045 | 66,815,891 | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 214,381,069 | $ | 61,447,159 | $ | 75,682,988 | $ | 75,557,063 | ||||||||
| * | Includes $829,645 and $439,920 in proceeds received from the settlement of class action litigation for Delaware Ivy Small Cap Growth Fund and Delaware Ivy Value Fund, respectively. |
| 1 | Includes $(3,009,769) capital gains tax paid for Delaware Ivy Systematic Emerging Markets Equity Fund. |
| 2 | Includes $(5,919,548) capital gains tax accrued for Delaware Ivy Systematic Emerging Markets Equity Fund. |
| f | Consolidated statement of operations. |
See accompanying notes, which are an integral part of the financial statements.
| 176 |
Statements of changes in net assets
Ivy Funds
| Delaware Global Equity Fund II | Delaware International Equity Fund II | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 3,713,494 | $ | 5,204,751 | $ | 1,660,271 | $ | 1,842,351 | ||||||||
| Net realized gain (loss) | 3,178,856 | (24,423,769 | ) | (9,330,040 | ) | (13,125,360 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | 25,256,574 | 26,559,331 | 12,652,579 | 4,931,857 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | 32,148,924 | 7,340,313 | 4,982,810 | (6,351,152 | ) | |||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (3,109,152 | ) | (81,042,548 | ) | (520,927 | ) | (4,061,811 | ) | ||||||||
| Class C | (21,249 | ) | (1,361,394 | ) | (2,476 | ) | (46,922 | ) | ||||||||
| Class E1 | — | (32,359 | ) | — | — | |||||||||||
| Class I | (1,800,146 | ) | (50,606,591 | ) | (264,442 | ) | (3,198,870 | ) | ||||||||
| Class R | (3,728 | ) | (129,753 | ) | (8,216 | ) | (3,437 | ) | ||||||||
| Class R6 | (26,007 | ) | (3,693,717 | ) | (612,365 | ) | (3,920,833 | ) | ||||||||
| Class Y | (21,419 | ) | (529,120 | ) | (10,118 | ) | (68,504 | ) | ||||||||
| (4,981,701 | ) | (137,395,482 | ) | (1,418,544 | ) | (11,300,377 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 6,574,484 | 8,664,763 | 1,632,036 | 1,447,444 | ||||||||||||
| Class C | 255,223 | 366,067 | 50,194 | 30,790 | ||||||||||||
| Class E1 | — | 35,545 | — | — | ||||||||||||
| Class I | 13,979,794 | 17,609,351 | 6,870,352 | 14,116,573 | ||||||||||||
| Class R | 5,463 | 31,074 | 254,887 | 129,893 | ||||||||||||
| Class R6 | 415,817 | 426,695 | 3,755,369 | 8,158,494 | ||||||||||||
| Class Y | 106,992 | 171,385 | 49,654 | 59,944 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 3,091,463 | 80,002,306 | 516,993 | 3,990,201 | ||||||||||||
| Class C | 21,249 | 1,360,573 | 2,476 | 46,922 | ||||||||||||
| Class E1 | — | 32,293 | — | — | ||||||||||||
| Class I | 1,796,882 | 50,502,191 | 264,328 | 3,195,614 | ||||||||||||
| Class R | 888 | 21,553 | 8,216 | 3,437 | ||||||||||||
| Class R6 | 26,007 | 3,693,717 | 612,365 | 3,920,833 | ||||||||||||
| Class Y | 21,419 | 460,409 | 10,106 | 68,419 | ||||||||||||
| 26,295,681 | 163,377,922 | 14,026,976 | 35,168,564 | |||||||||||||
| 177 |
Statements of changes in net assets
Ivy Funds
| Delaware Global Equity Fund II | Delaware International Equity Fund II | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (50,938,979 | ) | $ | (79,974,018 | ) | $ | (9,547,919 | ) | $ | (11,744,674 | ) | ||||
| Class C | (968,287 | ) | (2,719,923 | ) | (135,484 | ) | (253,378 | ) | ||||||||
| Class E1 | — | (4,439,845 | ) | — | — | |||||||||||
| Class I | (59,075,229 | ) | (106,565,919 | ) | (27,720,042 | ) | (36,732,469 | ) | ||||||||
| Class R | (3,502 | ) | (9,226 | ) | (48,566 | ) | (18,125 | ) | ||||||||
| Class R6 | (362,615 | ) | (13,437,416 | ) | (16,268,948 | ) | (27,906,179 | ) | ||||||||
| Class Y | (398,875 | ) | (364,631 | ) | (226,139 | ) | (296,311 | ) | ||||||||
| (111,747,487 | ) | (207,510,978 | ) | (53,947,098 | ) | (76,951,136 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (85,451,806 | ) | (44,133,056 | ) | (39,920,122 | ) | (41,782,572 | ) | ||||||||
| Net Decrease in Net Assets | (58,284,583 | ) | (174,188,225 | ) | (36,355,856 | ) | (59,434,101 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 320,623,836 | 494,812,061 | 127,908,564 | 187,342,665 | ||||||||||||
| End of year | $ | 262,339,253 | $ | 320,623,836 | $ | 91,552,708 | $ | 127,908,564 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
| 178 |
| Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 18,082,190 | $ | 19,095,215 | $ | 7,962,846 | $ | 13,951,993 | ||||||||
| Net realized gain (loss) | (17,282,253 | ) | (75,245,046 | ) | 303,961,897 | 353,974,155 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 7,855,798 | 14,849,201 | 627,513,039 | (714,374,302 | ) | |||||||||||
| Net increase (decrease) in net assets resulting from operations | 8,655,735 | (41,300,630 | ) | 939,437,782 | (346,448,154 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (5,430,006 | ) | (4,701,474 | ) | (293,561,457 | ) | (342,961,157 | ) | ||||||||
| Class C | (116,664 | ) | (110,000 | ) | (2,540,114 | ) | (2,939,747 | ) | ||||||||
| Class E1 | — | (16,886 | ) | — | — | |||||||||||
| Class I | (9,233,167 | ) | (11,332,718 | ) | (66,889,139 | ) | (80,967,246 | ) | ||||||||
| Class R | (36,739 | ) | (25,837 | ) | (16,076 | ) | (28,492 | ) | ||||||||
| Class R6 | (2,937,035 | ) | (3,132,679 | ) | (6,248,098 | ) | (5,421,130 | ) | ||||||||
| Class Y | (204,636 | ) | (175,668 | ) | (2,655,220 | ) | (2,866,099 | ) | ||||||||
| (17,958,247 | ) | (19,495,262 | ) | (371,910,104 | ) | (435,183,871 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 17,120,154 | 19,809,524 | 72,313,656 | 87,255,284 | ||||||||||||
| Class C | 498,109 | 738,399 | 3,823,640 | 3,112,586 | ||||||||||||
| Class E1 | — | 113,072 | — | 503,440 | ||||||||||||
| Class I | 29,895,077 | 48,452,721 | 121,149,507 | 180,284,312 | ||||||||||||
| Class R | 50,632 | 90,963 | 9,407 | 85,535 | ||||||||||||
| Class R6 | 3,634,127 | 13,865,413 | 24,109,346 | 13,260,393 | ||||||||||||
| Class Y | 671,384 | 815,233 | 2,746,149 | 1,478,436 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 5,392,000 | 4,690,766 | 291,171,207 | 338,942,481 | ||||||||||||
| Class C | 116,413 | 110,044 | 2,539,546 | 2,934,654 | ||||||||||||
| Class E1 | — | 14,231 | — | — | ||||||||||||
| Class I | 9,222,734 | 11,387,611 | 66,824,616 | 80,887,209 | ||||||||||||
| Class R | 36,722 | 25,930 | 13,773 | 16,771 | ||||||||||||
| Class R6 | 2,936,323 | 3,164,882 | 5,873,722 | 5,132,630 | ||||||||||||
| Class Y | 204,438 | 176,508 | 2,652,494 | 2,816,322 | ||||||||||||
| 69,778,113 | 103,455,297 | 593,227,063 | 716,710,053 | |||||||||||||
| 179 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (35,112,411 | ) | $ | (53,694,913 | ) | $ | (511,589,178 | ) | $ | (682,251,142 | ) | ||||
| Class C | (1,938,282 | ) | (2,726,324 | ) | (7,519,044 | ) | (11,110,263 | ) | ||||||||
| Class E1 | — | (4,075,122 | ) | — | (16,725,317 | ) | ||||||||||
| Class I | (134,587,369 | ) | (266,358,184 | ) | (296,767,446 | ) | (423,654,966 | ) | ||||||||
| Class R | (22,902 | ) | (19,726 | ) | (126,027 | ) | (44,300 | ) | ||||||||
| Class R6 | (21,761,787 | ) | (80,144,435 | ) | (19,955,106 | ) | (49,308,112 | ) | ||||||||
| Class Y | (806,048 | ) | (1,776,621 | ) | (4,466,928 | ) | (4,137,750 | ) | ||||||||
| (194,228,799 | ) | (408,795,325 | ) | (840,423,729 | ) | (1,187,231,850 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (124,450,686 | ) | (305,340,028 | ) | (247,196,666 | ) | (470,521,797 | ) | ||||||||
| Net Increase (Decrease) in Net Assets | (133,753,198 | ) | (366,135,920 | ) | 320,331,012 | (1,252,153,822 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 470,087,646 | 836,223,566 | 3,410,766,743 | 4,662,920,565 | ||||||||||||
| End of year | $ | 336,334,448 | $ | 470,087,646 | $ | 3,731,097,755 | $ | 3,410,766,743 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
| 180 |
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 16,648,366 | $ | 12,259,676 | $ | 3,932,770 | $ | 4,228,013 | ||||||||
| Net realized gain (loss) | (2,761,436 | ) | (32,171,703 | ) | 34,817,518 | 44,738,997 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 5,582,606 | 8,694,249 | 76,992,467 | (103,302,031 | ) | |||||||||||
| Net increase (decrease) in net assets resulting from operations | 19,469,536 | (11,217,778 | ) | 115,742,755 | (54,335,021 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (3,467,339 | ) | (3,824,601 | ) | (18,813,448 | ) | (155,638,225 | ) | ||||||||
| Class C | (51,171 | ) | (66,601 | ) | (200,133 | ) | (1,384,485 | ) | ||||||||
| Class I | (6,906,950 | ) | (5,563,554 | ) | (9,470,074 | ) | (95,860,473 | ) | ||||||||
| Class R | (8,900 | ) | (7,389 | ) | (42,509 | ) | (320,470 | ) | ||||||||
| Class R6 | (6,014,218 | ) | (4,487,164 | ) | (288,911 | ) | (1,461,934 | ) | ||||||||
| Class Y | (67,568 | ) | (26,642 | ) | (97,458 | ) | (638,758 | ) | ||||||||
| (16,516,146 | ) | (13,975,951 | ) | (28,912,533 | ) | (255,304,345 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 8,579,413 | 8,814,666 | 12,778,660 | 9,190,401 | ||||||||||||
| Class C | 381,234 | 865,984 | 258,771 | 293,294 | ||||||||||||
| Class I | 97,482,106 | 78,770,943 | 26,341,804 | 52,313,898 | ||||||||||||
| Class R | 140,610 | 126,430 | 15,453 | 28,946 | ||||||||||||
| Class R6 | 54,900,887 | 27,755,010 | 12,416,820 | 1,768,200 | ||||||||||||
| Class Y | 617,160 | 1,228,234 | 243,798 | 124,289 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 3,446,724 | 3,792,848 | 18,628,974 | 152,055,253 | ||||||||||||
| Class C | 51,171 | 66,536 | 200,133 | 1,380,869 | ||||||||||||
| Class I | 6,900,091 | 5,527,257 | 9,447,996 | 95,712,821 | ||||||||||||
| Class R | 8,900 | 7,389 | 42,509 | 320,470 | ||||||||||||
| Class R6 | 6,013,843 | 4,487,164 | 158,194 | 875,824 | ||||||||||||
| Class Y | 67,113 | 26,219 | 97,458 | 637,520 | ||||||||||||
| 178,589,252 | 131,468,680 | 80,630,570 | 314,701,785 | |||||||||||||
| 181 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (27,253,320 | ) | $ | (43,979,991 | ) | $ | (73,551,426 | ) | $ | (126,112,955 | ) | ||||
| Class C | (1,380,892 | ) | (1,582,762 | ) | (751,574 | ) | (1,406,795 | ) | ||||||||
| Class I | (74,081,448 | ) | (93,272,155 | ) | (84,761,157 | ) | (209,246,811 | ) | ||||||||
| Class R | (67,680 | ) | (122,474 | ) | (123,165 | ) | (104,477 | ) | ||||||||
| Class R6 | (24,350,369 | ) | (35,888,243 | ) | (1,660,958 | ) | (892,205 | ) | ||||||||
| Class Y | (572,871 | ) | (228,688 | ) | (248,236 | ) | (498,722 | ) | ||||||||
| (127,706,580 | ) | (175,074,313 | ) | (161,096,516 | ) | (338,261,965 | ) | |||||||||
| Increase (decrease) in net assets derived from capital share transactions | 50,882,672 | (43,605,633 | ) | (80,465,946 | ) | (23,560,180 | ) | |||||||||
| Net Increase (Decrease) in Net Assets | 53,836,062 | (68,799,362 | ) | 6,364,276 | (333,199,546 | ) | ||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 428,202,059 | 497,001,421 | 536,849,411 | 870,048,957 | ||||||||||||
| End of year | $ | 482,038,121 | $ | 428,202,059 | $ | 543,213,687 | $ | 536,849,411 | ||||||||
See accompanying notes, which are an integral part of the financial statements.
| 182 |
| Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 177,704,715 | $ | 206,990,768 | $ | 28,910,846 | $ | 34,731,260 | ||||||||
| Net realized gain (loss) | (154,750,162 | ) | (232,499,505 | ) | 17,480,643 | (15,974,319 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | 237,791,544 | (203,983,064 | ) | 130,237,640 | (62,910,806 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 260,746,097 | (229,491,801 | ) | 176,629,129 | (44,153,865 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (82,468,506 | ) | (95,683,062 | ) | (6,938,040 | ) | (2,204,684 | ) | ||||||||
| Class C | (8,185,702 | ) | (11,167,120 | ) | (397,168 | ) | (48,427 | ) | ||||||||
| Class E1 | — | (99,739 | ) | — | — | |||||||||||
| Class I | (76,344,445 | ) | (87,942,232 | ) | (18,729,967 | ) | (7,716,433 | ) | ||||||||
| Class R | (2,328,704 | ) | (2,642,896 | ) | (899,770 | ) | (243,139 | ) | ||||||||
| Class R6 | (3,885,465 | ) | (4,396,791 | ) | (6,919,437 | ) | (2,574,522 | ) | ||||||||
| Class Y | (4,476,363 | ) | (5,574,837 | ) | (1,002,897 | ) | (349,221 | ) | ||||||||
| (177,689,185 | ) | (207,506,677 | ) | (34,887,279 | ) | (13,136,426 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 92,882,697 | 128,428,311 | 34,968,582 | 29,761,426 | ||||||||||||
| Class C | 9,596,648 | 11,609,666 | 1,806,645 | 1,043,394 | ||||||||||||
| Class E1 | — | 75,619 | — | 70,210 | ||||||||||||
| Class I | 270,167,093 | 369,674,854 | 128,415,772 | 121,901,540 | ||||||||||||
| Class R | 1,572,232 | 1,057,896 | 1,610,466 | 2,049,682 | ||||||||||||
| Class R6 | 15,747,080 | 21,534,370 | 51,026,945 | 29,813,846 | ||||||||||||
| Class Y | 25,801,936 | 30,153,445 | 6,515,359 | 6,485,905 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 80,766,869 | 93,326,521 | 6,801,900 | 2,164,453 | ||||||||||||
| Class C | 8,154,038 | 10,740,503 | 394,738 | 48,018 | ||||||||||||
| Class E1 | — | 88,592 | — | — | ||||||||||||
| Class I | 76,026,993 | 86,841,370 | 18,067,945 | 7,462,418 | ||||||||||||
| Class R | 2,327,696 | 2,672,221 | 899,526 | 243,083 | ||||||||||||
| Class R6 | 3,770,742 | 4,327,070 | 6,816,147 | 2,550,093 | ||||||||||||
| Class Y | 4,241,189 | 5,277,734 | 999,883 | 347,762 | ||||||||||||
| 591,055,213 | 765,808,172 | 258,323,908 | 203,941,830 | |||||||||||||
| 183 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (298,929,610 | ) | $ | (403,931,896 | ) | $ | (57,382,190 | ) | $ | (74,640,222 | ) | ||||
| Class C | (51,553,250 | ) | (75,352,072 | ) | (14,618,595 | ) | (16,543,106 | ) | ||||||||
| Class E1 | — | (7,695,819 | ) | — | (6,986,287 | ) | ||||||||||
| Class I | (403,584,653 | ) | (689,215,973 | ) | (250,918,497 | ) | (395,974,846 | ) | ||||||||
| Class R | (6,600,844 | ) | (8,374,156 | ) | (7,991,061 | ) | (7,344,492 | ) | ||||||||
| Class R6 | (27,926,487 | ) | (23,188,049 | ) | (82,745,524 | ) | (125,803,841 | ) | ||||||||
| Class Y | (44,421,962 | ) | (54,458,875 | ) | (14,022,940 | ) | (13,993,979 | ) | ||||||||
| (833,016,806 | ) | (1,262,216,840 | ) | (427,678,807 | ) | (641,286,773 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (241,961,593 | ) | (496,408,668 | ) | (169,354,899 | ) | (437,344,943 | ) | ||||||||
| Net Decrease in Net Assets | (158,904,681 | ) | (933,407,146 | ) | (27,613,049 | ) | (494,635,234 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 2,536,502,149 | 3,469,909,295 | 1,356,884,178 | 1,851,519,412 | ||||||||||||
| End of year | $ | 2,377,597,468 | $ | 2,536,502,149 | $ | 1,329,271,129 | $ | 1,356,884,178 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
| 184 |
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | (6,279,987 | ) | $ | (3,696,658 | ) | $ | 1,363,663 | $ | 297,235 | ||||||
| Net realized gain (loss) | 266,207,058 | 192,465,975 | 6,294,362 | 936,652 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 1,496,273,822 | (716,913,321 | ) | (1,314,276 | ) | (9,469,527 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | 1,756,200,893 | (528,144,004 | ) | 6,343,749 | (8,235,640 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (71,124,444 | ) | (233,211,332 | ) | (756,386 | ) | (5,093,238 | ) | ||||||||
| Class C | (2,370,903 | ) | (6,803,751 | ) | (6,755 | ) | (82,022 | ) | ||||||||
| Class E1 | — | (449 | ) | — | — | |||||||||||
| Class I | (95,913,304 | ) | (202,306,553 | ) | (861,482 | ) | (6,195,794 | ) | ||||||||
| Class R | (1,016,916 | ) | (1,077,786 | ) | (2,850 | ) | (11,316 | ) | ||||||||
| Class R6 | (6,873,786 | ) | (15,565,662 | ) | (1,334 | ) | (12,765 | ) | ||||||||
| Class Y | (856,757 | ) | (2,693,440 | ) | (2,061 | ) | (13,118 | ) | ||||||||
| (178,156,110 | ) | (461,658,973 | ) | (1,630,868 | ) | (11,408,253 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 165,396,364 | 176,012,893 | 1,094,949 | 2,068,217 | ||||||||||||
| Class C | 18,344,210 | 8,452,969 | 28,407 | 53,423 | ||||||||||||
| Class E1 | — | 513,750 | — | — | ||||||||||||
| Class I | 1,113,500,494 | 1,335,000,059 | 5,048,647 | 11,353,893 | ||||||||||||
| Class R | 21,865,178 | 2,714,377 | 17,057 | 17,606 | ||||||||||||
| Class R6 | 137,460,796 | 108,362,725 | 769 | 60,332 | ||||||||||||
| Class Y | 11,133,924 | 2,867,825 | 340 | 2,953 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 70,618,650 | 231,503,608 | 756,128 | 5,087,312 | ||||||||||||
| Class C | 2,359,764 | 6,795,138 | 6,755 | 82,022 | ||||||||||||
| Class I | 95,003,003 | 198,918,523 | 861,401 | 6,194,130 | ||||||||||||
| Class R | 1,016,916 | 1,077,786 | 2,850 | 11,316 | ||||||||||||
| Class R6 | 6,012,352 | 15,305,442 | 1,334 | 12,765 | ||||||||||||
| Class Y | 853,220 | 2,680,400 | 2,061 | 13,118 | ||||||||||||
| 1,643,564,871 | 2,090,205,495 | 7,820,698 | 24,957,087 | |||||||||||||
| 185 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (434,051,912 | ) | $ | (590,512,483 | ) | $ | (17,248,596 | ) | $ | (14,206,983 | ) | ||||
| Class C | (16,851,440 | ) | (20,130,759 | ) | (342,852 | ) | (306,865 | ) | ||||||||
| Class E1 | — | (28,413,405 | ) | — | — | |||||||||||
| Class I | (985,306,170 | ) | (1,028,298,682 | ) | (31,477,519 | ) | (45,844,028 | ) | ||||||||
| Class R | (4,600,692 | ) | (3,108,406 | ) | (19 | ) | (25 | ) | ||||||||
| Class R6 | (80,617,387 | ) | (77,388,981 | ) | (67,920 | ) | (65,177 | ) | ||||||||
| Class Y | (11,968,805 | ) | (10,280,136 | ) | (19,648 | ) | (33,955 | ) | ||||||||
| (1,533,396,406 | ) | (1,758,132,852 | ) | (49,156,554 | ) | (60,457,033 | ) | |||||||||
| Increase (decrease) in net assets derived from capital share transactions | 110,168,465 | 332,072,643 | (41,335,856 | ) | (35,499,946 | ) | ||||||||||
| Net Increase (Decrease) in Net Assets | 1,688,213,248 | (657,730,334 | ) | (36,622,975 | ) | (55,143,839 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 5,116,120,806 | 5,773,851,140 | 78,249,131 | 133,392,970 | ||||||||||||
| End of year | $ | 6,804,334,054 | $ | 5,116,120,806 | $ | 41,626,156 | $ | 78,249,131 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
| 186 |
| Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | (18,538,992 | ) | $ | (23,468,799 | ) | $ | 21,385,953 | $ | 26,086,278 | ||||||
| Net realized gain (loss) | 219,577,322 | 572,136,526 | 55,256,132 | 17,627,519 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 658,199,829 | (1,312,690,453 | ) | 132,600,856 | (127,820,971 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 859,238,159 | (764,022,726 | ) | 209,242,941 | (84,107,174 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (95,139,802 | ) | (164,406,300 | ) | (8,479,839 | ) | (6,514,556 | ) | ||||||||
| Class C | (5,878,732 | ) | (10,932,969 | ) | (848,362 | ) | (609,409 | ) | ||||||||
| Class E1 | — | (17 | ) | — | — | |||||||||||
| Class I | (161,797,407 | ) | (255,989,188 | ) | (46,567,429 | ) | (46,510,991 | ) | ||||||||
| Class R | (3,803,348 | ) | (6,221,362 | ) | (523,721 | ) | (37,033 | ) | ||||||||
| Class R6 | (66,481,420 | ) | (77,842,989 | ) | (4,928,124 | ) | (3,921,104 | ) | ||||||||
| Class Y | (13,209,909 | ) | (21,051,425 | ) | (699,549 | ) | (439,212 | ) | ||||||||
| (346,310,618 | ) | (536,444,250 | ) | (62,047,024 | ) | (58,032,305 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 100,687,868 | 116,730,479 | 10,887,181 | 39,515,455 | ||||||||||||
| Class C | 8,058,894 | 8,020,697 | 1,146,923 | 2,445,278 | ||||||||||||
| Class E1 | — | 208,019 | — | — | ||||||||||||
| Class I | 615,587,206 | 820,478,205 | 167,713,173 | 260,587,380 | ||||||||||||
| Class R | 8,663,186 | 8,960,574 | 11,352,814 | 126,008 | ||||||||||||
| Class R6 | 385,714,959 | 395,392,794 | 20,248,494 | 30,058,898 | ||||||||||||
| Class Y | 33,675,695 | 31,335,214 | 4,415,257 | 1,924,707 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 94,546,286 | 163,484,209 | 8,475,788 | 6,504,171 | ||||||||||||
| Class C | 5,861,944 | 10,892,763 | 846,649 | 607,537 | ||||||||||||
| Class I | 158,778,651 | 249,728,118 | 45,347,853 | 45,322,699 | ||||||||||||
| Class R | 3,801,311 | 6,209,860 | 523,720 | 37,033 | ||||||||||||
| Class R6 | 66,325,689 | 77,701,319 | 4,727,476 | 3,861,579 | ||||||||||||
| Class Y | 13,193,766 | 21,013,263 | 697,947 | 436,561 | ||||||||||||
| 1,494,895,455 | 1,910,155,514 | 276,383,275 | 391,427,306 | |||||||||||||
| 187 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (342,792,633 | ) | $ | (454,648,001 | ) | $ | (46,602,537 | ) | $ | (48,258,982 | ) | ||||
| Class C | (24,193,661 | ) | (38,853,344 | ) | (5,979,742 | ) | (7,797,412 | ) | ||||||||
| Class E1 | — | (15,934,312 | ) | — | — | |||||||||||
| Class I | (863,664,699 | ) | (1,128,346,626 | ) | (453,495,989 | ) | (595,631,582 | ) | ||||||||
| Class R | (20,642,621 | ) | (16,761,799 | ) | (1,552,003 | ) | (135,688 | ) | ||||||||
| Class R6 | (326,126,108 | ) | (233,573,867 | ) | (29,774,708 | ) | (48,698,820 | ) | ||||||||
| Class Y | (61,642,216 | ) | (61,854,490 | ) | (3,722,108 | ) | (16,337,458 | ) | ||||||||
| (1,639,061,938 | ) | (1,949,972,439 | ) | (541,127,087 | ) | (716,859,942 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (144,166,483 | ) | (39,816,925 | ) | (264,743,812 | ) | (325,432,636 | ) | ||||||||
| Net Increase (Decrease) in Net Assets | 368,761,058 | (1,340,283,901 | ) | (117,547,895 | ) | (467,572,115 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 5,877,151,978 | 7,217,435,879 | 1,289,981,924 | 1,757,554,039 | ||||||||||||
| End of year | $ | 6,245,913,036 | $ | 5,877,151,978 | $ | 1,172,434,029 | $ | 1,289,981,924 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
| 188 |
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | (9,567,954 | ) | $ | (7,713,488 | ) | $ | 1,286,569 | $ | 2,294,855 | ||||||
| Net realized gain (loss) | 71,849,436 | 49,189,318 | 5,714,445 | (13,210,907 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | 152,099,587 | (396,476,546 | ) | 54,446,145 | (31,254,611 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 214,381,069 | (355,000,716 | ) | 61,447,159 | (42,170,663 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (29,855,478 | ) | (35,978,096 | ) | (798,437 | ) | (26,732,151 | ) | ||||||||
| Class C | (1,435,283 | ) | (1,946,695 | ) | (68,283 | ) | (3,710,461 | ) | ||||||||
| Class E1 | — | (337 | ) | — | — | |||||||||||
| Class I | (14,786,057 | ) | (17,341,942 | ) | (985,384 | ) | (36,815,324 | ) | ||||||||
| Class R | (2,201,928 | ) | (2,310,793 | ) | (106,682 | ) | (4,392,345 | ) | ||||||||
| Class R6 | (4,918,319 | ) | (4,990,253 | ) | (304,657 | ) | (12,259,333 | ) | ||||||||
| Class Y | (1,715,869 | ) | (2,620,597 | ) | (31,304 | ) | (1,153,288 | ) | ||||||||
| Return of capital: | ||||||||||||||||
| Class A | — | — | (73,639 | ) | — | |||||||||||
| Class C | — | — | (7,649 | ) | — | |||||||||||
| Class I | — | — | (97,546 | ) | — | |||||||||||
| Class R | — | — | (13,197 | ) | — | |||||||||||
| Class R6 | — | — | (26,377 | ) | — | |||||||||||
| Class Y | — | — | (3,529 | ) | — | |||||||||||
| (54,912,934 | ) | (65,188,713 | ) | (2,516,684 | ) | (85,062,902 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 30,659,253 | 42,280,458 | 11,360,682 | 14,242,069 | ||||||||||||
| Class C | 1,354,222 | 1,906,837 | 1,003,583 | 1,026,594 | ||||||||||||
| Class E1 | — | 141,458 | — | — | ||||||||||||
| Class I | 104,265,428 | 151,993,044 | 22,008,105 | 46,699,579 | ||||||||||||
| Class R | 3,642,078 | 3,877,925 | 2,816,715 | 1,713,392 | ||||||||||||
| Class R6 | 40,393,224 | 28,475,201 | 5,870,655 | 7,482,685 | ||||||||||||
| Class Y | 6,850,038 | 8,314,846 | 791,915 | 952,837 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 29,769,259 | 35,770,613 | 869,016 | 26,410,183 | ||||||||||||
| Class C | 1,435,035 | 1,921,869 | 75,925 | 3,691,446 | ||||||||||||
| Class I | 14,606,311 | 16,814,919 | 1,071,072 | 36,412,424 | ||||||||||||
| Class R | 2,201,928 | 2,308,442 | 119,879 | 4,384,756 | ||||||||||||
| Class R6 | 4,795,767 | 4,857,773 | 331,018 | 12,229,704 | ||||||||||||
| Class Y | 1,715,667 | 2,503,946 | 34,768 | 980,068 | ||||||||||||
| 241,688,210 | 301,167,331 | 46,353,333 | 156,225,737 | |||||||||||||
| 189 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (160,032,340 | ) | $ | (235,462,828 | ) | $ | (28,109,077 | ) | $ | (42,325,453 | ) | ||||
| Class C | (7,606,558 | ) | (11,707,208 | ) | (4,050,880 | ) | (4,923,834 | ) | ||||||||
| Class E1 | — | (10,999,250 | ) | — | — | |||||||||||
| Class I | (272,099,839 | ) | (358,561,415 | ) | (63,935,836 | ) | (179,974,386 | ) | ||||||||
| Class R | (8,537,983 | ) | (8,334,107 | ) | (3,486,649 | ) | (4,468,380 | ) | ||||||||
| Class R6 | (49,544,369 | ) | (49,967,732 | ) | (12,363,169 | ) | (45,397,284 | ) | ||||||||
| Class Y | (52,757,296 | ) | (20,072,822 | ) | (1,391,387 | ) | (2,937,629 | ) | ||||||||
| (550,578,385 | ) | (695,105,362 | ) | (113,336,998 | ) | (280,026,966 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (308,890,175 | ) | (393,938,031 | ) | (66,983,665 | ) | (123,801,229 | ) | ||||||||
| Net Decrease in Net Assets | (149,422,040 | ) | (814,127,460 | ) | (8,053,190 | ) | (251,034,794 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 1,535,838,582 | 2,349,966,042 | 347,781,085 | 598,815,879 | ||||||||||||
| End of year | $ | 1,386,416,542 | $ | 1,535,838,582 | $ | 339,727,895 | $ | 347,781,085 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
| 190 |
| Delaware Ivy Systematic Emerging Markets Equity Fundf | Delaware Ivy Value Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 22,478,943 | $ | 42,123,619 | $ | 8,741,172 | $ | 15,391,544 | ||||||||
| Net realized gain (loss) | (18,653,640 | ) | 9,447,774 | (5,788,438 | ) | 300,268,806 | ||||||||||
| Net change in unrealized appreciation (depreciation) | 71,857,685 | (231,865,125 | ) | 72,604,329 | (387,597,951 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 75,682,988 | (180,293,732 | ) | 75,557,063 | (71,937,601 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (5,063,707 | ) | (23,862,228 | ) | (70,325,475 | ) | (64,572,042 | ) | ||||||||
| Class C | (570,330 | ) | (3,799,756 | ) | (1,434,045 | ) | (1,294,711 | ) | ||||||||
| Class I | (14,869,547 | ) | (67,508,510 | ) | (72,855,381 | ) | (134,186,525 | ) | ||||||||
| Class R | (169,014 | ) | (761,742 | ) | (1,508 | ) | (3,635 | ) | ||||||||
| Class R6 | (4,253,760 | ) | (19,569,993 | ) | (494,263 | ) | (11,915,526 | ) | ||||||||
| Class Y | (797,906 | ) | (3,290,998 | ) | (306,209 | ) | (16,310 | ) | ||||||||
| (25,724,264 | ) | (118,793,227 | ) | (145,416,881 | ) | (211,988,749 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 13,160,128 | 13,991,590 | 18,037,986 | 60,344,321 | ||||||||||||
| Class C | 778,227 | 1,201,866 | 939,043 | 3,746,973 | ||||||||||||
| Class I | 71,028,894 | 166,521,673 | 52,825,961 | 155,732,308 | ||||||||||||
| Class R | 975,923 | 1,512,449 | 1,600 | 7,344 | ||||||||||||
| Class R6 | 21,769,826 | 25,177,569 | 338,488 | 8,750,632 | ||||||||||||
| Class Y | 7,277,753 | 11,947,670 | 1,965,204 | 29,289 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 5,003,604 | 23,187,118 | 69,973,942 | 64,090,801 | ||||||||||||
| Class C | 570,305 | 3,695,972 | 1,434,033 | 1,293,492 | ||||||||||||
| Class I | 13,996,689 | 60,246,877 | 72,778,999 | 134,063,974 | ||||||||||||
| Class R | 168,564 | 709,240 | 1,508 | 3,635 | ||||||||||||
| Class R6 | 4,168,267 | 19,518,747 | 484,256 | 11,441,895 | ||||||||||||
| Class Y | 797,877 | 775,952 | 306,209 | 16,110 | ||||||||||||
| 139,696,057 | 328,486,723 | 219,087,229 | 439,520,774 | |||||||||||||
| 191 |
Statements of changes in net assets
Ivy Funds
| Delaware Ivy Systematic Emerging Markets Equity Fundf | Delaware Ivy Value Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (49,810,065 | ) | $ | (65,930,457 | ) | $ | (115,339,396 | ) | $ | (120,780,702 | ) | ||||
| Class C | (8,856,463 | ) | (12,182,076 | ) | (2,977,313 | ) | (3,662,866 | ) | ||||||||
| Class I | (213,874,674 | ) | (426,635,179 | ) | (209,787,274 | ) | (705,769,539 | ) | ||||||||
| Class R | (1,698,041 | ) | (2,008,209 | ) | (15,690 | ) | (57 | ) | ||||||||
| Class R6 | (58,350,607 | ) | (107,210,543 | ) | (3,150,176 | ) | (127,494,556 | ) | ||||||||
| Class Y | (10,427,108 | ) | (7,824,761 | ) | (1,962,477 | ) | (41,516 | ) | ||||||||
| (343,016,958 | ) | (621,791,225 | ) | (333,232,326 | ) | (957,749,236 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (203,320,901 | ) | (293,304,502 | ) | (114,145,097 | ) | (518,228,462 | ) | ||||||||
| Net Decrease in Net Assets | (153,362,177 | ) | (592,391,461 | ) | (184,004,915 | ) | (802,154,812 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 914,389,981 | 1,506,781,442 | 675,648,949 | 1,477,803,761 | ||||||||||||
| End of year | $ | 761,027,804 | $ | 914,389,981 | $ | 491,644,034 | $ | 675,648,949 | ||||||||
| f | Consolidated statements of changes in net assets. |
See accompanying notes, which are an integral part of the financial statements.
| 192 |
Delaware Global Equity Fund II Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.06 | $ | 12.72 | $ | 13.72 | $ | 9.64 | $ | 11.90 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.10 | 2 | 0.13 | 0.20 | 0.26 | 0.29 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.92 | 3 | 0.12 | (0.07 | ) | 4.23 | (2.13 | ) | ||||||||||||
| Total from investment operations | 1.02 | 0.25 | 0.13 | 4.49 | (1.84 | ) | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.14 | ) | (0.11 | ) | (0.42 | ) | (0.23 | ) | (0.30 | ) | ||||||||||
| Net realized gain | — | (4.80 | ) | (0.71 | ) | (0.18 | ) | (0.12 | ) | |||||||||||
| Total dividends and distributions | (0.14 | ) | (4.91 | ) | (1.13 | ) | (0.41 | ) | (0.42 | ) | ||||||||||
| Net asset value, end of period | $ | 8.94 | $ | 8.06 | $ | 12.72 | $ | 13.72 | $ | 9.64 | ||||||||||
| Total return4 | 12.81 | %2,3 | 5.75 | % | 0.51 | % | 47.07 | % | (16.11 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 174,222 | $ | 197,879 | $ | 263,835 | $ | 310 | 5 | $ | 260 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.17 | % | 1.19 | % | 1.22 | % | 1.22 | % | 1.24 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.25 | % | 1.33 | % | 1.25 | % | 1.24 | % | 1.25 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.20 | % | 1.25 | % | 1.41 | % | 2.16 | % | 2.43 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.12 | % | 1.11 | % | 1.38 | % | 2.14 | % | 2.42 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 25 | % | 111 | % | 39 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%. |
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 193 |
Financial highlights
Delaware Global Equity Fund II Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 7.98 | $ | 12.69 | $ | 13.72 | $ | 9.64 | $ | 11.90 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.04 | 2 | 0.05 | 0.09 | 0.16 | 0.21 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.91 | 3 | 0.11 | (0.08 | ) | 4.23 | (2.13 | ) | ||||||||||||
| Total from investment operations | 0.95 | 0.16 | 0.01 | 4.39 | (1.92 | ) | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.08 | ) | (0.07 | ) | (0.33 | ) | (0.13 | ) | (0.22 | ) | ||||||||||
| Net realized gain | — | (4.80 | ) | (0.71 | ) | (0.18 | ) | (0.12 | ) | |||||||||||
| Total dividends and distributions | (0.08 | ) | (4.87 | ) | (1.04 | ) | (0.31 | ) | (0.34 | ) | ||||||||||
| Net asset value, end of period | $ | 8.85 | $ | 7.98 | $ | 12.69 | $ | 13.72 | $ | 9.64 | ||||||||||
| Total return4 | 12.00 | %2,3,5 | 4.84 | %5 | (0.32 | %) | 45.88 | % | (16.75 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,881 | $ | 2,384 | $ | 4,780 | $ | 7 | 6 | $ | 10 | 6 | ||||||||
| Ratio of expenses to average net assets7 | 1.92 | % | 2.04 | % | 2.04 | % | 2.03 | % | 2.00 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 2.00 | % | 2.27 | % | 2.04 | % | 2.03 | % | 2.00 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.47 | % | 0.44 | % | 0.64 | % | 1.34 | % | 1.76 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.39 | % | 0.21 | % | 0.64 | % | 1.34 | % | 1.76 | % | ||||||||||
| Portfolio turnover | 121 | %8 | 25 | % | 111 | % | 39 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.13%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.13%. |
| 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. |
| 5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | Net assets reported in millions. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 194 |
Delaware Global Equity Fund II Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.09 | $ | 12.74 | $ | 13.73 | $ | 9.64 | $ | 11.91 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.12 | 2 | 0.16 | 0.24 | 0.29 | 0.33 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.93 | 3 | 0.12 | (0.07 | ) | 4.24 | (2.14 | ) | ||||||||||||
| Total from investment operations | 1.05 | 0.28 | 0.17 | 4.53 | (1.81 | ) | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.16 | ) | (0.13 | ) | (0.45 | ) | (0.26 | ) | (0.34 | ) | ||||||||||
| Net realized gain | — | (4.80 | ) | (0.71 | ) | (0.18 | ) | (0.12 | ) | |||||||||||
| Total dividends and distributions | (0.16 | ) | (4.93 | ) | (1.16 | ) | (0.44 | ) | (0.46 | ) | ||||||||||
| Net asset value, end of period | $ | 8.98 | $ | 8.09 | $ | 12.74 | $ | 13.73 | $ | 9.64 | ||||||||||
| Total return4 | 13.12 | %2,3 | 5.99 | % | 0.81 | % | 47.60 | % | (15.90 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 83,354 | $ | 117,590 | $ | 205,264 | $ | 268 | 5 | $ | 242 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.92 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.92 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.00 | % | 0.93 | % | 0.94 | % | 0.95 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.52 | % | 1.58 | % | 1.72 | % | 2.46 | % | 2.76 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.44 | % | 1.57 | % | 1.70 | % | 2.43 | % | 2.73 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 25 | % | 111 | % | 39 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%. |
| 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. Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 195 |
Financial highlights
Delaware Global Equity Fund II Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.04 | $ | 12.72 | $ | 13.73 | $ | 9.65 | $ | 11.91 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.07 | 2 | 0.10 | 0.15 | 0.22 | 0.26 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.94 | 3 | 0.12 | (0.07 | ) | 4.23 | (2.13 | ) | ||||||||||||
| Total from investment operations | 1.01 | 0.22 | 0.08 | 4.45 | (1.87 | ) | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.13 | ) | (0.10 | ) | (0.38 | ) | (0.19 | ) | (0.27 | ) | ||||||||||
| Net realized gain | — | (4.80 | ) | (0.71 | ) | (0.18 | ) | (0.12 | ) | |||||||||||
| Total dividends and distributions | (0.13 | ) | (4.90 | ) | (1.09 | ) | (0.37 | ) | (0.39 | ) | ||||||||||
| Net asset value, end of period | $ | 8.92 | $ | 8.04 | $ | 12.72 | $ | 13.73 | $ | 9.65 | ||||||||||
| Total return4 | 12.63 | %2,3,5 | 5.37 | %5 | 0.18 | % | 46.59 | % | (16.36 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 260 | $ | 232 | $ | 308 | $ | — | 6,7 | $ | 1 | 6 | ||||||||
| Ratio of expenses to average net assets8 | 1.42 | % | 1.47 | % | 1.54 | % | 1.54 | % | 1.53 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived8 | 1.50 | % | 1.48 | % | 1.54 | % | 1.54 | % | 1.53 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.89 | % | 0.92 | % | 1.09 | % | 1.89 | % | 2.14 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.81 | % | 0.91 | % | 1.09 | % | 1.89 | % | 2.14 | % | ||||||||||
| Portfolio turnover | 121 | %9 | 25 | % | 111 | % | 39 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%. |
| 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. |
| 5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | Net assets reported in millions. |
| 7 | Rounds to less than $500 thousands. |
| 8 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 9 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 196 |
Delaware Global Equity Fund II Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.12 | $ | 12.76 | $ | 13.74 | $ | 9.65 | $ | 11.92 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.12 | 2 | 0.19 | 0.26 | 0.30 | 0.35 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.94 | 3 | 0.10 | (0.06 | ) | 4.24 | (2.14 | ) | ||||||||||||
| Total from investment operations | 1.06 | 0.29 | 0.20 | 4.54 | (1.79 | ) | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.18 | ) | (0.13 | ) | (0.47 | ) | (0.27 | ) | (0.36 | ) | ||||||||||
| Net realized gain | — | (4.80 | ) | (0.71 | ) | (0.18 | ) | (0.12 | ) | |||||||||||
| Total dividends and distributions | (0.18 | ) | (4.93 | ) | (1.18 | ) | (0.45 | ) | (0.48 | ) | ||||||||||
| Net asset value, end of period | $ | 9.00 | $ | 8.12 | $ | 12.76 | $ | 13.74 | $ | 9.65 | ||||||||||
| Total return4 | 13.15 | %2,3,5 | 6.09 | % | 0.99 | % | 47.70 | % | (15.76 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,349 | $ | 1,130 | $ | 14,281 | $ | 24 | 6 | $ | 17 | 6 | ||||||||
| Ratio of expenses to average net assets7 | 0.80 | % | 0.83 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 0.85 | % | 0.83 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.47 | % | 1.68 | % | 1.90 | % | 2.54 | % | 2.87 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.42 | % | 1.68 | % | 1.90 | % | 2.54 | % | 2.87 | % | ||||||||||
| Portfolio turnover | 121 | %8 | 25 | % | 111 | % | 39 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%. |
| 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. |
| 5 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| 6 | Net assets reported in millions. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 197 |
Financial highlights
Delaware Global Equity Fund II Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.06 | $ | 12.72 | $ | 13.72 | $ | 9.64 | $ | 11.90 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.10 | 2 | 0.13 | 0.20 | 0.26 | 0.30 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.93 | 3 | 0.12 | (0.07 | ) | 4.23 | (2.13 | ) | ||||||||||||
| Total from investment operations | 1.03 | 0.25 | 0.13 | 4.49 | (1.83 | ) | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.15 | ) | (0.11 | ) | (0.42 | ) | (0.23 | ) | (0.31 | ) | ||||||||||
| Net realized gain | — | (4.80 | ) | (0.71 | ) | (0.18 | ) | (0.12 | ) | |||||||||||
| Total dividends and distributions | (0.15 | ) | (4.91 | ) | (1.13 | ) | (0.41 | ) | (0.43 | ) | ||||||||||
| Net asset value, end of period | $ | 8.94 | $ | 8.06 | $ | 12.72 | $ | 13.72 | $ | 9.64 | ||||||||||
| Total return4 | 12.84 | %2,3,5 | 5.74 | %5 | 0.53 | % | 47.11 | % | (16.06 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,273 | $ | 1,409 | $ | 1,612 | $ | 2 | 6 | $ | 5 | 6 | ||||||||
| Ratio of expenses to average net assets7 | 1.17 | % | 1.18 | % | 1.18 | % | 1.18 | % | 1.19 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 1.25 | % | 1.19 | % | 1.18 | % | 1.18 | % | 1.19 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.19 | % | 1.26 | % | 1.45 | % | 2.25 | % | 2.49 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.11 | % | 1.25 | % | 1.45 | % | 2.25 | % | 2.49 | % | ||||||||||
| Portfolio turnover | 121 | %8 | 25 | % | 111 | % | 39 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%. |
| 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. |
| 5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | Net assets reported in millions. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 198 |
Delaware International Equity Fund II Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 14.91 | $ | 16.57 | $ | 18.54 | $ | 11.08 | $ | 14.93 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.19 | 2 | 0.16 | 0.21 | 0.16 | 0.32 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.63 | (0.31 | ) | (1.76 | ) | 7.48 | (3.81 | ) | ||||||||||||
| Total from investment operations | 0.82 | (0.15 | ) | (1.55 | ) | 7.64 | (3.49 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.21 | ) | — | (0.42 | ) | (0.18 | ) | (0.36 | ) | |||||||||||
| Net realized gain | — | (1.51 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.21 | ) | (1.51 | ) | (0.42 | ) | (0.18 | ) | (0.36 | ) | ||||||||||
| Net asset value, end of period | $ | 15.52 | $ | 14.91 | $ | 16.57 | $ | 18.54 | $ | 11.08 | ||||||||||
| Total return3 | 5.60 | %2,4 | 0.23 | %4 | (8.50 | %) | 69.18 | %4 | (24.08 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 35,659 | $ | 41,665 | $ | 53,118 | $ | 66 | 5 | $ | 45 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.10 | % | 1.37 | % | 1.45 | % | 1.55 | % | 1.56 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.75 | % | 1.79 | % | 1.45 | % | 1.76 | % | 1.77 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.25 | % | 1.10 | % | 1.13 | % | 1.08 | % | 2.19 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.60 | % | 0.68 | % | 1.13 | % | 0.87 | % | 1.98 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 36 | % | 119 | % | 20 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.20%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 199 |
Financial highlights
Delaware International Equity Fund II Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 13.53 | $ | 15.29 | $ | 17.16 | $ | 10.28 | $ | 13.89 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.07 | 2 | 0.06 | 0.04 | 0.02 | 0.22 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.57 | (0.31 | ) | (1.62 | ) | 6.95 | (3.55 | ) | ||||||||||||
| Total from investment operations | 0.64 | (0.25 | ) | (1.58 | ) | 6.97 | (3.33 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.10 | ) | — | (0.29 | ) | (0.09 | ) | (0.28 | ) | |||||||||||
| Net realized gain | — | (1.51 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.10 | ) | (1.51 | ) | (0.29 | ) | (0.09 | ) | (0.28 | ) | ||||||||||
| Net asset value, end of period | $ | 14.07 | $ | 13.53 | $ | 15.29 | $ | 17.16 | $ | 10.28 | ||||||||||
| Total return3 | 4.78 | %2,4 | (0.42 | %)4 | (9.30 | %) | 67.92 | %4 | (24.55 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 323 | $ | 396 | $ | 650 | $ | 1 | 5 | $ | 1 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.85 | % | 2.12 | % | 2.28 | % | 2.31 | % | 2.20 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 2.50 | % | 2.52 | % | 2.28 | % | 2.52 | % | 2.41 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.54 | % | 0.44 | % | 0.23 | % | 0.18 | % | 1.57 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.11 | %) | 0.04 | % | 0.23 | % | (0.03 | %) | 1.36 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 36 | % | 119 | % | 20 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and total return by 0.15%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 200 |
Delaware International Equity Fund II Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.43 | $ | 17.03 | $ | 19.05 | $ | 11.37 | $ | 15.30 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.28 | 2 | 0.24 | 0.30 | 0.22 | 0.39 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.62 | (0.33 | ) | (1.83 | ) | 7.70 | (3.89 | ) | ||||||||||||
| Total from investment operations | 0.90 | (0.09 | ) | (1.53 | ) | 7.92 | (3.50 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.19 | ) | — | (0.49 | ) | (0.24 | ) | (0.43 | ) | |||||||||||
| Net realized gain | — | (1.51 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.19 | ) | (1.51 | ) | (0.49 | ) | (0.24 | ) | (0.43 | ) | ||||||||||
| Net asset value, end of period | $ | 16.14 | $ | 15.43 | $ | 17.03 | $ | 19.05 | $ | 11.37 | ||||||||||
| Total return3 | 5.91 | %2,4 | 0.58 | %4 | (8.21 | %) | 69.97 | %4 | (23.71 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 20,048 | $ | 40,058 | $ | 66,566 | $ | 92 | 5 | $ | 74 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.85 | % | 1.06 | % | 1.08 | % | 1.12 | % | 1.11 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.50 | % | 1.26 | % | 1.08 | % | 1.33 | % | 1.32 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.80 | % | 1.62 | % | 1.54 | % | 1.48 | % | 2.60 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.15 | % | 1.42 | % | 1.54 | % | 1.27 | % | 2.39 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 36 | % | 119 | % | 20 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.19%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 201 |
Financial highlights
Delaware International Equity Fund II Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 14.84 | $ | 16.52 | $ | 18.50 | $ | 11.06 | $ | 14.90 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.06 | 2 | 0.07 | 0.50 | 0.14 | 0.30 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.71 | (0.24 | ) | (2.10 | ) | 7.47 | (3.79 | ) | ||||||||||||
| Total from investment operations | 0.77 | (0.17 | ) | (1.60 | ) | 7.61 | (3.49 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.32 | ) | — | (0.38 | ) | (0.17 | ) | (0.35 | ) | |||||||||||
| Net realized gain | — | (1.51 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.32 | ) | (1.51 | ) | (0.38 | ) | (0.17 | ) | (0.35 | ) | ||||||||||
| Net asset value, end of period | $ | 15.29 | $ | 14.84 | $ | 16.52 | $ | 18.50 | $ | 11.06 | ||||||||||
| Total return3 | 5.32 | %2,4 | 0.10 | %4 | (8.79 | %) | 68.98 | %4 | (24.13 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 363 | $ | 132 | $ | 6 | $ | — | 5,6 | $ | — | 5,6 | ||||||||
| Ratio of expenses to average net assets7 | 1.35 | % | 1.47 | % | 1.75 | % | 1.69 | % | 1.67 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 2.00 | % | 1.89 | % | 1.75 | % | 1.90 | % | 1.88 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.43 | % | 0.52 | % | 2.66 | % | 0.98 | % | 2.03 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.22 | %) | 0.10 | % | 2.66 | % | 0.77 | % | 1.82 | % | ||||||||||
| Portfolio turnover | 121 | %8 | 36 | % | 119 | % | 20 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.20%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 5 | Net assets reported in millions. |
| 6 | Rounds to less than $500 thousands. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 8 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 202 |
Delaware International Equity Fund II Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.48 | $ | 17.08 | $ | 19.11 | $ | 11.40 | $ | 15.34 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.25 | 2 | 0.23 | 0.32 | 0.24 | 0.43 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.66 | (0.32 | ) | (1.83 | ) | 7.74 | (3.91 | ) | ||||||||||||
| Total from investment operations | 0.91 | (0.09 | ) | (1.51 | ) | 7.98 | (3.48 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.24 | ) | — | (0.52 | ) | (0.27 | ) | (0.46 | ) | |||||||||||
| Net realized gain | — | (1.51 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.24 | ) | (1.51 | ) | (0.52 | ) | (0.27 | ) | (0.46 | ) | ||||||||||
| Net asset value, end of period | $ | 16.15 | $ | 15.48 | $ | 17.08 | $ | 19.11 | $ | 11.40 | ||||||||||
| Total return3 | 6.00 | %2,4 | 0.58 | %4 | (8.08 | %) | 70.31 | %4 | (23.58 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 34,614 | $ | 44,969 | $ | 66,050 | $ | 90 | 5 | $ | 84 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.76 | % | 1.03 | % | 0.92 | % | 0.94 | % | 0.93 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.31 | % | 1.16 | % | 0.92 | % | 1.15 | % | 1.14 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.59 | % | 1.51 | % | 1.69 | % | 1.62 | % | 2.84 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.04 | % | 1.38 | % | 1.69 | % | 1.41 | % | 2.63 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 36 | % | 119 | % | 20 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.19%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 203 |
Financial highlights
Delaware International Equity Fund II Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.22 | $ | 16.85 | $ | 18.85 | $ | 11.26 | $ | 15.16 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.19 | 2 | 0.18 | 0.23 | 0.20 | 0.38 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.65 | (0.30 | ) | (1.79 | ) | 7.60 | (3.89 | ) | ||||||||||||
| Total from investment operations | 0.84 | (0.12 | ) | (1.56 | ) | 7.80 | (3.51 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.22 | ) | — | (0.44 | ) | (0.21 | ) | (0.39 | ) | |||||||||||
| Net realized gain | — | (1.51 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.22 | ) | (1.51 | ) | (0.44 | ) | (0.21 | ) | (0.39 | ) | ||||||||||
| Net asset value, end of period | $ | 15.84 | $ | 15.22 | $ | 16.85 | $ | 18.85 | $ | 11.26 | ||||||||||
| Total return3 | 5.62 | %2,4 | 0.41 | %4 | (8.43 | %) | 69.55 | %4 | (23.93 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 546 | $ | 689 | $ | 953 | $ | 1 | 5 | $ | 1 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.10 | % | 1.29 | % | 1.34 | % | 1.36 | % | 1.41 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.75 | % | 1.50 | % | 1.34 | % | 1.57 | % | 1.62 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.23 | % | 1.24 | % | 1.23 | % | 1.32 | % | 2.52 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.58 | % | 1.03 | % | 1.23 | % | 1.11 | % | 2.31 | % | ||||||||||
| Portfolio turnover | 121 | %7 | 36 | % | 119 | % | 20 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.20%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 7 | The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 due to a change in the Fund’s portfolio managers and associated repositioning. |
See accompanying notes, which are an integral part of the financial statements.
| 204 |
Delaware Ivy Core Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.40 | 0.30 | 0.18 | 0.20 | 0.27 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.18 | ) | (0.80 | ) | (0.59 | ) | 0.57 | (0.07 | ) | |||||||||||
| Total from investment operations | 0.22 | (0.50 | ) | (0.41 | ) | 0.77 | 0.20 | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.31 | ) | (0.20 | ) | (0.22 | ) | (0.28 | ) | ||||||||||
| Net realized gain | — | — | (0.03 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||
| Total dividends and distributions | (0.39 | ) | (0.31 | ) | (0.23 | ) | (0.47 | ) | (0.37 | ) | ||||||||||
| Net asset value, end of period | $ | 9.17 | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | ||||||||||
| Total return2 | 2.53 | % | (4.91 | %) | (3.95 | %) | 7.32 | % | 1.79 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 119,818 | $ | 135,039 | $ | 177,936 | $ | 219 | 3 | $ | 199 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.69 | % | 0.78 | % | 0.86 | % | 0.87 | % | 1.00 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.95 | % | 1.09 | % | 0.98 | % | 0.97 | % | 1.02 | % | ||||||||||
| Ratio of net investment income to average net assets | 4.37 | % | 3.12 | % | 1.65 | % | 1.77 | % | 2.48 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 4.11 | % | 2.81 | % | 1.53 | % | 1.67 | % | 2.46 | % | ||||||||||
| Portfolio turnover | 96 | % | 128 | % | 86 | % | 98 | % | 118 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 205 |
Financial highlights
Delaware Ivy Core Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.33 | 0.21 | 0.09 | 0.11 | 0.19 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.17 | ) | (0.79 | ) | (0.59 | ) | 0.58 | (0.07 | ) | |||||||||||
| Total from investment operations | 0.16 | (0.58 | ) | (0.50 | ) | 0.69 | 0.12 | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.33 | ) | (0.23 | ) | (0.11 | ) | (0.14 | ) | (0.20 | ) | ||||||||||
| Net realized gain | — | — | (0.03 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||
| Total dividends and distributions | (0.33 | ) | (0.23 | ) | (0.14 | ) | (0.39 | ) | (0.29 | ) | ||||||||||
| Net asset value, end of period | $ | 9.17 | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | ||||||||||
| Total return2 | 1.77 | % | (5.69 | %) | (4.71 | %) | 6.50 | % | 1.02 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,601 | $ | 4,022 | $ | 6,362 | $ | 11 | 3 | $ | 14 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.44 | % | 1.61 | % | 1.66 | % | 1.64 | % | 1.75 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.70 | % | 2.02 | % | 1.76 | % | 1.74 | % | 1.77 | % | ||||||||||
| Ratio of net investment income to average net assets | 3.62 | % | 2.27 | % | 0.85 | % | 1.01 | % | 1.73 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.36 | % | 1.86 | % | 0.75 | % | 0.91 | % | 1.71 | % | ||||||||||
| Portfolio turnover | 96 | % | 128 | % | 86 | % | 98 | % | 118 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 206 |
Delaware Ivy Core Bond Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.42 | 0.32 | 0.22 | 0.24 | 0.32 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.17 | ) | (0.79 | ) | (0.59 | ) | 0.58 | (0.07 | ) | |||||||||||
| Total from investment operations | 0.25 | (0.47 | ) | (0.37 | ) | 0.82 | 0.25 | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.42 | ) | (0.34 | ) | (0.24 | ) | (0.27 | ) | (0.33 | ) | ||||||||||
| Net realized gain | — | — | (0.03 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||
| Total dividends and distributions | (0.42 | ) | (0.34 | ) | (0.27 | ) | (0.52 | ) | (0.42 | ) | ||||||||||
| Net asset value, end of period | $ | 9.17 | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | ||||||||||
| Total return2 | 2.79 | % | (4.61 | %) | (3.55 | %) | 7.77 | % | 2.25 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 150,193 | $ | 250,769 | $ | 493,000 | $ | 772 | 3 | $ | 742 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.44 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.54 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.70 | % | 0.64 | % | 0.71 | % | 0.72 | % | 0.73 | % | ||||||||||
| Ratio of net investment income to average net assets | 4.62 | % | 3.37 | % | 2.06 | % | 2.20 | % | 2.93 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 4.36 | % | 3.18 | % | 1.80 | % | 1.93 | % | 2.74 | % | ||||||||||
| Portfolio turnover | 96 | % | 128 | % | 86 | % | 98 | % | 118 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 207 |
Financial highlights
Delaware Ivy Core Bond Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.37 | 0.28 | 0.14 | 0.16 | 0.24 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.17 | ) | (0.81 | ) | (0.59 | ) | 0.57 | (0.07 | ) | |||||||||||
| Total from investment operations | 0.20 | (0.53 | ) | (0.45 | ) | 0.73 | 0.17 | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.37 | ) | (0.28 | ) | (0.16 | ) | (0.18 | ) | (0.25 | ) | ||||||||||
| Net realized gain | — | — | (0.03 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||
| Total dividends and distributions | (0.37 | ) | (0.28 | ) | (0.19 | ) | (0.43 | ) | (0.34 | ) | ||||||||||
| Net asset value, end of period | $ | 9.17 | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | ||||||||||
| Total return2 | 2.27 | % | (5.17 | %) | (4.28 | %) | 6.97 | % | 1.48 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 939 | $ | 891 | $ | 863 | $ | 1 | 3 | $ | 1 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.94 | % | 1.03 | % | 1.21 | % | 1.20 | % | 1.30 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.20 | % | 1.20 | % | 1.34 | % | 1.30 | % | 1.32 | % | ||||||||||
| Ratio of net investment income to average net assets | 4.12 | % | 2.95 | % | 1.30 | % | 1.46 | % | 2.18 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.86 | % | 2.78 | % | 1.17 | % | 1.36 | % | 2.16 | % | ||||||||||
| Portfolio turnover | 96 | % | 128 | % | 86 | % | 98 | % | 118 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 208 |
Delaware Ivy Core Bond Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.43 | 0.32 | 0.22 | 0.24 | 0.32 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.18 | ) | (0.79 | ) | (0.59 | ) | 0.58 | (0.07 | ) | |||||||||||
| Total from investment operations | 0.25 | (0.47 | ) | (0.37 | ) | 0.82 | 0.25 | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.42 | ) | (0.34 | ) | (0.24 | ) | (0.27 | ) | (0.33 | ) | ||||||||||
| Net realized gain | — | — | (0.03 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||
| Total dividends and distributions | (0.42 | ) | (0.34 | ) | (0.27 | ) | (0.52 | ) | (0.42 | ) | ||||||||||
| Net asset value, end of period | $ | 9.17 | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | ||||||||||
| Total return2 | 2.86 | % | (4.60 | %) | (3.55 | %) | 7.77 | % | 2.25 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 57,890 | $ | 74,458 | $ | 147,696 | $ | 184 | 3 | $ | 133 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.37 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.54 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.63 | % | 0.62 | % | 0.58 | % | 0.57 | % | 0.58 | % | ||||||||||
| Ratio of net investment income to average net assets | 4.69 | % | 3.35 | % | 2.06 | % | 2.20 | % | 2.94 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 4.43 | % | 3.18 | % | 1.93 | % | 2.08 | % | 2.90 | % | ||||||||||
| Portfolio turnover | 96 | % | 128 | % | 86 | % | 98 | % | 118 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 209 |
Financial highlights
Delaware Ivy Core Bond Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | $ | 10.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.40 | 0.30 | 0.18 | 0.20 | 0.27 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.18 | ) | (0.80 | ) | (0.59 | ) | 0.57 | (0.07 | ) | |||||||||||
| Total from investment operations | 0.22 | (0.50 | ) | (0.41 | ) | 0.77 | 0.20 | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.31 | ) | (0.20 | ) | (0.22 | ) | (0.28 | ) | ||||||||||
| Net realized gain | — | — | (0.03 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||
| Total dividends and distributions | (0.39 | ) | (0.31 | ) | (0.23 | ) | (0.47 | ) | (0.37 | ) | ||||||||||
| Net asset value, end of period | $ | 9.17 | $ | 9.34 | $ | 10.15 | $ | 10.79 | $ | 10.49 | ||||||||||
| Total return2 | 2.53 | % | (4.90 | %) | (3.94 | %) | 7.33 | % | 1.82 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 4,893 | $ | 4,909 | $ | 6,186 | $ | 7 | 3 | $ | 10 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.69 | % | 0.76 | % | 0.86 | % | 0.87 | % | 0.96 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.95 | % | 0.95 | % | 0.99 | % | 0.97 | % | 0.98 | % | ||||||||||
| Ratio of net investment income to average net assets | 4.37 | % | 3.16 | % | 1.65 | % | 1.78 | % | 2.48 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 4.11 | % | 2.97 | % | 1.52 | % | 1.68 | % | 2.46 | % | ||||||||||
| Portfolio turnover | 96 | % | 128 | % | 86 | % | 98 | % | 118 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 210 |
Delaware Ivy Core Equity Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 14.69 | $ | 18.10 | $ | 18.01 | $ | 11.73 | $ | 13.47 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.03 | 0.05 | 0.04 | 0.06 | 0.06 | |||||||||||||||
| Net realized and unrealized gain (loss) | 4.29 | (1.36 | ) | 2.56 | 6.65 | (0.29 | ) | |||||||||||||
| Total from investment operations | 4.32 | (1.31 | ) | 2.60 | 6.71 | (0.23 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.06 | ) | (0.08 | ) | (0.09 | ) | (0.04 | ) | (0.09 | ) | ||||||||||
| Net realized gain | (1.84 | ) | (2.02 | ) | (2.42 | ) | (0.39 | ) | (1.42 | ) | ||||||||||
| Total dividends and distributions | (1.90 | ) | (2.10 | ) | (2.51 | ) | (0.43 | ) | (1.51 | ) | ||||||||||
| Net asset value, end of period | $ | 17.11 | $ | 14.69 | $ | 18.10 | $ | 18.01 | $ | 11.73 | ||||||||||
| Total return2 | 31.18 | %3 | (6.71 | %)3 | 13.88 | % | 57.58 | % | (3.57 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,846,374 | $ | 2,574,630 | $ | 3,424,139 | $ | 3,411 | 4 | $ | 2,409 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.00 | % | 1.00 | % | 0.97 | % | 1.00 | % | 1.03 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.00 | % | 1.03 | % | 0.97 | % | 1.00 | % | 1.03 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.18 | % | 0.32 | % | 0.19 | % | 0.36 | % | 0.42 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.18 | % | 0.29 | % | 0.19 | % | 0.36 | % | 0.42 | % | ||||||||||
| Portfolio turnover | 35 | % | 37 | % | 36 | % | 49 | % | 66 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 211 |
Financial highlights
Delaware Ivy Core Equity Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 11.09 | $ | 14.27 | $ | 14.65 | $ | 9.63 | $ | 11.31 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.07 | )2 | (0.06 | ) | (0.11 | ) | (0.06 | ) | (0.05 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 3.17 | (1.10 | ) | 2.10 | 5.45 | (0.22 | ) | |||||||||||||
| Total from investment operations | 3.10 | (1.16 | ) | 1.99 | 5.39 | (0.27 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.01 | ) | — | (0.01 | ) | — | (0.01 | ) | ||||||||||||
| Net realized gain | (1.84 | ) | (2.02 | ) | (2.36 | ) | (0.37 | ) | (1.40 | ) | ||||||||||
| Total dividends and distributions | (1.85 | ) | (2.02 | ) | (2.37 | ) | (0.37 | ) | (1.41 | ) | ||||||||||
| Net asset value, end of period | $ | 12.34 | $ | 11.09 | $ | 14.27 | $ | 14.65 | $ | 9.63 | ||||||||||
| Total return3 | 30.19 | %4 | (7.48 | %)4 | 12.85 | % | 56.31 | % | (4.44 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 18,101 | $ | 17,253 | $ | 27,556 | $ | 33 | 5 | $ | 37 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.75 | % | 1.84 | % | 1.85 | % | 1.88 | % | 1.89 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.75 | % | 1.99 | % | 1.85 | % | 1.88 | % | 1.89 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.57 | %) | (0.52 | %) | (0.70 | %) | (0.51 | %) | (0.44 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.57 | %) | (0.67 | %) | (0.70 | %) | (0.51 | %) | (0.44 | %) | ||||||||||
| Portfolio turnover | 35 | % | 37 | % | 36 | % | 49 | % | 66 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 212 |
Delaware Ivy Core Equity Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.67 | $ | 21.24 | $ | 20.77 | $ | 13.47 | $ | 15.27 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.08 | 0.10 | 0.08 | 0.10 | 0.10 | |||||||||||||||
| Net realized and unrealized gain (loss) | 5.22 | (1.57 | ) | 2.93 | 7.66 | (0.37 | ) | |||||||||||||
| Total from investment operations | 5.30 | (1.47 | ) | 3.01 | 7.76 | (0.27 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.07 | ) | (0.08 | ) | (0.12 | ) | (0.07 | ) | (0.11 | ) | ||||||||||
| Net realized gain | (1.84 | ) | (2.02 | ) | (2.42 | ) | (0.39 | ) | (1.42 | ) | ||||||||||
| Total dividends and distributions | (1.91 | ) | (2.10 | ) | (2.54 | ) | (0.46 | ) | (1.53 | ) | ||||||||||
| Net asset value, end of period | $ | 21.06 | $ | 17.67 | $ | 21.24 | $ | 20.77 | $ | 13.47 | ||||||||||
| Total return2 | 31.50 | %3 | (6.46 | %) | 14.00 | % | 57.92 | % | (3.38 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 764,906 | $ | 744,911 | $ | 1,070,912 | $ | 1,101 | 4 | $ | 861 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.75 | % | 0.78 | % | 0.79 | % | 0.81 | % | 0.83 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.75 | % | 0.78 | % | 0.79 | % | 0.81 | % | 0.83 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.43 | % | 0.55 | % | 0.37 | % | 0.55 | % | 0.63 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.43 | % | 0.55 | % | 0.37 | % | 0.55 | % | 0.63 | % | ||||||||||
| Portfolio turnover | 35 | % | 37 | % | 36 | % | 49 | % | 66 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 213 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 14.47 | $ | 17.88 | $ | 17.82 | $ | 11.62 | $ | 13.36 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | (0.01 | )2 | 0.01 | (0.04 | ) | (0.01 | ) | 0.01 | ||||||||||||
| Net realized and unrealized gain (loss) | 4.22 | (1.35 | ) | 2.53 | 6.59 | (0.30 | ) | |||||||||||||
| Total from investment operations | 4.21 | (1.34 | ) | 2.49 | 6.58 | (0.29 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | (0.05 | ) | (0.04 | ) | — | (0.03 | ) | ||||||||||||
| Net realized gain | (1.84 | ) | (2.02 | ) | (2.39 | ) | (0.38 | ) | (1.42 | ) | ||||||||||
| Total dividends and distributions | (1.84 | ) | (2.07 | ) | (2.43 | ) | (0.38 | ) | (1.45 | ) | ||||||||||
| Net asset value, end of period | $ | 16.84 | $ | 14.47 | $ | 17.88 | $ | 17.82 | $ | 11.62 | ||||||||||
| Total return3 | 30.84 | %4 | (6.98 | %)4 | 13.42 | % | 56.93 | % | (3.93 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 161 | $ | 231 | $ | 212 | $ | 1 | 5 | $ | — | 5,6 | ||||||||
| Ratio of expenses to average net assets7 | 1.25 | % | 1.30 | % | 1.39 | % | 1.40 | % | 1.42 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 1.25 | % | 1.31 | % | 1.39 | % | 1.40 | % | 1.42 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | (0.07 | %) | 0.03 | % | (0.22 | %) | (0.04 | %) | 0.04 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.07 | %) | 0.02 | % | (0.22 | %) | (0.04 | %) | 0.04 | % | ||||||||||
| Portfolio turnover | 35 | % | 37 | % | 36 | % | 49 | % | 66 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 5 | Net assets reported in millions. |
| 6 | Rounds to less than $500 thousands. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 214 |
Delaware Ivy Core Equity Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.73 | $ | 21.31 | $ | 20.82 | $ | 13.50 | $ | 15.30 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.09 | 0.12 | 0.12 | 0.12 | 0.13 | |||||||||||||||
| Net realized and unrealized gain (loss) | 5.24 | (1.59 | ) | 2.94 | 7.68 | (0.37 | ) | |||||||||||||
| Total from investment operations | 5.33 | (1.47 | ) | 3.06 | 7.80 | (0.24 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.09 | ) | (0.09 | ) | (0.15 | ) | (0.09 | ) | (0.14 | ) | ||||||||||
| Net realized gain | (1.84 | ) | (2.02 | ) | (2.42 | ) | (0.39 | ) | (1.42 | ) | ||||||||||
| Total dividends and distributions | (1.93 | ) | (2.11 | ) | (2.57 | ) | (0.48 | ) | (1.56 | ) | ||||||||||
| Net asset value, end of period | $ | 21.13 | $ | 17.73 | $ | 21.31 | $ | 20.82 | $ | 13.50 | ||||||||||
| Total return2 | 31.60 | %3 | (6.44 | %) | 14.23 | % | 58.14 | % | (3.23 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 70,743 | $ | 48,677 | $ | 91,633 | $ | 90 | 4 | $ | 31 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.70 | % | 0.69 | % | 0.64 | % | 0.66 | % | 0.67 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.70 | % | 0.69 | % | 0.64 | % | 0.66 | % | 0.67 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.48 | % | 0.64 | % | 0.52 | % | 0.68 | % | 0.78 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.48 | % | 0.64 | % | 0.52 | % | 0.68 | % | 0.78 | % | ||||||||||
| Portfolio turnover | 35 | % | 37 | % | 36 | % | 49 | % | 66 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 215 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.83 | $ | 20.38 | $ | 20.01 | $ | 13.00 | $ | 14.78 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.03 | 0.07 | 0.07 | 0.09 | 0.09 | |||||||||||||||
| Net realized and unrealized gain (loss) | 4.95 | (1.52 | ) | 2.83 | 7.37 | (0.34 | ) | |||||||||||||
| Total from investment operations | 4.98 | (1.45 | ) | 2.90 | 7.46 | (0.25 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.04 | ) | (0.08 | ) | (0.11 | ) | (0.06 | ) | (0.11 | ) | ||||||||||
| Net realized gain | (1.84 | ) | (2.02 | ) | (2.42 | ) | (0.39 | ) | (1.42 | ) | ||||||||||
| Total dividends and distributions | (1.88 | ) | (2.10 | ) | (2.53 | ) | (0.45 | ) | (1.53 | ) | ||||||||||
| Net asset value, end of period | $ | 19.93 | $ | 16.83 | $ | 20.38 | $ | 20.01 | $ | 13.00 | ||||||||||
| Total return2 | 31.13 | % | (6.63 | %)3 | 13.99 | %3 | 57.75 | %3 | (3.37 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 30,813 | $ | 25,065 | $ | 29,855 | $ | 26 | 4 | $ | 23 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.00 | % | 0.94 | % | 0.84 | % | 0.85 | % | 0.84 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.00 | % | 0.97 | % | 1.04 | % | 1.05 | % | 1.08 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.18 | % | 0.39 | % | 0.32 | % | 0.50 | % | 0.60 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.18 | % | 0.36 | % | 0.12 | % | 0.30 | % | 0.36 | % | ||||||||||
| Portfolio turnover | 35 | % | 37 | % | 36 | % | 49 | % | 66 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 216 |
Delaware Ivy Global Bond Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.09 | $ | 9.57 | $ | 10.26 | $ | 9.26 | $ | 9.71 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.32 | 0.24 | 0.25 | 0.32 | 0.34 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.05 | (0.44 | ) | (0.69 | ) | 0.95 | (0.59 | ) | ||||||||||||
| Total from investment operations | 0.37 | (0.20 | ) | (0.44 | ) | 1.27 | (0.25 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.31 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.20 | ) | ||||||||||
| Total dividends and distributions | (0.31 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.20 | ) | ||||||||||
| Net asset value, end of period | $ | 9.15 | $ | 9.09 | $ | 9.57 | $ | 10.26 | $ | 9.26 | ||||||||||
| Total return2 | 4.19 | % | (2.00 | %) | (4.39 | %) | 13.77 | % | (2.69 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 96,400 | $ | 111,266 | $ | 150,133 | $ | 178 | 3 | $ | 170 | 3 | ||||||||
| Ratio of expenses to average net assets4,5 | 0.97 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4,5 | 1.09 | % | 1.24 | % | 1.19 | % | 1.20 | % | 1.22 | % | ||||||||||
| Ratio of net investment income to average net assets | 3.58 | % | 2.64 | % | 2.46 | % | 3.18 | % | 3.43 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.46 | % | 2.36 | % | 2.23 | % | 2.94 | % | 3.20 | % | ||||||||||
| Portfolio turnover | 181 | % | 124 | % | 50 | % | 43 | % | 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 5 | The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.96% and 1.08%, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 217 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.09 | $ | 9.57 | $ | 10.25 | $ | 9.26 | $ | 9.71 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.25 | 0.17 | 0.17 | 0.25 | 0.26 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.05 | (0.43 | ) | (0.68 | ) | 0.94 | (0.59 | ) | ||||||||||||
| Total from investment operations | 0.30 | (0.26 | ) | (0.51 | ) | 1.19 | (0.33 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.25 | ) | (0.22 | ) | (0.17 | ) | (0.20 | ) | (0.12 | ) | ||||||||||
| Total dividends and distributions | (0.25 | ) | (0.22 | ) | (0.17 | ) | (0.20 | ) | (0.12 | ) | ||||||||||
| Net asset value, end of period | $ | 9.14 | $ | 9.09 | $ | 9.57 | $ | 10.25 | $ | 9.26 | ||||||||||
| Total return2 | 3.36 | % | (2.68 | %) | (5.04 | %) | 12.81 | % | (3.42 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,729 | $ | 2,675 | $ | 3,499 | $ | 4 | 3 | $ | 6 | 3 | ||||||||
| Ratio of expenses to average net assets4,5 | 1.72 | % | 1.71 | % | 1.72 | % | 1.72 | % | 1.74 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4,5 | 1.84 | % | 2.06 | % | 1.97 | % | 1.96 | % | 1.98 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.83 | % | 1.91 | % | 1.69 | % | 2.45 | % | 2.68 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.71 | % | 1.56 | % | 1.44 | % | 2.21 | % | 2.44 | % | ||||||||||
| Portfolio turnover | 181 | % | 124 | % | 50 | % | 43 | % | 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 5 | The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 1.71% and 1.83%, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 218 |
Delaware Ivy Global Bond Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.09 | $ | 9.57 | $ | 10.25 | $ | 9.26 | $ | 9.71 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.34 | 0.26 | 0.27 | 0.35 | 0.36 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.05 | (0.43 | ) | (0.68 | ) | 0.93 | (0.59 | ) | ||||||||||||
| Total from investment operations | 0.39 | (0.17 | ) | (0.41 | ) | 1.28 | (0.23 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.34 | ) | (0.31 | ) | (0.27 | ) | (0.29 | ) | (0.22 | ) | ||||||||||
| Total dividends and distributions | (0.34 | ) | (0.31 | ) | (0.27 | ) | (0.29 | ) | (0.22 | ) | ||||||||||
| Net asset value, end of period | $ | 9.14 | $ | 9.09 | $ | 9.57 | $ | 10.25 | $ | 9.26 | ||||||||||
| Total return2 | 4.44 | % | (1.76 | %) | (4.08 | %) | 13.90 | % | (2.45 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 210,566 | $ | 179,446 | $ | 198,358 | $ | 241 | 3 | $ | 204 | 3 | ||||||||
| Ratio of expenses to average net assets4,5 | 0.72 | % | 0.72 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4,5 | 0.84 | % | 0.75 | % | 0.86 | % | 0.89 | % | 0.89 | % | ||||||||||
| Ratio of net investment income to average net assets | 3.83 | % | 2.91 | % | 2.67 | % | 3.39 | % | 3.67 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.71 | % | 2.88 | % | 2.55 | % | 3.24 | % | 3.52 | % | ||||||||||
| Portfolio turnover | 181 | % | 124 | % | 50 | % | 43 | % | 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
| 5 | The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.71% and 0.83%, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 219 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.07 | $ | 9.55 | $ | 10.23 | $ | 9.24 | $ | 9.69 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.30 | 0.21 | 0.20 | 0.28 | 0.29 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.05 | (0.43 | ) | (0.68 | ) | 0.93 | (0.59 | ) | ||||||||||||
| Total from investment operations | 0.35 | (0.22 | ) | (0.48 | ) | 1.21 | (0.30 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.29 | ) | (0.26 | ) | (0.20 | ) | (0.22 | ) | (0.15 | ) | ||||||||||
| Total dividends and distributions | (0.29 | ) | (0.26 | ) | (0.20 | ) | (0.22 | ) | (0.15 | ) | ||||||||||
| Net asset value, end of period | $ | 9.13 | $ | 9.07 | $ | 9.55 | $ | 10.23 | $ | 9.24 | ||||||||||
| Total return2 | 3.98 | %3 | (2.31 | %)3 | (4.77 | %) | 13.13 | % | (3.16 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 342 | $ | 257 | $ | 260 | $ | — | 4,5 | $ | 1 | 4 | ||||||||
| Ratio of expenses to average net assets6,7 | 1.22 | % | 1.29 | % | 1.45 | % | 1.46 | % | 1.47 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6,7 | 1.34 | % | 1.31 | % | 1.45 | % | 1.46 | % | 1.47 | % | ||||||||||
| Ratio of net investment income to average net assets | 3.33 | % | 2.35 | % | 1.96 | % | 2.77 | % | 2.95 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.21 | % | 2.33 | % | 1.96 | % | 2.77 | % | 2.95 | % | ||||||||||
| Portfolio turnover | 181 | % | 124 | % | 50 | % | 43 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 4 | Net assets reported in millions. |
| 5 | Rounds to less than $500 thousands. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| 7 | The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 1.21% and 1.33%, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 220 |
Delaware Ivy Global Bond Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.09 | $ | 9.57 | $ | 10.26 | $ | 9.26 | $ | 9.71 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.35 | 0.26 | 0.27 | 0.34 | 0.36 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.05 | (0.43 | ) | (0.68 | ) | 0.95 | (0.58 | ) | ||||||||||||
| Total from investment operations | 0.40 | (0.17 | ) | (0.41 | ) | 1.29 | (0.22 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.36 | ) | (0.31 | ) | (0.28 | ) | (0.29 | ) | (0.23 | ) | ||||||||||
| Total dividends and distributions | (0.36 | ) | (0.31 | ) | (0.28 | ) | (0.29 | ) | (0.23 | ) | ||||||||||
| Net asset value, end of period | $ | 9.13 | $ | 9.09 | $ | 9.57 | $ | 10.26 | $ | 9.26 | ||||||||||
| Total return2 | 4.50 | %3 | (1.75 | %) | (4.14 | %) | 14.02 | % | (2.42 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 171,002 | $ | 132,679 | $ | 143,870 | $ | 62 | 4 | $ | 23 | 4 | ||||||||
| Ratio of expenses to average net assets5,6 | 0.64 | % | 0.73 | % | 0.70 | % | 0.72 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5,6 | 0.74 | % | 0.73 | % | 0.70 | % | 0.72 | % | 0.73 | % | ||||||||||
| Ratio of net investment income to average net assets | 3.91 | % | 2.90 | % | 2.65 | % | 3.32 | % | 3.69 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.81 | % | 2.90 | % | 2.65 | % | 3.32 | % | 3.69 | % | ||||||||||
| Portfolio turnover | 181 | % | 124 | % | 50 | % | 43 | % | 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
| 6 | The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.63% and 0.73%, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 221 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.09 | $ | 9.58 | $ | 10.26 | $ | 9.26 | $ | 9.71 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.32 | 0.25 | 0.25 | 0.32 | 0.34 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.05 | (0.45 | ) | (0.68 | ) | 0.95 | (0.59 | ) | ||||||||||||
| Total from investment operations | 0.37 | (0.20 | ) | (0.43 | ) | 1.27 | (0.25 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.31 | ) | (0.29 | ) | (0.25 | ) | (0.27 | ) | (0.20 | ) | ||||||||||
| Total dividends and distributions | (0.31 | ) | (0.29 | ) | (0.25 | ) | (0.27 | ) | (0.20 | ) | ||||||||||
| Net asset value, end of period | $ | 9.15 | $ | 9.09 | $ | 9.58 | $ | 10.26 | $ | 9.26 | ||||||||||
| Total return2 | 4.21 | % | (2.06 | %) | (4.29 | %) | 13.76 | % | (2.69 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,999 | $ | 1,879 | $ | 881 | $ | 1 | 3 | $ | 1 | 3 | ||||||||
| Ratio of expenses to average net assets4,5 | 0.97 | % | 0.96 | % | 0.96 | % | 0.96 | % | 0.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4,5 | 1.09 | % | 0.99 | % | 1.11 | % | 1.12 | % | 1.23 | % | ||||||||||
| Ratio of net investment income to average net assets | 3.58 | % | 2.74 | % | 2.42 | % | 3.18 | % | 3.46 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 3.46 | % | 2.71 | % | 2.27 | % | 3.02 | % | 3.22 | % | ||||||||||
| Portfolio turnover | 181 | % | 124 | % | 50 | % | 43 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
| 5 | The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.96% and 1.08%, respectively. |
See accompanying notes, which are an integral part of the financial statements.
| 222 |
Delaware Ivy Global Growth Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 29.35 | $ | 54.30 | $ | 56.56 | $ | 37.75 | $ | 43.12 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.21 | 2 | 0.22 | 0.08 | (0.04 | ) | 0.05 | |||||||||||||
| Net realized and unrealized gain (loss) | 7.03 | (3.65 | ) | 1.81 | 21.67 | (4.97 | ) | |||||||||||||
| Total from investment operations | 7.24 | (3.43 | ) | 1.89 | 21.63 | (4.92 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.20 | ) | — | (0.19 | ) | — | (0.09 | ) | ||||||||||||
| Net realized gain | (1.71 | ) | (21.52 | ) | (3.96 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Total dividends and distributions | (1.91 | ) | (21.52 | ) | (4.15 | ) | (2.82 | ) | (0.45 | ) | ||||||||||
| Net asset value, end of period | $ | 34.68 | $ | 29.35 | $ | 54.30 | $ | 56.56 | $ | 37.75 | ||||||||||
| Total return3 | 25.48 | %2,4 | (4.48 | %)4 | 2.84 | % | 57.85 | % | (11.62 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 346,465 | $ | 333,400 | $ | 481,991 | $ | 531 | 5 | $ | 369 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.18 | % | 1.28 | % | 1.27 | % | 1.34 | % | 1.36 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.19 | % | 1.39 | % | 1.27 | % | 1.34 | % | 1.36 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.68 | % | 0.53 | % | 0.14 | % | (0.08 | %) | 0.11 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.67 | % | 0.42 | % | 0.14 | % | (0.08 | %) | 0.11 | % | ||||||||||
| Portfolio turnover | 47 | % | 39 | % | 45 | % | 32 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.05 and total return by 0.17%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 223 |
Financial highlights
Delaware Ivy Global Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.40 | $ | 43.16 | $ | 45.65 | $ | 31.11 | $ | 35.84 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.02 | )2,3 | (0.10 | ) | (0.40 | ) | (0.41 | ) | (0.28 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 4.29 | (3.14 | ) | 1.51 | 17.77 | (4.09 | ) | |||||||||||||
| Total from investment operations | 4.27 | (3.24 | ) | 1.11 | 17.36 | (4.37 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.19 | ) | — | — | — | — | ||||||||||||||
| Net realized gain | (1.71 | ) | (21.52 | ) | (3.60 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Total dividends and distributions | (1.90 | ) | (21.52 | ) | (3.60 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Net asset value, end of period | $ | 20.77 | $ | 18.40 | $ | 43.16 | $ | 45.65 | $ | 31.11 | ||||||||||
| Total return4 | 24.49 | %2,5 | (5.30 | %)5 | 1.88 | % | 56.45 | % | (12.42 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,164 | $ | 2,187 | $ | 3,530 | $ | 5 | 6 | $ | 5 | 6 | ||||||||
| Ratio of expenses to average net assets7 | 1.94 | % | 2.17 | % | 2.22 | % | 2.25 | % | 2.24 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 1.95 | % | 2.51 | % | 2.22 | % | 2.25 | % | 2.24 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.08 | %) | (0.35 | %) | (0.84 | %) | (1.00 | %) | (0.76 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.09 | %) | (0.69 | %) | (0.84 | %) | (1.00 | %) | (0.76 | %) | ||||||||||
| Portfolio turnover | 47 | % | 39 | % | 45 | % | 32 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment loss per share by $0.03 and total return by 0.16%. See Note 1 in “Notes to financial statements.” |
| 3 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses. |
| 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. |
| 5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | Net assets reported in millions. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 224 |
Delaware Ivy Global Growth Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 30.86 | $ | 55.82 | $ | 58.10 | $ | 38.63 | $ | 44.10 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.31 | 2 | 0.37 | 0.20 | 0.10 | 0.18 | ||||||||||||||
| Net realized and unrealized gain (loss) | 7.41 | (3.75 | ) | 1.89 | 22.20 | (5.07 | ) | |||||||||||||
| Total from investment operations | 7.72 | (3.38 | ) | 2.09 | 22.30 | (4.89 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.23 | ) | (0.06 | ) | (0.41 | ) | (0.01 | ) | (0.22 | ) | ||||||||||
| Net realized gain | (1.71 | ) | (21.52 | ) | (3.96 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Total dividends and distributions | (1.94 | ) | (21.58 | ) | (4.37 | ) | (2.83 | ) | (0.58 | ) | ||||||||||
| Net asset value, end of period | $ | 36.64 | $ | 30.86 | $ | 55.82 | $ | 58.10 | $ | 38.63 | ||||||||||
| Total return3 | 25.81 | %2 | (4.25 | %) | 3.09 | % | 58.28 | % | (11.35 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 177,272 | $ | 196,155 | $ | 379,099 | $ | 494 | 4 | $ | 346 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.94 | % | 1.01 | % | 1.06 | % | 1.06 | % | 1.06 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.95 | % | 1.03 | % | 1.07 | % | 1.09 | % | 1.10 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.94 | % | 0.85 | % | 0.33 | % | 0.19 | % | 0.40 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.93 | % | 0.83 | % | 0.32 | % | 0.16 | % | 0.36 | % | ||||||||||
| Portfolio turnover | 47 | % | 39 | % | 45 | % | 32 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.05 and total return by 0.16%. See Note 1 in “Notes to financial statements.” |
| 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 the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 225 |
Financial highlights
Delaware Ivy Global Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 28.46 | $ | 53.50 | $ | 55.69 | $ | 37.32 | $ | 42.69 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.12 | 2 | 0.09 | (0.15 | ) | (0.21 | ) | (0.08 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 6.80 | (3.61 | ) | 1.78 | 21.40 | (4.93 | ) | |||||||||||||
| Total from investment operations | 6.92 | (3.52 | ) | 1.63 | 21.19 | (5.01 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.14 | ) | — | (0.01 | ) | — | — | |||||||||||||
| Net realized gain | (1.71 | ) | (21.52 | ) | (3.81 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Total dividends and distributions | (1.85 | ) | (21.52 | ) | (3.82 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Net asset value, end of period | $ | 33.53 | $ | 28.46 | $ | 53.50 | $ | 55.69 | $ | 37.32 | ||||||||||
| Total return3 | 25.13 | %2,4 | (4.74 | %)4 | 2.46 | % | 57.33 | % | (11.92 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 772 | $ | 716 | $ | 835 | $ | 1 | 5 | $ | 1 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.44 | % | 1.55 | % | 1.66 | % | 1.68 | % | 1.68 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.45 | % | 1.57 | % | 1.66 | % | 1.68 | % | 1.68 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.41 | % | 0.23 | % | (0.25 | %) | (0.42 | %) | (0.18 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.40 | % | 0.21 | % | (0.25 | %) | (0.42 | %) | (0.18 | %) | ||||||||||
| Portfolio turnover | 47 | % | 39 | % | 45 | % | 32 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.04 and total return by 0.14%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 226 |
Delaware Ivy Global Growth Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 31.04 | $ | 56.21 | $ | 58.51 | $ | 38.85 | $ | 44.35 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.29 | 2 | 0.31 | 0.23 | 0.16 | 0.24 | ||||||||||||||
| Net realized and unrealized gain (loss) | 7.48 | (3.70 | ) | 1.96 | 22.35 | (5.10 | ) | |||||||||||||
| Total from investment operations | 7.77 | (3.39 | ) | 2.19 | 22.51 | (4.86 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.36 | ) | (0.26 | ) | (0.53 | ) | (0.03 | ) | (0.28 | ) | ||||||||||
| Net realized gain | (1.71 | ) | (21.52 | ) | (3.96 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Total dividends and distributions | (2.07 | ) | (21.78 | ) | (4.49 | ) | (2.85 | ) | (0.64 | ) | ||||||||||
| Net asset value, end of period | $ | 36.74 | $ | 31.04 | $ | 56.21 | $ | 58.51 | $ | 38.85 | ||||||||||
| Total return3 | 25.87 | % | 2,4 | (4.20 | %)4 | 3.22 | % | 58.50 | % | (11.26 | %) | |||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 14,681 | $ | 2,908 | $ | 2,633 | $ | 19 | 5 | $ | 16 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.85 | % | 0.98 | % | 0.91 | % | 0.94 | % | 0.94 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.92 | % | 1.00 | % | 0.91 | % | 0.94 | % | 0.94 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.87 | % | 0.73 | % | 0.37 | % | 0.31 | % | 0.53 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.80 | % | 0.71 | % | 0.37 | % | 0.31 | % | 0.53 | % | ||||||||||
| Portfolio turnover | 47 | % | 39 | % | 45 | % | 32 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.05 and total return by 0.16%. See Note 1 in “Notes to financial statements.” |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 227 |
Financial highlights
Delaware Ivy Global Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 29.66 | $ | 54.63 | $ | 56.88 | $ | 37.95 | $ | 43.35 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.24 | 2 | 0.21 | 0.07 | (0.05 | ) | 0.08 | |||||||||||||
| Net realized and unrealized gain (loss) | 7.08 | (3.66 | ) | 1.83 | 21.80 | (5.03 | ) | |||||||||||||
| Total from investment operations | 7.32 | (3.45 | ) | 1.90 | 21.75 | (4.95 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.23 | ) | — | (0.19 | ) | — | (0.09 | ) | ||||||||||||
| Net realized gain | (1.71 | ) | (21.52 | ) | (3.96 | ) | (2.82 | ) | (0.36 | ) | ||||||||||
| Total dividends and distributions | (1.94 | ) | (21.52 | ) | (4.15 | ) | (2.82 | ) | (0.45 | ) | ||||||||||
| Net asset value, end of period | $ | 35.04 | $ | 29.66 | $ | 54.63 | $ | 56.88 | $ | 37.95 | ||||||||||
| Total return3 | 25.48 | %2 | (4.50 | %) | 2.85 | % | 57.86 | % | (11.63 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,860 | $ | 1,483 | $ | 1,962 | $ | 3 | 4 | $ | 2 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.19 | % | 1.28 | % | 1.28 | % | 1.34 | % | 1.36 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.20 | % | 1.32 | % | 1.32 | % | 1.36 | % | 1.38 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.64 | % | 0.51 | % | 0.11 | % | (0.09 | %) | 0.19 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.63 | % | 0.47 | % | 0.07 | % | (0.11 | %) | 0.17 | % | ||||||||||
| Portfolio turnover | 47 | % | 39 | % | 45 | % | 32 | % | 26 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.05 and total return by 0.17%. See Note 1 in “Notes to financial statements.” |
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 228 |
Delaware Ivy High Income Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.43 | 0.44 | 0.46 | 0.41 | 0.49 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.21 | (0.86 | ) | (0.38 | ) | 1.21 | (1.29 | ) | ||||||||||||
| Total from investment operations | 0.64 | (0.42 | ) | 0.08 | 1.62 | (0.80 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.43 | ) | (0.44 | ) | (0.45 | ) | (0.43 | ) | (0.49 | ) | ||||||||||
| Total dividends and distributions | (0.43 | ) | (0.44 | ) | (0.45 | ) | (0.43 | ) | (0.49 | ) | ||||||||||
| Net asset value, end of period | $ | 6.08 | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | ||||||||||
| Total return2 | 11.36 | % | (6.02 | %)3 | 1.09 | %4 | 28.16 | % | (12.03 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,109,865 | $ | 1,196,375 | $ | 1,576,813 | $ | 1,816 | 5 | $ | 1,465 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.89 | % | 1.00 | % | 0.95 | % | 0.97 | % | 0.95 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.89 | % | 1.02 | % | 0.95 | % | 0.97 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets | 7.27 | % | 7.38 | % | 6.44 | % | 6.16 | % | 6.89 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 7.27 | % | 7.36 | % | 6.44 | % | 6.16 | % | 6.89 | % | ||||||||||
| Portfolio turnover | 30 | % | 50 | % | 48 | % | 59 | % | 30 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 4 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 229 |
Financial highlights
Delaware Ivy High Income Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.39 | 0.40 | 0.40 | 0.36 | 0.44 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.20 | (0.86 | ) | (0.37 | ) | 1.22 | (1.29 | ) | ||||||||||||
| Total from investment operations | 0.59 | (0.46 | ) | 0.03 | 1.58 | (0.85 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.38 | ) | (0.40 | ) | (0.40 | ) | (0.39 | ) | (0.44 | ) | ||||||||||
| Total dividends and distributions | (0.38 | ) | (0.40 | ) | (0.40 | ) | (0.39 | ) | (0.44 | ) | ||||||||||
| Net asset value, end of period | $ | 6.08 | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | ||||||||||
| Total return2 | 10.53 | % | (6.70 | %)3 | 0.38 | %3,4 | 27.28 | %3 | (12.66 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 111,787 | $ | 141,497 | $ | 221,601 | $ | 321 | 5 | $ | 447 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.64 | % | 1.71 | % | 1.66 | % | 1.66 | % | 1.66 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.64 | % | 1.81 | % | 1.70 | % | 1.70 | % | 1.68 | % | ||||||||||
| Ratio of net investment income to average net assets | 6.52 | % | 6.64 | % | 5.72 | % | 5.50 | % | 6.17 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 6.52 | % | 6.54 | % | 5.68 | % | 5.46 | % | 6.15 | % | ||||||||||
| Portfolio turnover | 30 | % | 50 | % | 48 | % | 59 | % | 30 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 4 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 230 |
Delaware Ivy High Income Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.44 | 0.45 | 0.47 | 0.43 | 0.50 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.21 | (0.85 | ) | (0.37 | ) | 1.21 | (1.29 | ) | ||||||||||||
| Total from investment operations | 0.65 | (0.40 | ) | 0.10 | 1.64 | (0.79 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.44 | ) | (0.46 | ) | (0.47 | ) | (0.45 | ) | (0.50 | ) | ||||||||||
| Total dividends and distributions | (0.44 | ) | (0.46 | ) | (0.47 | ) | (0.45 | ) | (0.50 | ) | ||||||||||
| Net asset value, end of period | $ | 6.08 | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | ||||||||||
| Total return2 | 11.63 | % | (5.79 | %) | 1.31 | %3 | 28.44 | % | (11.83 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,013,680 | $ | 1,035,891 | $ | 1,454,150 | $ | 1,868 | 4 | $ | 1,487 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.64 | % | 0.75 | % | 0.74 | % | 0.75 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.64 | % | 0.75 | % | 0.74 | % | 0.75 | % | 0.73 | % | ||||||||||
| Ratio of net investment income to average net assets | 7.52 | % | 7.61 | % | 6.66 | % | 6.38 | % | 7.11 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 7.52 | % | 7.61 | % | 6.66 | % | 6.38 | % | 7.11 | % | ||||||||||
| Portfolio turnover | 30 | % | 50 | % | 48 | % | 59 | % | 30 | % | ||||||||||
| 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. |
| 4 | Net assets reported in millions. |
| 5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 231 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.41 | 0.42 | 0.43 | 0.39 | 0.46 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.21 | (0.85 | ) | (0.37 | ) | 1.21 | (1.29 | ) | ||||||||||||
| Total from investment operations | 0.62 | (0.43 | ) | 0.06 | 1.60 | (0.83 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.41 | ) | (0.43 | ) | (0.43 | ) | (0.41 | ) | (0.46 | ) | ||||||||||
| Total dividends and distributions | (0.41 | ) | (0.43 | ) | (0.43 | ) | (0.41 | ) | (0.46 | ) | ||||||||||
| Net asset value, end of period | $ | 6.08 | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | ||||||||||
| Total return2 | 11.08 | % | (6.29 | %) | 0.71 | %3 | 27.67 | % | (12.36 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 32,778 | $ | 34,322 | $ | 44,613 | $ | 48 | 4 | $ | 45 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.14 | % | 1.28 | % | 1.34 | % | 1.35 | % | 1.32 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.14 | % | 1.28 | % | 1.34 | % | 1.35 | % | 1.32 | % | ||||||||||
| Ratio of net investment income to average net assets | 7.02 | % | 7.09 | % | 6.05 | % | 5.79 | % | 6.52 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 7.02 | % | 7.09 | % | 6.05 | % | 5.79 | % | 6.52 | % | ||||||||||
| Portfolio turnover | 30 | % | 50 | % | 48 | % | 59 | % | 30 | % | ||||||||||
| 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. |
| 4 | Net assets reported in millions. |
| 5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 232 |
Delaware Ivy High Income Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.45 | 0.46 | 0.48 | 0.44 | 0.51 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.20 | (0.86 | ) | (0.37 | ) | 1.21 | (1.29 | ) | ||||||||||||
| Total from investment operations | 0.65 | (0.40 | ) | 0.11 | 1.65 | (0.78 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.44 | ) | (0.46 | ) | (0.48 | ) | (0.46 | ) | (0.51 | ) | ||||||||||
| Total dividends and distributions | (0.44 | ) | (0.46 | ) | (0.48 | ) | (0.46 | ) | (0.51 | ) | ||||||||||
| Net asset value, end of period | $ | 6.08 | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | ||||||||||
| Total return2 | 11.64 | % | (5.68 | %) | 1.45 | %3 | 28.63 | % | (11.69 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 53,111 | $ | 59,659 | $ | 64,630 | $ | 67 | 4 | $ | 64 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.62 | % | 0.64 | % | 0.60 | % | 0.60 | % | 0.58 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.62 | % | 0.64 | % | 0.60 | % | 0.60 | % | 0.58 | % | ||||||||||
| Ratio of net investment income to average net assets | 7.57 | % | 7.78 | % | 6.78 | % | 6.54 | % | 7.27 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 7.57 | % | 7.78 | % | 6.78 | % | 6.54 | % | 7.27 | % | ||||||||||
| Portfolio turnover | 30 | % | 50 | % | 48 | % | 59 | % | 30 | % | ||||||||||
| 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. |
| 4 | Net assets reported in millions. |
| 5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 233 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | $ | 7.20 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.43 | 0.44 | 0.45 | 0.41 | 0.49 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.21 | (0.86 | ) | (0.37 | ) | 1.21 | (1.29 | ) | ||||||||||||
| Total from investment operations | 0.64 | (0.42 | ) | 0.08 | 1.62 | (0.80 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.43 | ) | (0.44 | ) | (0.45 | ) | (0.43 | ) | (0.49 | ) | ||||||||||
| Total dividends and distributions | (0.43 | ) | (0.44 | ) | (0.45 | ) | (0.43 | ) | (0.49 | ) | ||||||||||
| Net asset value, end of period | $ | 6.08 | $ | 5.87 | $ | 6.73 | $ | 7.10 | $ | 5.91 | ||||||||||
| Total return2 | 11.35 | % | (6.02 | %) | 1.09 | %3,4 | 28.17 | %4 | (12.03 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 56,376 | $ | 68,758 | $ | 99,847 | $ | 138 | 5 | $ | 133 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.89 | % | 1.00 | % | 0.96 | % | 0.97 | % | 0.95 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.89 | % | 1.00 | % | 0.99 | % | 1.00 | % | 0.98 | % | ||||||||||
| Ratio of net investment income to average net assets | 7.27 | % | 7.34 | % | 6.37 | % | 6.17 | % | 6.87 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 7.27 | % | 7.34 | % | 6.34 | % | 6.14 | % | 6.84 | % | ||||||||||
| Portfolio turnover | 30 | % | 50 | % | 48 | % | 59 | % | 30 | % | ||||||||||
| 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. |
| 4 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 234 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.83 | $ | 19.09 | $ | 19.82 | $ | 13.29 | $ | 16.75 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.39 | 2 | 0.38 | 0.18 | 0.23 | 0.26 | ||||||||||||||
| Net realized and unrealized gain (loss) | 2.28 | 3 | (0.50 | ) | (0.41 | ) | 6.48 | (3.30 | ) | |||||||||||
| Total from investment operations | 2.67 | (0.12 | ) | (0.23 | ) | 6.71 | (3.04 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.51 | ) | (0.14 | ) | (0.50 | ) | (0.18 | ) | (0.42 | ) | ||||||||||
| Total dividends and distributions | (0.51 | ) | (0.14 | ) | (0.50 | ) | (0.18 | ) | (0.42 | ) | ||||||||||
| Net asset value, end of period | $ | 20.99 | $ | 18.83 | $ | 19.09 | $ | 19.82 | $ | 13.29 | ||||||||||
| Total return4 | 14.36 | %2,3 | (0.55 | %) | (1.28 | %) | 50.62 | % | (18.72 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 293,102 | $ | 278,607 | $ | 329,081 | $ | 388 | 5 | $ | 322 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.04 | % | 1.11 | % | 1.23 | % | 1.23 | % | 1.25 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.26 | % | 1.42 | % | 1.36 | % | 1.35 | % | 1.31 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.01 | % | 2.20 | % | 0.89 | % | 1.33 | % | 1.57 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.79 | % | 1.89 | % | 0.76 | % | 1.21 | % | 1.51 | % | ||||||||||
| Portfolio turnover | 42 | % | 43 | % | 71 | % | 76 | % | 62 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%. |
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 235 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.39 | $ | 16.62 | $ | 17.33 | $ | 11.65 | $ | 14.75 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.23 | 2 | 0.22 | 0.04 | 0.09 | 0.14 | ||||||||||||||
| Net realized and unrealized gain (loss) | 1.95 | 3 | (0.43 | ) | (0.36 | ) | 5.68 | (2.91 | ) | |||||||||||
| Total from investment operations | 2.18 | (0.21 | ) | (0.32 | ) | 5.77 | (2.77 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.33 | ) | (0.02 | ) | (0.39 | ) | (0.09 | ) | (0.33 | ) | ||||||||||
| Total dividends and distributions | (0.33 | ) | (0.02 | ) | (0.39 | ) | (0.09 | ) | (0.33 | ) | ||||||||||
| Net asset value, end of period | $ | 18.24 | $ | 16.39 | $ | 16.62 | $ | 17.33 | $ | 11.65 | ||||||||||
| Total return4 | 13.47 | %2,3 | (1.23 | %) | (1.97 | %) | 49.63 | % | (19.30 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 18,338 | $ | 28,549 | $ | 45,987 | $ | 67 | 5 | $ | 77 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.79 | % | 1.84 | % | 1.92 | % | 1.92 | % | 1.93 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 2.01 | % | 2.20 | % | 2.06 | % | 2.05 | % | 1.99 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.34 | % | 1.46 | % | 0.23 | % | 0.58 | % | 0.94 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.12 | % | 1.10 | % | 0.09 | % | 0.45 | % | 0.88 | % | ||||||||||
| Portfolio turnover | 42 | % | 43 | % | 71 | % | 76 | % | 62 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.06 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.12%. |
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 236 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.00 | $ | 19.24 | $ | 19.98 | $ | 13.39 | $ | 16.86 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.45 | 2 | 0.45 | 0.28 | 0.29 | 0.35 | ||||||||||||||
| Net realized and unrealized gain (loss) | 2.28 | 3 | (0.50 | ) | (0.42 | ) | 6.55 | (3.32 | ) | |||||||||||
| Total from investment operations | 2.73 | (0.05 | ) | (0.14 | ) | 6.84 | (2.97 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.55 | ) | (0.19 | ) | (0.60 | ) | (0.25 | ) | (0.50 | ) | ||||||||||
| Total dividends and distributions | (0.55 | ) | (0.19 | ) | (0.60 | ) | (0.25 | ) | (0.50 | ) | ||||||||||
| Net asset value, end of period | $ | 21.18 | $ | 19.00 | $ | 19.24 | $ | 19.98 | $ | 13.39 | ||||||||||
| Total return4 | 14.59 | %2,3 | (0.17 | %) | (0.88 | %) | 51.27 | % | (18.30 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 693,391 | $ | 723,002 | $ | 1,024,716 | $ | 1,408 | 5 | $ | 1,483 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.01 | % | 0.94 | % | 1.02 | % | 1.03 | % | 0.98 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.27 | % | 2.54 | % | 1.34 | % | 1.72 | % | 2.08 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.05 | % | 2.39 | % | 1.11 | % | 1.48 | % | 1.89 | % | ||||||||||
| Portfolio turnover | 42 | % | 43 | % | 71 | % | 76 | % | 62 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%. |
| 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. Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 237 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.81 | $ | 19.07 | $ | 19.80 | $ | 13.29 | $ | 16.75 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.34 | 2 | 0.33 | 0.12 | 0.17 | 0.20 | ||||||||||||||
| Net realized and unrealized gain (loss) | 2.27 | 3 | (0.49 | ) | (0.41 | ) | 6.48 | (3.28 | ) | |||||||||||
| Total from investment operations | 2.61 | (0.16 | ) | (0.29 | ) | 6.65 | (3.08 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.45 | ) | (0.10 | ) | (0.44 | ) | (0.14 | ) | (0.38 | ) | ||||||||||
| Total dividends and distributions | (0.45 | ) | (0.10 | ) | (0.44 | ) | (0.14 | ) | (0.38 | ) | ||||||||||
| Net asset value, end of period | $ | 20.97 | $ | 18.81 | $ | 19.07 | $ | 19.80 | $ | 13.29 | ||||||||||
| Total return4 | 14.06 | %2,3 | (0.78 | %) | (1.57 | %) | 50.08 | % | (18.93 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 40,627 | $ | 41,758 | $ | 47,807 | $ | 55 | 5 | $ | 47 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.29 | % | 1.37 | % | 1.53 | % | 1.53 | % | 1.53 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.51 | % | 1.51 | % | 1.63 | % | 1.62 | % | 1.57 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.77 | % | 1.92 | % | 0.58 | % | 1.02 | % | 1.21 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.55 | % | 1.78 | % | 0.48 | % | 0.93 | % | 1.17 | % | ||||||||||
| Portfolio turnover | 42 | % | 43 | % | 71 | % | 76 | % | 62 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%. |
| 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 238 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.05 | $ | 19.30 | $ | 20.03 | $ | 13.43 | $ | 16.91 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.46 | 2 | 0.45 | 0.29 | 0.29 | 0.36 | ||||||||||||||
| Net realized and unrealized gain (loss) | 2.29 | 3 | (0.51 | ) | (0.42 | ) | 6.56 | (3.34 | ) | |||||||||||
| Total from investment operations | 2.75 | (0.06 | ) | (0.13 | ) | 6.85 | (2.98 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.56 | ) | (0.19 | ) | (0.60 | ) | (0.25 | ) | (0.50 | ) | ||||||||||
| Total dividends and distributions | (0.56 | ) | (0.19 | ) | (0.60 | ) | (0.25 | ) | (0.50 | ) | ||||||||||
| Net asset value, end of period | $ | 21.24 | $ | 19.05 | $ | 19.30 | $ | 20.03 | $ | 13.43 | ||||||||||
| Total return4 | 14.69 | %2,3 | (0.22 | %) | (0.83 | %) | 51.19 | % | (18.31 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 244,996 | $ | 243,848 | $ | 347,008 | $ | 497 | 5 | $ | 620 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.71 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.93 | % | 0.93 | % | 0.88 | % | 0.88 | % | 0.83 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.36 | % | 2.55 | % | 1.37 | % | 1.69 | % | 2.09 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.14 | % | 2.41 | % | 1.28 | % | 1.60 | % | 2.05 | % | ||||||||||
| Portfolio turnover | 42 | % | 43 | % | 71 | % | 76 | % | 62 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%. |
| 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. Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 239 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.99 | $ | 19.24 | $ | 19.98 | $ | 13.39 | $ | 16.87 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.40 | 2 | 0.39 | 0.21 | 0.22 | 0.27 | ||||||||||||||
| Net realized and unrealized gain (loss) | 2.27 | 3 | (0.49 | ) | (0.43 | ) | 6.56 | (3.32 | ) | |||||||||||
| Total from investment operations | 2.67 | (0.10 | ) | (0.22 | ) | 6.78 | (3.05 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.50 | ) | (0.15 | ) | (0.52 | ) | (0.19 | ) | (0.43 | ) | ||||||||||
| Total dividends and distributions | (0.50 | ) | (0.15 | ) | (0.52 | ) | (0.19 | ) | (0.43 | ) | ||||||||||
| Net asset value, end of period | $ | 21.16 | $ | 18.99 | $ | 19.24 | $ | 19.98 | $ | 13.39 | ||||||||||
| Total return4 | 14.27 | %2,3 | (0.46 | %) | (1.26 | %) | 50.76 | % | (18.65 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 38,817 | $ | 41,120 | $ | 49,433 | $ | 91 | 5 | $ | 176 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.04 | % | 1.09 | % | 1.18 | % | 1.17 | % | 1.18 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.26 | % | 1.24 | % | 1.28 | % | 1.29 | % | 1.23 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.01 | % | 2.20 | % | 0.99 | % | 1.33 | % | 1.62 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.79 | % | 2.05 | % | 0.89 | % | 1.21 | % | 1.57 | % | ||||||||||
| Portfolio turnover | 42 | % | 43 | % | 71 | % | 76 | % | 62 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%. |
| 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 240 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 25.18 | $ | 31.11 | $ | 29.35 | $ | 20.52 | $ | 22.73 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.07 | ) | (0.06 | ) | (0.12 | ) | (0.07 | ) | (0.02 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 8.48 | (2.99 | ) | 5.20 | 10.80 | 0.85 | ||||||||||||||
| Total from investment operations | 8.41 | (3.05 | ) | 5.08 | 10.73 | 0.83 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (0.91 | ) | (2.88 | ) | (3.32 | ) | (1.90 | ) | (3.04 | ) | ||||||||||
| Total dividends and distributions | (0.91 | ) | (2.88 | ) | (3.32 | ) | (1.90 | ) | (3.04 | ) | ||||||||||
| Net asset value, end of period | $ | 32.68 | $ | 25.18 | $ | 31.11 | $ | 29.35 | $ | 20.52 | ||||||||||
| Total return2 | 33.90 | %3 | (9.24 | %)3 | 16.52 | % | 52.78 | % | 2.18 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,532,714 | $ | 2,127,513 | $ | 2,834,191 | $ | 2,740 | 4 | $ | 1,936 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.89 | % | 0.93 | % | 0.94 | % | 0.98 | % | 1.01 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.99 | % | 1.00 | % | 0.94 | % | 0.98 | % | 1.01 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.25 | %) | (0.22 | %) | (0.36 | %) | (0.24 | %) | (0.07 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.35 | %) | (0.29 | %) | (0.28 | %) | (0.36 | %) | (0.24 | %) | ||||||||||
| Portfolio turnover | 9 | % | 20 | % | 12 | % | 23 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 241 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.46 | $ | 22.78 | $ | 22.15 | $ | 15.94 | $ | 18.30 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.20 | ) | (0.19 | ) | (0.30 | ) | (0.22 | ) | (0.17 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 5.82 | (2.25 | ) | 3.96 | 8.33 | 0.75 | ||||||||||||||
| Total from investment operations | 5.62 | (2.44 | ) | 3.66 | 8.11 | 0.58 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (0.91 | ) | (2.88 | ) | (3.03 | ) | (1.90 | ) | (2.94 | ) | ||||||||||
| Total dividends and distributions | (0.91 | ) | (2.88 | ) | (3.03 | ) | (1.90 | ) | (2.94 | ) | ||||||||||
| Net asset value, end of period | $ | 22.17 | $ | 17.46 | $ | 22.78 | $ | 22.15 | $ | 15.94 | ||||||||||
| Total return2 | 32.90 | %3 | (9.97 | %)3 | 15.55 | % | 51.46 | % | 1.38 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 61,156 | $ | 44,773 | $ | 63,666 | $ | 69 | 4 | $ | 69 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.64 | % | 1.73 | % | 1.80 | % | 1.82 | % | 1.83 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.74 | % | 1.90 | % | 1.80 | % | 1.82 | % | 1.83 | % | ||||||||||
| Ratio of net investment loss to average net assets | (1.00 | %) | (1.03 | %) | (1.23 | %) | (1.07 | %) | (0.89 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (1.10 | %) | (1.20 | %) | (1.23 | %) | (1.07 | %) | (0.89 | %) | ||||||||||
| Portfolio turnover | 9 | % | 20 | % | 12 | % | 23 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 242 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 27.53 | $ | 33.61 | $ | 31.48 | $ | 21.90 | $ | 24.09 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | — | 2 | 0.02 | (0.02 | ) | 0.03 | 0.06 | |||||||||||||
| Net realized and unrealized gain (loss) | 9.30 | (3.22 | ) | 5.56 | 11.52 | 0.89 | ||||||||||||||
| Total from investment operations | 9.30 | (3.20 | ) | 5.54 | 11.55 | 0.95 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | — | (0.01 | ) | (0.07 | ) | |||||||||||||
| Net realized gain | (0.91 | ) | (2.88 | ) | (3.41 | ) | (1.96 | ) | (3.07 | ) | ||||||||||
| Total dividends and distributions | (0.91 | ) | (2.88 | ) | (3.41 | ) | (1.97 | ) | (3.14 | ) | ||||||||||
| Net asset value, end of period | $ | 35.92 | $ | 27.53 | $ | 33.61 | $ | 31.48 | $ | 21.90 | ||||||||||
| Total return3 | 34.24 | % | (8.99 | %) | 16.87 | % | 53.25 | % | 2.51 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 3,830,418 | $ | 2,723,101 | $ | 2,626,992 | $ | 2,527 | 4 | $ | 1,819 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.69 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.74 | % | 0.66 | % | 0.77 | % | 0.79 | % | 0.80 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | — | 6 | 0.07 | % | (0.06 | %) | 0.09 | % | 0.24 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.10 | %) | 0.05 | % | (0.19 | %) | (0.06 | %) | 0.13 | % | ||||||||||
| Portfolio turnover | 9 | % | 20 | % | 12 | % | 23 | % | 33 | % | ||||||||||
| 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. Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
| 6 | Amount is less than 0.005%. |
See accompanying notes, which are an integral part of the financial statements.
| 243 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 23.26 | $ | 29.09 | $ | 27.57 | $ | 19.43 | $ | 21.69 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.13 | ) | (0.12 | ) | (0.24 | ) | (0.16 | ) | (0.10 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 7.81 | (2.83 | ) | 4.89 | 10.20 | 0.82 | ||||||||||||||
| Total from investment operations | 7.68 | (2.95 | ) | 4.65 | 10.04 | 0.72 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (0.91 | ) | (2.88 | ) | (3.13 | ) | (1.90 | ) | (2.98 | ) | ||||||||||
| Total dividends and distributions | (0.91 | ) | (2.88 | ) | (3.13 | ) | (1.90 | ) | (2.98 | ) | ||||||||||
| Net asset value, end of period | $ | 30.03 | $ | 23.26 | $ | 29.09 | $ | 27.57 | $ | 19.43 | ||||||||||
| Total return2 | 33.56 | %3 | (9.55 | %)3 | 16.07 | % | 52.17 | % | 1.75 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 34,190 | $ | 10,598 | $ | 12,298 | $ | 13 | 4 | $ | 13 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.14 | % | 1.23 | % | 1.37 | % | 1.38 | % | 1.40 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.24 | % | 1.24 | % | 1.37 | % | 1.38 | % | 1.40 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.50 | %) | (0.51 | %) | (0.79 | %) | (0.63 | %) | (0.46 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.60 | %) | (0.52 | %) | (0.79 | %) | (0.63 | %) | (0.46 | %) | ||||||||||
| Portfolio turnover | 9 | % | 20 | % | 12 | % | 23 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 244 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 27.78 | $ | 33.89 | $ | 31.71 | $ | 22.05 | $ | 24.25 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.02 | 0.03 | (0.02 | ) | 0.03 | 0.07 | ||||||||||||||
| Net realized and unrealized gain (loss) | 9.38 | (3.26 | ) | 5.61 | 11.61 | 0.89 | ||||||||||||||
| Total from investment operations | 9.40 | (3.23 | ) | 5.59 | 11.64 | 0.96 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | — | (0.02 | ) | (0.09 | ) | |||||||||||||
| Net realized gain | (0.91 | ) | (2.88 | ) | (3.41 | ) | (1.96 | ) | (3.07 | ) | ||||||||||
| Total dividends and distributions | (0.91 | ) | (2.88 | ) | (3.41 | ) | (1.98 | ) | (3.16 | ) | ||||||||||
| Net asset value, end of period | $ | 36.27 | $ | 27.78 | $ | 33.89 | $ | 31.71 | $ | 22.05 | ||||||||||
| Total return2 | 34.29 | %3 | (9.01 | %)3 | 16.90 | % | 53.28 | % | 2.54 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 313,272 | $ | 185,287 | $ | 166,623 | $ | 164 | 4 | $ | 107 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.58 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.66 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.66 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.06 | % | 0.09 | % | (0.06 | %) | 0.10 | % | 0.28 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.01 | %) | 0.07 | % | (0.06 | %) | 0.10 | % | 0.28 | % | ||||||||||
| Portfolio turnover | 9 | % | 20 | % | 12 | % | 23 | % | 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 245 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 26.24 | $ | 32.29 | $ | 30.36 | $ | 21.18 | $ | 23.37 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.07 | ) | (0.06 | ) | (0.13 | ) | (0.07 | ) | (0.02 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 8.84 | (3.11 | ) | 5.37 | 11.15 | 0.86 | ||||||||||||||
| Total from investment operations | 8.77 | (3.17 | ) | 5.24 | 11.08 | 0.84 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (0.91 | ) | (2.88 | ) | (3.31 | ) | (1.90 | ) | (3.03 | ) | ||||||||||
| Total dividends and distributions | (0.91 | ) | (2.88 | ) | (3.31 | ) | (1.90 | ) | (3.03 | ) | ||||||||||
| Net asset value, end of period | $ | 34.10 | $ | 26.24 | $ | 32.29 | $ | 30.36 | $ | 21.18 | ||||||||||
| Total return2 | 33.90 | % | (9.28 | %) | 16.51 | % | 52.78 | % | 2.19 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 32,584 | $ | 24,849 | $ | 35,926 | $ | 31 | 3 | $ | 26 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.89 | % | 0.95 | % | 0.95 | % | 0.98 | % | 1.01 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.99 | % | 0.96 | % | 1.02 | % | 1.04 | % | 1.05 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.25 | %) | (0.24 | %) | (0.37 | %) | (0.24 | %) | (0.08 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.35 | %) | (0.25 | %) | (0.44 | %) | (0.30 | %) | (0.12 | %) | ||||||||||
| Portfolio turnover | 9 | % | 20 | % | 12 | % | 23 | % | 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 246 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.35 | $ | 11.31 | $ | 12.52 | $ | 7.80 | $ | 10.18 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.19 | 0.07 | 0.26 | 0.08 | 0.18 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.87 | (0.62 | ) | (1.16 | ) | 4.73 | (1.88 | ) | ||||||||||||
| Total from investment operations | 1.06 | (0.55 | ) | (0.90 | ) | 4.81 | (1.70 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.24 | ) | — | (0.28 | ) | (0.09 | ) | (0.20 | ) | |||||||||||
| Net realized gain | — | (1.41 | ) | (0.03 | ) | — | (0.48 | ) | ||||||||||||
| Total dividends and distributions | (0.24 | ) | (1.41 | ) | (0.31 | ) | (0.09 | ) | (0.68 | ) | ||||||||||
| Net asset value, end of period | $ | 10.17 | $ | 9.35 | $ | 11.31 | $ | 12.52 | $ | 7.80 | ||||||||||
| Total return2 | 11.57 | % | (3.79 | %)3 | (7.34 | %)3 | 61.81 | %3 | (18.31 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 23,221 | $ | 36,341 | $ | 51,379 | $ | 64 | 4 | $ | 45 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.66 | % | 0.68 | % | 0.46 | % | 0.46 | % | 0.48 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.66 | % | 0.73 | % | 0.59 | % | 0.50 | % | 0.51 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.99 | % | 0.73 | % | 2.06 | % | 0.80 | % | 1.82 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.99 | % | 0.68 | % | 1.93 | % | 0.76 | % | 1.79 | % | ||||||||||
| Portfolio turnover | 16 | % | 19 | % | 36 | % | 17 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 247 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.96 | $ | 10.99 | $ | 12.22 | $ | 7.53 | $ | 9.92 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.10 | (0.02 | ) | 0.17 | — | 2 | 0.10 | |||||||||||||
| Net realized and unrealized gain (loss) | 0.85 | (0.60 | ) | (1.16 | ) | 4.73 | (1.86 | ) | ||||||||||||
| Total from investment operations | 0.95 | (0.62 | ) | (0.99 | ) | 4.73 | (1.76 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.15 | ) | — | (0.21 | ) | (0.04 | ) | (0.15 | ) | |||||||||||
| Net realized gain | — | (1.41 | ) | (0.03 | ) | — | (0.48 | ) | ||||||||||||
| Total dividends and distributions | (0.15 | ) | (1.41 | ) | (0.24 | ) | (0.04 | ) | (0.63 | ) | ||||||||||
| Net asset value, end of period | $ | 9.76 | $ | 8.96 | $ | 10.99 | $ | 12.22 | $ | 7.53 | ||||||||||
| Total return3 | 10.75 | % | (4.57 | %)4 | (8.22 | %)4 | 62.89 | %4 | (19.36 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 288 | $ | 566 | $ | 876 | $ | 1 | 5 | $ | 1 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.41 | % | 1.56 | % | 1.25 | % | 1.25 | % | 1.29 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.41 | % | 1.67 | % | 1.48 | % | 1.36 | % | 1.36 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 1.07 | % | (0.21 | %) | 1.34 | % | 0.01 | % | 0.98 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 1.07 | % | (0.32 | %) | 1.11 | % | (0.10 | %) | 0.91 | % | ||||||||||
| Portfolio turnover | 16 | % | 19 | % | 36 | % | 17 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 248 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.47 | $ | 11.40 | $ | 12.61 | $ | 7.87 | $ | 10.24 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.20 | — | 2 | 0.29 | 0.12 | 0.22 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.90 | (0.52 | ) | (1.16 | ) | 4.74 | (1.88 | ) | ||||||||||||
| Total from investment operations | 1.10 | (0.52 | ) | (0.87 | ) | 4.86 | (1.66 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.26 | ) | — | (0.31 | ) | (0.12 | ) | (0.23 | ) | |||||||||||
| Net realized gain | — | (1.41 | ) | (0.03 | ) | — | (0.48 | ) | ||||||||||||
| Total dividends and distributions | (0.26 | ) | (1.41 | ) | (0.34 | ) | (0.12 | ) | (0.71 | ) | ||||||||||
| Net asset value, end of period | $ | 10.31 | $ | 9.47 | $ | 11.40 | $ | 12.61 | $ | 7.87 | ||||||||||
| Total return3 | 11.89 | % | (3.50 | %)4 | (7.08 | %)4 | 61.80 | %4 | (17.91 | %)4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 17,897 | $ | 41,079 | $ | 80,847 | $ | 112 | 5 | $ | 90 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.41 | % | 0.34 | % | 0.16 | % | 0.16 | % | 0.16 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.41 | % | 0.39 | % | 0.20 | % | 0.19 | % | 0.19 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.11 | % | 0.01 | % | 2.23 | % | 1.10 | % | 2.19 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 2.11 | % | (0.04 | %) | 2.19 | % | 1.07 | % | 2.16 | % | ||||||||||
| Portfolio turnover | 16 | % | 19 | % | 36 | % | 17 | % | 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. |
| 4 | Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 249 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.27 | $ | 11.25 | $ | 12.47 | $ | 7.75 | $ | 10.14 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.22 | 0.17 | 0.15 | 0.02 | 0.18 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.80 | (0.74 | ) | (1.08 | ) | 4.78 | (1.90 | ) | ||||||||||||
| Total from investment operations | 1.02 | (0.57 | ) | (0.93 | ) | 4.80 | (1.72 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.25 | ) | — | (0.26 | ) | (0.08 | ) | (0.19 | ) | |||||||||||
| Net realized gain | — | (1.41 | ) | (0.03 | ) | — | (0.48 | ) | ||||||||||||
| Total dividends and distributions | (0.25 | ) | (1.41 | ) | (0.29 | ) | (0.08 | ) | (0.67 | ) | ||||||||||
| Net asset value, end of period | $ | 10.04 | $ | 9.27 | $ | 11.25 | $ | 12.47 | $ | 7.75 | ||||||||||
| Total return2 | 11.27 | % | (4.01 | %)3 | (7.58 | %)3 | 62.03 | %3 | (18.59 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 120 | $ | 91 | $ | 75 | $ | — | 4,5 | $ | 1 | 4 | ||||||||
| Ratio of expenses to average net assets6 | 0.91 | % | 0.90 | % | 0.67 | % | 0.66 | % | 0.67 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.91 | % | 0.92 | % | 0.70 | % | 0.67 | % | 0.67 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.35 | % | 1.71 | % | 1.18 | % | 0.23 | % | 1.77 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.35 | % | 1.69 | % | 1.15 | % | 0.22 | % | 1.77 | % | ||||||||||
| Portfolio turnover | 16 | % | 19 | % | 36 | % | 17 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 4 | Net assets reported in millions. |
| 5 | Rounds to less than $500 thousands. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 250 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.48 | $ | 11.41 | $ | 12.62 | $ | 7.88 | $ | 10.25 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.20 | 0.24 | 0.23 | 0.12 | 0.23 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.95 | (0.76 | ) | (1.10 | ) | 4.74 | (1.89 | ) | ||||||||||||
| Total from investment operations | 1.15 | (0.52 | ) | (0.87 | ) | 4.86 | (1.66 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.26 | ) | — | (0.31 | ) | (0.12 | ) | (0.23 | ) | |||||||||||
| Net realized gain | — | (1.41 | ) | (0.03 | ) | — | (0.48 | ) | ||||||||||||
| Total dividends and distributions | (0.26 | ) | (1.41 | ) | (0.34 | ) | (0.12 | ) | (0.71 | ) | ||||||||||
| Net asset value, end of period | $ | 10.37 | $ | 9.48 | $ | 11.41 | $ | 12.62 | $ | 7.88 | ||||||||||
| Total return2 | 12.39 | % | (3.48 | %)3 | (7.07 | %)3 | 61.72 | %3 | (17.90 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 14 | $ | 76 | $ | 81 | $ | 1 | 4 | $ | — | 4,5 | ||||||||
| Ratio of expenses to average net assets6 | 0.25 | % | 0.43 | % | 0.16 | % | 0.16 | % | 0.16 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.25 | % | 0.45 | % | 0.21 | % | 0.18 | % | 0.19 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.08 | % | 2.47 | % | 1.82 | % | 1.08 | % | 2.25 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.08 | % | 2.45 | % | 1.77 | % | 1.06 | % | 2.22 | % | ||||||||||
| Portfolio turnover | 16 | % | 19 | % | 36 | % | 17 | % | 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| 4 | Net assets reported in millions. |
| 5 | Rounds to less than $500 thousands. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 251 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.37 | $ | 11.32 | $ | 12.53 | $ | 7.81 | $ | 10.18 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.20 | 0.04 | 0.28 | 0.09 | 0.10 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.86 | (0.58 | ) | (1.17 | ) | 4.73 | (1.78 | ) | ||||||||||||
| Total from investment operations | 1.06 | (0.54 | ) | (0.89 | ) | 4.82 | (1.68 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.24 | ) | — | (0.29 | ) | (0.10 | ) | (0.21 | ) | |||||||||||
| Net realized gain | — | (1.41 | ) | (0.03 | ) | — | (0.48 | ) | ||||||||||||
| Total dividends and distributions | (0.24 | ) | (1.41 | ) | (0.32 | ) | (0.10 | ) | (0.69 | ) | ||||||||||
| Net asset value, end of period | $ | 10.19 | $ | 9.37 | $ | 11.32 | $ | 12.53 | $ | 7.81 | ||||||||||
| Total return2 | 11.60 | % | (3.70 | %)3 | (7.27 | %)3 | 61.81 | %3 | (18.15 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 86 | $ | 96 | $ | 135 | $ | — | 4,5 | $ | — | 4,5 | ||||||||
| Ratio of expenses to average net assets6 | 0.66 | % | 0.61 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.66 | % | 0.66 | % | 0.48 | % | 0.44 | % | 0.76 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.12 | % | 0.36 | % | 2.16 | % | 0.82 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.12 | % | 0.31 | % | 2.06 | % | 0.76 | % | 0.57 | % | ||||||||||
| Portfolio turnover | 16 | % | 19 | % | 36 | % | 17 | % | 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 4 | Net assets reported in millions. |
| 5 | Rounds to less than $500 thousands. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 252 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 26.14 | $ | 32.31 | $ | 37.42 | $ | 22.28 | $ | 25.28 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.13 | ) | (0.16 | ) | (0.29 | ) | (0.23 | ) | (0.15 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 3.90 | (3.20 | ) | 0.11 | 19.03 | (1.42 | ) | |||||||||||||
| Total from investment operations | 3.77 | (3.36 | ) | (0.18 | ) | 18.80 | (1.57 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (1.75 | ) | (2.81 | ) | (4.93 | ) | (3.66 | ) | (1.43 | ) | ||||||||||
| Total dividends and distributions | (1.75 | ) | (2.81 | ) | (4.93 | ) | (3.66 | ) | (1.43 | ) | ||||||||||
| Net asset value, end of period | $ | 28.16 | $ | 26.14 | $ | 32.31 | $ | 37.42 | $ | 22.28 | ||||||||||
| Total return2 | 15.44 | %3 | (10.07 | %)3 | (1.90 | %) | 85.37 | %3 | (7.20 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,549,167 | $ | 1,582,726 | $ | 2,158,678 | $ | 2,453 | 4 | $ | 1,391 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.04 | % | 1.09 | % | 1.12 | % | 1.16 | % | 1.20 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.23 | % | 1.21 | % | 1.12 | % | 1.17 | % | 1.23 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.49 | %) | (0.59 | %) | (0.76 | %) | (0.68 | %) | (0.55 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.68 | %) | (0.71 | %) | (0.76 | %) | (0.69 | %) | (0.58 | %) | ||||||||||
| Portfolio turnover | 27 | % | 23 | % | 27 | % | 33 | % | 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 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 253 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.16 | $ | 24.74 | $ | 29.76 | $ | 18.26 | $ | 21.02 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.23 | ) | (0.28 | ) | (0.48 | ) | (0.39 | ) | (0.28 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 2.76 | (2.49 | ) | 0.20 | 15.51 | (1.15 | ) | |||||||||||||
| Total from investment operations | 2.53 | (2.77 | ) | (0.28 | ) | 15.12 | (1.43 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (1.75 | ) | (2.81 | ) | (4.74 | ) | (3.62 | ) | (1.33 | ) | ||||||||||
| Total dividends and distributions | (1.75 | ) | (2.81 | ) | (4.74 | ) | (3.62 | ) | (1.33 | ) | ||||||||||
| Net asset value, end of period | $ | 19.94 | $ | 19.16 | $ | 24.74 | $ | 29.76 | $ | 18.26 | ||||||||||
| Total return2 | 14.56 | %3 | (10.79 | %)3 | (2.67 | %) | 83.95 | %3 | (7.88 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 68,708 | $ | 75,826 | $ | 121,668 | $ | 170 | 4 | $ | 143 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.79 | % | 1.88 | % | 1.93 | % | 1.92 | % | 1.95 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.98 | % | 2.06 | % | 1.93 | % | 1.94 | % | 1.98 | % | ||||||||||
| Ratio of net investment loss to average net assets | (1.24 | %) | (1.38 | %) | (1.57 | %) | (1.43 | %) | (1.30 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (1.43 | %) | (1.56 | %) | (1.57 | %) | (1.45 | %) | (1.33 | %) | ||||||||||
| Portfolio turnover | 27 | % | 23 | % | 27 | % | 33 | % | 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 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 254 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 29.84 | $ | 36.32 | $ | 41.48 | $ | 24.41 | $ | 27.52 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.07 | ) | (0.09 | ) | (0.18 | ) | (0.12 | ) | (0.04 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 4.50 | (3.58 | ) | 0.07 | 20.89 | (1.57 | ) | |||||||||||||
| Total from investment operations | 4.43 | (3.67 | ) | (0.11 | ) | 20.77 | (1.61 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (1.75 | ) | (2.81 | ) | (5.05 | ) | (3.70 | ) | (1.50 | ) | ||||||||||
| Total dividends and distributions | (1.75 | ) | (2.81 | ) | (5.05 | ) | (3.70 | ) | (1.50 | ) | ||||||||||
| Net asset value, end of period | $ | 32.52 | $ | 29.84 | $ | 36.32 | $ | 41.48 | $ | 24.41 | ||||||||||
| Total return2 | 15.74 | % | (9.80 | %) | (1.56 | %) | 86.00 | % | (6.75 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 3,054,252 | $ | 2,887,695 | $ | 3,577,939 | $ | 3,609 | 3 | $ | 1,898 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.98 | % | 0.84 | % | 0.95 | % | 0.97 | % | 1.00 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.24 | %) | (0.28 | %) | (0.43 | %) | (0.31 | %) | (0.15 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.43 | %) | (0.33 | %) | (0.59 | %) | (0.49 | %) | (0.36 | %) | ||||||||||
| Portfolio turnover | 27 | % | 23 | % | 27 | % | 33 | % | 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. Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 255 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 24.71 | $ | 30.81 | $ | 35.92 | $ | 21.54 | $ | 24.51 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.18 | ) | (0.22 | ) | (0.44 | ) | (0.35 | ) | (0.23 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 3.66 | (3.07 | ) | 0.14 | 18.37 | (1.37 | ) | |||||||||||||
| Total from investment operations | 3.48 | (3.29 | ) | (0.30 | ) | 18.02 | (1.60 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (1.75 | ) | (2.81 | ) | (4.81 | ) | (3.64 | ) | (1.37 | ) | ||||||||||
| Total dividends and distributions | (1.75 | ) | (2.81 | ) | (4.81 | ) | (3.64 | ) | (1.37 | ) | ||||||||||
| Net asset value, end of period | $ | 26.44 | $ | 24.71 | $ | 30.81 | $ | 35.92 | $ | 21.54 | ||||||||||
| Total return2 | 15.15 | % | (10.34 | %) | (2.30 | %) | 84.62 | % | (7.47 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 54,529 | $ | 58,839 | $ | 74,908 | $ | 88 | 3 | $ | 46 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.29 | % | 1.38 | % | 1.54 | % | 1.55 | % | 1.55 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.48 | % | 1.42 | % | 1.55 | % | 1.56 | % | 1.58 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.74 | %) | (0.87 | %) | (1.18 | %) | (1.07 | %) | (0.90 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.93 | %) | (0.91 | %) | (1.19 | %) | (1.08 | %) | (0.93 | %) | ||||||||||
| Portfolio turnover | 27 | % | 23 | % | 27 | % | 33 | % | 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 256 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 30.21 | $ | 36.73 | $ | 41.89 | $ | 24.63 | $ | 27.76 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.05 | ) | (0.08 | ) | (0.18 | ) | (0.13 | ) | (0.04 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 4.56 | (3.63 | ) | 0.07 | 21.09 | (1.59 | ) | |||||||||||||
| Total from investment operations | 4.51 | (3.71 | ) | (0.11 | ) | 20.96 | (1.63 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (1.75 | ) | (2.81 | ) | (5.05 | ) | (3.70 | ) | (1.50 | ) | ||||||||||
| Total dividends and distributions | (1.75 | ) | (2.81 | ) | (5.05 | ) | (3.70 | ) | (1.50 | ) | ||||||||||
| Net asset value, end of period | $ | 32.97 | $ | 30.21 | $ | 36.73 | $ | 41.89 | $ | 24.63 | ||||||||||
| Total return2 | 15.82 | % | (9.80 | %) | (1.54 | %) | 86.00 | % | (6.77 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,292,279 | $ | 1,048,374 | $ | 980,539 | $ | 736 | 3 | $ | 256 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.72 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.86 | % | 0.83 | % | 0.80 | % | 0.82 | % | 0.85 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.18 | %) | (0.28 | %) | (0.43 | %) | (0.33 | %) | (0.15 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.32 | %) | (0.32 | %) | (0.44 | %) | (0.36 | %) | (0.21 | %) | ||||||||||
| Portfolio turnover | 27 | % | 23 | % | 27 | % | 33 | % | 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. Total return during the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 257 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 28.04 | $ | 34.43 | $ | 39.57 | $ | 23.45 | $ | 26.53 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.14 | ) | (0.17 | ) | (0.31 | ) | (0.24 | ) | (0.15 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 4.21 | (3.41 | ) | 0.09 | 20.02 | (1.50 | ) | |||||||||||||
| Total from investment operations | 4.07 | (3.58 | ) | (0.22 | ) | 19.78 | (1.65 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (1.75 | ) | (2.81 | ) | (4.92 | ) | (3.66 | ) | (1.43 | ) | ||||||||||
| Total dividends and distributions | (1.75 | ) | (2.81 | ) | (4.92 | ) | (3.66 | ) | (1.43 | ) | ||||||||||
| Net asset value, end of period | $ | 30.36 | $ | 28.04 | $ | 34.43 | $ | 39.57 | $ | 23.45 | ||||||||||
| Total return2 | 15.46 | % | (10.09 | %) | (1.89 | %) | 85.29 | % | (7.14 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 226,978 | $ | 223,692 | $ | 284,480 | $ | 363 | 3 | $ | 215 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.04 | % | 1.09 | % | 1.13 | % | 1.16 | % | 1.20 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.23 | % | 1.13 | % | 1.19 | % | 1.21 | % | 1.24 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.49 | %) | (0.59 | %) | (0.77 | %) | (0.68 | %) | (0.55 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.68 | %) | (0.63 | %) | (0.83 | %) | (0.73 | %) | (0.59 | %) | ||||||||||
| Portfolio turnover | 27 | % | 23 | % | 27 | % | 33 | % | 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 258 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.26 | $ | 18.81 | $ | 18.38 | $ | 10.98 | $ | 13.98 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.29 | 0.27 | 0.18 | 0.21 | 0.25 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.08 | (1.15 | ) | 0.89 | 7.40 | (2.96 | ) | |||||||||||||
| Total from investment operations | 3.37 | (0.88 | ) | 1.07 | 7.61 | (2.71 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.33 | ) | (0.27 | ) | (0.18 | ) | (0.21 | ) | (0.24 | ) | ||||||||||
| Net realized gain | (0.64 | ) | (0.40 | ) | (0.46 | ) | — | (0.05 | ) | |||||||||||
| Total dividends and distributions | (0.97 | ) | (0.67 | ) | (0.64 | ) | (0.21 | ) | (0.29 | ) | ||||||||||
| Net asset value, end of period | $ | 19.66 | $ | 17.26 | $ | 18.81 | $ | 18.38 | $ | 10.98 | ||||||||||
| Total return2 | 20.24 | % | (4.73 | %) | 5.71 | % | 69.70 | % | (19.84 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 164,478 | $ | 171,183 | $ | 188,631 | $ | 178 | 3 | $ | 111 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.08 | % | 1.12 | % | 1.21 | % | 1.24 | % | 1.27 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.25 | % | 1.26 | % | 1.26 | % | 1.31 | % | 1.34 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.63 | % | 1.58 | % | 0.95 | % | 1.42 | % | 1.70 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.46 | % | 1.44 | % | 0.90 | % | 1.35 | % | 1.63 | % | ||||||||||
| Portfolio turnover | 17 | % | 29 | % | 20 | % | 23 | % | 25 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 259 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.22 | $ | 18.71 | $ | 18.30 | $ | 10.93 | $ | 13.92 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.16 | 0.14 | 0.04 | 0.10 | 0.14 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.07 | (1.14 | ) | 0.87 | 7.37 | (2.95 | ) | |||||||||||||
| Total from investment operations | 3.23 | (1.00 | ) | 0.91 | 7.47 | (2.81 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.19 | ) | (0.09 | ) | (0.04 | ) | (0.10 | ) | (0.13 | ) | ||||||||||
| Net realized gain | (0.64 | ) | (0.40 | ) | (0.46 | ) | — | (0.05 | ) | |||||||||||
| Total dividends and distributions | (0.83 | ) | (0.49 | ) | (0.50 | ) | (0.10 | ) | (0.18 | ) | ||||||||||
| Net asset value, end of period | $ | 19.62 | $ | 17.22 | $ | 18.71 | $ | 18.30 | $ | 10.93 | ||||||||||
| Total return2 | 19.36 | % | (5.42 | %) | 4.85 | % | 68.61 | % | (20.50 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 18,742 | $ | 20,280 | $ | 27,245 | $ | 24 | 3 | $ | 15 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.83 | % | 1.88 | % | 1.96 | % | 2.00 | % | 2.02 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 2.00 | % | 2.02 | % | 2.01 | % | 2.07 | % | 2.09 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.88 | % | 0.82 | % | 0.21 | % | 0.66 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.71 | % | 0.68 | % | 0.16 | % | 0.59 | % | 0.88 | % | ||||||||||
| Portfolio turnover | 17 | % | 29 | % | 20 | % | 23 | % | 25 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 260 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.27 | $ | 18.84 | $ | 18.42 | $ | 10.99 | $ | 14.00 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.33 | 0.33 | 0.26 | 0.27 | 0.31 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.09 | (1.16 | ) | 0.88 | 7.43 | (2.97 | ) | |||||||||||||
| Total from investment operations | 3.42 | (0.83 | ) | 1.14 | 7.70 | (2.66 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.37 | ) | (0.34 | ) | (0.26 | ) | (0.27 | ) | (0.30 | ) | ||||||||||
| Net realized gain | (0.64 | ) | (0.40 | ) | (0.46 | ) | — | (0.05 | ) | |||||||||||
| Total dividends and distributions | (1.01 | ) | (0.74 | ) | (0.72 | ) | (0.27 | ) | (0.35 | ) | ||||||||||
| Net asset value, end of period | $ | 19.68 | $ | 17.27 | $ | 18.84 | $ | 18.42 | $ | 10.99 | ||||||||||
| Total return2 | 20.58 | % | (4.42 | %) | 6.05 | % | 70.58 | % | (19.53 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 865,423 | $ | 996,722 | $ | 1,399,865 | $ | 1,224 | 3 | $ | 401 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.00 | % | 0.89 | % | 1.07 | % | 1.06 | % | 1.08 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.88 | % | 1.87 | % | 1.34 | % | 1.78 | % | 2.13 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.71 | % | 1.81 | % | 1.10 | % | 1.55 | % | 1.88 | % | ||||||||||
| Portfolio turnover | 17 | % | 29 | % | 20 | % | 23 | % | 25 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 261 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.26 | $ | 18.77 | $ | 18.35 | $ | 10.96 | $ | 13.96 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.23 | 0.22 | 0.12 | 0.16 | 0.20 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.10 | (1.15 | ) | 0.87 | 7.39 | (2.96 | ) | |||||||||||||
| Total from investment operations | 3.33 | (0.93 | ) | 0.99 | 7.55 | (2.76 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.30 | ) | (0.18 | ) | (0.11 | ) | (0.16 | ) | (0.19 | ) | ||||||||||
| Net realized gain | (0.64 | ) | (0.40 | ) | (0.46 | ) | — | (0.05 | ) | |||||||||||
| Total dividends and distributions | (0.94 | ) | (0.58 | ) | (0.57 | ) | (0.16 | ) | (0.24 | ) | ||||||||||
| Net asset value, end of period | $ | 19.65 | $ | 17.26 | $ | 18.77 | $ | 18.35 | $ | 10.96 | ||||||||||
| Total return2 | 20.00 | % | (4.99 | %) | 5.28 | % | 69.22 | % | (20.15 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 13,117 | $ | 1,131 | $ | 1,205 | $ | 1 | 3 | $ | 3 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.33 | % | 1.41 | % | 1.58 | % | 1.58 | % | 1.59 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.50 | % | 1.47 | % | 1.63 | % | 1.64 | % | 1.66 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.31 | % | 1.29 | % | 0.60 | % | 1.16 | % | 1.38 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.14 | % | 1.23 | % | 0.55 | % | 1.10 | % | 1.31 | % | ||||||||||
| Portfolio turnover | 17 | % | 29 | % | 20 | % | 23 | % | 25 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 262 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.28 | $ | 18.84 | $ | 18.42 | $ | 10.99 | $ | 14.01 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.35 | 0.33 | 0.26 | 0.27 | 0.32 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.08 | (1.15 | ) | 0.88 | 7.43 | (2.98 | ) | |||||||||||||
| Total from investment operations | 3.43 | (0.82 | ) | 1.14 | 7.70 | (2.66 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.34 | ) | (0.26 | ) | (0.27 | ) | (0.31 | ) | ||||||||||
| Net realized gain | (0.64 | ) | (0.40 | ) | (0.46 | ) | — | (0.05 | ) | |||||||||||
| Total dividends and distributions | (1.03 | ) | (0.74 | ) | (0.72 | ) | (0.27 | ) | (0.36 | ) | ||||||||||
| Net asset value, end of period | $ | 19.68 | $ | 17.28 | $ | 18.84 | $ | 18.42 | $ | 10.99 | ||||||||||
| Total return2 | 20.63 | % | (4.37 | %) | 6.05 | % | 70.58 | % | (19.57 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 95,789 | $ | 89,010 | $ | 112,720 | $ | 103 | 3 | $ | 65 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.76 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.93 | % | 0.89 | % | 0.89 | % | 0.92 | % | 0.93 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.95 | % | 1.87 | % | 1.34 | % | 1.80 | % | 2.15 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.78 | % | 1.81 | % | 1.28 | % | 1.71 | % | 2.05 | % | ||||||||||
| Portfolio turnover | 17 | % | 29 | % | 20 | % | 23 | % | 25 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 263 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.37 | $ | 18.81 | $ | 18.39 | $ | 10.98 | $ | 13.98 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.29 | 0.27 | 0.18 | 0.21 | 0.25 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.10 | (1.14 | ) | 0.88 | 7.41 | (2.96 | ) | |||||||||||||
| Total from investment operations | 3.39 | (0.87 | ) | 1.06 | 7.62 | (2.71 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.34 | ) | (0.17 | ) | (0.18 | ) | (0.21 | ) | (0.24 | ) | ||||||||||
| Net realized gain | (0.64 | ) | (0.40 | ) | (0.46 | ) | — | (0.05 | ) | |||||||||||
| Total dividends and distributions | (0.98 | ) | (0.57 | ) | (0.64 | ) | (0.21 | ) | (0.29 | ) | ||||||||||
| Net asset value, end of period | $ | 19.78 | $ | 17.37 | $ | 18.81 | $ | 18.39 | $ | 10.98 | ||||||||||
| Total return2 | 20.21 | % | (4.68 | %) | 5.63 | % | 69.84 | % | (19.89 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 14,885 | $ | 11,656 | $ | 27,888 | $ | 38 | 3 | $ | 13 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.08 | % | 1.15 | % | 1.22 | % | 1.24 | % | 1.26 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.25 | % | 1.22 | % | 1.30 | % | 1.31 | % | 1.33 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.63 | % | 1.52 | % | 0.92 | % | 1.40 | % | 1.71 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.46 | % | 1.45 | % | 0.84 | % | 1.33 | % | 1.64 | % | ||||||||||
| Portfolio turnover | 17 | % | 29 | % | 20 | % | 23 | % | 25 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 264 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 11.67 | $ | 14.47 | $ | 22.28 | $ | 13.27 | $ | 17.19 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.09 | ) | (0.07 | ) | (0.16 | ) | (0.18 | ) | (0.15 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 1.99 | 2 | (2.12 | ) | (1.56 | ) | 11.15 | (2.59 | ) | |||||||||||
| Total from investment operations | 1.90 | (2.19 | ) | (1.72 | ) | 10.97 | (2.74 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | (0.19 | ) | — | — | ||||||||||||||
| Net realized gain | (0.60 | ) | (0.61 | ) | (5.90 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Total dividends and distributions | (0.60 | ) | (0.61 | ) | (6.09 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Net asset value, end of period | $ | 12.97 | $ | 11.67 | $ | 14.47 | $ | 22.28 | $ | 13.27 | ||||||||||
| Total return3 | 16.98 | %2,4 | (14.90 | %)4 | (8.23 | %) | 84.34 | % | (17.35 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 647,245 | $ | 681,798 | $ | 1,030,905 | $ | 1,318 | 5 | $ | 788 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.14 | % | 1.21 | % | 1.24 | % | 1.26 | % | 1.31 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.25 | % | 1.34 | % | 1.24 | % | 1.26 | % | 1.31 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.80 | %) | (0.58 | %) | (0.81 | %) | (0.93 | %) | (0.87 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.91 | %) | (0.71 | %) | (0.81 | %) | (0.93 | %) | (0.87 | %) | ||||||||||
| Portfolio turnover | 55 | % | 51 | % | 40 | % | 57 | % | 40 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.09%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 265 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 6.67 | $ | 8.66 | $ | 15.96 | $ | 9.92 | $ | 13.23 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.10 | ) | (0.09 | ) | (0.22 | ) | (0.24 | ) | (0.21 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 1.09 | (1.29 | ) | (1.07 | ) | 8.24 | (1.92 | ) | ||||||||||||
| Total from investment operations | 0.99 | (1.38 | ) | (1.29 | ) | 8.00 | (2.13 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | (0.11 | ) | — | — | ||||||||||||||
| Net realized gain | (0.60 | ) | (0.61 | ) | (5.90 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Total dividends and distributions | (0.60 | ) | (0.61 | ) | (6.01 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Net asset value, end of period | $ | 7.06 | $ | 6.67 | $ | 8.66 | $ | 15.96 | $ | 9.92 | ||||||||||
| Total return2 | 16.04 | %3 | (15.56 | %)3 | (8.89 | %)3 | 82.81 | % | (17.94 | %)3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 16,724 | $ | 20,607 | $ | 36,063 | $ | 57 | 4 | $ | 51 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.89 | % | 1.95 | % | 2.04 | % | 2.04 | % | 2.05 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 2.00 | % | 2.28 | % | 2.11 | % | 2.04 | % | 2.09 | % | ||||||||||
| Ratio of net investment loss to average net assets | (1.55 | %) | (1.33 | %) | (1.62 | %) | (1.69 | %) | (1.62 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (1.66 | %) | (1.66 | %) | (1.69 | %) | (1.69 | %) | (1.66 | %) | ||||||||||
| Portfolio turnover | 55 | % | 51 | % | 40 | % | 57 | % | 40 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 266 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.39 | $ | 23.48 | $ | 32.06 | $ | 18.51 | $ | 23.43 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.11 | ) | (0.05 | ) | (0.14 | ) | (0.15 | ) | (0.11 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 3.38 | 2 | (3.43 | ) | (2.28 | ) | 15.66 | (3.63 | ) | |||||||||||
| Total from investment operations | 3.27 | (3.48 | ) | (2.42 | ) | 15.51 | (3.74 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | (0.26 | ) | — | — | ||||||||||||||
| Net realized gain | (0.60 | ) | (0.61 | ) | (5.90 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Total dividends and distributions | (0.60 | ) | (0.61 | ) | (6.16 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Net asset value, end of period | $ | 22.06 | $ | 19.39 | $ | 23.48 | $ | 32.06 | $ | 18.51 | ||||||||||
| Total return3 | 17.29 | %2 | (14.68 | %) | (7.88 | %) | 85.00 | % | (16.99 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 468,025 | $ | 560,403 | $ | 904,112 | $ | 1,216 | 4 | $ | 778 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.89 | % | 0.89 | % | 0.89 | % | 0.89 | % | 0.89 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.00 | % | 0.92 | % | 1.02 | % | 1.03 | % | 1.04 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.55 | %) | (0.26 | %) | (0.46 | %) | (0.55 | %) | (0.46 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.66 | %) | (0.29 | %) | (0.59 | %) | (0.69 | %) | (0.61 | %) | ||||||||||
| Portfolio turnover | 55 | % | 51 | % | 40 | % | 57 | % | 40 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%. |
| 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 the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 267 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 11.02 | $ | 13.75 | $ | 21.50 | $ | 12.89 | $ | 16.78 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.11 | ) | (0.10 | ) | (0.23 | ) | (0.24 | ) | (0.20 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 1.87 | 2 | (2.02 | ) | (1.49 | ) | 10.81 | (2.51 | ) | |||||||||||
| Total from investment operations | 1.76 | (2.12 | ) | (1.72 | ) | 10.57 | (2.71 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | (0.13 | ) | — | — | ||||||||||||||
| Net realized gain | (0.60 | ) | (0.61 | ) | (5.90 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Total dividends and distributions | (0.60 | ) | (0.61 | ) | (6.03 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Net asset value, end of period | $ | 12.18 | $ | 11.02 | $ | 13.75 | $ | 21.50 | $ | 12.89 | ||||||||||
| Total return3 | 16.70 | %2,4 | (15.18 | %)4 | (8.57 | %) | 83.70 | % | (17.60 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 44,935 | $ | 43,146 | $ | 56,050 | $ | 70 | 5 | $ | 43 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.39 | % | 1.48 | % | 1.61 | % | 1.62 | % | 1.63 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.50 | % | 1.50 | % | 1.61 | % | 1.62 | % | 1.63 | % | ||||||||||
| Ratio of net investment loss to average net assets | (1.05 | %) | (0.84 | %) | (1.19 | %) | (1.29 | %) | (1.19 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (1.16 | %) | (0.86 | %) | (1.19 | %) | (1.29 | %) | (1.19 | %) | ||||||||||
| Portfolio turnover | 55 | % | 51 | % | 40 | % | 57 | % | 40 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.09%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 268 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.58 | $ | 23.70 | $ | 32.30 | $ | 18.63 | $ | 23.58 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.09 | ) | (0.05 | ) | (0.13 | ) | (0.15 | ) | (0.10 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 3.41 | 2 | (3.46 | ) | (2.30 | ) | 15.78 | (3.67 | ) | |||||||||||
| Total from investment operations | 3.32 | (3.51 | ) | (2.43 | ) | 15.63 | (3.77 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | (0.27 | ) | — | — | ||||||||||||||
| Net realized gain | (0.60 | ) | (0.61 | ) | (5.90 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Total dividends and distributions | (0.60 | ) | (0.61 | ) | (6.17 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Net asset value, end of period | $ | 22.30 | $ | 19.58 | $ | 23.70 | $ | 32.30 | $ | 18.63 | ||||||||||
| Total return3 | 17.38 | %2,4 | (14.67 | %)4 | (7.88 | %) | 85.10 | % | (17.01 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 175,469 | $ | 157,251 | $ | 209,855 | $ | 252 | 5 | $ | 161 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.80 | % | 0.89 | % | 0.87 | % | 0.87 | % | 0.89 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.91 | % | 0.91 | % | 0.87 | % | 0.87 | % | 0.89 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.46 | %) | (0.25 | %) | (0.44 | %) | (0.54 | %) | (0.44 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.57 | %) | (0.27 | %) | (0.44 | %) | (0.54 | %) | (0.44 | %) | ||||||||||
| Portfolio turnover | 55 | % | 51 | % | 40 | % | 57 | % | 40 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 269 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.31 | $ | 21.10 | $ | 29.47 | $ | 17.17 | $ | 21.90 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.14 | ) | (0.10 | ) | (0.22 | ) | (0.23 | ) | (0.18 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 2.99 | 2 | (3.08 | ) | (2.08 | ) | 14.49 | (3.37 | ) | |||||||||||
| Total from investment operations | 2.85 | (3.18 | ) | (2.30 | ) | 14.26 | (3.55 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | — | — | (0.17 | ) | — | — | ||||||||||||||
| Net realized gain | (0.60 | ) | (0.61 | ) | (5.90 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Total dividends and distributions | (0.60 | ) | (0.61 | ) | (6.07 | ) | (1.96 | ) | (1.18 | ) | ||||||||||
| Net asset value, end of period | $ | 19.56 | $ | 17.31 | $ | 21.10 | $ | 29.47 | $ | 17.17 | ||||||||||
| Total return3 | 16.93 | %2,4 | (14.91 | %)4 | (8.19 | %)4 | 84.34 | % | (17.36 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 34,019 | $ | 72,634 | $ | 99,698 | $ | 135 | 5 | $ | 91 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.14 | % | 1.19 | % | 1.23 | % | 1.26 | % | 1.28 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.25 | % | 1.21 | % | 1.26 | % | 1.26 | % | 1.28 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.80 | %) | (0.56 | %) | (0.81 | %) | (0.93 | %) | (0.84 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.91 | %) | (0.58 | %) | (0.84 | %) | (0.93 | %) | (0.84 | %) | ||||||||||
| Portfolio turnover | 55 | % | 51 | % | 40 | % | 57 | % | 40 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.06%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 270 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 13.21 | $ | 18.43 | $ | 22.43 | $ | 12.88 | $ | 16.87 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.04 | 0.05 | (0.04 | ) | (0.06 | ) | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 2.69 | (1.44 | ) | (0.18 | ) | 9.61 | (3.83 | ) | ||||||||||||
| Total from investment operations | 2.73 | (1.39 | ) | (0.22 | ) | 9.55 | (3.87 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.11 | ) | (0.05 | ) | — | — | — | |||||||||||||
| Net realized gain | — | (3.78 | ) | (3.78 | ) | — | (0.12 | ) | ||||||||||||
| Return of capital | (0.01 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.12 | ) | (3.83 | ) | (3.78 | ) | — | (0.12 | ) | |||||||||||
| Net asset value, end of period | $ | 15.82 | $ | 13.21 | $ | 18.43 | $ | 22.43 | $ | 12.88 | ||||||||||
| Total return2 | 20.70 | % | (7.02 | %) | (1.21 | %) | 74.15 | % | (23.13 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 115,867 | $ | 111,950 | $ | 151,380 | $ | 176 | 3 | $ | 114 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.14 | % | 1.23 | % | 1.33 | % | 1.37 | % | 1.38 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.27 | % | 1.44 | % | 1.36 | % | 1.41 | % | 1.41 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.29 | % | 0.33 | % | (0.19 | %) | (0.37 | %) | (0.24 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.16 | % | 0.12 | % | (0.22 | %) | (0.41 | %) | (0.27 | %) | ||||||||||
| Portfolio turnover | 13 | % | 13 | % | 122 | % | 127 | % | 138 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 271 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.82 | $ | 14.84 | $ | 18.75 | $ | 10.85 | $ | 14.32 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.05 | )2 | (0.05 | ) | (0.17 | ) | (0.15 | ) | (0.14 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 1.99 | (1.18 | ) | (0.14 | ) | 8.05 | (3.21 | ) | ||||||||||||
| Total from investment operations | 1.94 | (1.23 | ) | (0.31 | ) | 7.90 | (3.35 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.07 | ) | (0.01 | ) | — | — | — | |||||||||||||
| Net realized gain | — | (3.78 | ) | (3.60 | ) | — | (0.12 | ) | ||||||||||||
| Return of capital | (0.01 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.08 | ) | (3.79 | ) | (3.60 | ) | — | (0.12 | ) | |||||||||||
| Net asset value, end of period | $ | 11.68 | $ | 9.82 | $ | 14.84 | $ | 18.75 | $ | 10.85 | ||||||||||
| Total return3 | 19.77 | % | (7.71 | %) | (1.93 | %) | 72.81 | % | (23.62 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 11,117 | $ | 12,188 | $ | 17,505 | $ | 22 | 4 | $ | 20 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.89 | % | 1.98 | % | 2.07 | % | 2.09 | % | 2.10 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 2.02 | % | 2.18 | % | 2.10 | % | 2.12 | % | 2.12 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.46 | %) | (0.42 | %) | (0.94 | %) | (1.07 | %) | (0.96 | %) | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.59 | %) | (0.62 | %) | (0.97 | %) | (1.10 | %) | (0.98 | %) | ||||||||||
| Portfolio turnover | 13 | % | 13 | % | 122 | % | 127 | % | 138 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses. |
| 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 272 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.28 | $ | 20.60 | $ | 24.68 | $ | 14.10 | $ | 18.40 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.09 | 0.12 | 0.06 | 0.02 | 0.05 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.11 | (1.60 | ) | (0.21 | ) | 10.56 | (4.19 | ) | ||||||||||||
| Total from investment operations | 3.20 | (1.48 | ) | (0.15 | ) | 10.58 | (4.14 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.12 | ) | (0.06 | ) | — | — | (0.02 | ) | ||||||||||||
| Net realized gain | — | (3.78 | ) | (3.93 | ) | — | (0.14 | ) | ||||||||||||
| Return of capital | (0.01 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.13 | ) | (3.84 | ) | (3.93 | ) | — | (0.16 | ) | |||||||||||
| Net asset value, end of period | $ | 18.35 | $ | 15.28 | $ | 20.60 | $ | 24.68 | $ | 14.10 | ||||||||||
| Total return2 | 21.01 | % | (6.69 | %) | (0.79 | %) | 75.04 | % | (22.74 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 144,334 | $ | 159,794 | $ | 316,727 | $ | 451 | 3 | $ | 304 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.89 | % | 0.89 | % | 0.89 | % | 0.89 | % | 0.89 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.02 | % | 0.97 | % | 1.07 | % | 1.09 | % | 1.10 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.54 | % | 0.68 | % | 0.25 | % | 0.11 | % | 0.25 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.41 | % | 0.60 | % | 0.07 | % | (0.09 | %) | 0.04 | % | ||||||||||
| Portfolio turnover | 13 | % | 13 | % | 122 | % | 127 | % | 138 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 273 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 13.01 | $ | 18.22 | $ | 22.20 | $ | 12.78 | $ | 16.78 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | — | 2 | 0.01 | (0.11 | ) | (0.11 | ) | (0.09 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 2.65 | (1.42 | ) | (0.19 | ) | 9.53 | (3.79 | ) | ||||||||||||
| Total from investment operations | 2.65 | (1.41 | ) | (0.30 | ) | 9.42 | (3.88 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.08 | ) | (0.02 | ) | — | — | — | |||||||||||||
| Net realized gain | — | (3.78 | ) | (3.68 | ) | — | (0.12 | ) | ||||||||||||
| Return of capital | (0.01 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.09 | ) | (3.80 | ) | (3.68 | ) | — | (0.12 | ) | |||||||||||
| Net asset value, end of period | $ | 15.57 | $ | 13.01 | $ | 18.22 | $ | 22.20 | $ | 12.78 | ||||||||||
| Total return3 | 20.38 | % | (7.21 | %) | (1.57 | %) | 73.71 | % | (23.32 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 21,641 | $ | 18,550 | $ | 22,950 | $ | 25 | 4 | $ | 15 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.39 | % | 1.48 | % | 1.64 | % | 1.64 | % | 1.65 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.52 | % | 1.54 | % | 1.67 | % | 1.67 | % | 1.67 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.04 | % | 0.08 | % | (0.50 | %) | (0.64 | %) | (0.52 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.09 | %) | 0.02 | % | (0.53 | %) | (0.67 | %) | (0.54 | %) | ||||||||||
| Portfolio turnover | 13 | % | 13 | % | 122 | % | 127 | % | 138 | % | ||||||||||
| 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 274 |
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.48 | $ | 20.80 | $ | 24.88 | $ | 14.22 | $ | 18.55 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.10 | 0.12 | 0.06 | 0.02 | 0.05 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.16 | (1.62 | ) | (0.21 | ) | 10.64 | (4.22 | ) | ||||||||||||
| Total from investment operations | 3.26 | (1.50 | ) | (0.15 | ) | 10.66 | (4.17 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.13 | ) | (0.04 | ) | — | — | (0.02 | ) | ||||||||||||
| Net realized gain | — | (3.78 | ) | (3.93 | ) | — | (0.14 | ) | ||||||||||||
| Return of capital | (0.01 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.14 | ) | (3.82 | ) | (3.93 | ) | — | (0.16 | ) | |||||||||||
| Net asset value, end of period | $ | 18.60 | $ | 15.48 | $ | 20.80 | $ | 24.88 | $ | 14.22 | ||||||||||
| Total return2 | 21.17 | % | (6.73 | %) | (0.79 | %) | 74.96 | % | (22.72 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 40,997 | $ | 39,951 | $ | 82,144 | $ | 77 | 3 | $ | 59 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.80 | % | 0.89 | % | 0.89 | % | 0.89 | % | 0.89 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 0.99 | % | 0.96 | % | 0.94 | % | 0.95 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.63 | % | 0.67 | % | 0.25 | % | 0.11 | % | 0.24 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.44 | % | 0.60 | % | 0.20 | % | 0.05 | % | 0.18 | % | ||||||||||
| Portfolio turnover | 13 | % | 13 | % | 122 | % | 127 | % | 138 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 275 |
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 14.42 | $ | 19.71 | $ | 23.73 | $ | 13.62 | $ | 17.81 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.04 | 0.06 | (0.04 | ) | (0.05 | ) | (0.03 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 2.94 | (1.53 | ) | (0.19 | ) | 10.16 | (4.04 | ) | ||||||||||||
| Total from investment operations | 2.98 | (1.47 | ) | (0.23 | ) | 10.11 | (4.07 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.09 | ) | (0.04 | ) | — | — | — | |||||||||||||
| Net realized gain | — | (3.78 | ) | (3.79 | ) | — | (0.12 | ) | ||||||||||||
| Return of capital | (0.01 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.10 | ) | (3.82 | ) | (3.79 | ) | — | (0.12 | ) | |||||||||||
| Net asset value, end of period | $ | 17.30 | $ | 14.42 | $ | 19.71 | $ | 23.73 | $ | 13.62 | ||||||||||
| Total return2 | 20.73 | % | (7.00 | %) | (1.19 | %) | 74.23 | % | (23.08 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 5,772 | $ | 5,348 | $ | 8,110 | $ | 9 | 3 | $ | 7 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.14 | % | 1.20 | % | 1.30 | % | 1.30 | % | 1.32 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.27 | % | 1.27 | % | 1.33 | % | 1.34 | % | 1.35 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.29 | % | 0.35 | % | (0.17 | %) | (0.28 | %) | (0.19 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.16 | % | 0.28 | % | (0.20 | %) | (0.32 | %) | (0.22 | %) | ||||||||||
| Portfolio turnover | 13 | % | 13 | % | 122 | % | 127 | % | 138 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 276 |
Delaware Ivy Systematic Emerging Markets Equity Fund Class Af
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.37 | $ | 22.54 | $ | 28.07 | $ | 15.61 | $ | 19.15 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.45 | 0.68 | 0.15 | (0.01 | ) | 0.12 | ||||||||||||||
| Net realized and unrealized gain (loss) | 1.30 | (3.40 | ) | (5.54 | ) | 12.68 | (3.51 | ) | ||||||||||||
| Total from investment operations | 1.75 | (2.72 | ) | (5.39 | ) | 12.67 | (3.39 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.57 | ) | (0.20 | ) | (0.14 | ) | (0.21 | ) | (0.15 | ) | ||||||||||
| Net realized gain | — | (2.25 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.57 | ) | (2.45 | ) | (0.14 | ) | (0.21 | ) | (0.15 | ) | ||||||||||
| Net asset value, end of period | $ | 18.55 | $ | 17.37 | $ | 22.54 | $ | 28.07 | $ | 15.61 | ||||||||||
| Total return2 | 10.31 | %3 | (11.42 | %)3 | (19.25 | %)3 | 81.21 | % | (17.87 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 158,396 | $ | 179,755 | $ | 263,968 | $ | 377 | 4 | $ | 229 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.09 | % | 1.15 | % | 1.35 | % | 1.39 | % | 1.46 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.51 | % | 1.57 | % | 1.37 | % | 1.39 | % | 1.46 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 2.54 | % | 3.59 | % | 0.55 | % | (0.03 | %) | 0.61 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 2.12 | % | 3.17 | % | 0.53 | % | (0.03 | %) | 0.61 | % | ||||||||||
| Portfolio turnover | 30 | % | 65 | % | 38 | % | 39 | % | 32 | % | ||||||||||
| f | Consolidated financial highlights. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 277 |
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class Cf
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 14.26 | $ | 19.07 | $ | 23.86 | $ | 13.31 | $ | 16.39 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.27 | 0.47 | (0.04 | ) | (0.15 | ) | (0.01 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 1.05 | (2.90 | ) | (4.68 | ) | 10.79 | (2.99 | ) | ||||||||||||
| Total from investment operations | 1.32 | (2.43 | ) | (4.72 | ) | 10.64 | (3.00 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.47 | ) | (0.13 | ) | (0.07 | ) | (0.09 | ) | (0.08 | ) | ||||||||||
| Net realized gain | — | (2.25 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.47 | ) | (2.38 | ) | (0.07 | ) | (0.09 | ) | (0.08 | ) | ||||||||||
| Net asset value, end of period | $ | 15.11 | $ | 14.26 | $ | 19.07 | $ | 23.86 | $ | 13.31 | ||||||||||
| Total return2 | 9.48 | %3 | (12.02 | %)3 | (19.83 | %)3 | 80.00 | % | (18.43 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 16,558 | $ | 23,136 | $ | 39,227 | $ | 57 | 4 | $ | 43 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.80 | % | 1.84 | % | 2.07 | % | 2.10 | % | 2.16 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 2.26 | % | 2.29 | % | 2.09 | % | 2.10 | % | 2.16 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 1.88 | % | 2.95 | % | (0.17 | %) | (0.73 | %) | (0.07 | %) | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 1.42 | % | 2.50 | % | (0.19 | %) | (0.73 | %) | (0.07 | %) | ||||||||||
| Portfolio turnover | 30 | % | 65 | % | 38 | % | 39 | % | 32 | % | ||||||||||
| f | Consolidated financial highlights. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 278 |
Delaware Ivy Systematic Emerging Markets Equity Fund Class If
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.12 | $ | 23.33 | $ | 29.05 | $ | 16.13 | $ | 19.77 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.52 | 0.79 | 0.26 | 0.09 | 0.21 | |||||||||||||||
| Net realized and unrealized gain (loss) | 1.35 | (3.53 | ) | (5.74 | ) | 13.12 | (3.61 | ) | ||||||||||||
| Total from investment operations | 1.87 | (2.74 | ) | (5.48 | ) | 13.21 | (3.40 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.62 | ) | (0.22 | ) | (0.24 | ) | (0.29 | ) | (0.24 | ) | ||||||||||
| Net realized gain | — | (2.25 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.62 | ) | (2.47 | ) | (0.24 | ) | (0.29 | ) | (0.24 | ) | ||||||||||
| Net asset value, end of period | $ | 19.37 | $ | 18.12 | $ | 23.33 | $ | 29.05 | $ | 16.13 | ||||||||||
| Total return2 | 10.55 | % | (11.08 | %) | (18.96 | %) | 82.02 | % | (17.50 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 432,708 | $ | 532,766 | $ | 912,326 | $ | 1,548 | 3 | $ | 826 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.80 | % | 0.81 | % | 0.98 | % | 0.99 | % | 0.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.26 | % | 1.08 | % | 1.08 | % | 1.10 | % | 1.14 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.85 | % | 4.00 | % | 0.93 | % | 0.37 | % | 1.09 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.39 | % | 3.73 | % | 0.83 | % | 0.26 | % | 0.94 | % | ||||||||||
| Portfolio turnover | 30 | % | 65 | % | 38 | % | 39 | % | 32 | % | ||||||||||
| f | Consolidated financial highlights. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 279 |
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class Rf
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.12 | $ | 22.26 | $ | 27.75 | $ | 15.44 | $ | 18.95 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.40 | 0.61 | 0.06 | (0.07 | ) | 0.07 | ||||||||||||||
| Net realized and unrealized gain (loss) | 1.27 | (3.33 | ) | (5.46 | ) | 12.53 | (3.47 | ) | ||||||||||||
| Total from investment operations | 1.67 | (2.72 | ) | (5.40 | ) | 12.46 | (3.40 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.54 | ) | (0.17 | ) | (0.09 | ) | (0.15 | ) | (0.11 | ) | ||||||||||
| Net realized gain | — | (2.25 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.54 | ) | (2.42 | ) | (0.09 | ) | (0.15 | ) | (0.11 | ) | ||||||||||
| Net asset value, end of period | $ | 18.25 | $ | 17.12 | $ | 22.26 | $ | 27.75 | $ | 15.44 | ||||||||||
| Total return2 | 9.99 | %3 | (11.57 | %)3 | (19.51 | %)3 | 80.73 | % | (18.07 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 5,880 | $ | 6,070 | $ | 7,540 | $ | 11 | 4 | $ | 9 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.30 | % | 1.37 | % | 1.67 | % | 1.69 | % | 1.72 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.76 | % | 1.64 | % | 1.68 | % | 1.69 | % | 1.72 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 2.32 | % | 3.30 | % | 0.22 | % | (0.32 | %) | 0.39 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 1.86 | % | 3.03 | % | 0.21 | % | (0.32 | %) | 0.39 | % | ||||||||||
| Portfolio turnover | 30 | % | 65 | % | 38 | % | 39 | % | 32 | % | ||||||||||
| f | Consolidated financial highlights. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 280 |
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6f
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.22 | $ | 23.46 | $ | 29.21 | $ | 16.22 | $ | 19.88 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.54 | 0.78 | 0.28 | 0.10 | 0.21 | |||||||||||||||
| Net realized and unrealized gain (loss) | 1.37 | (3.53 | ) | (5.77 | ) | 13.19 | (3.63 | ) | ||||||||||||
| Total from investment operations | 1.91 | (2.75 | ) | (5.49 | ) | 13.29 | (3.42 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.64 | ) | (0.24 | ) | (0.26 | ) | (0.30 | ) | (0.24 | ) | ||||||||||
| Net realized gain | — | (2.25 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.64 | ) | (2.49 | ) | (0.26 | ) | (0.30 | ) | (0.24 | ) | ||||||||||
| Net asset value, end of period | $ | 19.49 | $ | 18.22 | $ | 23.46 | $ | 29.21 | $ | 16.22 | ||||||||||
| Total return2 | 10.74 | %3 | (11.06 | %)3 | (18.89 | %)3 | 82.01 | % | (17.46 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 120,493 | $ | 144,999 | $ | 254,340 | $ | 3534 | $ | 200 | 4 | |||||||||
| Ratio of expenses to average net assets5 | 0.69 | % | 0.76 | % | 0.92 | % | 0.95 | % | 0.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.11 | % | 1.05 | % | 0.93 | % | 0.95 | % | 0.99 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.92 | % | 3.94 | % | 0.98 | % | 0.40 | % | 1.05 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.50 | % | 3.65 | % | 0.97 | % | 0.40 | % | 1.05 | % | ||||||||||
| Portfolio turnover | 30 | % | 65 | % | 38 | % | 39 | % | 32 | % | ||||||||||
| f | Consolidated financial highlights. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 281 |
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class Yf
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 17.79 | $ | 23.01 | $ | 28.65 | $ | 15.92 | $ | 19.53 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.46 | 0.67 | 0.16 | 0.01 | 0.14 | |||||||||||||||
| Net realized and unrealized gain (loss) | 1.32 | (3.44 | ) | (5.65 | ) | 12.94 | (3.58 | ) | ||||||||||||
| Total from investment operations | 1.78 | (2.77 | ) | (5.49 | ) | 12.95 | (3.44 | ) | ||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.57 | ) | (0.20 | ) | (0.15 | ) | (0.22 | ) | (0.17 | ) | ||||||||||
| Net realized gain | — | (2.25 | ) | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.57 | ) | (2.45 | ) | (0.15 | ) | (0.22 | ) | (0.17 | ) | ||||||||||
| Net asset value, end of period | $ | 19.00 | $ | 17.79 | $ | 23.01 | $ | 28.65 | $ | 15.92 | ||||||||||
| Total return2 | 10.25 | %3 | (11.38 | %)3 | (19.23 | %)3 | 81.40 | % | (17.80 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 26,993 | $ | 27,664 | $ | 29,380 | $ | 40 | 4 | $ | 31 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.09 | % | 1.14 | % | 1.31 | % | 1.34 | % | 1.37 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.51 | % | 1.41 | % | 1.32 | % | 1.34 | % | 1.37 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.55 | % | 3.50 | % | 0.59 | % | 0.04 | % | 0.70 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.13 | % | 3.23 | % | 0.58 | % | 0.04 | % | 0.70 | % | ||||||||||
| Portfolio turnover | 30 | % | 65 | % | 38 | % | 39 | % | 32 | % | ||||||||||
| f | Consolidated financial highlights. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 282 |
Delaware Ivy Value Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 21.02 | $ | 27.62 | $ | 26.18 | $ | 16.79 | $ | 22.61 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.28 | 0.25 | 0.31 | 0.29 | 0.41 | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.43 | 2 | (2.01 | ) | 4.14 | 9.86 | (3.98 | ) | ||||||||||||
| Total from investment operations | 2.71 | (1.76 | ) | 4.45 | 10.15 | (3.57 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.30 | ) | (0.45 | ) | (0.44 | ) | (0.29 | ) | (0.33 | ) | ||||||||||
| Net realized gain | (5.61 | ) | (4.39 | ) | (2.57 | ) | (0.47 | ) | (1.92 | ) | ||||||||||
| Total dividends and distributions | (5.91 | ) | (4.84 | ) | (3.01 | ) | (0.76 | ) | (2.25 | ) | ||||||||||
| Net asset value, end of period | $ | 17.82 | $ | 21.02 | $ | 27.62 | $ | 26.18 | $ | 16.79 | ||||||||||
| Total return3 | 15.83 | %2,4 | (6.47 | %)4 | 17.35 | % | 61.22 | %4 | (18.67 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 258,766 | $ | 318,903 | $ | 405,826 | $ | 359 | 5 | $ | 251 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.08 | % | 1.10 | % | 1.09 | % | 1.19 | % | 1.21 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.18 | % | 1.14 | % | 1.09 | % | 1.20 | % | 1.21 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.41 | % | 1.01 | % | 1.07 | % | 1.36 | % | 1.68 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.31 | % | 0.97 | % | 1.07 | % | 1.35 | % | 1.68 | % | ||||||||||
| Portfolio turnover | 32 | % | 103 | % | 64 | % | 60 | % | 68 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 283 |
Financial highlights
Delaware Ivy Value Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.65 | $ | 26.19 | $ | 24.95 | $ | 16.02 | $ | 21.69 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.12 | 0.05 | 0.05 | 0.13 | 0.22 | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.23 | 2 | (1.90 | ) | 3.95 | 9.39 | (3.79 | ) | ||||||||||||
| Total from investment operations | 2.35 | (1.85 | ) | 4.00 | 9.52 | (3.57 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.17 | ) | (0.30 | ) | (0.19 | ) | (0.12 | ) | (0.18 | ) | ||||||||||
| Net realized gain | (5.61 | ) | (4.39 | ) | (2.57 | ) | (0.47 | ) | (1.92 | ) | ||||||||||
| Total dividends and distributions | (5.78 | ) | (4.69 | ) | (2.76 | ) | (0.59 | ) | (2.10 | ) | ||||||||||
| Net asset value, end of period | $ | 16.22 | $ | 19.65 | $ | 26.19 | $ | 24.95 | $ | 16.02 | ||||||||||
| Total return3 | 14.96 | %2,4 | (7.24 | %)4 | 16.32 | % | 59.94 | % | (19.29 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 4,794 | $ | 6,143 | $ | 6,611 | $ | 7 | 5 | $ | 8 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.83 | % | 1.88 | % | 1.97 | % | 1.99 | % | 1.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.93 | % | 1.98 | % | 1.97 | % | 1.99 | % | 1.99 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.66 | % | 0.23 | % | 0.18 | % | 0.65 | % | 0.94 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.56 | % | 0.13 | % | 0.18 | % | 0.65 | % | 0.94 | % | ||||||||||
| Portfolio turnover | 32 | % | 103 | % | 64 | % | 60 | % | 68 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 284 |
Delaware Ivy Value Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 21.18 | $ | 27.78 | $ | 26.31 | $ | 16.88 | $ | 22.72 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.33 | 0.36 | 0.37 | 0.35 | 0.47 | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.46 | 2 | (2.07 | ) | 4.17 | 9.91 | (4.00 | ) | ||||||||||||
| Total from investment operations | 2.79 | (1.71 | ) | 4.54 | 10.26 | (3.53 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.34 | ) | (0.50 | ) | (0.50 | ) | (0.36 | ) | (0.39 | ) | ||||||||||
| Net realized gain | (5.61 | ) | (4.39 | ) | (2.57 | ) | (0.47 | ) | (1.92 | ) | ||||||||||
| Total dividends and distributions | (5.95 | ) | (4.89 | ) | (3.07 | ) | (0.83 | ) | (2.31 | ) | ||||||||||
| Net asset value, end of period | $ | 18.02 | $ | 21.18 | $ | 27.78 | $ | 26.31 | $ | 16.88 | ||||||||||
| Total return3 | 16.11 | %2,4 | (6.25 | %) | 17.61 | % | 61.66 | %4 | (18.40 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 226,257 | $ | 346,249 | $ | 938,672 | $ | 829 | 5 | $ | 522 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.83 | % | 0.86 | % | 0.88 | % | 0.91 | % | 0.92 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.93 | % | 0.86 | % | 0.88 | % | 0.92 | % | 0.92 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.66 | % | 1.45 | % | 1.28 | % | 1.62 | % | 1.94 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.56 | % | 1.45 | % | 1.28 | % | 1.61 | % | 1.94 | % | ||||||||||
| Portfolio turnover | 32 | % | 103 | % | 64 | % | 60 | % | 68 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.09%. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 285 |
Financial highlights
Delaware Ivy Value Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 20.92 | $ | 27.54 | $ | 26.11 | $ | 16.74 | $ | 22.56 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.22 | 0.12 | 0.08 | 0.21 | 0.33 | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.43 | 2 | (2.00 | ) | 4.28 | 9.83 | (3.98 | ) | ||||||||||||
| Total from investment operations | 2.65 | (1.88 | ) | 4.36 | 10.04 | (3.65 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.21 | ) | (0.35 | ) | (0.36 | ) | (0.20 | ) | (0.25 | ) | ||||||||||
| Net realized gain | (5.61 | ) | (4.39 | ) | (2.57 | ) | (0.47 | ) | (1.92 | ) | ||||||||||
| Total dividends and distributions | (5.82 | ) | (4.74 | ) | (2.93 | ) | (0.67 | ) | (2.17 | ) | ||||||||||
| Net asset value, end of period | $ | 17.75 | $ | 20.92 | $ | 27.54 | $ | 26.11 | $ | 16.74 | ||||||||||
| Total return3 | 15.54 | %2,4 | (6.95 | %)4 | 16.99 | % | 60.59 | % | (18.94 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 7 | $ | 20 | $ | 14 | $ | — | 5,6 | $ | — | 5,6 | ||||||||
| Ratio of expenses to average net assets7 | 1.33 | % | 1.56 | % | 1.53 | % | 1.57 | % | 1.55 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 1.43 | % | 1.80 | % | 1.53 | % | 1.57 | % | 1.55 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.10 | % | 0.49 | % | 0.29 | % | 0.96 | % | 1.34 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.00 | % | 0.25 | % | 0.29 | % | 0.96 | % | 1.34 | % | ||||||||||
| Portfolio turnover | 32 | % | 103 | % | 64 | % | 60 | % | 68 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 5 | Net assets reported in millions. |
| 6 | Rounds to less than $500 thousands. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 286 |
Delaware Ivy Value Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 21.38 | $ | 27.89 | $ | 26.40 | $ | 16.94 | $ | 22.80 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.36 | 0.44 | 0.41 | 0.39 | 0.51 | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.48 | 2 | (2.13 | ) | 4.19 | 9.94 | (4.02 | ) | ||||||||||||
| Total from investment operations | 2.84 | (1.69 | ) | 4.60 | 10.33 | (3.51 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.36 | ) | (0.43 | ) | (0.54 | ) | (0.40 | ) | (0.43 | ) | ||||||||||
| Net realized gain | (5.61 | ) | (4.39 | ) | (2.57 | ) | (0.47 | ) | (1.92 | ) | ||||||||||
| Total dividends and distributions | (5.97 | ) | (4.82 | ) | (3.11 | ) | (0.87 | ) | (2.35 | ) | ||||||||||
| Net asset value, end of period | $ | 18.25 | $ | 21.38 | $ | 27.89 | $ | 26.40 | $ | 16.94 | ||||||||||
| Total return3 | 16.20 | %2,4 | (6.18 | %) | 17.81 | % | 61.93 | % | (18.29 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,737 | $ | 4,247 | $ | 126,573 | $ | 1465 | $ | 113 | 5 | |||||||||
| Ratio of expenses to average net assets6 | 0.78 | % | 0.74 | % | 0.72 | % | 0.76 | % | 0.77 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.82 | % | 0.74 | % | 0.72 | % | 0.76 | % | 0.77 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.74 | % | 1.70 | % | 1.42 | % | 1.81 | % | 2.13 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.70 | % | 1.70 | % | 1.42 | % | 1.81 | % | 2.13 | % | ||||||||||
| Portfolio turnover | 32 | % | 103 | % | 64 | % | 60 | % | 68 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.09%. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 287 |
Financial highlights
Delaware Ivy Value Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 20.97 | $ | 27.57 | $ | 26.14 | $ | 16.77 | $ | 22.65 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.22 | 0.25 | 0.28 | 0.33 | 0.46 | |||||||||||||||
| Net realized and unrealized gain (loss) | 2.47 | 2 | (2.01 | ) | 4.16 | 9.80 | (4.09 | ) | ||||||||||||
| Total from investment operations | 2.69 | (1.76 | ) | 4.44 | 10.13 | (3.63 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.29 | ) | (0.45 | ) | (0.44 | ) | (0.29 | ) | (0.33 | ) | ||||||||||
| Net realized gain | (5.61 | ) | (4.39 | ) | (2.57 | ) | (0.47 | ) | (1.92 | ) | ||||||||||
| Total dividends and distributions | (5.90 | ) | (4.84 | ) | (3.01 | ) | (0.76 | ) | (2.25 | ) | ||||||||||
| Net asset value, end of period | $ | 17.76 | $ | 20.97 | $ | 27.57 | $ | 26.14 | $ | 16.77 | ||||||||||
| Total return3 | 15.77 | %2,4 | (6.49 | %) | 17.32 | %4 | 61.18 | % | (18.89 | %) | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 83 | $ | 87 | $ | 108 | $ | — | 5,6 | $ | — | 5,6 | ||||||||
| Ratio of expenses to average net assets7 | 1.08 | % | 1.11 | % | 1.11 | % | 1.18 | % | 1.19 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 1.18 | % | 1.11 | % | 1.14 | % | 1.18 | % | 1.19 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.22 | % | 1.01 | % | 1.03 | % | 1.61 | % | 1.93 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.12 | % | 1.01 | % | 1.00 | % | 1.61 | % | 1.93 | % | ||||||||||
| Portfolio turnover | 32 | % | 103 | % | 64 | % | 60 | % | 68 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 5 | Net assets reported in millions. |
| 6 | Rounds to less than $500 thousands. |
| 7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
| 288 |
| Ivy Funds | March 31, 2024 |
Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 30 funds. These financial statements and the related notes pertain to 16 funds: Delaware Global Equity Fund II (formerly, Delaware Global Value Equity Fund), Delaware International Equity Fund II (formerly, Delaware Ivy International Value Fund), Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High 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 Mid Cap Income Opportunities 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, (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Global Equity Fund II, Delaware International Equity Fund II, and Delaware Ivy Large Cap Growth Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Global Equity Fund II, Delaware International Equity Fund II, and Delaware Ivy Large Cap Growth Fund are considered nondiversified.
Each Fund offers Class A, Class C, Class I, Class R, Class R6 and Class Y shares. On June 13, 2022, all Class E shares were liquidated. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (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 have no upfront sales charge, but are sold with a contingent deferred sales charge (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 the 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 the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities, credit default swap (CDS) contracts, interest rate swap (IRS) contracts, CDS and IRS options contracts (swaptions) are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security, credit default swap (CDS) contracts, interest rate swap (IRS) contracts, CDS and IRS options contracts (swaptions) valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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. Forward foreign 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 the ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by DMC. Subject to the oversight of the Trust’s Board of Trustees (Board), DMC, as valuation
| 289 |
Notes to financial statements
Ivy Funds
1. Significant Accounting Policies (continued)
designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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. Certain Funds 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 the Funds value their securities, generally as of 4:00pm ET. 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, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities and private placements are valued at fair value.
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, 2024, and for all open tax years (years ended March 31, 2021–March 31, 2023), 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, 2024, the Funds did not incur any interest or tax penalties.
As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned (EU tax reclaims). These filings are subject to various administrative proceedings by each local jurisdiction’s tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have be recognized, if any, are reflected as “Other income” in the “Statements of operations.” Related receivables, if any, are reflected as EU tax reclaims receivable in the “Statements of assets and liabilities.” Generally unless fund management believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund’s net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a US federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as a foreign tax credits to its US taxable shareholders, a Fund may enter into a closing agreement with the US Internal Revenue Service (the IRS). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Delaware Global Equity Fund II, Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges to Delaware Global Equity Fund II, Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund’s closing agreement liability are presented as a reduction of “IRS compliance fee for foreign withholding tax claims (see Note 1)” in the “Statements of operations” and its estimated closing agreement liability is presented as “IRS compliance fee for foreign withholding tax claims (see Note 1)” in the “Statements of assets and liabilities.”
Underlying Funds — Each Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Fund may invest include ETFs. Each Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.
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. Each Fund generally bifurcates that portion of
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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 realized gains (losses), attributable 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.” Each Fund reports 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.
Derivative Financial Instruments — The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds intend to use either derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”
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 Delaware Funds by Macquarie® (Delaware Funds) 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 an accrual basis. Income and capital gain distributions from any Underlying Funds in which each Fund invests are recorded on the ex-dividend date. 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. When a loan agreement is purchased, each Fund may pay an assignment fee. On an ongoing basis, each 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. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. 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. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The “Statements of operations” include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 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 Core Bond Fund and Delaware Ivy High Income Fund declare daily and pay monthly. Delaware Global Equity Fund II, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund, and Delaware Ivy Value Fund declare and pay quarterly. Delaware International Equity Fund II, Delaware Ivy Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy
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Notes to financial statements
Ivy Funds
1. Significant Accounting Policies (continued)
Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth 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, at least 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 transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund’s average daily net assets as follows:
| Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
| Delaware Global Equity Fund II | 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 International Equity Fund II | 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 Core 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. | ||
| 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. |
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| Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
| 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. | ||
| 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 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 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 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. |
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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 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 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. | ||
| 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. |
DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:
In connection with its management of Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, and Delaware Ivy High Income Fund, DMC may seek fixed income investment advice, recommendations, discretionary investment advice and trading from its affiliates Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). DMC pays a sub-advisory fee to each of MIMAK, MIMEL and MIMGL based on the extent to which they provide services to the Funds.
In addition and with respect only to Delaware Ivy Managed International Opportunities Fund, MIMAK is responsible for the day-to-day management of the Fund. MIMAK may utilize its affiliate MIMGL to execute security trades. DMC pays a sub-advisory fee to each of MIMAK and MIMGL for their services to the Fund.
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In addition and with respect only to Delaware Ivy Systematic Emerging Markets Equity Fund, MIMGL is responsible for the day-to-day management of the Fund. DMC pays a sub-advisory fee to MIMGL for their services to the Fund.
MIMGL serves as sub-advisor to Delaware International Equity Fund II, Delaware Ivy Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Value Fund, Delaware Global Equity Fund II, Delaware Ivy Global Growth Fund, and Delaware Ivy International Core Equity Fund, executing security trades on behalf of DMC. DMC pays a sub-advisory fee to MIMGL for their services to the Funds.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, effective October 1, 2023, 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: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Prior to October 1, 2023, DIFSC’s annual rates were: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion. 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.” For the year ended March 31, 2024, each Fund paid for these services as follows:
| Fund | Fees | |||
| Delaware Global Equity Fund II | $ | 14,138 | ||
| Delaware International Equity Fund II | 7,861 | |||
| Delaware Ivy Core Bond Fund | 18,206 | |||
| Delaware Ivy Core Equity Fund | 127,725 | |||
| Delaware Ivy Global Bond Fund | 19,914 | |||
| Delaware Ivy Global Growth Fund | 22,433 | |||
| Delaware Ivy High Income Fund | 91,089 | |||
| Delaware Ivy International Core Equity Fund | 51,496 | |||
| Delaware Ivy Large Cap Growth Fund | 220,446 | |||
| Delaware Ivy Managed International Opportunities Fund | 6,358 | |||
| Delaware Ivy Mid Cap Growth Fund | 214,808 | |||
| Delaware Ivy Mid Cap Income Opportunities Fund | 45,838 | |||
| Delaware Ivy Small Cap Growth Fund | 54,534 | |||
| Delaware Ivy Smid Cap Core Fund | 15,717 | |||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 33,066 | |||
| Delaware Ivy Value Fund | 24,292 | |||
DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended March 31, 2024, each Fund paid for these services as follows:
| Fund | Fees | |||
| Delaware Global Equity Fund II | $ | 18,493 | ||
| Delaware International Equity Fund II | 7,101 | |||
| Delaware Ivy Core Bond Fund | 25,944 | |||
| Delaware Ivy Core Equity Fund | 222,678 | |||
| Delaware Ivy Global Bond Fund | 28,576 | |||
| Delaware Ivy Global Growth Fund | 33,310 | |||
| Delaware Ivy High Income Fund | 157,672 | |||
| Delaware Ivy International Core Equity Fund | 85,864 | |||
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Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
| Fund | Fees | |||
| Delaware Ivy Large Cap Growth Fund | $ | 385,479 | ||
| Delaware Ivy Managed International Opportunities Fund | 4,337 | |||
| Delaware Ivy Mid Cap Growth Fund | 379,664 | |||
| Delaware Ivy Mid Cap Income Opportunities Fund | 75,970 | |||
| Delaware Ivy Small Cap Growth Fund | 91,696 | |||
| Delaware Ivy Smid Cap Core Fund | 21,165 | |||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 52,935 | |||
| Delaware Ivy Value Fund | 37,246 | |||
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. Certain shares in accounts that established positions in Class A shares of Delaware Ivy Global Growth Fund prior to January 1, 1992 are not subject to an ongoing 12b-1 fee. This arrangement results in a 12b-1 fee rate that is lower than 0.25% of the net assets attributable to outstanding Class A shares of the Fund, and leads to a current blended rate of 0.24% of the average daily net assets. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fees.
From July 31, 2023 through July 30, 2024, DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.
| Fund | Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6 | Operating expense limitation as a percentage of average daily net assets Class R6 | ||||||
| Delaware Global Equity Fund II | 0.92 | % | 0.75 | % | ||||
| Delaware International Equity Fund II | 0.79 | % | 0.65 | % | ||||
| Delaware Ivy Core Bond Fund | 0.44 | % | 0.33 | % | ||||
| Delaware Ivy Core Equity Fund | 0.75 | % | 0.67 | % | ||||
| Delaware Ivy Global Bond Fund | 0.71 | % | 0.59 | % | ||||
| Delaware Ivy Global Growth Fund | 0.92 | % | 0.81 | % | ||||
| Delaware Ivy High Income Fund | 0.72 | % | 0.63 | % | ||||
| Delaware Ivy International Core Equity Fund | 0.79 | % | 0.67 | % | ||||
| Delaware Ivy Large Cap Growth Fund | 0.64 | % | 0.56 | % | ||||
| Delaware Ivy Managed International Opportunities Fund | n/a | n/a | ||||||
| Delaware Ivy Mid Cap Growth Fund | 0.79 | % | 0.69 | % | ||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 0.83 | % | 0.72 | % | ||||
| Delaware Ivy Small Cap Growth Fund | 0.89 | % | 0.76 | % | ||||
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| Fund | Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6 | Operating expense limitation as a percentage of average daily net assets Class R6 | ||||||
| Delaware Ivy Smid Cap Core Fund | 0.89 | % | 0.76 | % | ||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 0.80 | % | 0.65 | % | ||||
| Delaware Ivy Value Fund | 0.83 | % | 0.72 | % | ||||
Prior to July 31, 2023, the expense limitations for each Fund were as follows:
| Fund | Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6 | Operating expense limitation as a percentage of average daily net assets Class R6 | ||||||
| Delaware Global Equity Fund II | 0.92 | % | n/a | |||||
| Delaware International Equity Fund II | 0.95 | % | n/a | |||||
| Delaware Ivy Core Bond Fund | 0.45 | % | 0.45 | % | ||||
| Delaware Ivy Core Equity Fund | 0.75 | % | n/a | |||||
| Delaware Ivy Global Bond Fund | 0.71 | % | n/a | |||||
| Delaware Ivy Global Growth Fund | 0.97 | % | n/a | |||||
| Delaware Ivy High Income Fund | 0.75 | % | n/a | |||||
| Delaware Ivy International Core Equity Fund | 0.79 | % | 0.79 | % | ||||
| Delaware Ivy Large Cap Growth Fund | 0.64 | % | 0.64 | % | ||||
| Delaware Ivy Managed International Opportunities Fund | n/a | n/a | ||||||
| Delaware Ivy Mid Cap Growth Fund | 0.79 | % | 0.79 | % | ||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 0.83 | % | 0.83 | % | ||||
| Delaware Ivy Small Cap Growth Fund | 0.89 | % | 0.89 | % | ||||
| Delaware Ivy Smid Cap Core Fund | 0.89 | % | 0.89 | % | ||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 0.80 | % | 0.76 | % | ||||
| Delaware Ivy Value Fund | 0.83 | % | n/a | |||||
| 297 |
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from July 31, 2023 through July 30, 2024, unless terminated by agreement of DMC and the Fund, is as follows:
| Operating expense limitation as a percentage of average daily net assets | ||||||||||||||||||||||||
| Fund | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||||||||||||||
| Delaware Global Equity Fund II | 1.17 | % | 1.92 | % | 0.92 | % | 1.42 | % | 0.75 | % | 1.17 | % | ||||||||||||
| Delaware International Equity Fund II | 1.04 | % | 1.79 | % | 0.79 | % | 1.29 | % | 0.65 | % | 1.04 | % | ||||||||||||
| Delaware Ivy Core Bond Fund | 0.69 | % | 1.44 | % | 0.44 | % | 0.94 | % | 0.33 | % | 0.69 | % | ||||||||||||
| Delaware Ivy Core Equity Fund | 1.00 | % | 1.75 | % | 0.75 | % | 1.25 | % | 0.67 | % | 1.00 | % | ||||||||||||
| Delaware Ivy Global Bond Fund | 0.96 | % | 1.71 | % | 0.71 | % | 1.21 | % | 0.59 | % | 0.96 | % | ||||||||||||
| Delaware Ivy Global Growth Fund | 1.17 | % | 1.92 | % | 0.92 | % | 1.42 | % | 0.81 | % | 1.17 | % | ||||||||||||
| Delaware Ivy High Income Fund | 0.97 | % | 1.72 | % | 0.72 | % | 1.22 | % | 0.63 | % | 0.97 | % | ||||||||||||
| Delaware Ivy International Core Equity Fund | 1.04 | % | 1.79 | % | 0.79 | % | 1.29 | % | 0.67 | % | 1.04 | % | ||||||||||||
| Delaware Ivy Large Cap Growth Fund | 0.89 | % | 1.64 | % | 0.64 | % | 1.14 | % | 0.56 | % | 0.89 | % | ||||||||||||
| Delaware Ivy Managed International Opportunities Fund | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
| Delaware Ivy Mid Cap Growth Fund | 1.04 | % | 1.79 | % | 0.79 | % | 1.29 | % | 0.69 | % | 1.04 | % | ||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 1.08 | % | 1.83 | % | 0.83 | % | 1.33 | % | 0.72 | % | 1.08 | % | ||||||||||||
| Delaware Ivy Small Cap Growth Fund | 1.14 | % | 1.89 | % | 0.89 | % | 1.39 | % | 0.76 | % | 1.14 | % | ||||||||||||
| Delaware Ivy Smid Cap Core Fund | 1.14 | % | 1.89 | % | 0.89 | % | 1.39 | % | 0.76 | % | 1.14 | % | ||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 1.05 | % | 1.80 | % | 0.80 | % | 1.30 | % | 0.65 | % | 1.05 | % | ||||||||||||
| Delaware Ivy Value Fund | 1.08 | % | 1.83 | % | 0.83 | % | 1.33 | % | 0.72 | % | 1.08 | % | ||||||||||||
Prior to July 31, 2023, DMC, DDLP and/or DIFSC, had contractually agreed to waive all or a portion of its fees and/or pay/reimburse expenses (excluding acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC, DDLP, DIFSC and/or each Fund. The waivers and reimbursements were accrued daily and received monthly.
| Operating expense limitation as a percentage of average daily net assets | ||||||||||||||||||||||||
| Fund | Class A | Class C | Class I | Class R | Class R6 | Class Y | ||||||||||||||||||
| Delaware Global Equity Fund II | 1.17 | % | 1.92 | % | 0.92 | % | 1.42 | % | n/a | 1.17 | % | |||||||||||||
| Delaware International Equity Fund II | 1.20 | % | 1.95 | % | 0.95 | % | 1.45 | % | n/a | 1.20 | % | |||||||||||||
| Delaware Ivy Core Bond Fund | 0.70 | % | 1.45 | % | 0.45 | % | 0.95 | % | 0.45 | % | 0.70 | % | ||||||||||||
| Delaware Ivy Core Equity Fund | 1.00 | % | 1.75 | % | 0.75 | % | 1.25 | % | n/a | 1.00 | % | |||||||||||||
| Delaware Ivy Global Bond Fund | 0.96 | % | 1.71 | % | 0.71 | % | 1.21 | % | n/a | 0.96 | % | |||||||||||||
| Delaware Ivy Global Growth Fund | 1.21 | % | 1.97 | % | 0.97 | % | 1.47 | % | n/a | 1.22 | % | |||||||||||||
| Delaware Ivy High Income Fund | 1.00 | % | 1.75 | % | 0.75 | % | 1.25 | % | n/a | 1.00 | % | |||||||||||||
| Delaware Ivy International Core Equity Fund | 1.04 | % | 1.79 | % | 0.79 | % | 1.29 | % | 0.79 | % | 1.04 | % | ||||||||||||
| Delaware Ivy Large Cap Growth Fund | 0.89 | % | 1.64 | % | 0.64 | % | 1.14 | % | 0.64 | % | 0.89 | % | ||||||||||||
| Delaware Ivy Managed International Opportunities Fund | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
| Delaware Ivy Mid Cap Growth Fund | 1.04 | % | 1.79 | % | 0.79 | % | 1.29 | % | 0.79 | % | 1.04 | % | ||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 1.08 | % | 1.83 | % | 0.83 | % | 1.33 | % | 0.83 | % | 1.08 | % | ||||||||||||
| Delaware Ivy Small Cap Growth Fund | 1.14 | % | 1.89 | % | 0.89 | % | 1.39 | % | 0.89 | % | 1.14 | % | ||||||||||||
| Delaware Ivy Smid Cap Core Fund | 1.14 | % | 1.89 | % | 0.89 | % | 1.39 | % | 0.89 | % | 1.14 | % | ||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 1.15 | % | 1.80 | % | 0.80 | % | 1.30 | % | 0.76 | % | 1.15 | % | ||||||||||||
| Delaware Ivy Value Fund | 1.08 | % | 1.83 | % | 0.83 | % | 1.33 | % | n/a | 1.08 | % | |||||||||||||
| 298 |
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, 2024, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
| Fund | Fees | |||
| Delaware Global Equity Fund II | $ | 7,541 | ||
| Delaware International Equity Fund II | 5,562 | |||
| Delaware Ivy Core Bond Fund | 8,690 | |||
| Delaware Ivy Core Equity Fund | 86,229 | |||
| Delaware Ivy Global Bond Fund | 17,905 | |||
| Delaware Ivy Global Growth Fund | 13,352 | |||
| Delaware Ivy High Income Fund | 68,073 | |||
| Delaware Ivy International Core Equity Fund | 35,981 | |||
| Delaware Ivy Large Cap Growth Fund | 151,654 | |||
| Delaware Ivy Managed International Opportunities Fund | 3,533 | |||
| Delaware Ivy Mid Cap Growth Fund | 154,936 | |||
| Delaware Ivy Mid Cap Income Opportunities Fund | 33,274 | |||
| Delaware Ivy Small Cap Growth Fund | 37,895 | |||
| Delaware Ivy Smid Cap Core Fund | 8,241 | |||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 20,947 | |||
| Delaware Ivy Value Fund | 15,353 | |||
For the year ended March 31, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
| Fund | Class A | |||
| Delaware Global Equity Fund II | $ | 7,045 | ||
| Delaware International Equity Fund II | 2,026 | |||
| Delaware Ivy Core Bond Fund | 7,861 | |||
| Delaware Ivy Core Equity Fund | 128,898 | |||
| Delaware Ivy Global Bond Fund | 3,207 | |||
| Delaware Ivy Global Growth Fund | 9,995 | |||
| Delaware Ivy High Income Fund | 91,752 | |||
| Delaware Ivy International Core Equity Fund | 10,556 | |||
| Delaware Ivy Large Cap Growth Fund | 249,781 | |||
| Delaware Ivy Managed International Opportunities Fund | 1,850 | |||
| Delaware Ivy Mid Cap Growth Fund | 132,238 | |||
| Delaware Ivy Mid Cap Income Opportunities Fund | 16,926 | |||
| Delaware Ivy Small Cap Growth Fund | 51,584 | |||
| Delaware Ivy Smid Cap Core Fund | 8,803 | |||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 15,215 | |||
| Delaware Ivy Value Fund | 20,190 | |||
| 299 |
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
For the year ended March 31, 2024, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C 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 | ||||||
| Delaware Global Equity Fund II | $ | 153 | $ | 162 | ||||
| Delaware International Equity Fund II | 14 | 26 | ||||||
| Delaware Ivy Core Bond Fund | 376 | 120 | ||||||
| Delaware Ivy Core Equity Fund | 5,745 | 2,956 | ||||||
| Delaware Ivy Global Bond Fund | 96 | 176 | ||||||
| Delaware Ivy Global Growth Fund | 1,341 | 209 | ||||||
| Delaware Ivy High Income Fund | 30,900 | 7,278 | ||||||
| Delaware Ivy International Core Equity Fund | 627 | 728 | ||||||
| Delaware Ivy Large Cap Growth Fund | 7,547 | 5,214 | ||||||
| Delaware Ivy Managed International Opportunities Fund | 123 | 86 | ||||||
| Delaware Ivy Mid Cap Growth Fund | 5,986 | 3,325 | ||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 363 | 966 | ||||||
| Delaware Ivy Small Cap Growth Fund | 4,921 | 1,552 | ||||||
| Delaware Ivy Smid Cap Core Fund | 345 | 547 | ||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 1,228 | 801 | ||||||
| Delaware Ivy Value Fund | 5,709 | 956 | ||||||
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 Underlying Funds, including ETFs, 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.
Cross trades for the year ended March 31, 2024, 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, 2024, 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 Small Cap Growth Fund | $ | 323,358 | $ | — | $ | — | ||||||
| Delaware Ivy Smid Cap Core Fund | 5,033,328 | — | — | |||||||||
| Delaware Ivy Value Fund | 1,255,017 | — | — | |||||||||
| 300 |
A summary of the transactions in affiliated companies during the year ended March 31, 2024 was as follows:
| Value, beginning of period | Gross additions | Gross reductions(1) | Net realized gain (loss) on affiliated investments | Net change in unrealized appreciation (depreciation) on affiliated investments | Value, end of period | Shares | Income distributions | |||||||||||||||||||||||||
| Delaware Ivy High Income Fund | ||||||||||||||||||||||||||||||||
| Common Stocks—2.30% | ||||||||||||||||||||||||||||||||
| BIS Industries Holdings =,† | ||||||||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 19,682,813 | $ | — | ||||||||||||||||||
| Foresight Energy =,† | ||||||||||||||||||||||||||||||||
| 19,096,599 | — | — | — | 1,597,902 | 20,694,501 | 1,117,414 | — | |||||||||||||||||||||||||
| Larchmont Resources =,† | ||||||||||||||||||||||||||||||||
| 213,461 | — | — | — | 550 | 214,011 | 18,338 | — | |||||||||||||||||||||||||
| Maritime Finance =,† | ||||||||||||||||||||||||||||||||
| 3,585,521 | — | (3,645,000 | ) | — | 659,554 | 600,075 | 1,750,000 | — | ||||||||||||||||||||||||
| New Cotai =,† | ||||||||||||||||||||||||||||||||
| 20,699,983 | — | — | — | 7,545 | 20,707,528 | 20,316,462 | — | |||||||||||||||||||||||||
| True Religion Apparel =,† | ||||||||||||||||||||||||||||||||
| 6,549,308 | — | — | — | 5,964,169 | 12,513,477 | — | — | |||||||||||||||||||||||||
| 50,144,872 | — | (3,645,000 | ) | — | 8,229,720 | 54,729,592 | — | |||||||||||||||||||||||||
| Preferred Stock—0.09% | ||||||||||||||||||||||||||||||||
| True Religion Apparel=,†,ω | ||||||||||||||||||||||||||||||||
| 2,050,430 | — | — | — | — | 2,050,430 | 410 | — | |||||||||||||||||||||||||
| Convertible Bond—2.56% | ||||||||||||||||||||||||||||||||
| New Cotai = | ||||||||||||||||||||||||||||||||
| 58,691,628 | 1,127,113 | — | — | 1,121,602 | 60,940,343 | 23,915,789 | 1,381,412 | |||||||||||||||||||||||||
| Loan Agreements—0.31% | ||||||||||||||||||||||||||||||||
| Foresight Energy Operating Tranche A • | ||||||||||||||||||||||||||||||||
| 7,399,377 | — | (94,177 | ) | — | (35,120 | ) | 7,270,080 | 7,494,928 | — | |||||||||||||||||||||||
| Total | $ | 118,286,307 | $ | 1,127,113 | $ | (3,739,177 | ) | $ | — | $ | 9,316,202 | $ | 124,990,445 | $ | 1,381,412 | |||||||||||||||||
| Value, beginning of period | Gross additions | Gross reductions | Net realized gain (loss) on affiliated investments | Net change in unrealized appreciation (depreciation) on affiliated investments | Value, end of period | Shares | Income distributions | |||||||||||||||||||||||||
| Delaware Ivy Managed International Opportunities Fund | ||||||||||||||||||||||||||||||||
| Affiliated Mutual Funds—99.44% | ||||||||||||||||||||||||||||||||
| Delaware International Equity Fund II Class R6 | ||||||||||||||||||||||||||||||||
| $ | 16,182,372 | $ | 435,848 | $ | (8,752,005 | ) | $ | (448,957 | ) | $ | 871,116 | $ | 8,288,374 | 513,212 | $ | 194,257 | ||||||||||||||||
| Delaware Ivy International Core Equity Fund Class R6 | ||||||||||||||||||||||||||||||||
| 38,532,783 | 9,100,244 | (26,122,113 | ) | 2,958,735 | 484,283 | 24,953,932 | 1,174,855 | 1,075,692 | ||||||||||||||||||||||||
| Delaware Ivy International Small Cap Fund | ||||||||||||||||||||||||||||||||
| 3,785,266 | 46,297 | (3,940,486 | ) | (470,054 | ) | 578,977 | — | — | — | |||||||||||||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund Class R6 | ||||||||||||||||||||||||||||||||
| 19,434,227 | 796,780 | (13,086,894 | ) | 4,254,638 | (3,248,652 | ) | 8,150,099 | 418,383 | 431,674 | |||||||||||||||||||||||
| Total | $ | 77,934,648 | $ | 10,379,169 | $ | (51,901,498 | ) | $ | 6,294,362 | $ | (1,314,276 | ) | $ | 41,392,405 | $ | 1,701,623 | ||||||||||||||||
| (1) | The amount shown included return of capital. |
| ω | Perpetual security with no stated maturity date. |
| 301 |
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
| = | 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. |
| † | Non-income producing security. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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. SOFR01M, SOFR03M, 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. |
3. Investments
For the year ended March 31, 2024, each Fund made purchases and sales of investment securities other than short-term investments as follows:
| Fund | Purchases other than US government securities | Purchases of US government securities | Sales other than US government securities | Sales of US government securities | ||||||||||||
| Delaware Global Equity Fund II | $ | 338,697,816 | $ | — | $ | 427,325,330 | $ | — | ||||||||
| Delaware International Equity Fund II | 129,211,726 | — | 169,073,928 | — | ||||||||||||
| Delaware Ivy Core Bond Fund | 82,051,933 | 295,066,805 | 192,580,474 | 304,553,671 | ||||||||||||
| Delaware Ivy Core Equity Fund | 1,172,755,899 | — | 1,612,181,709 | — | ||||||||||||
| Delaware Ivy Global Bond Fund | 534,264,830 | 258,863,555 | 537,601,446 | 217,438,127 | ||||||||||||
| Delaware Ivy Global Growth Fund | 238,336,863 | — | 345,914,920 | — | ||||||||||||
| Delaware Ivy High Income Fund | 720,805,136 | — | 944,716,381 | — | ||||||||||||
| Delaware Ivy International Core Equity Fund | 539,607,362 | — | 723,906,950 | — | ||||||||||||
| Delaware Ivy Large Cap Growth Fund | 532,835,652 | — | 600,308,194 | — | ||||||||||||
| Delaware Ivy Managed International Opportunities Fund | 10,379,167 | — | 51,901,496 | — | ||||||||||||
| Delaware Ivy Mid Cap Growth Fund | 1,589,449,491 | — | 2,049,059,209 | — | ||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 198,188,980 | — | 505,003,069 | — | ||||||||||||
| Delaware Ivy Small Cap Growth Fund | 766,407,760 | — | 1,127,509,464 | — | ||||||||||||
| Delaware Ivy Smid Cap Core Fund | 42,850,737 | — | 111,739,551 | — | ||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 244,150,844 | — | 455,784,434 | — | ||||||||||||
| Delaware Ivy Value Fund | 181,705,512 | — | 438,518,653 | — | ||||||||||||
| 302 |
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 which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:
| Fund | Cost of investments and derivatives | Aggregate unrealized appreciation of investments and derivatives | Aggregate unrealized depreciation of investments and derivatives | Net unrealized appreciation (depreciation) of investments and derivatives | ||||||||||||
| Delaware Global Equity Fund II | $ | 227,418,802 | $ | 40,965,690 | $ | (7,911,300 | ) | $ | 33,054,390 | |||||||
| Delaware International Equity Fund II | 80,652,982 | 13,263,487 | (4,387,024 | ) | 8,876,463 | |||||||||||
| Delaware Ivy Core Bond Fund | 344,258,522 | 3,574,759 | (15,658,484 | ) | (12,083,725 | ) | ||||||||||
| Delaware Ivy Core Equity Fund | 1,958,009,290 | 1,805,227,034 | (29,046,199 | ) | 1,776,180,835 | |||||||||||
| Delaware Ivy Global Bond Fund | 464,204,616 | 9,098,975 | (11,451,835 | ) | (2,352,860 | ) | ||||||||||
| Delaware Ivy Global Growth Fund | 364,458,692 | 196,324,578 | (16,582,913 | ) | 179,741,665 | |||||||||||
| Delaware Ivy High Income Fund | 2,716,477,296 | 90,456,889 | (420,987,883 | ) | (330,530,994 | ) | ||||||||||
| Delaware Ivy International Core Equity Fund | 1,027,309,922 | 361,018,897 | (89,490,092 | ) | 271,528,805 | |||||||||||
| Delaware Ivy Large Cap Growth Fund | 2,724,289,077 | 4,063,948,062 | (18,966,666 | ) | 4,044,981,396 | |||||||||||
| Delaware Ivy Managed International Opportunities Fund | 32,277,347 | 12,315,867 | (2,989,030 | ) | 9,326,837 | |||||||||||
| Delaware Ivy Mid Cap Growth Fund | 4,288,844,153 | 2,212,744,874 | (248,697,307 | ) | 1,964,047,567 | |||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 785,687,642 | 404,407,038 | (19,812,173 | ) | 384,594,865 | |||||||||||
| Delaware Ivy Small Cap Growth Fund | 1,073,374,813 | 365,687,228 | (54,458,919 | ) | 311,228,309 | |||||||||||
| Delaware Ivy Smid Cap Core Fund | 284,276,099 | 80,219,096 | (24,110,771 | ) | 56,108,325 | |||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 626,223,772 | 211,477,863 | (79,145,660 | ) | 132,332,203 | |||||||||||
| Delaware Ivy Value Fund | 432,244,430 | 64,752,272 | (7,051,948 | ) | 57,700,324 | |||||||||||
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, forward 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
| 303 |
Notes to financial statements
Ivy Funds
3. Investments (continued)
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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2024:
| Delaware Global Equity Fund II | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | ||||||||||||
| Austria | $ | 2,466,866 | $ | — | $ | 2,466,866 | ||||||
| Brazil | 6,362,519 | — | 6,362,519 | |||||||||
| Canada | 10,909,908 | — | 10,909,908 | |||||||||
| China | 4,408,795 | — | 4,408,795 | |||||||||
| Denmark | — | 4,018,304 | 4,018,304 | |||||||||
| France | 19,442,362 | — | 19,442,362 | |||||||||
| Germany | 7,991,411 | — | 7,991,411 | |||||||||
| India | 4,760,561 | — | 4,760,561 | |||||||||
| Japan | 15,972,424 | — | 15,972,424 | |||||||||
| Netherlands | 6,594,657 | — | 6,594,657 | |||||||||
| Switzerland | 6,088,356 | — | 6,088,356 | |||||||||
| Taiwan | 8,289,799 | — | 8,289,799 | |||||||||
| United Kingdom | 9,374,535 | — | 9,374,535 | |||||||||
| United States | 152,381,884 | — | 152,381,884 | |||||||||
| Short-Term Investments | 1,436,286 | — | 1,436,286 | |||||||||
| Total Value of Securities | $ | 256,480,363 | $ | 4,018,304 | $ | 260,498,667 | ||||||
| 304 |
| Delaware International Equity Fund II | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | ||||||||||||
| Austria | $ | 1,235,221 | $ | — | $ | 1,235,221 | ||||||
| Brazil | 2,802,424 | — | 2,802,424 | |||||||||
| Canada | 3,300,876 | — | 3,300,876 | |||||||||
| China | 2,112,456 | — | 2,112,456 | |||||||||
| Denmark | — | 3,681,412 | 3,681,412 | |||||||||
| Finland | 9,955 | — | 9,955 | |||||||||
| France | 15,068,221 | — | 15,068,221 | |||||||||
| Germany | 9,725,447 | — | 9,725,447 | |||||||||
| India | 2,709,431 | — | 2,709,431 | |||||||||
| Ireland | 717,925 | — | 717,925 | |||||||||
| Japan | 13,266,776 | — | 13,266,776 | |||||||||
| Netherlands | 7,251,452 | — | 7,251,452 | |||||||||
| Republic of Korea | 1,567,357 | — | 1,567,357 | |||||||||
| Singapore | 526,734 | — | 526,734 | |||||||||
| Spain | 2,471,001 | — | 2,471,001 | |||||||||
| Switzerland | 4,877,368 | — | 4,877,368 | |||||||||
| Taiwan | 2,905,484 | — | 2,905,484 | |||||||||
| United Kingdom | 9,463,123 | — | 9,463,123 | |||||||||
| United States | 5,020,723 | — | 5,020,723 | |||||||||
| Preferred Stock | 832,311 | — | 832,311 | |||||||||
| Total Value of Securities | $ | 85,864,285 | $ | 3,681,412 | $ | 89,545,697 | ||||||
| Delaware Ivy Core Bond Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Securities | ||||||||||||||||
| Assets: | ||||||||||||||||
| Agency Collateralized Mortgage Obligations | $ | — | $ | 636,529 | $ | — | 1 | $ | 636,529 | |||||||
| Agency Mortgage-Backed Securities | — | 94,676,004 | — | 94,676,004 | ||||||||||||
| Collateralized Debt Obligations | — | 9,290,557 | — | 9,290,557 | ||||||||||||
| Corporate Bonds | — | 120,626,341 | — | 120,626,341 | ||||||||||||
| Government Agency Obligations | — | 2,898,661 | — | 2,898,661 | ||||||||||||
| Municipal Bonds | — | 4,254,536 | — | 4,254,536 | ||||||||||||
| Non-Agency Asset-Backed Securities | — | 19,656,621 | — | 19,656,621 | ||||||||||||
| Non-Agency Collateralized Mortgage Obligations | — | 12,312,224 | — | 12,312,224 | ||||||||||||
| Non-Agency Commercial Mortgage-Backed Securities | — | 25,279,222 | — | 25,279,222 | ||||||||||||
| Sovereign Bonds | — | 3,212,715 | — | 3,212,715 | ||||||||||||
| US Treasury Obligations | — | 37,314,812 | — | 37,314,812 | ||||||||||||
| Short-Term Investments | 1,987,839 | — | — | 1,987,839 | ||||||||||||
| Total Value of Securities | $ | 1,987,839 | $ | 330,158,222 | $ | — | $ | 332,146,061 | ||||||||
| 305 |
Notes to financial statements
Ivy Funds
3. Investments (continued)
| Delaware Ivy Core Bond Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Derivatives2 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Futures Contracts | $ | 170,396 | $ | — | $ | — | $ | 170,396 | ||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swap Contracts | $ | — | $ | (83,501 | ) | $ | — | $ | (83,501 | ) | ||||||
| Futures Contracts | (57,105 | ) | — | — | (57,105 | ) | ||||||||||
1The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investment in this table.
2Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.
| Delaware Ivy | ||||
| Core Equity | ||||
| Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 3,730,083,460 | ||
| Short-Term Investments | 4,106,665 | |||
| Total Value of Securities | $ | 3,734,190,125 | ||
| Delaware Ivy Global Bond Fund | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Agency Mortgage-Backed Securities | $ | — | $ | 59,598,934 | $ | 59,598,934 | ||||||
| Corporate Bonds | — | 159,662,643 | 159,662,643 | |||||||||
| Government Agency Obligations | — | 12,055,734 | 12,055,734 | |||||||||
| Sovereign Bonds | — | 129,610,031 | 129,610,031 | |||||||||
| Supranational Banks | — | 5,366,350 | 5,366,350 | |||||||||
| US Treasury Obligations | — | 80,179,413 | 80,179,413 | |||||||||
| Options Purchased | — | 17,869 | 17,869 | |||||||||
| Short-Term Investments | 16,742,032 | — | 16,742,032 | |||||||||
| Total Value of Securities Before Options Written | $ | 16,742,032 | $ | 446,490,974 | $ | 463,233,006 | ||||||
| Liabilities: | ||||||||||||
| Options Written | $ | — | $ | (7,374 | ) | $ | (7,374 | ) | ||||
| Derivatives1 | ||||||||||||
| Assets: | ||||||||||||
| Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | 230,193 | $ | 230,193 | ||||||
| 306 |
| Delaware Ivy Global Bond Fund | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Forward Foreign Currency Exchange Contracts | $ | — | $ | 149,003 | $ | 149,003 | ||||||
| Futures Contracts | 563,749 | — | 563,749 | |||||||||
| Liabilities: | ||||||||||||
| Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | (3,688 | ) | $ | (3,688 | ) | ||||
| Forward Foreign Currency Exchange Contracts | — | (901,947 | ) | (901,947 | ) | |||||||
| Futures Contracts | (1,535,525 | ) | — | (1,535,525 | ) | |||||||
| Over-The-Counter Credit Default Swap Contracts | — | (155,381 | ) | (155,381 | ) | |||||||
1Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.
| Delaware Ivy Global Growth Fund | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | ||||||||||||
| Austria | $ | 6,729,937 | $ | — | $ | 6,729,937 | ||||||
| Brazil | 7,762,620 | — | 7,762,620 | |||||||||
| Canada | 7,188,504 | — | 7,188,504 | |||||||||
| China | 6,941,599 | — | 6,941,599 | |||||||||
| Denmark | — | 7,617,147 | 7,617,147 | |||||||||
| France | 43,310,796 | — | 43,310,796 | |||||||||
| Germany | 15,541,327 | — | 15,541,327 | |||||||||
| India | 18,974,184 | — | 18,974,184 | |||||||||
| Italy | 8,757,643 | — | 8,757,643 | |||||||||
| Japan | 19,879,808 | — | 19,879,808 | |||||||||
| Netherlands | 11,762,987 | — | 11,762,987 | |||||||||
| Republic of Korea | 6,020,082 | — | 6,020,082 | |||||||||
| Singapore | 2,861,347 | — | 2,861,347 | |||||||||
| Taiwan | 15,594,576 | — | 15,594,576 | |||||||||
| United Kingdom | 7,647,793 | — | 7,647,793 | |||||||||
| United States | 350,699,851 | — | 350,699,851 | |||||||||
| Preferred Stock | 3,905,252 | — | 3,905,252 | |||||||||
| Short-Term Investments | 3,829,128 | — | 3,829,128 | |||||||||
| Total Value of Securities | $ | 537,407,434 | $ | 7,617,147 | $ | 545,024,581 | ||||||
| Delaware Ivy High Income Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Securities | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Basic Industry | $ | — | $ | — | $ | 20,701,917 | $ | 20,701,917 | ||||||||
| Consumer Goods | — | — | — | 1 | — | |||||||||||
| Energy | — | — | 606,746 | 606,746 | ||||||||||||
| Financial Services | — | — | 20,707,528 | 20,707,528 | ||||||||||||
| Leisure | 39,251,097 | — | — | 39,251,097 | ||||||||||||
| 307 |
Notes to financial statements
Ivy Funds
3. Investments (continued)
| Delaware Ivy High Income Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Retail | $ | — | $ | — | $ | 12,513,477 | $ | 12,513,477 | ||||||||
| Utilities | — | — | 214,011 | 214,011 | ||||||||||||
| Convertible Bond | — | — | 60,940,343 | 60,940,343 | ||||||||||||
| Corporate Bonds | — | 1,903,259,946 | — | 1,903,259,946 | ||||||||||||
| Loan Agreements | — | 268,382,077 | — | 268,382,077 | ||||||||||||
| Preferred Stock | — | — | 2,050,430 | 2,050,430 | ||||||||||||
| Warrants | 787,661 | — | — | 787,661 | ||||||||||||
| Short-Term Investments | 56,531,070 | — | — | 56,531,070 | ||||||||||||
| Total Value of Securities | $ | 96,569,828 | $ | 2,171,642,023 | $ | 117,734,452 | $ | 2,385,946,303 | ||||||||
1The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investment in this table.
| Delaware Ivy International Core Equity Fund | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | ||||||||||||
| Austria | $ | 22,107,725 | $ | — | $ | 22,107,725 | ||||||
| Brazil | 70,503,613 | — | 70,503,613 | |||||||||
| Canada | 37,548,270 | — | 37,548,270 | |||||||||
| China | 53,445,550 | — | 53,445,550 | |||||||||
| Denmark | — | 52,765,569 | 52,765,569 | |||||||||
| France | 195,559,849 | — | 195,559,849 | |||||||||
| Germany | 139,169,076 | — | 139,169,076 | |||||||||
| India | 92,084,508 | — | 92,084,508 | |||||||||
| Ireland | 28,074,420 | — | 28,074,420 | |||||||||
| Japan | 159,895,838 | — | 159,895,838 | |||||||||
| Netherlands | 101,261,837 | — | 101,261,837 | |||||||||
| Republic of Korea | 60,323,523 | — | 60,323,523 | |||||||||
| Singapore | 12,017,989 | — | 12,017,989 | |||||||||
| Spain | 36,011,290 | — | 36,011,290 | |||||||||
| Switzerland | 32,545,769 | — | 32,545,769 | |||||||||
| Taiwan | 47,696,814 | — | 47,696,814 | |||||||||
| United Kingdom | 55,468,822 | — | 55,468,822 | |||||||||
| United States | 66,472,244 | — | 66,472,244 | |||||||||
| Preferred Stocks | 33,411,605 | — | 33,411,605 | |||||||||
| Short-Term Investments | 5,540,502 | — | 5,540,502 | |||||||||
| Total Value of Securities | $ | 1,249,139,244 | $ | 52,765,569 | $ | 1,301,904,813 | ||||||
| 308 |
| Delaware Ivy Large Cap Growth Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 6,769,270,473 | ||
| Delaware Ivy Managed International Opportunities Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Affiliated Mutual Funds | $ | 41,392,405 | ||
| Short-Term Investments | 211,780 | |||
| Total Value of Securities | $ | 41,604,185 | ||
| Delaware Ivy Mid Cap Growth Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 6,148,935,152 | ||
| Short-Term Investments | 103,956,567 | |||
| Total Value of Securities | $ | 6,252,891,719 | ||
| Delaware Ivy Mid Cap Income Opportunities Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 1,158,322,605 | ||
| Short-Term Investments | 11,959,902 | |||
| Total Value of Securities | $ | 1,170,282,507 | ||
| 309 |
Notes to financial statements
Ivy Funds
3. Investments (continued)
| Delaware Ivy Small Cap Growth Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 1,378,114,063 | ||
| Short-Term Investments | 6,489,058 | |||
| Total Value of Securities | $ | 1,384,603,121 | ||
| Delaware Ivy Smid Cap Core Fund | ||||||||||||
| Level 1 | Level 3 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | ||||||||||||
| Basic Materials | $ | 29,692,284 | $ | — | $ | 29,692,284 | ||||||
| Business Services | 17,104,908 | — | 17,104,908 | |||||||||
| Capital Goods | 39,800,594 | — | 39,800,594 | |||||||||
| Consumer Discretionary | 17,484,042 | — | 17,484,042 | |||||||||
| Consumer Services | 8,165,811 | — | 8,165,811 | |||||||||
| Consumer Staples | 10,173,785 | — | 10,173,785 | |||||||||
| Credit Cyclicals | 11,136,077 | — | 11,136,077 | |||||||||
| Energy | 16,849,576 | — | 16,849,576 | |||||||||
| Financials | 45,524,806 | — | 45,524,806 | |||||||||
| Healthcare | 46,079,959 | —1 | 46,079,959 | |||||||||
| Media | 5,712,224 | — | 5,712,224 | |||||||||
| Real Estate Investment Trusts | 20,659,544 | — | 20,659,544 | |||||||||
| Technology | 48,411,727 | — | 48,411,727 | |||||||||
| Transportation | 12,200,817 | — | 12,200,817 | |||||||||
| Utilities | 5,133,508 | — | 5,133,508 | |||||||||
| Short-Term Investments | 6,254,762 | — | 6,254,762 | |||||||||
| Total Value of Securities | $ | 340,384,424 | $ | — | $ | 340,384,424 | ||||||
1The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investment in this table.
| Delaware Ivy Systematic Emerging Markets Equity Fund | ||||||||||||
| Level 1 | Level 3 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | ||||||||||||
| Communication Services | $ | 77,068,594 | $ | — | $ | 77,068,594 | ||||||
| Consumer Discretionary | 121,219,427 | — | 121,219,427 | |||||||||
| Consumer Staples | 49,704,962 | — | 1 | 49,704,962 | ||||||||
| Energy | 48,682,323 | — | 1 | 48,682,323 | ||||||||
| Financials | 176,375,878 | — | 1,2 | 176,375,878 | ||||||||
| 310 |
| Delaware Ivy Systematic Emerging Markets Equity Fund | ||||||||||||
| Level 1 | Level 3 | Total | ||||||||||
| Healthcare | $ | 2,408,755 | $ | — | $ | 2,408,755 | ||||||
| Industrials | 26,492,483 | — | 26,492,483 | |||||||||
| Information Technology | 229,120,293 | — | 229,120,293 | |||||||||
| Materials | 14,950,565 | — | 14,950,565 | |||||||||
| Real Estate | 5,263,606 | — | 2 | 5,263,606 | ||||||||
| Preferred Stock | 7,724,750 | — | 7,724,750 | |||||||||
| Short-Term Investments | 5,333,005 | — | 5,333,005 | |||||||||
| Total Value of Securities | $ | 764,344,641 | $ | — | $ | 764,344,641 | ||||||
1The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be Level 3 investment in this table.
2The value represents valuations of Russian security for which Management has determined include significant unobservable inputs as of March 31, 2024.
| Delaware Ivy Value Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 477,601,612 | ||
| Short-Term Investments | 12,343,142 | |||
| Total Value of Securities | $ | 489,944,754 | ||
During the year ended March 31, 2024, there were no transfers into or out of Level 3 investments. 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 year.
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 year in relation to that 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 Delaware Ivy Core Bond Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Core Bond Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the end of the year. As of March 31, 2024, Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth 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 Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, and Delaware Ivy Value Fund had no level 3 investments.
| 311 |
Notes to financial statements
Ivy Funds
3. Investments (continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Delaware Ivy High Income Fund:
| Convertible Bond | Corporate Bonds | Common Stocks | Preferred Stock | Total | ||||||||||||||||
| Balance as of 3/31/23 | $ | — | $ | 58,691,628 | $ | 57,729,361 | $ | 2,050,430 | $ | 118,471,419 | ||||||||||
| Restructure of security | 58,691,628 | (58,691,628 | ) | — | — | — | ||||||||||||||
| Corporate actions | 959,402 | — | — | — | 959,402 | |||||||||||||||
| Sales | — | (7,293,000 | ) | (7,002,215 | ) | — | (14,295,215 | ) | ||||||||||||
| Net realized gain (loss) | — | 7,293,000 | 1,920,962 | — | 9,213,962 | |||||||||||||||
| Amortization | 167,711 | — | — | — | 167,711 | |||||||||||||||
| Return of capital | — | — | (3,645,000 | ) | — | (3,645,000 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | 1,121,602 | — | 5,740,571 | — | 6,862,173 | |||||||||||||||
| Balance as of 3/31/24 | $ | 60,940,343 | $ | — | $ | 54,743,679 | $ | 2,050,430 | $ | 117,734,452 | ||||||||||
| Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 3/31/24 | $ | 1,121,602 | $ | — | $ | 7,735,353 | $ | — | $ | 8,856,955 | ||||||||||
When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/ dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Delaware Ivy High Income Fund is as follows:
| Assets | Value | Valuation Techniques | Unobservable Inputs | Input Value | ||||||
| Common Stocks | $ | 214,011 | Liquidation approach | Liquidity discount | 10% | |||||
| Common Stocks | 12,513,477 | Market approach | EV/Revenue multiple | 0.41x | ||||||
| EV/EBITDA multiple | 6.71x | |||||||||
| Common Stocks | 20,694,501 | Market approach | EV/Revenue multiple | 0.90x | ||||||
| EV/EBITDA multiple | 2.56x | |||||||||
| Common Stocks | 20,707,528 | Market approach | Control premium | 20% | ||||||
| Common Stocks | 600,075 | Market approach | Sum of parts (Adjusted book value) | N/A | ||||||
| Common Stocks | 6,671 | Net asset value / liquidation | Adjusted net asset value | $14.1 million | ||||||
| Convertible Bond | 60,940,343 | Market approach | Control premium | 20% | ||||||
| Preferred Stock | 2,050,430 | Market approach | EV/Revenue multiple | 0.41x | ||||||
| EV/EBITDA multiple | 6.71x | |||||||||
Level 3 securities with a total value of $7,416 have been valued using third party pricing information without adjustment and are excluded from the table above.
| 312 |
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, 2024 and 2023 were as follows:
| Ordinary income | Long-term capital gains | Return of capital | Total | |||||||||||||
| Year ended March 31, 2024: | ||||||||||||||||
| Delaware Global Equity Fund II | $ | 4,981,701 | $ | — | $ | — | $ | 4,981,701 | ||||||||
| Delaware International Equity Fund II | 1,418,544 | — | — | 1,418,544 | ||||||||||||
| Delaware Ivy Core Bond Fund | 17,958,247 | — | — | 17,958,247 | ||||||||||||
| Delaware Ivy Core Equity Fund | 25,528,185 | 346,381,919 | — | 371,910,104 | ||||||||||||
| Delaware Ivy Global Bond Fund | 16,516,146 | — | — | 16,516,146 | ||||||||||||
| Delaware Ivy Global Growth Fund | 3,186,483 | 25,726,050 | — | 28,912,533 | ||||||||||||
| Delaware Ivy High Income Fund | 177,689,185 | — | — | 177,689,185 | ||||||||||||
| Delaware Ivy International Core Equity Fund | 34,887,279 | — | — | 34,887,279 | ||||||||||||
| Delaware Ivy Large Cap Growth Fund | — | 178,156,110 | — | 178,156,110 | ||||||||||||
| Delaware Ivy Managed International Opportunities Fund | 1,630,868 | — | — | 1,630,868 | ||||||||||||
| Delaware Ivy Mid Cap Growth Fund | — | 346,310,618 | — | 346,310,618 | ||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 23,249,827 | 38,797,197 | — | 62,047,024 | ||||||||||||
| Delaware Ivy Small Cap Growth Fund | — | 54,912,934 | — | 54,912,934 | ||||||||||||
| Delaware Ivy Smid Cap Core Fund | 2,294,747 | — | 221,937 | 2,516,684 | ||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 25,724,264 | — | — | 25,724,264 | ||||||||||||
| Delaware Ivy Value Fund | 8,915,709 | 136,501,172 | — | 145,416,881 | ||||||||||||
| Year ended March 31, 2023: | ||||||||||||||||
| Delaware Global Equity Fund II | 22,649,837 | 114,745,645 | — | 137,395,482 | ||||||||||||
| Delaware International Equity Fund II | 2,024,961 | 9,275,416 | — | 11,300,377 | ||||||||||||
| Delaware Ivy Core Bond Fund | 19,495,262 | — | — | 19,495,262 | ||||||||||||
| Delaware Ivy Core Equity Fund | 15,564,921 | 419,618,950 | — | 435,183,871 | ||||||||||||
| Delaware Ivy Global Bond Fund | 13,975,951 | — | — | 13,975,951 | ||||||||||||
| Delaware Ivy Global Growth Fund | 266,255 | 255,038,090 | — | 255,304,345 | ||||||||||||
| Delaware Ivy High Income Fund | 207,506,677 | — | — | 207,506,677 | ||||||||||||
| Delaware Ivy International Core Equity Fund | 13,136,426 | — | — | 13,136,426 | ||||||||||||
| Delaware Ivy Large Cap Growth Fund | 29,826,075 | 431,832,898 | — | 461,658,973 | ||||||||||||
| Delaware Ivy Managed International Opportunities Fund | 3,178 | 11,405,075 | — | 11,408,253 | ||||||||||||
| Delaware Ivy Mid Cap Growth Fund | — | 536,444,250 | — | 536,444,250 | ||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 34,260,987 | 23,771,318 | — | 58,032,305 | ||||||||||||
| Delaware Ivy Small Cap Growth Fund | — | 65,188,713 | — | 65,188,713 | ||||||||||||
| Delaware Ivy Smid Cap Core Fund | 1,270,514 | 83,792,388 | — | 85,062,902 | ||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 10,423,187 | 108,370,040 | — | 118,793,227 | ||||||||||||
| Delaware Ivy Value Fund | 46,307,593 | 165,681,156 | — | 211,988,749 | ||||||||||||
| 313 |
Notes to financial statements
Ivy Funds
5. Components of Net Assets on a Tax Basis
As of March 31, 2024, the components of net assets on a tax basis were as follows:
| Delaware Global Equity Fund II | Delaware International Equity Fund II | Delaware Ivy Core Bond Fund | Delaware Ivy Core Equity Fund | |||||||||||||
| Shares of beneficial interest | $ | 250,440,722 | $ | 104,294,845 | $ | 449,293,920 | $ | 1,805,479,142 | ||||||||
| Undistributed ordinary income | — | 1,371,033 | 732,263 | 23,920,755 | ||||||||||||
| Undistributed long-term capital gains | — | — | — | 125,865,723 | ||||||||||||
| Qualified late year loss deferrals | (18,075 | ) | — | — | — | |||||||||||
| Distributions payable | — | — | (6,932 | ) | — | |||||||||||
| Capital loss carryforwards | (21,081,593 | ) | (22,963,264 | ) | (101,575,699 | ) | — | |||||||||
| Deferred directors fees | (55,273 | ) | (26,369 | ) | (25,379 | ) | (348,700 | ) | ||||||||
| Unamortized organizational costs | (918 | ) | — | — | — | |||||||||||
| Unrealized appreciation (depreciation) of investments,foreign currencies and derivatives | 33,054,390 | 8,876,463 | (12,083,725 | ) | 1,776,180,835 | |||||||||||
| Net assets | $ | 262,339,253 | $ | 91,552,708 | $ | 336,334,448 | $ | 3,731,097,755 | ||||||||
| Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | |||||||||||||
| Shares of beneficial interest | $ | 588,231,687 | $ | 339,985,782 | $ | 4,374,470,427 | $ | 1,108,036,118 | ||||||||
| Undistributed ordinary income | — | 5,399,310 | — | 6,045,929 | ||||||||||||
| Undistributed long-term capital gains | — | 18,166,231 | — | — | ||||||||||||
| Qualified late year loss deferrals | (164,692 | ) | — | — | — | |||||||||||
| Distributions payable | — | — | (205,250 | ) | — | |||||||||||
| Capital loss carryforwards | (103,628,158 | ) | — | (1,665,947,647 | ) | (56,252,416 | ) | |||||||||
| Deferred directors fees | (47,856 | ) | (79,301 | ) | (189,068 | ) | (87,307 | ) | ||||||||
| Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives | (2,352,860 | ) | 179,741,665 | (330,530,994 | ) | 271,528,805 | ||||||||||
| Net assets | $ | 482,038,121 | $ | 543,213,687 | $ | 2,377,597,468 | $ | 1,329,271,129 | ||||||||
| Delaware Ivy Large Cap Growth Fund | Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | |||||||||||||
| Shares of beneficial interest | $ | 2,626,778,586 | $ | 27,051,744 | $ | 4,150,041,492 | $ | 753,242,275 | ||||||||
| Undistributed ordinary income | 2,584,546 | 565,554 | — | 620,892 | ||||||||||||
| Undistributed long-term capital gains | 130,186,686 | 4,686,784 | 137,867,334 | 33,990,739 | ||||||||||||
| Qualified late year loss deferrals | — | — | (5,875,261 | ) | — | |||||||||||
| Deferred directors fees | (197,160 | ) | (4,763 | ) | (168,096 | ) | (5,571 | ) | ||||||||
| Unamortized organizational costs | — | — | — | (9,171 | ) | |||||||||||
| Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives | 4,044,981,396 | 9,326,837 | 1,964,047,567 | 384,594,865 | ||||||||||||
| Net assets | $ | 6,804,334,054 | $ | 41,626,156 | $ | 6,245,913,036 | $ | 1,172,434,029 | ||||||||
| 314 |
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fund | Delaware Ivy Value Fund | |||||||||||||
| Shares of beneficial interest | $ | 1,015,792,723 | $ | 289,028,387 | $ | 650,221,880 | $ | 440,072,078 | ||||||||
| Undistributed ordinary income | 4,263,093 | — | 13,049,415 | — | ||||||||||||
| Undistributed long-term capital gains | 55,250,064 | — | — | — | ||||||||||||
| Capital loss carryforwards | — | (5,395,859 | ) | (34,543,679 | ) | (6,075,845 | ) | |||||||||
| Deferred directors fees | (117,647 | ) | (12,958 | ) | (32,015 | ) | (52,523 | ) | ||||||||
| Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives | 311,228,309 | 56,108,325 | 132,332,203 | 57,700,324 | ||||||||||||
| Net assets | $ | 1,386,416,542 | $ | 339,727,895 | $ | 761,027,804 | $ | 491,644,034 | ||||||||
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 forward 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, partnership interest and investment held with the wholly-owned subsidiary.
Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2024 through March 31, 2024 and November 1, 2023 through March 31, 2024, 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 write-off of net operating losses, tax treatment of partnerships, gain (loss) on foreign currency transactions, fund level overdistributions, swap contracts, earnings and profits distributed to shareholders on the redemption of shares, paydown gains (losses) of asset- and mortgage-backed securities, realized gain on passive foreign investment companies, foreign capital gains taxes and non-deductible tax liabilities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2024, the Funds recorded the following reclassifications:
| Paid-in capital | Total distributable earnings (loss) | |||||||
| Delaware Global Equity Fund II | $ | (157,646 | ) | 157,646 | ||||
| Delaware Ivy High Income Fund | (14,834,338 | ) | 14,834,338 | |||||
| Delaware Ivy International Core Equity Fund | (519,011 | ) | 519,011 | |||||
| Delaware Ivy Mid Cap Growth Fund | (17,289,464 | ) | 17,289,464 | |||||
| Delaware Ivy Value Fund | (199,926 | ) | 199,926 | |||||
Delaware International Equity Fund II, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund did not have any reclassifications for the year ended March 31, 2024.
| 315 |
Notes to financial statements
Ivy Funds
5. Components of Net Assets on a Tax Basis (continued)
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2024, the Funds utilized the following capital loss carryforwards:
| Delaware Ivy International Core Equity Fund | $ | 5,207,277 | ||
| Delaware Ivy Managed International Opportunities Fund | 141,418 | |||
| Delaware Ivy Smid Cap Core Fund | 5,725,135 |
At March 31, 2024, capital loss carryforwards available to offset future realized capital gains are as follows:
| Loss carryforward character | ||||||||||||
| Short-term | Long-term | Total | ||||||||||
| Delaware Global Equity Fund II | $ | 15,278,507 | $ | 5,803,086 | $ | 21,081,593 | ||||||
| Delaware International Equity Fund II | 12,422,743 | 10,540,521 | 22,963,264 | |||||||||
| Delaware Ivy Core Bond Fund | 46,410,981 | 55,164,718 | 101,575,699 | |||||||||
| Delaware Ivy Global Bond Fund | 56,681,406 | 46,946,752 | 103,628,158 | |||||||||
| Delaware Ivy High Income Fund | 243,659,795 | 1,422,287,852 | 1,665,947,647 | |||||||||
| Delaware Ivy International Core Equity Fund | 56,252,416 | — | 56,252,416 | |||||||||
| Delaware Ivy Smid Cap Core Fund | 5,395,859 | — | 5,395,859 | |||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 34,543,679 | — | 34,543,679 | |||||||||
| Delaware Ivy Value Fund | 6,075,845 | — | 6,075,845 | |||||||||
| 316 |
6. Capital Shares
Transactions in capital shares were as follows:
| Delaware Global Equity Fund II | Delaware International Equity Fund II | Delaware Ivy Core Bond Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 801,526 | 946,030 | 108,992 | 102,325 | 1,883,610 | 2,118,999 | ||||||||||||||||||
| Class C | 31,360 | 39,759 | 3,667 | 2,289 | 54,828 | 80,032 | ||||||||||||||||||
| Class E1 | — | 2,825 | — | — | — | 11,585 | ||||||||||||||||||
| Class I | 1,689,107 | 1,644,621 | 433,636 | 941,585 | 3,290,442 | 5,143,104 | ||||||||||||||||||
| Class R | 667 | 2,735 | 17,535 | 9,690 | 5,628 | 9,618 | ||||||||||||||||||
| Class R6 | 50,550 | 37,951 | 243,896 | 554,556 | 410,963 | 1,450,072 | ||||||||||||||||||
| Class Y | 12,800 | 20,578 | 3,260 | 4,050 | 74,099 | 84,790 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 365,169 | 10,772,445 | 35,242 | 300,241 | 592,845 | 501,672 | ||||||||||||||||||
| Class C | 2,539 | 185,306 | 186 | 3,884 | 12,799 | 11,802 | ||||||||||||||||||
| Class E1 | — | 2,617 | — | — | — | 1,449 | ||||||||||||||||||
| Class I | 212,297 | 6,753,797 | 17,344 | 232,408 | 1,013,661 | 1,213,398 | ||||||||||||||||||
| Class R | 104 | 2,923 | 568 | 260 | 4,037 | 2,780 | ||||||||||||||||||
| Class R6 | 3,042 | 493,195 | 40,155 | 284,118 | 322,767 | 336,877 | ||||||||||||||||||
| Class Y | 2,512 | 61,990 | 676 | 5,046 | 22,480 | 18,883 | ||||||||||||||||||
| 3,171,673 | 20,966,772 | 905,157 | 2,440,452 | 7,688,159 | 10,985,061 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (6,236,789 | ) | (7,899,675 | ) | (641,253 | ) | (814,900 | ) | (3,864,971 | ) | (5,686,132 | ) | ||||||||||||
| Class C | (120,139 | ) | (302,897 | ) | (10,131 | ) | (19,449 | ) | (214,567 | ) | (287,802 | ) | ||||||||||||
| Class E1 | — | (377,166 | ) | — | — | — | (424,744 | ) | ||||||||||||||||
| Class I | (7,157,154 | ) | (9,971,917 | ) | (1,804,445 | ) | (2,486,241 | ) | (14,766,515 | ) | (28,061,535 | ) | ||||||||||||
| Class R | (389 | ) | (1,129 | ) | (3,301 | ) | (1,398 | ) | (2,575 | ) | (2,089 | ) | ||||||||||||
| Class R6 | (42,943 | ) | (1,511,438 | ) | (1,045,027 | ) | (1,801,114 | ) | (2,390,681 | ) | (8,359,920 | ) | ||||||||||||
| Class Y | (47,807 | ) | (34,411 | ) | (14,714 | ) | (20,323 | ) | (88,382 | ) | (187,306 | ) | ||||||||||||
| (13,605,221 | ) | (20,098,633 | ) | (3,518,871 | ) | (5,143,425 | ) | (21,327,691 | ) | (43,009,528 | ) | |||||||||||||
| Net increase (decrease) | (10,433,548 | ) | 868,139 | (2,613,714 | ) | (2,702,973 | ) | (13,639,532 | ) | (32,024,467 | ) | |||||||||||||
| 317 |
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
| Delaware Ivy Core Equity Fund | Delaware Ivy Global Bond Fund | Delaware Ivy Global Growth Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 4,618,905 | 5,664,102 | 952,264 | 971,840 | 399,382 | 250,983 | ||||||||||||||||||
| Class C | 328,467 | 260,572 | 42,553 | 96,205 | 13,482 | 9,764 | ||||||||||||||||||
| Class E1 | — | 30,338 | — | — | — | — | ||||||||||||||||||
| Class I | 6,348,871 | 9,719,353 | 10,793,272 | 8,670,881 | 787,848 | 1,190,101 | ||||||||||||||||||
| Class R | 615 | 5,696 | 15,720 | 13,813 | 511 | 700 | ||||||||||||||||||
| Class R6 | 1,342,371 | 707,512 | 6,170,536 | 3,035,570 | 351,120 | 36,838 | ||||||||||||||||||
| Class Y | 149,018 | 85,056 | 68,144 | 137,530 | 7,827 | 3,435 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 19,372,670 | 24,210,173 | 385,638 | 419,165 | 602,684 | 5,420,865 | ||||||||||||||||||
| Class C | 233,844 | 277,116 | 5,725 | 7,359 | 10,789 | 78,369 | ||||||||||||||||||
| Class I | 3,616,051 | 4,808,986 | 771,548 | 610,925 | 289,638 | 3,246,704 | ||||||||||||||||||
| Class R | 931 | 1,215 | 996 | 820 | 1,422 | 11,773 | ||||||||||||||||||
| Class R6 | 316,814 | 304,066 | 672,010 | 495,984 | 4,838 | 29,549 | ||||||||||||||||||
| Class Y | 151,484 | 175,581 | 7,508 | 2,896 | 3,122 | 22,487 | ||||||||||||||||||
| 36,480,041 | 46,249,766 | 19,885,914 | 14,462,988 | 2,472,663 | 10,301,568 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (32,870,315 | ) | (43,823,230 | ) | (3,040,969 | ) | (4,834,589 | ) | (2,371,970 | ) | (3,188,523 | ) | ||||||||||||
| Class C | (651,031 | ) | (913,362 | ) | (153,562 | ) | (174,702 | ) | (38,959 | ) | (51,054 | ) | ||||||||||||
| Class E1 | — | (1,065,074 | ) | — | — | — | — | |||||||||||||||||
| Class I | (15,798,253 | ) | (22,780,577 | ) | (8,266,748 | ) | (10,264,231 | ) | (2,594,218 | ) | (4,873,426 | ) | ||||||||||||
| Class R | (7,976 | ) | (2,809 | ) | (7,563 | ) | (13,483 | ) | (4,061 | ) | (2,921 | ) | ||||||||||||
| Class R6 | (1,055,599 | ) | (2,567,325 | ) | (2,711,717 | ) | (3,962,500 | ) | (50,040 | ) | (19,534 | ) | ||||||||||||
| Class Y | (244,028 | ) | (236,161 | ) | (63,829 | ) | (25,824 | ) | (7,859 | ) | (11,824 | ) | ||||||||||||
| (50,627,202 | ) | (71,388,538 | ) | (14,244,388 | ) | (19,275,329 | ) | (5,067,107 | ) | (8,147,282 | ) | |||||||||||||
| Net increase (decrease) | (14,147,161 | ) | (25,138,772 | ) | 5,641,526 | (4,812,341 | ) | (2,594,444 | ) | 2,154,286 | ||||||||||||||
| 318 |
| Delaware Ivy High Income Fund | Delaware Ivy International Core Equity Fund | Delaware Ivy Large Cap Growth Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 15,705,268 | 21,521,185 | 1,778,021 | 1,715,939 | 5,731,399 | 6,997,654 | ||||||||||||||||||
| Class C | 1,623,841 | 1,956,685 | 106,988 | 68,725 | 927,521 | 474,476 | ||||||||||||||||||
| Class E1 | — | 11,753 | — | 3,809 | — | 18,523 | ||||||||||||||||||
| Class I | 45,776,972 | 61,354,987 | 6,539,054 | 6,880,534 | 35,747,035 | 50,607,900 | ||||||||||||||||||
| Class R | 265,948 | 173,192 | 82,605 | 117,834 | 812,035 | 114,906 | ||||||||||||||||||
| Class R6 | 2,671,246 | 3,616,197 | 2,583,610 | 1,685,375 | 4,325,811 | 3,891,542 | ||||||||||||||||||
| Class Y | 4,370,920 | 5,039,853 | 331,181 | 368,862 | 387,095 | 110,683 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 13,665,816 | 15,755,345 | 348,815 | 125,330 | 2,450,339 | 9,751,628 | ||||||||||||||||||
| Class C | 1,380,473 | 1,813,001 | 23,247 | 3,188 | 120,396 | 411,826 | ||||||||||||||||||
| Class E1 | — | 13,889 | — | — | — | — | ||||||||||||||||||
| Class I | 12,861,237 | 14,655,833 | 918,553 | 428,628 | 3,000,727 | 7,668,405 | ||||||||||||||||||
| Class R | 393,808 | 451,171 | 46,130 | 14,084 | 38,360 | 49,102 | ||||||||||||||||||
| Class R6 | 637,836 | 731,120 | 345,646 | 146,053 | 188,121 | 584,623 | ||||||||||||||||||
| Class Y | 717,805 | 890,874 | 50,833 | 19,975 | 28,365 | 108,299 | ||||||||||||||||||
| 100,071,170 | 127,985,085 | 13,154,683 | 11,578,336 | 53,757,204 | 80,789,567 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (50,704,568 | ) | (67,831,222 | ) | (2,953,227 | ) | (4,288,005 | ) | (15,166,880 | ) | (23,343,189 | ) | ||||||||||||
| Class C | (8,732,708 | ) | (12,602,999 | ) | (866,781 | ) | (1,096,662 | ) | (853,507 | ) | (1,116,503 | ) | ||||||||||||
| Class E1 | — | (1,253,077 | ) | — | (392,689 | ) | — | (1,121,521 | ) | |||||||||||||||
| Class I | (68,444,869 | ) | (115,686,036 | ) | (12,776,814 | ) | (22,500,038 | ) | (31,010,207 | ) | (37,526,076 | ) | ||||||||||||
| Class R | (1,117,737 | ) | (1,408,491 | ) | (410,956 | ) | (418,535 | ) | (167,584 | ) | (131,160 | ) | ||||||||||||
| Class R6 | (4,740,568 | ) | (3,789,604 | ) | (4,196,054 | ) | (7,012,615 | ) | (2,546,655 | ) | (2,723,715 | ) | ||||||||||||
| Class Y | (7,533,038 | ) | (9,059,782 | ) | (713,811 | ) | (791,830 | ) | (406,855 | ) | (384,633 | ) | ||||||||||||
| (141,273,488 | ) | (211,631,211 | ) | (21,917,643 | ) | (36,500,374 | ) | (50,151,688 | ) | (66,346,797 | ) | |||||||||||||
| Net increase (decrease) | (41,202,318 | ) | (83,646,126 | ) | (8,762,960 | ) | (24,922,038 | ) | 3,605,516 | 14,442,770 | ||||||||||||||
| 319 |
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
| Delaware Ivy Managed International Opportunities Fund | Delaware Ivy Mid Cap Growth Fund | Delaware Ivy Mid Cap Income Opportunities Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 116,130 | 209,633 | 3,853,493 | 4,472,771 | 615,484 | 2,277,685 | ||||||||||||||||||
| Class C | 3,153 | 5,620 | 432,653 | 403,369 | 64,574 | 141,366 | ||||||||||||||||||
| Class E1 | — | — | — | 7,521 | — | — | ||||||||||||||||||
| Class I | 528,942 | 1,152,757 | 20,650,986 | 27,392,818 | 9,403,939 | 15,027,963 | ||||||||||||||||||
| Class R | 1,816 | 1,810 | 353,202 | 356,176 | 659,487 | 7,179 | ||||||||||||||||||
| Class R6 | 80 | 6,085 | 12,847,432 | 13,069,664 | 1,130,445 | 1,707,628 | ||||||||||||||||||
| Class Y | 36 | 295 | 1,205,789 | 1,100,761 | 250,217 | 111,122 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 80,956 | 590,861 | 3,863,763 | 6,500,367 | 479,882 | 371,379 | ||||||||||||||||||
| Class C | 752 | 9,918 | 337,475 | 589,436 | 48,091 | 34,686 | ||||||||||||||||||
| Class I | 91,057 | 710,336 | 5,624,465 | 8,704,362 | 2,564,914 | 2,585,954 | ||||||||||||||||||
| Class R | 309 | 1,323 | 165,346 | 260,919 | 29,577 | 2,115 | ||||||||||||||||||
| Class R6 | 141 | 1,464 | 2,318,269 | 2,674,744 | 267,127 | 220,268 | ||||||||||||||||||
| Class Y | 220 | 1,520 | 500,143 | 778,557 | 39,240 | 24,819 | ||||||||||||||||||
| 823,592 | 2,691,622 | 52,153,016 | 66,311,465 | 15,552,977 | 22,512,164 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (1,800,778 | ) | (1,457,615 | ) | (13,258,007 | ) | (17,227,391 | ) | (2,646,023 | ) | (2,763,164 | ) | ||||||||||||
| Class C | (37,523 | ) | (32,065 | ) | (1,282,570 | ) | (1,953,603 | ) | (334,919 | ) | (454,679 | ) | ||||||||||||
| Class E1 | — | — | — | (625,672 | ) | — | — | |||||||||||||||||
| Class I | (3,222,044 | ) | (4,618,409 | ) | (29,124,818 | ) | (37,826,781 | ) | (25,691,849 | ) | (34,208,643 | ) | ||||||||||||
| Class R | (2 | ) | (3 | ) | (837,471 | ) | (667,231 | ) | (86,889 | ) | (8,021 | ) | ||||||||||||
| Class R6 | (6,950 | ) | (6,617 | ) | (10,671,599 | ) | (7,734,193 | ) | (1,681,502 | ) | (2,758,059 | ) | ||||||||||||
| Class Y | (2,093 | ) | (3,426 | ) | (2,206,360 | ) | (2,165,158 | ) | (208,109 | ) | (947,318 | ) | ||||||||||||
| (5,069,390 | ) | (6,118,135 | ) | (57,380,825 | ) | (68,200,029 | ) | (30,649,291 | ) | (41,139,884 | ) | |||||||||||||
| Net decrease | (4,245,798 | ) | (3,426,513 | ) | (5,227,809 | ) | (1,888,564 | ) | (15,096,314 | ) | (18,627,720 | ) | ||||||||||||
| 320 |
| Delaware Ivy Small Cap Growth Fund | Delaware Ivy Smid Cap Core Fund | Delaware Ivy Systematic Emerging Markets Equity Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 2,619,833 | 3,551,182 | 820,792 | 930,462 | 751,326 | 726,610 | ||||||||||||||||||
| Class C | 205,904 | 273,918 | 96,067 | 83,983 | 53,843 | 73,840 | ||||||||||||||||||
| Class E1 | — | 11,061 | — | — | — | — | ||||||||||||||||||
| Class I | 5,285,925 | 7,754,908 | 1,369,882 | 2,630,478 | 3,900,466 | 8,492,067 | ||||||||||||||||||
| Class R | 335,919 | 348,740 | 208,225 | 112,367 | 56,410 | 83,272 | ||||||||||||||||||
| Class R6 | 2,037,627 | 1,450,957 | 363,227 | 422,747 | 1,182,942 | 1,254,874 | ||||||||||||||||||
| Class Y | 392,923 | 477,499 | 53,236 | 60,447 | 404,902 | 644,276 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 2,613,631 | 3,257,801 | 58,992 | 2,046,136 | 288,725 | 1,418,172 | ||||||||||||||||||
| Class C | 231,085 | 305,543 | 6,837 | 384,714 | 40,304 | 274,998 | ||||||||||||||||||
| Class I | 754,848 | 921,867 | 63,216 | 2,438,040 | 773,725 | 3,537,690 | ||||||||||||||||||
| Class R | 205,596 | 222,179 | 8,139 | 345,269 | 9,875 | 44,025 | ||||||||||||||||||
| Class R6 | 245,182 | 263,723 | 19,271 | 809,901 | 229,152 | 1,140,114 | ||||||||||||||||||
| Class Y | 99,864 | 153,711 | 2,144 | 69,584 | 44,926 | 46,353 | ||||||||||||||||||
| 15,028,337 | 18,993,089 | 3,070,028 | 10,334,128 | 7,736,596 | 17,736,291 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (13,754,232 | ) | (19,599,553 | ) | (2,031,718 | ) | (2,716,861 | ) | (2,845,770 | ) | (3,510,339 | ) | ||||||||||||
| Class C | (1,159,017 | ) | (1,654,505 | ) | (392,729 | ) | (406,980 | ) | (620,635 | ) | (783,935 | ) | ||||||||||||
| Class E1 | — | (946,425 | ) | — | — | — | — | |||||||||||||||||
| Class I | (13,722,907 | ) | (18,281,878 | ) | (4,026,804 | ) | (9,983,238 | ) | (11,742,505 | ) | (21,732,308 | ) | ||||||||||||
| Class R | (766,891 | ) | (732,333 | ) | (252,861 | ) | (290,777 | ) | (98,730 | ) | (111,439 | ) | ||||||||||||
| Class R6 | (2,445,309 | ) | (2,537,411 | ) | (758,487 | ) | (2,602,096 | ) | (3,185,553 | ) | (5,279,853 | ) | ||||||||||||
| Class Y | (2,950,795 | ) | (1,159,136 | ) | (92,569 | ) | (170,622 | ) | (584,309 | ) | (412,328 | ) | ||||||||||||
| (34,799,151 | ) | (44,911,241 | ) | (7,555,168 | ) | (16,170,574 | ) | (19,077,502 | ) | (31,830,202 | ) | |||||||||||||
| Net decrease | (19,770,814 | ) | (25,918,152 | ) | (4,485,140 | ) | (5,836,446 | ) | (11,340,906 | ) | (14,093,911 | ) | ||||||||||||
| 321 |
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
| Delaware Ivy | ||||||||
| Value Fund | ||||||||
| Year ended | ||||||||
| 3/31/24 | 3/31/23 | |||||||
| Shares sold: | ||||||||
| Class A | 947,340 | 2,443,219 | ||||||
| Class C | 51,834 | 155,737 | ||||||
| Class I | 2,572,653 | 6,223,766 | ||||||
| Class R | 84 | 276 | ||||||
| Class R6 | 16,776 | 347,447 | ||||||
| Class Y | 102,925 | 1,202 | ||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||
| Class A | 4,263,308 | 2,997,298 | ||||||
| Class C | 96,325 | 64,817 | ||||||
| Class I | 4,380,242 | 6,217,698 | ||||||
| Class R | 93 | 171 | ||||||
| Class R6 | 28,788 | 526,918 | ||||||
| Class Y | 18,878 | 755 | ||||||
| 12,479,246 | 18,979,304 | |||||||
| Shares redeemed: | ||||||||
| Class A | (5,859,735 | ) | (4,960,038 | ) | ||||
| Class C | (165,151 | ) | (160,441 | ) | ||||
| Class I | (10,743,584 | ) | (29,885,797 | ) | ||||
| Class R | (747 | ) | (3 | ) | ||||
| Class R6 | (149,015 | ) | (5,214,751 | ) | ||||
| Class Y | (121,267 | ) | (1,728 | ) | ||||
| (17,039,499 | ) | (40,222,758 | ) | |||||
| Net decrease | (4,560,253 | ) | (21,243,454 | ) | ||||
1 On June 13, 2022, all Class E shares were liquidated.
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the tables above and on the previous pages and on the “Statements of changes in net assets.” For the years ended March 31, 2024 and 2023, each Fund had the following exchange transactions:
| Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||||||||||||||||||
| Exchange Redemptions | Exchange Subscriptions | Value | Exchange Redemptions | Exchange Subscriptions | Value | |||||||||||||||||||
| Delaware Global Equity Fund II | $ | 279,180 | $ | 3,295,720 | ||||||||||||||||||||
| Class A | 10,426 | 23,603 | 271,660 | 35,662 | ||||||||||||||||||||
| Class C | 19,732 | — | 34,073 | — | ||||||||||||||||||||
| Class I | 4,091 | 9,614 | 6,751 | 271,328 | ||||||||||||||||||||
| Class R6 | — | 766 | — | 4,638 | ||||||||||||||||||||
| Delaware International Equity Fund II | $ | 21,569 | $ | 600,836 | ||||||||||||||||||||
| Class A | 431 | 1,020 | 37,159 | 3,183 | ||||||||||||||||||||
| 322 |
| Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||||||||||||||||||
| Exchange Redemptions | Exchange Subscriptions | Value | Exchange Redemptions | Exchange Subscriptions | Value | |||||||||||||||||||
| Class C | 1,126 | — | 2,944 | — | ||||||||||||||||||||
| Class I | — | 415 | 619 | 35,958 | ||||||||||||||||||||
| Class R6 | — | — | — | 148 | ||||||||||||||||||||
| Delaware Ivy Core Bond Fund | $ | 121,419 | $ | 2,900,691 | ||||||||||||||||||||
| Class A | 1,690 | 11,870 | 232,365 | 62,877 | ||||||||||||||||||||
| Class C | 7,966 | — | 37,273 | — | ||||||||||||||||||||
| Class I | 3,900 | 1,544 | 31,186 | 231,011 | ||||||||||||||||||||
| Class R6 | — | 147 | — | 7,065 | ||||||||||||||||||||
| Delaware Ivy Core Equity Fund | $ | 2,749,709 | $ | 51,739,268 | ||||||||||||||||||||
| Class A | 98,168 | 78,449 | 3,125,978 | 166,321 | ||||||||||||||||||||
| Class C | 50,013 | — | 211,751 | — | ||||||||||||||||||||
| Class I | 34,447 | 76,907 | 39,339 | 2,561,919 | ||||||||||||||||||||
| Class R6 | — | 4,139 | — | 97,093 | ||||||||||||||||||||
| Delaware Ivy Global Bond Fund | $ | 173,461 | $ | 2,039,684 | ||||||||||||||||||||
| Class A | 3,960 | 15,493 | 203,533 | 17,954 | ||||||||||||||||||||
| Class C | 3,227 | — | 16,751 | — | ||||||||||||||||||||
| Class I | 12,270 | 3,965 | 1,344 | 202,932 | ||||||||||||||||||||
| Class R6 | — | — | — | 748 | ||||||||||||||||||||
| Delaware Ivy Global Growth Fund | $ | 397,391 | $ | 7,344,087 | ||||||||||||||||||||
| Class A | 5,730 | 7,282 | 200,562 | 7,061 | ||||||||||||||||||||
| Class C | 3,785 | — | 7,687 | — | ||||||||||||||||||||
| Class I | 4,716 | 5,440 | 3,336 | 192,677 | ||||||||||||||||||||
| Class R6 | — | — | — | 1,300 | ||||||||||||||||||||
| Delaware Ivy High Income Fund | $ | 2,601,988 | $ | 31,873,099 | ||||||||||||||||||||
| Class A | 77,141 | 285,761 | 2,173,088 | 2,568,449 | ||||||||||||||||||||
| Class C | 147,907 | — | 2,597,510 | 3,959 | ||||||||||||||||||||
| Class I | 170,091 | 147,151 | 346,224 | 2,264,784 | ||||||||||||||||||||
| Class R6 | — | 9,352 | 2,575 | 291,646 | ||||||||||||||||||||
| Class Y | 46,828 | — | 7,127 | 742 | ||||||||||||||||||||
| Delaware Ivy International Core Equity Fund | $ | 1,437,039 | $ | 9,824,756 | ||||||||||||||||||||
| Class A | 18,962 | 22,272 | 262,146 | 178,308 | ||||||||||||||||||||
| Class C | 30,730 | — | 212,712 | — | ||||||||||||||||||||
| Class I | 8,002 | 45,787 | 52,475 | 348,394 | ||||||||||||||||||||
| Class R6 | — | 5,363 | 15,123 | 16,870 | ||||||||||||||||||||
| Class Y | 20,029 | — | 31,091 | — | ||||||||||||||||||||
| Delaware Ivy Large Cap Growth Fund | $ | 4,833,422 | $ | 45,749,858 | ||||||||||||||||||||
| Class A | 85,424 | 54,213 | 1,560,072 | 154,813 | ||||||||||||||||||||
| Class C | 40,953 | — | 167,743 | — | ||||||||||||||||||||
| Class I | 49,412 | 72,905 | 85,786 | 1,427,674 | ||||||||||||||||||||
| Class R6 | — | 32,990 | — | 62,489 | ||||||||||||||||||||
| Class Y | 2,705 | — | 102 | — | ||||||||||||||||||||
| Delaware Ivy Managed International Opportunities Fund | $ | 19,071 | $ | 885,892 | ||||||||||||||||||||
| Class A | 599 | 1,357 | 73,451 | 9,745 | ||||||||||||||||||||
| Class C | 1,419 | — | 10,866 | — | ||||||||||||||||||||
| Class I | — | 591 | 806 | 73,649 | ||||||||||||||||||||
| Class R6 | — | — | — | 748 | ||||||||||||||||||||
| Delaware Ivy Mid Cap Growth Fund | $ | 2,454,988 | $ | 42,258,437 | ||||||||||||||||||||
| Class A | 57,671 | 31,631 | 1,159,074 | 294,343 | ||||||||||||||||||||
| Class C | 23,946 | — | 340,741 | — | ||||||||||||||||||||
| 323 |
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
| Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||||||||||||||||||
| Exchange Redemptions | Exchange Subscriptions | Value | Exchange Redemptions | Exchange Subscriptions | Value | |||||||||||||||||||
| Class I | 14,693 | 54,141 | 111,992 | 994,731 | ||||||||||||||||||||
| Class R6 | 84 | 1,475 | 3,624 | 118,397 | ||||||||||||||||||||
| Class Y | 3,100 | — | 1,843 | — | ||||||||||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | $ | 2,113,300 | $ | 14,172,200 | ||||||||||||||||||||
| Class A | 117,372 | 959 | 178,065 | 35,619 | ||||||||||||||||||||
| Class C | 1,508 | — | 57,991 | — | ||||||||||||||||||||
| Class I | 1,670 | 54,040 | 424,756 | 346,583 | ||||||||||||||||||||
| Class R6 | 173 | 1,669 | — | 402,002 | ||||||||||||||||||||
| Class Y | — | 63,611 | 151,733 | 27,372 | ||||||||||||||||||||
| Delaware Ivy Small Cap Growth Fund | $ | 1,411,096 | $ | 19,282,180 | ||||||||||||||||||||
| Class A | 75,469 | 16,375 | 1,309,874 | 155,193 | ||||||||||||||||||||
| Class C | 31,380 | — | 268,714 | — | ||||||||||||||||||||
| Class I | 4,175 | 57,434 | 8,292 | 844,551 | ||||||||||||||||||||
| Class R6 | — | 4,015 | — | 4,612 | ||||||||||||||||||||
| Class Y | 13,132 | — | 59,775 | — | ||||||||||||||||||||
| Delaware Ivy Smid Cap Core Fund | $ | 396,726 | $ | 4,687,942 | ||||||||||||||||||||
| Class A | 5,296 | 4,777 | 179,334 | 37,637 | ||||||||||||||||||||
| Class C | 25,761 | — | 94,833 | — | ||||||||||||||||||||
| Class I | 2,655 | 19,442 | 38,510 | 193,627 | ||||||||||||||||||||
| Class R6 | — | 127 | — | 35,849 | ||||||||||||||||||||
| Class Y | — | — | 402 | — | ||||||||||||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | $ | 2,743,960 | $ | 6,353,727 | ||||||||||||||||||||
| Class A | 6,708 | 22,786 | 216,275 | 51,246 | ||||||||||||||||||||
| Class C | 19,057 | — | 49,960 | — | ||||||||||||||||||||
| Class I | 127,162 | 11,131 | 68,143 | 224,215 | ||||||||||||||||||||
| Class R | 840 | — | — | — | ||||||||||||||||||||
| Class R6 | — | 115,665 | — | 43,046 | ||||||||||||||||||||
| Delaware Ivy Value Fund | $ | 343,480 | $ | 8,647,748 | ||||||||||||||||||||
| Class A | 10,134 | 6,386 | 315,332 | 30,511 | ||||||||||||||||||||
| Class C | 6,408 | — | 27,532 | — | ||||||||||||||||||||
| Class I | 436 | 10,051 | 7,270 | 313,977 | ||||||||||||||||||||
| Class R6 | — | — | — | 2,108 | ||||||||||||||||||||
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 the Fund 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 Fund.
| 324 |
See the table below for details regarding the structure, incorporation, and relationship as of March 31, 2024 of the Subsidiary and the company to the Fund.
| Date of Incorporation | Subscription Agreement | Fund Net Assets | Subsidiary/ company net assets | Percentage of Fund net assets | ||||||||||||
| Ivy EME, Ltd. | 1-31-13 | 4-10-13 | $ | 761,027,804 | $ | 315,579 | 0.04 | % | ||||||||
8. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 30, 2023.
On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 28, 2024.
Each Fund had no amounts outstanding as of March 31, 2024, or at any time during the year then ended.
9. Interfund Lending Program
Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 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 is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended March 31, 2024.
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.
Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign 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 forward foreign 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 forward foreign 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 each Funds’ exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are
| 325 |
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
disclosed on the “Schedules of investments.” At March 31, 2024, Delaware Ivy Global Bond Fund posted $1,606,819 and received $190,000 cash as collateral for open forward foreign currency exchange contracts, which is included in “Cash collateral due from brokers” and “Cash collateral due to brokers”, respectively on the “Statements of assets and liabilities.”
During the year ended March 31, 2024, Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, and Delaware Ivy High Income Fund used forward foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to decrease exposure to foreign currencies.
During the year ended March 31, 2024, Delaware Ivy High Income Fund experienced net realized and unrealized gains or losses attributable to forward foreign currency exchange contracts, which are disclosed on the “Statements of operations” and/or “Statements of assets and liabilities.”
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 contracts 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 value caused by changes in interest rates or market conditions. 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, 2024, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund posted $1,169,993 and $5,465,406, respectively, cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”
During the year ended March 31, 2024, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund invested in futures contracts to hedge each Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.
Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each 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. Open option contracts, if any, are disclosed on the “Schedules of investments.”
During the year ended March 31, 2024, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.
| 326 |
Swap Contracts — Each Fund may enter into CDS and IRS contracts in the normal course of pursuing its investment objective. Each Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).
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. 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, 2024, Delaware Ivy Global Bond Fund entered into CDS contracts as a purchaser 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, or (2) for cleared swaps, trading these instruments through a central counterparty.
During the year ended March 31, 2024, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond used CDS contracts to hedge against credit events.
Interest Rate Swaps. An IRS contract is an exchange of interest rates between counterparties. In one instance, an IRS involves payments received by Delaware Ivy Global Bond Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An IRS can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. IRS may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the IRS contract’s remaining life, to the extent that the amount is positive. 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, 2024, Delaware Ivy Global Bond Fund used IRS contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.
At March 31, 2024, Delaware Ivy Core Bond and Delaware Ivy Global Bond Fund posted $174,573 and $937,628 cash collateral for certain centrally cleared derivatives, respectively, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”
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Notes to financial statements
Ivy Funds
10. Derivatives (continued)
Fair values of derivative instruments as of March 31, 2024 were as follows:
| Delaware Ivy Core Bond Fund Asset Derivatives Fair Value | ||||
| Statements of Assets and Liabilities Location | Interest Rate Contracts | |||
| Variation margin due to broker on futures contracts* | $ | 170,396 | ||
| Delaware Ivy Core Bond Fund Liability Derivatives Fair Value | ||||||||||||
| Statements of Assets and Liabilities Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
| Variation margin due to broker on futures contracts* | $ | (57,105 | ) | $ | — | $ | (57,105 | ) | ||||
| Variation margin due from brokers on centrally cleared credit default swap contracts* | — | (83,501 | ) | (83,501 | ) | |||||||
| Total | $ | (57,105 | ) | $ | (83,501 | ) | $ | (140,606 | ) | |||
| Delaware Ivy Global Bond Fund Asset Derivatives Fair Value | ||||||||||||
| Statements of Assets and Liabilities Location | Currency Contracts | Interest Rate Contracts | Total | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts | $ | 149,003 | $ | — | $ | 149,003 | ||||||
| Variation margin due from broker on futures contracts* | — | 563,749 | 563,749 | |||||||||
| Variation margin due to brokers on centrally cleared interest rate swap contracts* | — | 230,193 | 230,193 | |||||||||
| Options purchased, at value** | 17,869 | — | 17,869 | |||||||||
| Total | $ | 166,872 | $ | 793,942 | $ | 960,814 | ||||||
| Delaware Ivy Global Bond Fund Liability Derivatives Fair Value | ||||||||||||||||
| Statements of Assets and Liabilities Location | Currency Contracts | Interest Rate Contracts | Credit Contracts | Total | ||||||||||||
| Unrealized depreciation on forward foreign currency exchange contracts | $ | (901,947 | ) | $ | — | $ | — | $ | (901,947 | ) | ||||||
| Variation margin due from broker on futures contracts* | — | (1,535,525 | ) | — | (1,535,525 | ) | ||||||||||
| Variation margin due to brokers on centrally cleared interest rate swap contracts* | — | (3,688 | ) | — | (3,688 | ) | ||||||||||
| Unrealized depreciation on over-the-counter credit default swap contracts | — | — | (155,381 | ) | (155,381 | ) | ||||||||||
| Options written, at value | (7,374 | ) | — | — | (7,374 | ) | ||||||||||
| Total | $ | (909,321 | ) | $ | (1,539,213 | ) | $ | (155,381 | ) | $ | (2,603,915 | ) | ||||
| * | Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared IRS contracts from the date the contracts were opened through March 31, 2024. Only current day variation margin is reported on each Fund’s “Statements of assets and liabilities.” |
| ** | Included with “Investments, at value.” |
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The effect of derivative instruments on the “Statements of operations” for the year ended March 31, 2024 was as follows:
| Delaware Ivy Core Bond Fund | Net Realized Gain (Loss) on: | |||||||||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Options Written | Swap Contracts | Total | ||||||||||||||||
| Currency contracts | $ | (105,962 | ) | $ | (1,429,644 | ) | $ | — | $ | — | $ | (1,535,606 | ) | |||||||
| Interest rate contracts | — | — | 13,853 | — | 13,853 | |||||||||||||||
| Credit contracts | — | — | — | 84,041 | 84,041 | |||||||||||||||
| Total | $ | (105,962 | ) | $ | (1,429,644 | ) | $ | 13,853 | $ | 84,041 | $ | (1,437,712 | ) | |||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
| Futures Contracts | Swap Contracts | Total | ||||||||||
| Interest rate contracts | $ | (1,369,970 | ) | $ | — | $ | (1,369,970 | ) | ||||
| Credit contracts | — | (198,437 | ) | (198,437 | ) | |||||||
| Total | $ | (1,369,970 | ) | $ | (198,437 | ) | $ | (1,568,407 | ) | |||
| Delaware Ivy Global Bond Fund | Net Realized Gain (Loss) on: | |||||||||||||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | |||||||||||||||||||
| Currency contracts | $ | 4,900,016 | $ | — | $ | (270,981 | ) | $ | 33,497 | $ | 313,076 | $ | 4,975,608 | |||||||||||
| Interest rate contracts | — | (1,858,144 | ) | (17,927 | ) | 447,250 | 353,839 | (1,074,982 | ) | |||||||||||||||
| Equity contracts | — | 1,391,133 | — | — | — | 1,391,133 | ||||||||||||||||||
| Credit contracts | — | — | (600,180 | ) | 916,996 | (364,579 | ) | (47,763 | ) | |||||||||||||||
| Total | $ | 4,900,016 | $ | (467,011 | ) | $ | (889,088 | ) | $ | 1,397,743 | $ | 302,336 | $ | 5,243,996 | ||||||||||
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Notes to financial statements
Ivy Funds
10. Derivatives (continued)
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | |||||||||||||||||||
| Currency contracts | $ | (1,340,306 | ) | $ | — | $ | 258,523 | $ | (153,509 | ) | $ | — | $ | (1,235,292 | ) | |||||||||
| Interest rate contracts | — | (1,836,129 | ) | — | — | 109,502 | (1,726,627 | ) | ||||||||||||||||
| Credit contracts | — | — | — | — | (3,542 | ) | (3,542 | ) | ||||||||||||||||
| Total | $ | (1,340,306 | ) | $ | (1,836,129 | ) | $ | 258,523 | $ | (153,509 | ) | $ | 105,960 | $ | (2,965,461 | ) | ||||||||
The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 2024:
| Long Derivative Volume | ||||||||
| Delaware Ivy Core Bond Fund | Delaware Ivy Global Bond Fund | |||||||
| Forward foreign currency exchange contracts (average notional value) | $ | — | $ | 10,912,057 | ||||
| Futures contracts (average notional value) | 76,982,689 | 378,652,320 | ||||||
| Options contracts (average notional value)* | — | 358,473 | ||||||
| CDS contracts (average notional value)** | 1,522,526 | 30,110,908 | ||||||
| Interest rate swap contracts (average notional value) | AUD | — | AUD | 24,478,313 | ||||
| Interest rate swap contracts (average notional value) | EUR | — | EUR | 4,241,727 | ||||
| Interest rate swap contracts (average notional value) | GBP | — | GBP | 1,115,116 | ||||
| Interest rate swap contracts (average notional value) | JPY | — | JPY | 8,707,630,522 | ||||
| Interest rate swap contracts (average notional value) | USD | — | USD | 1,228,779 | ||||
| Short Derivative Volume | ||||||||||||
| Delaware Ivy Core Bond Fund | Delaware Ivy Global Bond Fund | Delaware Ivy High Income Fund | ||||||||||
| Forward foreign currency exchange contracts (average notional value) | $ | 1,849,653 | $ | 135,276,545 | $ | 2,242,029 | ||||||
| Futures contracts (average notional value) | 9,399,594 | 238,521,298 | — | |||||||||
| Options contracts (average notional value)* | 383 | 175,928 | — | |||||||||
| * | Long represents purchased options and short represents written options. |
| ** | Long represents buying protection and short represents selling protection. |
11. Offsetting
Certain Funds 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 certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that governs over-the-counter 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, certain Funds 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.
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For financial reporting purposes, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”
At March 31, 2024, certain Funds 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 | ||||||||||||
| Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||||||||
| Citigroup | $ | 96,600 | $ | (223,340 | ) | $ | (126,740 | ) | ||||
| JPMorgan Chase Bank | 340,592 | (587,116 | ) | (246,524 | ) | |||||||
| TD Bank | 544 | (617,973 | ) | (617,429 | ) | |||||||
| Morgan Stanley | — | (42,396 | ) | (42,396 | ) | |||||||
| Total | $ | 437,736 | $ | (1,470,825 | ) | $ | (1,033,089 | ) | ||||
| Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(a) | ||||||||||||||||||
| CITI Bank | $ | (126,740 | ) | $ | — | $ | — | $ | — | $ | 126,740 | $ | — | |||||||||||
| JPMorgan Chase Bank | (246,524 | ) | — | — | — | — | (246,524 | ) | ||||||||||||||||
| TD Bank | (617,429 | ) | — | — | — | 617,429 | — | |||||||||||||||||
| Morgan Stanley | (42,396 | ) | — | — | — | 42,396 | — | |||||||||||||||||
| Total | $ | (1,033,089 | ) | $ | — | $ | — | $ | — | $ | 786,565 | $ | (246,524 | ) | ||||||||||
(a) 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 the 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.
| 331 |
Notes to financial statements
Ivy Funds
12. Securities Lending (continued)
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.
At March 31, 2024, each Fund had no securities out on loan.
13. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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 each Fund invests will cause the NAV of each 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 US. 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 Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investor Services, Inc, 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.
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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 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 may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Fund’s investments in CMOs, real estate mortgage investment conduits (“REMICs”), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (“IOs”) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (“POs”) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.
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 each 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 each Fund may involve revolving credit facilities or other standby financing commitments that obligate each 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 each 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.
| 333 |
Notes to financial statements
Ivy Funds
13. Credit and Market Risks (continued)
As each Fund may be required to rely upon another lending institution to collect and pass on to each Fund amounts payable with respect to the loan and to enforce each Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each 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 each Fund. There were no unfunded loan commitments at the year ended March 31, 2024.
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, 2024. 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.
Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the “Statements of assets and liabilities”, if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
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 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 “Consolidated schedules of investments” and “Schedules of investments.”
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.
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15. Reorganizations
On January 16, 2024, the Board approved the reorganization of each Fund below into and with a substantially similar fund and class of another Delaware Fund (each a “Reorganization”). Each Reorganization is subject to the approval of Acquired Fund shareholders.
| Acquired Fund | Acquiring Fund |
| Delaware Global Equity Fund II, a series of the Trust* | Delaware Ivy Global Growth Fund, a series of the Trust |
| Delaware International Equity Fund II, a series of the Trust** | Delaware Ivy International Core Equity Fund, a series of the Trust |
| Delaware Ivy Core Bond Fund, a series of the Trust*** | Delaware Diversified Income Fund, a series of Delaware Group Adviser Funds |
| Delaware Ivy Value Fund, a series of the Trust* | Delaware Value Fund, a series of Delaware Group Equity Funds II |
* If shareholder approval is obtained, then each Reorganization is anticipated to occur in the third quarter of 2024.
** On March 25, 2024, Delaware International Equity Fund II shareholders approved the Reorganization of Delaware International Equity Fund II into Delaware Ivy International Core Equity Fund. The Reorganization occured on May 3, 2024.
*** On April 30, 2024, Delaware Ivy Core Bond Fund shareholders approved the Reorganization of Delaware Ivy Core Bond Fund into Delaware Diversified Income Fund. The Reorganization is anticipated to occur on or about July 26, 2024.
16. Subsequent Events
On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Ivy Managed International Opportunities Fund. The Fund liquidation and dissolution occurred on April 19, 2024.
Management has determined that no other material events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in the Funds’ financial statements.
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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 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, Delaware Ivy Value Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity 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 each of the funds listed in the table below (sixteen of the funds constituting Ivy Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Delaware Ivy Core Equity Fund(1) | Delaware Ivy Global Bond Fund(1) |
| Delaware Ivy Large Cap Growth Fund(1) | Delaware Ivy High Income Fund(1) |
| Delaware Ivy Mid Cap Growth Fund(1) | Delaware Global Equity Fund II(1) |
| Delaware Ivy Mid Cap Income Opportunities Fund(1) | Delaware International Equity Fund II(1) |
| Delaware Ivy Small Cap Growth Fund(1) | Delaware Ivy Global Growth Fund(1) |
| Delaware Ivy Smid Cap Core Fund(1) | Delaware Ivy International Core Equity Fund(1) |
| Delaware Ivy Value Fund(1) | Delaware Ivy Systematic Emerging Markets Equity Fund(2) |
| Delaware Ivy Core Bond Fund(1) | Delaware Ivy Managed International Opportunities Fund(1) |
(1) Statement of assets and liabilities, including the schedule of investments, as of March 31, 2024, the related statement of operations for the year ended March 31, 2024, the statement of changes in net assets for each of the two years in the period ended March 31, 2024 and the financial highlights for each of the four years in the period ended March 31, 2024.
(2) Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of March 31, 2024, the related consolidated statement of operations for the year ended March 31, 2024, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2024 and the consolidated financial highlights for each of the four years in the period ended March 31, 2024.
The financial statements of the Funds as of and for the year ended March 31, 2020 and the financial highlights for the year ended 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.
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Report of independent
registered public accounting firm
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, 2024 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
May 28, 2024
We have served as the auditor of one or more Macquarie investment companies since 2010.
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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, 2024, each Fund reports distributions paid during the year as follows:
| (A) Long-Term Capital Gains Distributions (Tax Basis) | (B) Ordinary Income Distributions* (Tax Basis) | (C) Return of Capital (Tax Basis) | Total Distributions (Tax Basis) | (D) Qualifying Dividends1 | ||||||||||||||||
| Delaware Global Equity Fund II | — | 100.00 | % | — | 100.00 | % | 32.12 | % | ||||||||||||
| Delaware International Equity Fund II | — | 100.00 | % | — | 100.00 | % | 1.18 | % | ||||||||||||
| Delaware Ivy Core Bond Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy Core Equity Fund | 93.14 | % | 6.86 | % | — | 100.00 | % | 100.00 | % | |||||||||||
| Delaware Ivy Global Bond Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy Global Growth Fund | 88.98 | % | 11.02 | % | — | 100.00 | % | 84.37 | % | |||||||||||
| Delaware Ivy High Income Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy International Core Equity Fund | — | 100.00 | % | — | 100.00 | % | 0.75 | % | ||||||||||||
| Delaware Ivy Large Cap Growth Fund | 100.00 | % | — | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy Managed International Opportunities Fund | — | 100.00 | % | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy Mid Cap Growth Fund | 100.00 | % | — | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy Mid Cap Income Opportunities Fund | 62.53 | % | 37.47 | % | — | 100.00 | % | 100.00 | % | |||||||||||
| Delaware Ivy Small Cap Growth Fund | 100.00 | % | — | — | 100.00 | % | — | |||||||||||||
| Delaware Ivy Smid Cap Core Fund | — | 91.18 | % | 8.82 | % | 100.00 | % | 100.00 | % | |||||||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | — | 100.00 | % | — | 100.00 | % | 0.09 | % | ||||||||||||
| Delaware Ivy Value Fund | 93.87 | % | 6.13 | % | — | 100.00 | % | 100.00 | % | |||||||||||
(A), (B) and (C) are based on a percentage of each Fund’s total distributions.
(D) is based on each 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, 2024, 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 reported in the following table. Complete information will be computed and reported in conjunction with your 2024 Form 1099-DIV.
| Percentage | ||||
| Delaware Global Equity Fund II | 100.00 | % | ||
| Delaware International Equity Fund II | 100.00 | % | ||
| Delaware Ivy Core Bond Fund | 0.95 | % | ||
| Delaware Ivy Core Equity Fund | 100.00 | % | ||
| Delaware Ivy Global Bond Fund | — | |||
| Delaware Ivy Global Growth Fund | 100.00 | % | ||
| Delaware Ivy High Income Fund | — | |||
| Delaware Ivy International Core Equity Fund | 88.93 | % | ||
| Delaware Ivy Large Cap Growth Fund | — | |||
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| Percentage | ||||
| Delaware Ivy Managed International Opportunities Fund | 47.13 | % | ||
| Delaware Ivy Mid Cap Growth Fund | — | |||
| Delaware Ivy Mid Cap Income Opportunities Fund | 100.00 | % | ||
| Delaware Ivy Small Cap Growth Fund | — | |||
| Delaware Ivy Smid Cap Core Fund | 100.00 | % | ||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 50.65 | % | ||
| Delaware Ivy Value Fund | 100.00 | % | ||
For the fiscal year ended March 31, 2024, certain distributions paid by the Funds, determined to be Qualified Short-Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2024, the Funds have reported maximum distributions of Qualified Short-Term Capital Gains as follows:
| Qualified Short-Term Capital Gains | ||||
| Delaware Ivy Core Equity Fund | $ | 38,782,134 | ||
| Delaware Ivy Global Growth Fund | 4,083,431 | |||
| Delaware Ivy Large Cap Growth Fund | 2,584,546 | |||
| Delaware Ivy Small Cap Growth Fund | 4,263,093 | |||
Certain Funds intend to pass through foreign tax credits. The gross foreign source income earned during the fiscal year March 31, 2024 is as follows:
| Foreign Tax Credits | Gross Foreign Source Income Earned | |||||||
| Delaware International Equity Fund II | $ | 180,552 | $ | 3,196,206 | ||||
| Delaware Ivy Managed International Opportunities Fund | 186,344 | 1,887,967 | ||||||
| Delaware Ivy Systematic Emerging Markets Equity Fund | 5,486,511 | 33,935,794 | ||||||
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 Core Bond Fund | 90.90 | % | ||
| Delaware Ivy Global Bond Fund | 97.66 | % | ||
| Delaware Ivy High Income Fund | 99.10 | % | ||
Proxy Results
On March 25, 2024, Delaware International Equity Fund II shareholders approved the reorganization of Delaware International Equity Fund II into Delaware Ivy International Core Equity Fund. The reorganization occurred on May 3, 2024. The results of the voting at the special shareholder meeting were as follows:
| For | Against | Abstain | ||
| 3,214,747 | 22,277 | 50,442 |
On April 30, 2024, Delaware Ivy Core Bond Fund shareholders approved the reorganization of Delaware Ivy Core Bond Fund into Delaware Diversified Income Fund. The reorganization is anticipated to occur on or about July 26, 2024. The results of the voting at the special shareholder meeting were as follows:
| For | Against | Abstain | ||
| 17,131,442 | 243,981 | 2,282,957 |
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Other Fund information (Unaudited)
Ivy Funds
Form N-PORT and proxy voting information
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 Forms N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Fund’s most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how each Fund 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.
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
A mutual fund is governed by a Board of Trustees (“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 Year | Position(s) Held with the Trust | Length of Time Served1 | Number of Funds in Fund Complex Overseen by Trustee | Principal Occupation(s) During the Past Five Years | Other Directorships Held by Trustee During the Past Five Years |
| Interested Trustee | |||||
| Shawn K. Lytle2 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | 89 | Macquarie Asset Management3 (2015–Present) -Head of Equities & Multi-Asset (2023–Present) -Head of Americas of Macquarie Group (2017–Present) -Global Head of Public Investments (2019–2023) | None |
| Independent Trustees | |||||
| Jerome D. Abernathy 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959 | Trustee | Since January 2019 | 89 | Stonebrook Capital Management, LLC (financial technology: macro factors and databases) -Managing Member (1993-Present) | None |
| Ann D. Borowiec 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1958 | Trustee | Since March 2015 | 89 | J.P. Morgan Chase & Co. (1987-2013) -Chief Executive Officer, Private Wealth Management (2011– 2013) | Banco Santander International (2016–2019) Santander Bank, N.A. (2016-2019) |
| Joseph W. Chow 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1953 | Trustee | Since January 2013 | 89 | Private Investor (2011–Present) State Street Bank and Trust Company (1996-2011) -Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer | None |
| H. Jeffrey Dobbs 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1955 | Trustee | Since April 20194 | 89 | KPMG LLP (2002-2015) -Global Sector Chairman, Industrial Manufacturing (2010-2015) | TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present) Ivy Funds Complex (2019- 2021) |
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
| Name, Address, and Birth Year | Position(s) Held with the Trust | Length of Time Served1 | Number of Funds in Fund Complex Overseen by Trustee | Principal Occupation(s) During the Past Five Years | Other Directorships Held by Trustee During the Past Five Years |
| John A. Fry 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1960 | Trustee | Since January 2001 | 89 | Drexel University -President (2010–Present) | Federal Reserve Bank of Philadelphia (2020–Present) Kresge Foundation (2018-Present) FS Credit Real Estate Income Trust, Inc. (2018–Present) vTv Therapeutics Inc. (2017–Present) Community Health Systems (2004–Present) Drexel Morgan & Co. (2015–2019) |
| Joseph Harroz, Jr. 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1967 | Trustee | Since November 19984 | 89 | University of Oklahoma -President (2020–Present) -Interim President (2019–2020) -Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises) -Managing Member (2019–Present) St. Clair, LLC (commercial enterprises) -Managing Member (2019–Present) | OU Medicine, Inc. (2020–Present) Big 12 Athletic Conference (2019-Present) Valliance Bank (2007–Present) Ivy Funds Complex (1998-2021) |
| Sandra A.J. Lawrence 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1957 | Trustee | Since April 20194 | 89 | Children’s Mercy Hospitals and Clinics (2005–2019) -Chief Administrative Officer (2016–2019) | Brixmor Property Group Inc. (2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery) (2021-2023) 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) National Association of Corporate Directors (2017-Present) American Shared Hospital Services (medical device) (2017-2021) Ivy Funds Complex (2019- 2021) |
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| Name, Address, and Birth Year | Position(s) Held with the Trust | Length of Time Served1 | Number of Funds in Fund Complex Overseen by Trustee | Principal Occupation(s) During the Past Five Years | Other Directorships Held by Trustee During the Past Five Years |
| Frances A. Sevilla-Sacasa 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956 | Trustee | Since September 2011 | 89 | Banco Itaú International -Chief Executive Officer (2012–2016) US Trust Bank of America Private Wealth Management -President (2007-2008) U.S. Trust Corp. -President & CEO (2005-2007) | Invitation Homes Inc. (2023-Present) Florida Chapter of National Association of Corporate Directors (2021-Present) Callon Petroleum Company (2019-Present) Camden Property Trust (2011-Present) New Senior Investment Group Inc. (REIT) (2021) Carrizo Oil & Gas, Inc. (2018-2019) |
| Thomas K. Whitford 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956 | Chair and Trustee | Trustee since January 2013 Chair since January 2023 | 89 | PNC Financial Services Group (1983–2013) -Vice Chairman (2009- 2013) | HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc. (2013–2022) |
| Christianna Wood 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959 | Trustee | Since January 2019 | 89 | Gore Creek Capital, Ltd. -Chief Executive Officer and President (2009–Present) Capital Z Asset Management -Chief Executive Officer (2008-2009) California Public Employees’ Retirement System (CalPERS) -Senior Investment Officer of Global Equity (2002-2008) | The Merger Fund (2013–2021), The Merger Fund VL (2013–2021), WCM Alternatives: Event- Driven Fund (2013–2021), and WCM Alternatives: Credit Event Fund (2017–2021) Grange Insurance (2013–Present) H&R Block Corporation (2008–2022) |
| Officers | |||||
| David F. Connor 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | 89 | David F. Connor has served in various capacities at different times at Macquarie Asset Management. | None5 |
| Daniel V. Geatens 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1972 | Senior Vice President and Treasurer | Senior Vice President and Treasurer since October 2007 | 89 | Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management. | None5 |
| Richard Salus 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | 89 | Richard Salus has served in various capacities at different times at Macquarie Asset Management. | None5 |
1 “Length of Time Served” refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.
2 Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Funds’ investment advisor.
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
3 Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds’ investment advisor, principal underwriter, and transfer agent.
4 Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Delaware Funds complex.
5 David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Connor also serves as Senior Vice President and Assistant Secretary for the three portfolios of the Macquarie ETF Trust, which have the same investment manager as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and as Senior Vice President and Treasurer for the Macquarie ETF Trust. Mr. Salus serves in a similar capacity for the Macquarie ETF Trust.
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 800 523-1918.
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Annual report
Alternative / specialty funds
Delaware Climate Solutions Fund
Delaware Global Real Estate Fund
Delaware Ivy Natural Resources Fund
Delaware Ivy Science and Technology Fund
Delaware Real Estate Securities Fund
Multi-asset funds
Delaware Ivy Asset Strategy Fund
Delaware Ivy Balanced Fund
March 31, 2024
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’s public markets businesses trace their roots to 1929 and partner 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.
Manage your account online
| ● | Check your account balance and transactions |
| ● | View statements and tax forms |
| ● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.
The Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and 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.
This annual report is for the information of Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the applicable fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.
Unless otherwise noted, views expressed herein are current as of March 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.
| Delaware Climate Solutions Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Climate Solutions Fund (Class I shares) | 1-year return | -3.69% |
| Delaware Climate Solutions Fund (Class A shares) | 1-year return | -3.92% |
| MSCI ACWI Investable Market Index (net) (benchmark) | 1-year return | +22.45% |
| MSCI ACWI Investable Market Index (gross) (benchmark) | 1-year return | +23.04% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Climate Solutions Fund, please see the table on page 16.
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 19 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 while also seeking to invest in companies committed to reducing greenhouse gas (GHG) emissions within their operations and/or through the products or services they offer.
Market review
During the fiscal year ended March 31, 2024, strong economic data fueled a 22.45% gain in worldwide equity markets as measured by the MSCI ACWI (All Country World) Investable Market Index (IMI) (net). Inflation remained elevated throughout the period despite aggressive monetary tightening campaigns from global central banks in 2022 and maintained through 2023 and into 2024. Investors expecting rate cuts were disappointed, leading to a sharp reversal in rate-sensitive equities, notably those related to renewable energy and precious metals. As the fiscal year ended, the US Federal Reserve indicated rate cuts in 2024 were likely, igniting a strong rally in rate-sensitive equities and commodities.
The commercialization of artificial intelligence (AI) was another key driver of performance during the period. Shares of the “Magnificent Seven” – Amazon.com Inc., Alphabet Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., and Tesla Inc. – accounting for 29% of the S&P 500® Index, rose significantly during the period as investors poured money into companies that seemed poised to benefit the most from opportunities tied to AI.
Clean energy-related stocks significantly underperformed during the fiscal year as the S&P Global Clean Energy Select Index declined 30.40% for the one-year period ended April 2, 2024. Commodities were mixed during the year. Oil performed well, rising 16.25% as OPEC remained disciplined and Saudia Arabia pushed out long-term growth plans. Natural gas prices fell 20.44% as supply surged into mild winter weather. Fertilizer pricing also fell on lower natural gas input costs. Urea fell 18.44% for the year. Battery metals came under significant pressure as investors questioned the pace of adoption for key energy-transition facilitators such as electric vehicles. Among battery metals, lithium and nickel were notable underperformers, falling 22.91% and 28.01% on significant supply overhangs despite curtailments.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Climate Solutions Fund underperformed its benchmark, the MSCI ACWI IMI. The Fund’s Class I shares declined 3.69%. The Fund’s Class A shares declined 3.92% at net asset value (NAV) and fell 9.42% at maximum offering price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 22.45% (net). For complete, annualized performance of Delaware Climate Solutions Fund, please see the table on page 16.
The Fund, given its strategy, lacked exposure to the Magnificent Seven and similar technology stocks. Combined with the underperformance of clean energy stocks overall, the Fund significantly underperformed the broad-market index during the period.
While we differentiate portfolio investments as either reducers or facilitators according to their role in mitigating greenhouse gas (GHG) emissions, as described further in the Fund's prospectus, these investments can also be classified as either cyclical or defensive depending upon how they typically behave under varying economic conditions. The Fund’s portfolio contains a blend of both cyclical and defensive stocks. Given our investment strategy of building a portfolio of both reducers and facilitators to be held for the long term, we do not typically make material changes in our approach to the market environment.
The energy sector was the leading contributor to performance during the fiscal period. The Fund’s overexposure to energy, a strong-performing sector in the benchmark, was beneficial. The Fund’s focus on companies that target significant reductions in GHG
1
Portfolio management reviews
Delaware Climate Solutions Fund
emissions as well as the companies that provide the products and services to aid in these reductions typically results in overexposure to this sector.
The information technology (IT) sector was the leading detractor, due to the Fund’s significant underweight concurrent with the AI-fueled runup in technology stocks, most notably the Magnificent Seven. The Fund is typically underweight this sector compared to the benchmark, given its strategy of targeting the reducers and facilitators that have a role solving the GHG emissions problem. Those companies are usually found within the energy, industrials, materials, and utilities sectors.
Schneider Electric SE was the largest individual contributor to performance during the Fund’s fiscal year. Schneider engages in the digital transformation of energy management and automation and benefited from the AI-based rally. During its Capital Markets Day in the fourth quarter of 2023, Schneider announced a multi-year agreement with Compass Datacenters, extending the companies’ existing relationship. Schneider and Compass have integrated their respective supply chains to manufacture and deliver prefabricated modular datacenter solutions. The generation and consumption of data is skyrocketing, in large part due to the burgeoning AI market, and requires a new breed of datacenters with standardized designs that can be constructed efficiently and quickly at low cost. Just since the agreement, Schneider has manufactured and delivered about 150 modular datacenters to Compass from its operation in West Chester, Ohio. As demand for more datacenters increases, a new 110,000 square-foot operation in Red Oak, Texas, which the companies jointly announced in the summer, could support projected growth.
The Fund’s largest detractor during the fiscal year was Li-Cycle Holdings Corp., a lithium-ion battery recycling and resource recovery company. Li-Cycle’s main battery recycling hub in Rochester, New York, was scheduled to begin operations in the fourth quarter of 2023 after considerable capital investment. Unfortunately, after significant cost overruns and a failure to gain additional funding, the company was forced to indefinitely suspend construction activity. As the facility was essential to Li-Cycle achieving profitability, this was a significant negative development. We exited the position during the fourth quarter of 2023.
Climate Solutions engagement
In 2023, the Fund's investment team met with the management of all portfolio holdings at least once, and in some cases multiple times.
These engagements are often strategic in nature and provide additional insights into management quality, business drivers, financial strategy, financial and non-financial performance and risks, and capital structure.
One objective of these meetings is to further our understanding of the companies’ material environmental, social, and governance (ESG) issues. During these engagements, the Climate Solutions team will often encourage companies to provide additional carbon-related disclosures and the adoption of science-based targets to align their carbon reduction goals with industry standards. For Fund portfolio holding companies that the Fund's investment team considers to be "facilitators," engagements are often conducted to assess a company’s available and proposed solutions to address climate change, determine the capital investment necessary to provide these solutions, and gauge potential customer demand.
Through active engagement with company management, we communicate to companies that GHG emissions reduction and related products and services are a significant factor in attracting and retaining the Fund as an investor. The underlying aim of the engagement dialogue is always to preserve and enhance the value of assets on behalf of the Fund's shareholders.
Measuring our portfolio companies’ impact
The reducers in our portfolio are collectively estimated to not only meet but exceed the requirements of The Glasgow Pact of 2021, which set a goal of a 45% GHG reduction by the year 2030 from a 2010 base and net-zero emissions by the year 2050.
From December 31, 2019, to December 31, 2022, portfolio reducers collectively reduced their own emissions by approximately 11%, while global emissions stayed relatively flat.
In 2022, we estimate that the facilitators within the Fund's portfolio helped avoid 202 million tons of GHG emissions through the use of their products and services, an approximately 9% increase compared with 2021. As the investment in the energy transition accelerates, this contribution has the potential to continue to grow.
Our estimates are based on company disclosures of emissions savings as well as our own calculations that use company-disclosed product usage data and the Environmental Protection Agency’s GHG Equivalencies Calculator to provide a GHG equivalent.
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Portfolio management reviews
| Delaware Global Real Estate Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Global Real Estate Fund (Class I shares) | 1-year return | +7.21% |
| Delaware Global Real Estate Fund (Class A shares) | 1-year return | +6.91% |
| FTSE EPRA Nareit Developed Index (benchmark) | 1-year return | +8.57% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Global Real Estate Fund, please see the table on page 21.
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 23 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 long-term capital appreciation and current income.
Significant Fund event
On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Global Real Estate Fund. The Fund liquidation and dissolution occurred on April 19, 2024.
Market review
In the wake of the fastest rate hiking cycle over the past 40 years, capital-intensive assets such as listed real estate have understandably had a difficult run. 2023 saw a slowdown in inflation, with US policymakers announcing no further interest rate rises for the first time since March 2021. US real estate investment trust (REIT) markets rallied 6.3% from that announcement to the end of December. Despite this, listed real estate still screens as inexpensive relative to both history and the S&P 500® Index.
Looking forward, as inflation and interest rates continue to normalize, we believe that real estate fundamentals could become an important driver of risk/return and that enduring structural factors will continue to dominate over the long term.
In property, there were several significant events over the fiscal year, possibly the most defining of which was the market’s realization of the scale of opportunity available in the data center segment. NVIDIA Corp.’s strong earnings results and the current craze around ChatGPT has taken the world by storm and shown us just how powerful artificial intelligence (AI) could become. Data centers are a mission-critical piece of real estate supporting all forms of data use, including generative AI. AI models require large-scale datasets housed in data centers and substantial computing power for training. In fact, AI applications have higher power requirements than applications of previous generations and require graphics processing units (GPUs) rather than less-intensive central processing units (CPUs). This translates to at least two times more power usage, not only because of AI, but also big data analytics, graphics rendering, and cloud gaming. Given this increased power requirement, and that data centers are leased on a per-kilowatt hourly basis, we believe the opportunity for the sector is bright over the long run. Recent short reports from Hindenburg Research have weighed on the sector, most recently with the report alleging that Equinix has understated maintenance capital expenditures, oversold power at the facility level, and that hyperscalers (large cloud service providers) are competing and potentially cannibalizing Equinix’s core business. We believe this narrative is not new information and inaccurately represents Equinix’s growth potential and quality of cash flow.
The work-from-home revolution in 2023 hit office landlords hardest. Landlords then resorted to “handing back the keys,” meaning the landlord either stops paying the mortgage on the office building or declines to refinance it, forcing the bank or investor who made the loan to repossess the building. Brookfield Corp. and Blackstone Inc. were among those that defaulted on mortgages and have started or completed the process of handing back the keys. About 23% of office space in the US was vacant or available for sublet at the end of November compared with 16% before the pandemic.
The impact of aging populations globally continues to be felt in healthcare-related real estate. With the number of adults aged 85 and over in the US predicted to quadruple between 2000 and 2040, we believe there will be an increased need for senior living facilities, assisted living communities, nursing homes, and life science spaces. Today, there is a significant mismatch between the supply and demand of senior housing facilities, with construction starts down 80% from peak levels yet demand still robust with net absorption (the net difference in space that has become occupied compared with space that has gone vacant) currently at +129% compared with the pre-pandemic average.
In Australia, Goodman Group was added to the FTSE EPRA Developed Index on March 15 and saw a large amount of volume and buyer demand in the lead up to and after its inclusion in the index.
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In storage, Extra Space Storage Inc. announced in July that it completed its merger with Life Storage Inc., thus making the combined company the largest storage operator in the country, with more than 3,500 locations, approximately 270 million square feet of rentable storage space, and more than two million customers.
In the lodging sector, KSL Capital Partners announced in August that it would acquire Hersha Hospitality Trust (HT) in an all-cash transaction valued at $1.4 billion, or roughly $365,000 per key.
The Canadian government made a renewed commitment to increase the flow of immigrants into Canada over the next three years. This should directly affect an already very tight housing market. We believe the combination of lower overall supply growth, clear shelter demands, and a reduction in regulation risk will equate to stronger profit margins, higher occupancy, and sustainable earnings growth in the mid- to high-single-digit range for Canadian multifamily for the foreseeable future.
Sources: Bloomberg, Avison Young, Welltower 2023.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Global Real Estate Fund underperformed its benchmark, the FTSE EPRA Nareit Developed Index. The Fund’s Class I shares rose 7.21%. The Fund’s Class A shares rose 6.91% at net asset value (NAV) and gained 0.72% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 8.57%. For complete annualized performance of Delaware Global Real Estate Fund, please see the table on page 21.
At the sector level, a key contributor to the Fund’s performance was an overweight to healthcare and data centers. Welltower Inc. invests in and facilitates healthcare real estate infrastructure, particularly senior housing facilities. Welltower contributed to the Fund’s performance, posting year-over-year, same-store net operating income growth of 14.1%. Its high-quality assets continue to be sought in a market where supply is constrained and demand is viewed to be structurally supported by aging demographics. Digital Realty Trust Inc., which operates and invests in carrier-neutral data centers, performed well as the market came to grips with the significant incremental demand driven by the continued development of AI. Digital Realty Trust announced record interconnection signings and its highest average leasing rate since 2016.
Key detractors at the sector level included underweights to retail and self-storage. Extra Space Storage was among the largest detractors. The company experienced a volatile year, showing weakness in the first half of the year due to slowing fundamentals after a strong operating period during the COVID-19 pandemic. However, Extra Space Storage ended the year strong, rebounding from expectations of a softening rate environment in 2024. In retail, the largest detractor was an underweight to Simon Property Group Inc., which performed well in the second half of the year as a softening macroeconomic environment and relatively stable fundamentals helped it outperform the benchmark over the period.
As a team, we continue to seek real estate that can deliver sustained rental income (and therefore earnings growth). Since the beginning of 2022, interest rates have risen at the fastest pace on record, which has affected all risk assets that have liquidity. Listed real estate is no different and has been repriced to reflect our current higher-cost-of-capital environment. It now trades at a meaningful discount to its private real estate peers and general equities. At the end of the Fund’s fiscal year, we think that we are closer to the end of the rate-hiking cycle and believe that real estate fundamentals should become increasingly important in the macroeconomic-driven environment of recent times.
Investing in real estate that has a sustained profile of growth remains key, in our opinion. With that in mind, we are focused on real estate sectors that have continued to evolve structurally with the economy and we have stayed away from those that are more cyclical and economically sensitive. At the sector level, we are attracted to real estate aligned to the digitalization of the economy and a generational shift in consumer behavior, including data center, cold storage, and last-mile demand, where we view fundamentals as best in class and where there is outsized demand for the best-located assets.
In addition, necessity real estate, such as healthcare and aged care, align to current demographic changes that we believe should continue to deliver solid growth even as the economy slows. This also holds true for affordable housing, in what continues to be an expensive mortgage and rental market.
No different from prior periods, as inflation and interest rates stay elevated, we remain focused on long-term sustainable growth that has the potential to prosper in such an environment, especially with continued near-term concerns about economic growth.
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Portfolio management reviews
| Delaware Ivy Asset Strategy Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Ivy Asset Strategy Fund (Class I shares) | 1-year return | +20.49% |
| Delaware Ivy Asset Strategy Fund (Class A shares) | 1-year return | +20.14% |
| MSCI ACWI (All Country World Index) (net) (benchmark) | 1-year return | +23.22% |
| MSCI ACWI (All Country World Index) (gross) (benchmark) | 1-year return | +23.81% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Asset Strategy Fund, please see the table on page 24.
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 27 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.
Market review
The Fund’s fiscal year ended March 31, 2024 marked a solid recovery for global markets. The US was particularly strong, with the proliferation of artificial intelligence (AI) and fading concerns of a US recession. International markets fell significantly behind high-flying US equities, but they still produced reasonable double-digit gains. International equities didn’t benefit from the immediate launch of AI as the US did. The market recovered in earnest beginning in the fall of 2023, driven by softer central bank rhetoric. Toward the end of the Fund’s fiscal year, incrementally positive macroeconomic data and investor sentiment drove international markets. Investor excitement surrounding AI ultimately bled into the international rally as it broadened into other parts of the tech sector with a more global presence.
With that, information technology (IT) was the strongest-performing sector, and countries with leading tech companies performed well. This benefited the US, Taiwan, and Netherlands. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S, also performed well. India was a bright spot within global markets as it had one of the strongest economies in the world. China, and associated Hong Kong-based holdings, performed the weakest as macroeconomic issues lingered.
Fixed income markets were positive but with varying levels of return. The Bloomberg US Aggregate Index was up 1.7%, hindered by rising rates during portions of the year. Duration was a drag on performance, although investment grade credit did well, and high yield generated 11% returns.
At a macro level, the US economy remained strong, although certain areas experienced a downturn. US consumers and governments carried growth forward, driven by services on the consumer side and considerable spending by local governments. While contracting by many economic measures throughout the year, Europe began to slightly improve toward the end of the Fund’s reporting period. The services sector remained the area of growth. In Japan, the economic picture was mixed. The corporate landscape was quite sound, however, and inflation, while increasing, remained in check. Japan’s central bank abandoned its negative rate policy after many years, but it kept a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery. The Chinese government was cautious about stimulating the economy as it had in prior periods of weakness, and the property market, a critical economic driver, was under immense pressure. Toward the end of the fiscal year, the country improved slightly in some sectors, mainly as a result of higher export activity.
Global interest rates were volatile during the year. They rose sharply in the first six months before rolling over as US central bank rhetoric became more dovish. Late in the fiscal year, however, rates rose again as inflation remained elevated. The price of oil was volatile but ended nearly flat for the fiscal year.
Sources: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Asset Strategy Fund provided strong double-digit returns but modestly underperformed its benchmark, the MSCI All Country World Index (ACWI). The Fund’s Class I shares gained 20.49%. The Fund’s Class A shares gained 20.14% at net asset value (NAV) and advanced 13.25% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 23.22% (net). For complete, annualized performance of Delaware Ivy Asset Strategy Fund, please see the table on page 24.
The Fund’s performance reflected the mix of returns in the underlying asset classes during the period and their allocation weightings.
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Portfolio management reviews
Delaware Ivy Asset Strategy Fund
Although all asset classes had positive returns in the period, equities broadly outperformed fixed income. Within equities, domestic (US) outperformed international stocks, large-cap outperformed small-cap, and growth outperformed value. Within fixed income, high yield was the strongest, followed by investment grade fixed income. The Fund benefited from positive selection effects across asset classes, including equities and fixed income, while also benefiting from contributions to returns from the Fund’s position in gold bullion. During the fiscal year, the Fund undertook modest changes in the weightings of underlying assets to manage exposures commensurate with the Fund’s investment objectives.
Within equities, strong stock selection drove positive relative performance, particularly in the energy, utilities, IT, and industrials sectors. Stock selection in communication services and consumer staples detracted the most from performance. From a country perspective, the US, India, and Japan were leading contributors while China, Denmark, and UK holdings performed relatively poorly.
On an individual stock basis, Eli Lilly and Co., NTPC Ltd., and KLA Corp. performed the strongest relative to the benchmark. US pharmaceutical company Eli Lilly is responsible for many products, including those used for diabetes. Its development of GLP-1s has been a major growth driver and has drawn significant investor attention. The stock rallied, primarily, on this new class of drug. India-based utility NTPC rode several tailwinds throughout the year. Although it is a global leader in clean energy, it has also maintained strong production of coal-based energy as both are necessary in the highly populated and highly polluted country of India. Impressive economic growth and wealth creation in India also has created greater demand for energy. The stock of semiconductor capital equipment manufacturer KLA was significantly undervalued, particularly as this part of the industry has very few competitors. The stock rallied as the market appreciated that KLA would benefit from the cyclical recovery in semiconductors, which also ties to the growth and infrastructure needs of AI.
China Mengniu Dairy Ltd., Genmab A/S, and Aptiv PLC detracted the most individually from performance. China Mengniu, one of the largest dairy manufacturers in China, experienced weakness in its stock performance as a large part of the Chinese population has struggled within a difficult macroeconomic environment. Despite the difficult backdrop, the company modestly grew sales and maintained a dominant position in staple products. Concerns about Danish biopharmaceutical company Genmab, including delays in a trial due to recruitment risks as well as higher spending needs for several phase 3 starts, weakened the stock. In our opinion, the stock is significantly undervalued, and we remain optimistic about the company’s robust pipeline and ability to generate significant growth and cash flow through current commercialized products. Aptiv, a vehicle component manufacturer, executed well in a difficult environment, generating positive 2023 sales and earnings growth in a tough auto environment. Unfortunately, even with the company’s robust internal combustion engine part sales, investors tied this stock’s success to the growth of electric vehicles (EVs), which has disappointed. We lost confidence that the market would reward this stock without EV growth and we sold the Fund's position.
The portfolio had several changes, including exiting the Fund’s position in Aptiv, mentioned above, and initiating a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery such as forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, the stock was depressed on a historical basis. As the supply chain market improves and the company works through some unprofitable fixed contracts, we expect the skies to clear and we believe Kion Group will be well positioned.
The Fund’s use of futures contracts, options contracts, and foreign exchange (FX) currency positions had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.
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Portfolio management reviews
| Delaware Ivy Balanced Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Ivy Balanced Fund (Class I shares) | 1-year return | +19.63% |
| Delaware Ivy Balanced Fund (Class A shares) | 1-year return | +19.36% |
| S&P 500® Index (benchmark) | 1-year return | +29.88% |
| Bloomberg US Aggregate Index (benchmark) | 1-year return | +1.70% |
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Ivy Balanced Fund, please see the table on page 28.
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 30 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.
Market review
Stock markets in developed countries trended slightly positive at the beginning of the Fund’s fiscal year in the second quarter of 2023, although North American equities were under water at times. Europe and the Pacific region were the strongest performers, whereas emerging markets, led by China, slipped into negative territory. Equity markets saw some strong performance in June, particularly in Japan and the US, although overall equity performance was somewhat bumpy. After Congress agreed to raise the US debt ceiling and the Fiscal Responsibility Act of 2023 was signed into law in early June, equities rallied significantly. However, this positive phase was short lived. A large downturn followed the central bank meetings of the US Federal Reserve and the European Central Bank (ECB). Equity markets rallied again in late June, after the release of several surprisingly good US economic data points.
The third quarter of 2023 challenged markets as most major asset classes declined largely because central banks around the world continued tightening their monetary policy. In the US, the Fed continued raising rates, and the Federal Open Market Committee (FOMC) increased its interest rate outlook, with the latest dot plot calling for a median federal funds rate of 5.6% by the end of 2023. The ECB raised short-term policy rates to the highest level in more than 20 years. However, China continued to be the contrarian among major economies, easing both fiscal and monetary policy.
Higher rates make servicing debt more difficult, especially for governments running large budget deficits. None of this was lost on Fitch Ratings, the credit rating agency. It downgraded the US credit rating in August from AAA to AA+, focusing attention on the US government, which carries a national debt of more than $33 trillion. Capital markets reacted by selling off bonds as interest rates soared globally. The 10-year Treasury yield peaked at a level not seen since 2007. Similar trends appeared around the world, with 10-year German and Japanese government bonds rising to decade-high levels.
While global equities mostly suffered losses, energy stocks were an exception, as oil prices rose. Crude oil had its biggest quarterly gain since the Russian invasion of Ukraine. This followed news that Saudi Arabia and Russia decided to extend production cuts until the end of 2023, reducing overall market supply.
The fourth quarter of 2023 started very weak for global capital markets. Geopolitical risks and strong US economic data in conjunction with renewed inflationary pressure were the main drivers of the negative sentiment. With the Hamas attacks in Israel and uncertainty about the consequences, the geopolitical risks increased significantly, which led to oil price volatility. Ultimately, however, oil prices fell significantly over the month. Gold, on the other hand, was in demand throughout October, and its price rose significantly, again approaching $2,000 per ounce.
A strong November was followed by a similarly robust December in most equity regions and bond classes. This two-month-long, year-end rally even accounted for almost all the market’s gains in 2023. Only commodities were weak in December (and for 2023 as a whole). Falling energy prices dragged the broad asset class down despite the unresolved Middle East conflict, in which other forces, such as the Yemeni Houthi rebels, were increasingly involved. The gold price, on the other hand, continued to rise, growing by double digits over the year.
Yields fell significantly in November and December 2023 on both sides of the Atlantic, and the narrowing of risk premiums for corporate bonds (both investment grade and high yield) and especially for emerging markets (EM) hard currency bonds continued unabated. The rate of inflation continued to fall in the major economies, but while the economic situation remained gloomy in Europe, it was solid
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Portfolio management reviews
Delaware Ivy Balanced Fund
in the US. In China, an upward trend emerged in the country’s recently disappointing economy.
Equities had strong returns across all (MSCI) regions including EM in December, although both China’s (as an EM heavyweight) and Japan’s equity markets suffered losses. However, over the Fund’s full fiscal year, Japan and the US led performance, while Chinese equities continued their months-long downward trend. Although the Japanese yen gained against the euro at this time, it was only able to make up for a small part of the annual loss. The US dollar also depreciated against a broad basket of currencies including the euro in 2023, with losses increasing in December.
As expected, the Fed left the key interest rate unchanged at its December meeting, but for the first time explicitly spoke about possible interest rate cuts and reduced the inflation and growth forecasts for 2024. The market then priced interest rate cuts of 1.5 percentage points for 2024. The ECB and the Bank of England also left interest rates unchanged but swept the issue of interest rate cuts aside.
Despite the two-month market surge across various assets to end 2023, 2024 had a subdued start. Optimism about imminent interest rate cuts in the EU and the US waned due to central bank comments. In January, bonds, especially in Europe, faced losses, but equities in developed countries rebounded. The Japanese market rallied, the US market hit occasional all-time highs, and European equities turned positive after the ECB’s January meeting. However, emerging markets, particularly Chinese equities, remained negative despite authorities' efforts.
Global stock markets once again recorded strong price gains in February. Several major indices, such as the S&P 500 Index in the US, the German Deutscher Aktien Index (DAX) (despite the weakening German economy), and – for the first time since 1989 – the Japanese Nikkei reached new all-time highs. NVIDIA Corp. led this surge, marking strong sales and profit growth. Chinese stocks also saw gains, breaking a six-month streak of declines. The earnings season for the fourth quarter of 2023 was notably positive for S&P 500 companies, contributing to an optimistic outlook for the US. In contrast, economic weakness continued in Germany, the UK, and Japan.
By the end of the Fund’s fiscal year in March 2024, all major asset classes had gained, with commodities and equities leading the way. Gold was particularly strong and reached a new all-time high along with Bitcoin. Oil prices also rose significantly again. This time, all major bond classes joined the positive trend. While EM and corporate bonds had the strongest performance, European and US government bonds likewise advanced.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, 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 19.63%. The Fund’s Class A shares advanced 19.36% at net asset value (NAV) and gained 12.50% at maximum offer price. During the same period, the S&P 500 Index gained 29.88% and the Bloomberg US Aggregate Index gained 1.70%. For complete, annualized performance of Delaware Ivy Balanced Fund, please see the table on page 28. The performance of the Fund reflects the mix of returns in the underlying assets during the fiscal period and their allocation weightings.
The leading contributor to overall performance came from positive security selection in equities as well as allocation effects from the opportunistic sleeve. The Fund’s allocation to fixed income investments contributed significantly less to overall performance than investments in equities, given muted returns in fixed income markets.
Within equities, stock selection drove roughly 60% of the relative outperformance versus the sleeve’s benchmark, while sector allocation drove the remaining 40% of relative performance. Stock selection was strongest within financials, where KKR & Co. Inc., Allstate Corp., and Capital One Financial Corp. outperformed. Selection was also positive in consumer staples, where Costco Wholesale Corp. outpaced market gains, and in industrials, specifically with United Rentals Inc., Howmet Aerospace Inc., and Airbus SE. Stock selection within information technology (IT) detracted from relative performance, driven by the Fund’s underweight NVIDIA, its ownership in Verisign Inc., and its lack of ownership in Broadcom Inc. In total, selection was positive or neutral in 7 of 11 S&P sectors.
From a sector allocation standpoint, the Fund’s underweight to consumer staples (which underperformed the benchmark) and its significant overweight to the outperforming financial sector aided relative returns, while modest holdings in cash and an underweight to communications services detracted from performance. In total, sector allocation was positive in 8 of 11 S&P 500 Index sectors.
For the 1-year period ended March 31, 2024, the strongest contributors to relative returns included the following companies:
● KKR & Co (overweight) – Shares in this alternative asset manager advanced through the year on strong earnings, improved capital market conditions, and expectations that the company was on the cusp of an accelerated fundraising cycle over the next 24 months.
● United Rentals (overweight) – As the largest player in the US construction rental equipment market, the company’s shares continue to perform well on more evidence of a sustained non-residential building cycle – megaprojects tied to electrification/grid
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investments, more onshore manufacturing capacity, and infrastructure spending.
● Apple Inc. (underweight) – Apple shares underperformed on reduced future earnings expectations tied to slowing iPhone demand globally. While key competitive advantages still exist, growth is expected to be modest given a mature revenue base.
● Tesla Inc. (not owned) – Tesla shares declined on a sharp downgrade in delivery and earnings expectations associated with slowing demand in the US and China. The company continues to battle intense competition globally within electric vehicles (EVs), with eroding market share and profit margins susceptible to steep declines.
● Applied Materials Inc. (overweight) – Shares in this semiconductor capital equipment provider posted strong gains on positive business trends and expectations for a pending upcycle in equipment needs to power artificial intelligence (AI) computing capacity.
Somewhat offsetting these positive decisions, the most significant detractors from relative performance included:
● NVIDIA (underweight) – While owned in the portfolio, the 225%+ advance on strong earnings upgrades associated with growing AI demand detracted from performance.
● Aptiv PLC (overweight) – An auto parts supplier heavily involved in enabling new vehicle technologies, such as adaptive safety and electrification of the power trains, the company underperformed on reductions in EV demand within developed markets and continued input cost pressures.
● NextEra Energy Inc. (overweight) – As a largely regulated utility (Florida) with an unregulated renewables business, NextEra Energy was subject to a reduced valuation level associated with higher interest rates despite no change in longer-term earnings expectations.
● Meta Platforms Inc. (underweight) – While purchase of this security in the past year benefited the Fund’s shareholders, its underweight hurt relative performance as the equity appreciated over 125% for the full year. Meta benefited from significant cost cutting during late 2022 and early 2023, as well as accelerating monetization of some of its key social media investments (namely, Instagram Reels).
● UnitedHealth Group Inc. (overweight) – The largest US health insurer declined on signs of elevated healthcare utilization after two years of below-normal demand associated with seniors’ deferring care and elective medical procedures.
During the fiscal year, the Fund’s use of swaps, futures, foreign exchange currency positions, and options had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.
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Portfolio management reviews
| Delaware Ivy Natural Resources Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Ivy Natural Resources Fund (Class I shares) | 1-year return | +4.93% |
| Delaware Ivy Natural Resources Fund (Class A shares) | 1-year return | +4.63% |
| S&P® Global Natural Resources Index (net) (benchmark) | 1-year return | +5.02% |
| S&P North American Natural Resources Sector TR Index (former benchmark) | 1-year return | +18.57% |
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 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.
Significant Fund event
Effective April 28, 2023, the Fund’s benchmark changed to the S&P Global Natural Resources Index and the Fund’s limit in foreign securities investments changed. Please see the prospectus as amended for further information.
Market review
Global economies and markets rose during the fiscal year ended March 31, 2024, benefiting from strong economic data. Following global central banks’ aggressive monetary tightening campaigns during 2022 and 2023, inflation data remained elevated, diminishing the likelihood of imminent rate cuts. That led to a sharp reversal in rate-sensitive equities, notably renewable energy and precious metal equities. As the fiscal year ended, dovish commentary from the US Federal Reserve indicated a high likelihood of rate cuts later in 2024, prompting a strong rally in rate-sensitive equities and commodities.
The S&P 500® Index rose 29.86% during the period led by the technology sector. The S&P Global Natural Resources Index gained 5.02% (net), while the more energy-dominant S&P North American Natural Resources Sector Index advanced 18.57%.
Commodities were mixed during the year. Gold rose 11.85% with steady demand as central banks continued to buy and investors anticipated rate cuts. Oil also performed well, rising 16.25% as OPEC remained disciplined and Saudi Arabia pushed out long-term growth plans. Copper closed the year down slightly at -2.95%, despite significant supply issues caused by inflation and geopolitics. Despite economic weakness in China, iron ore prices rose 21.23%. Natural gas prices fell 20.44% as supply surged into mild winter weather. Fertilizer pricing also fell on lower natural gas input costs with urea falling 18.44% for the year. Agricultural products, notably corn and soybeans, came under pressure on increased yields and modest demand, falling 33.08% and 20.86%, respectively. Battery metals came under significant pressure as investors began to question the pace of adoption for key energy transition facilitators such as electric vehicles (EVs). Among battery metals, lithium and nickel were notable underperformers, falling 22.91% and 28.01%, respectively on significant supply overhangs despite curtailments.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Natural Resources Fund underperformed its benchmark, the S&P Global Natural Resources Index, which advanced. The Fund’s Class I shares gained 4.93%. The Fund’s Class A shares gained 4.63% at net asset value and declined 1.38% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark gained 5.02%. For complete, annualized performance of Delaware Ivy Natural Resources Fund, please see the table on page 32.
As the Fed’s commentary softened during the period, yields declined, the dollar weakened, and gold prices rallied. Two gold equities were the Fund’s strongest contributors during the period: Wheaton Precious Metals Corp., a precious metals streaming company, and Kinross Gold Corp., a gold miner with diverse group assets in Canada, the US, Brazil, Chile, Mauritania, and Ghana.
Wheaton was the largest contributor to performance and has considerable silver exposure, which benefits from both precious and industrial demand. Industrial demand is poised to increase significantly given the use of silver in renewable energy, primarily in solar panels. As a streamer, Wheaton exposes the Fund to precious metals without the operating costs and risks of a traditional miner.
Kinross was the Fund’s second-largest contributor to performance. The company suffered from several years of underperformance when it was forced to divest its Russian assets cheaply following the outbreak of the Russian-Ukrainian war. Kinross took on a high-priced
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acquisition and then struggled operationally. This led to a very low valuation and an attractive entry point for the Fund as management tried to right the ship, executing extremely well during 2023. With gold providing a strong tailwind, we expect this to continue.
Li-Cycle Holdings Corp., a lithium-ion battery recycling and resource recovery solutions company, was the largest detractor during the period. Li-Cycle’s main battery recycling hub in Rochester, New York, was scheduled to begin operations in the fourth quarter of 2023 following considerable capital investment. Unfortunately, after significant cost overruns and a failure to gain additional funding, it was forced to indefinitely suspend construction. As the facility was the key component to Li-Cycle achieving profitability, this was a significant setback. We exited the Fund’s position during the period.
GrafTech International Ltd., a manufacturer of synthetic graphite, petroleum needle coke, and graphite electrodes used in electric arc furnaces for the steel industry, was the second-largest detractor from performance during the period. The graphite electrode market has been under substantial pressure as steel industry utilization, primarily in Europe, remains at subdued levels. GrafTech was forced to cut its dividend to preserve liquidity. We recently entered the position at distressed levels, as we believe there will be substantial demand for the company’s graphite electrodes. Furthermore, the company produces needle coke and can make synthetic graphite, which is used in batteries. We believe that, as with rare earths, graphite is likely to be another key material that is subsidized due to national security concerns. While the industry remains depressed, we feel the company has adequate liquidity to navigate the downturn and thrive due to these changing industry dynamics.
Although we have been bullish on copper for some time now, the fundamental outlook improved much more rapidly than we originally anticipated. This was acutely seen in the copper space during the fourth quarter 2023 when operations at First Quantum Minerals Ltd.’s Cobre Panama mine were indefinitely suspended by the Panamanian government. The mine, which recently began operation after a more than $10 billion investment, represented 1.5% of global copper supply. The copper supply outlook grew more dire during the first quarter 2024 when numerous companies announced significant capital-expenditure increases at several greenfield and brownfield projects. To achieve an acceptable return on these new projects, a higher copper price will be required. Notably, it will take five years to bring on a brownfield project and 10 years to bring on a new greenfield project. These supply issues are running into rebounding global growth and incremental demand from the energy transition. We are witnessing an incredibly tight market for copper with negligible inventories and a tight market for copper concentrate. Copper concentrate markets are so tight that it has led to the shuttering of numerous copper smelters as treatment charges collapsed.
While the future of renewable energy remains bright, renewable-energy equities are volatile and heavily correlated to changes in interest rates. Late in the fourth quarter 2023, renewable energy companies staged a strong rally in anticipation of Fed rate cuts early in 2023. During the first quarter of 2024, inflation proved persistent, which pushed out expectations for the number and likelihood of rate cuts. This led to severe pressure on several renewable-energy sub-industries, notably in the solar sector.
Despite investor skepticism regarding the pace of deployment of key energy transition facilitators such as electric vehicles, we continue to forecast a robust market for several battery metals. We see the most upside in synthetic graphite and rare earths such as neodymium and praseodymium, which currently trade at very depressed levels. We also expect uranium prices to remain firm given substantial capacity constraints into rising global demand.
Despite the strong performance of crude oil over the last year, we are tepid on the outlook. The strength of non-OPEC oil supply growth was a major surprise during 2023. We also remain concerned with the significant OPEC spare capacity and a market largely being held up by Saudi supply cuts. With non-OPEC supply growth, even excluding the US, expected to increase again this year, we remain concerned about a battle for market share. On the bullish side, we’ll pay close attention to rebounding global economic growth into a relatively tight OECD (Organisation for Economic Co-operation and Development) inventories and geopolitical risk in the Middle East.
Refining crack spreads remained elevated throughout the year as the much-anticipated global supply glut from new refineries in Mexico and Nigeria that preoccupied Wall Street failed to materialize. While we projected this outcome, we did not anticipate the pace at which it would be priced into refining equities. What we referred to as “the cheapest names in the energy sector, with substantial balance sheet strength” now appear more reasonably valued to us. We continue to favor the sector given the strong shareholder return policies but believe much of the extreme valuation disconnect has closed.
North American natural gas supply continued to surprise to the negative during the year. Strong associated gas volumes from the Permian basin, alongside resilient natural gas-focused rig counts, overwhelmed lackluster winter demand. Despite the natural gas-focused rig count falling materially and notable supply curtailments from several exploration and production companies, the supply outlook remains bleak. However, with gas prices in many areas approaching shut-in levels, this should lead to a favorable setup in 2025, in our view, as moderating supply meets a steep change in demand from incremental liquefied natural gas facilities. Despite the subdued outlook, several natural gas-levered equities boast strong balance sheets to weather a potential 2024 storm.
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Portfolio management reviews
| Delaware Ivy Science and Technology Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Ivy Science and Technology Fund (Class I shares) | 1-year return | +41.20%* |
| Delaware Ivy Science and Technology Fund (Class A shares) | 1-year return | +40.88% |
| S&P North American Technology Sector TR Index (benchmark) | 1-year return | +52.97% |
Past performance does not guarantee future results.
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
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.
Market review
After a dismal fiscal 2023, fiscal 2024 turned out to be a strong year in the equity markets. If the 2023 fiscal period was about rising inflation and rapid US Federal Reserve interest rate increases, then 2024 was about moderating inflation and an end to the current Fed tightening cycle. The combination of these actions drove increased investor confidence that further tightening of monetary policy wouldn’t be necessary. Tightness in the labor markets moderated as well over the course of the year. Even with some broader economic weakening, the housing market remained relatively tight due to supply constraints and the unwillingness of many homeowners to move with mortgage rates still in the 7-8% range through most of the year.
While the focused efforts of the Fed to rapidly tighten monetary policy appeared to succeed in engineering an economic “soft landing,” the hangover from COVID-19-induced supply chain disruptions still forced many companies to make large inventory adjustments and write-offs. Supply chain normalization worked its way through different industries at various speeds but appeared close to the end for all but the longest-cycle businesses. Even with tighter economic conditions and some weakening in parts of the market, consumer spending remained relatively resilient over the course of the year.
Politically, headlines focused on the chaotic battle for the US House speakership, Donald Trump’s ongoing legal battles, and the presidential election in November 2024. There was little economically sensitive legislation passed during the fiscal period, save for that which averted potential government shutdowns.
Internationally, the Israel-Hamas war broke out and the Russia-Ukraine war continued. Both wars have had a massive humanitarian impact but put little pressure on financial markets. China’s relaxation of its aggressive COVID-19 lockdown policies failed to reinvigorate markets due to the country’s broader economic malaise. Additionally, the ratcheting up of tensions between the US and China over Taiwan’s sovereignty and advancements in artificial intelligence (AI) added another layer of geopolitical concerns.
During the Fund’s 2024 fiscal year, information technology (IT) stocks rebounded from the prior year’s challenges. Excitement over AI and electrification drove investor sentiment even as recessionary fears remained. Within IT, the semiconductor, software, and media subsectors performed the strongest. While still positive on an absolute basis, the hardware, communications equipment, and IT services subsectors underperformed the broader sector. The healthcare sector meaningfully underperformed the technology universe.
Source: Bloomberg, unless otherwise noted.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Ivy Science and Technology Fund significantly advanced, although it underperformed its benchmark, the S&P North American Technology Sector Index. The Fund’s Class l shares increased 41.20%. The Fund's Class A shares gained 40.88% at net asset value (NAV) and advanced 32.77% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark gained 52.97%. For complete, annualized performance of Delaware Ivy Science and Technology Fund, please see the table on page 35.
ARM Holdings PLC, Amazon.com Inc., Netflix Inc., and Micron Technology Inc. outperformed relative to the benchmark in the technology sector. Our decisions to be meaningfully underweight Apple Inc. and not to own Cisco Systems Inc., Texas Instruments Inc., and Accenture PLC also contributed to relative performance. Positions in WNS Holdings Ltd., Zebra Technologies
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Corp., and Ambarella Inc. detracted significantly from performance, while underweight positions in Meta Platforms Inc. and NVIDIA Corp. hurt relative performance.
During the fiscal year, our broader exposure to innovation outside of technology, notably healthcare and applied science and technology, contributed to underperformance relative to the all-technology benchmark. Since these sectors are not represented in the benchmark, our allocation to them is an important distinction when comparing performance metrics. Additionally, we maintained a low-single-digit average cash position during the Fund’s fiscal year, which detracted from relative performance due to the technology market’s strong advance.
As the Fund’s fiscal year began, we were concerned about inflation and tighter monetary policy but expected rate increases to slow during the year. This expectation of a more sanguine rate environment led us to broaden our allocations down the market-cap spectrum since we expected returns to broaden as well. Contrary to this positioning, the market was extremely narrow in terms of returns until the very end of the year. For example, almost 60% of the benchmark’s returns in fiscal 2024 came from the six largest stocks – all mega-cap technology stocks. While we had exposure to these mega-caps during the year, we were relatively underweight – the key reason for our underperformance relative to the benchmark. A few important examples of this dynamic, as mentioned above, were our holdings in NVIDIA, which gained 225%, and Meta Platforms, up 129%. In fiscal year 2023, the Fund's position size in these companies averaged 5.8% and 4.5% respectively, while the benchmark weights were 8.8% and 7.1%.
The portfolio had approximately 67.0% of its equity exposure in the IT sector as of March 31, 2024. The overall exposure in IT is more appropriately assessed by including the communication services sector, which includes many companies previously in the IT sector. The portfolio had approximately 18.8% of its equity assets in the communication services sector at year end, for a total of 85.8% of assets exposed to the IT and communications services sectors.
At the end of the reporting period, 3.9% of the portfolio’s equity assets were in the healthcare sector. Our lower healthcare exposure compared with historical averages is primarily a result of reducing the biotechnology weighting. In developing markets, as the standard of living increases, we believe the demand for quality healthcare should increase. In our opinion, biotechnology, healthcare IT systems, and pharmaceuticals are among the leading innovators and early adopters of new science and technology, so we continue to focus on companies in those areas.
Our “applied science and technology” holdings span several industries and sectors and, along with the consumer discretionary sector (largely Amazon), make up the remainder of the portfolio’s equity composition. At the end of the Fund’s fiscal year, the cash position was 0.6% of net assets. We consistently have some cash on hand to take advantage of potential opportunities.
We had high conviction in our positioning at the end of the Fund’s fiscal year. While the portfolio was up significantly in the fiscal year on an absolute basis, we were not positioned for such a narrow market, largely led by multiple expansion in the mega-caps. We think market dynamics should potentially change with market performance expanding to a broader set of innovative companies and outperformance in the mega-caps becoming more selective.
We are particularly excited about the innovations in AI and the opportunities for both incumbent and new companies to capitalize economically. As always, we will continue to carefully examine the macroeconomic factors underlying our investment universe. We believe that our attention to bottom-up (stock by stock) research, coupled with the innovation happening across the globe, will continue to provide attractive investment opportunities. We view our long-term investment horizon and concentrated portfolio as compelling advantages for long-term investment performance.
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Portfolio management reviews
| Delaware Real Estate Securities Fund | March 31, 2024 (Unaudited) |
| Performance preview (for the year ended March 31, 2024) | ||
| Delaware Real Estate Securities Fund (Class I shares) | 1-year return | +6.78%* |
| Delaware Real Estate Securities Fund (Class A shares) | 1-year return | +6.55% |
| FTSE Nareit Equity REITs Index (benchmark) | 1-year return | +10.54% |
Past performance does not guarantee future results.
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
For complete, annualized performance for Delaware 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.
Market review
In the wake of the fastest rate hiking cycle over the past 40 years, capital-intensive assets such as listed real estate have understandably had a difficult run. 2023 saw a slowdown in inflation, with US policymakers announcing no further interest rate rises for the first time since March 2021. US real estate investment trust (REIT) markets rallied 6.3% from that announcement to the end of December. Despite this, listed real estate still screens as inexpensive relative to both history and the S&P 500® Index.
Looking forward, as inflation and interest rates continue to normalize, we believe that real estate fundamentals could become an important driver of risk/return and that enduring structural factors will continue to dominate over the long term.
In property, there were several significant events over the fiscal year, possibly the most defining of which was the market’s realization of the scale of opportunity available in the data center segment. NVIDIA Corp.’s strong earnings results and the current craze around ChatGPT has taken the world by storm and shown us just how powerful artificial intelligence (AI) could become. Data centers are a mission-critical piece of real estate supporting all forms of data use, including generative AI. AI models require large-scale datasets housed in data centers and substantial computing power for training. In fact, AI applications have higher power requirements than applications of previous generations and require graphics processing units (GPUs) rather than less-intensive central processing units (CPUs). This translates to at least two times more power usage, not only because of AI, but also big data analytics, graphics rendering, and cloud gaming. Given this increased power requirement, and that data centers are leased on a per-kilowatt hourly basis, we believe the opportunity for the sector is bright over the long run. Recent short reports from Hindenburg Research have weighed on the sector most recently with the report alleging that Equinix Inc. has understated maintenance capital expenditures, oversold power at the facility level, and that hyperscalers (large cloud service providers) are competing and potentially cannibalizing Equinix’s core business. We believe this narrative is not new information and inaccurately represents Equinix’s growth potential and quality of cash flow.
The work-from-home revolution in 2023 hit office landlords hardest. Landlords then resorted to “handing back the keys,” meaning the landlord either stops paying the mortgage on the office building or declines to refinance it, forcing the bank or investor who made the loan to repossess the building. Brookfield Corp. and Blackstone Inc. were among those that defaulted on mortgages and have started or completed the process of handing back the keys. About 23% of office space in the US was vacant or available for sublet at the end of November compared with 16% before the pandemic.
The impact of aging populations globally continues to be felt in healthcare-related real estate. With the number of adults aged 85 and over in the US predicted to quadruple between 2000 and 2040, we believe there will be an increased need for senior living facilities, assisted living communities, nursing homes, and life science spaces. Today, there is a significant mismatch between the supply and demand of senior housing facilities, with construction starts down 80% from peak levels yet demand still robust with net absorption (the net difference in space that has become occupied compared with space that has gone vacant) currently at +129% compared with the pre-pandemic average.
In storage, Extra Space Storage Inc. announced in July that it completed its merger with Life Storage Inc., thus making the combined company the largest storage operator in the country, with more than 3,500 locations, approximately 270 million square feet of rentable storage space, and more than two million customers.
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In the lodging sector, KSL Capital Partners announced in August that it would acquire Hersha Hospitality Trust (HT) in an all-cash transaction valued at $1.4 billion, or roughly $365,000 per key.
The Canadian government made a renewed commitment to increase the flow of immigrants into Canada over the next three years. This should directly impact an already very tight housing market. We believe the combination of lower overall supply growth, clear shelter demands, and a reduction in regulation risk will equate to stronger profit margins, higher occupancy, and sustainable earnings growth in the mid- to high-single-digit range for Canadian multifamily for the foreseeable future.
Sources: Bloomberg, Avison Young, Welltower 2023.
Within the Fund
For the fiscal year ended March 31, 2024, Delaware Real Estate Securities Fund gained, although it underperformed its benchmark, the FTSE Nareit Equity REITs Index. The Fund’s Class I shares rose 6.78%. The Fund’s Class A shares rose 6.55% at net asset value (NAV) and gained 0.43% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 10.54%. For complete annualized performance of Delaware Real Estate Securities Fund, please the table on page 38.
At the sector level, a key contributor to the Fund’s performance was an overweight to healthcare and data centers. Welltower Inc. invests in and facilitates healthcare real estate infrastructure, particularly senior housing facilities. Welltower contributed to the Fund’s performance, posting year-over-year, same-store net operating income growth of 14.1%. Its high-quality assets continue to be sought in a market where supply is constrained and demand is viewed to be structurally supported by aging demographics. Digital Realty Trust Inc., which operates and invests in carrier-neutral data centers, performed well as the market came to grips with the significant incremental demand driven by the continued development of AI. Digital Realty Trust announced record interconnection signings and its highest average leasing rate since 2016.
Key detractors at the sector level included underweights to retail and self-storage. Extra Space Storage was among the largest detractors. The company experienced a volatile year, showing weakness in the first half of the year due to slowing fundamentals after a strong operating period during the COVID-19 pandemic. However, Extra Space Storage ended the year strong, rebounding from expectations of a softening rate environment in 2024. In retail, the largest detractor was an underweight to Simon Property Group Inc., which performed well in the second half of the year as a softening macroeconomic environment and relatively stable fundamentals helped it outperform the benchmark over the period.
As a team, we continue to seek real estate that can deliver sustained rental income (and therefore earnings growth). Since the beginning of 2022, interest rates have risen at the fastest pace on record, which has affected all risk assets that have liquidity. Listed real estate is no different and has been repriced to reflect our current higher-cost-of-capital environment. It now trades at a meaningful discount to its private real estate peers and general equities. At the end of the Fund’s fiscal year, we think that we are closer to the end of the rate-hiking cycle and believe that real estate fundamentals should become increasingly important in the macroeconomic-driven environment of recent times.
Investing in real estate that has a sustained profile of growth remains key, in our opinion. With that in mind, we are focused on real estate sectors that have continued to evolve structurally with the economy and we have stayed away from those that are more cyclical and economically sensitive. At the sector level, we are attracted to real estate aligned to the digitalization of the economy and a generational shift in consumer behavior, including data center, cold storage, and last-mile demand, where we view fundamentals as best in class and where there is outsized demand for the best-located assets.
In addition, necessity real estate, such as healthcare and aged care, align to current demographic changes that we believe should continue to deliver solid growth even as the economy slows. This also holds true for affordable housing, in what continues to be an expensive mortgage and rental market.
No different from prior periods, as inflation and interest rates stay elevated, we remain focused on long-term sustainable growth that has the potential to prosper in such an environment, especially with continued near-term concerns about economic growth.
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| Delaware Climate Solutions Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. April 3, 2006) | ||||
| Excluding sales charge | -3.92% | +1.16% | -4.77% | — |
| Including sales charge | -9.42% | -0.03% | -5.33% | — |
| Class C (Est. April 3, 2006) | ||||
| Excluding sales charge | -4.57% | +0.44% | -5.30% | — |
| Including sales charge | -5.51% | +0.44% | -5.30% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | -3.69% | +1.52% | -4.43% | — |
| Including sales charge | -3.69% | +1.52% | -4.43% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | -4.14% | +0.83% | -5.04% | — |
| Including sales charge | -4.14% | +0.83% | -5.04% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | -3.58% | +1.54% | — | -5.20% |
| Including sales charge | -3.58% | +1.54% | — | -5.20% |
| Class Y (Est. April 3, 2006) | ||||
| Excluding sales charge | -3.89% | +1.19% | -4.71% | — |
| Including sales charge | -3.89% | +1.19% | -4.71% | — |
| MSCI ACWI Investable Market Index (net) | +22.45% | +10.57% | +8.43% | — |
| MSCI ACWI Investable Market Index (gross) | +23.04% | +11.10% | +8.98% | — |
1Returns 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 in the “Fund expense ratios” table on page 18. 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 distribution and service (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 within one year of purchase. 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 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.
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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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
Using environmental, social, and governance (ESG) criteria in the investment process may exclude certain companies for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG factors. In addition, because companies’ greenhouse gas (GHG) emissions data are not standardized (and are further subject to estimation error when not company-reported), the data sets the Fund must rely on may imperfectly represent companies’ true GHG emissions. Also, the company emissions targets that the Manager sets are based on model assumptions and estimations that carry the inherent risk associated with any modeling or estimating process.
Investing in energy securities may include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, changing demand for different types of energy, changes in methods for conserving energy, the uncertain success rates for exploration projects, tax and other governmental regulations, and other risks associated with generating or distributing energy.
The Fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the portfolio. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a non-diversified portfolio may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.
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 Fund’s focus on securities of issuers that seek to reduce, displace, and/or sequester GHG emissions or help others to do so may affect the Fund’s exposure to certain sectors or types of investments. The Fund’s relative investment performance may also be impacted depending on whether such sectors or investments are in or out of favor with the market. Certain investments may be dependent on US and foreign government policies, including tax incentives and subsidies, as well as on political support for certain environmental initiatives and developments affecting companies focused on sustainable energy and climate change solutions generally.
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.
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.
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Performance summaries
Delaware Climate Solutions Fund
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.48% | 2.17% | 1.00% | 1.57% | 0.97% | 1.29% |
| Net expenses (including fee waivers, if any) | 1.24% | 1.99% | 0.99% | 1.49% | 0.83% | 1.24% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
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Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | |||||||||
 | MSCI ACWI Investable Market Index (gross) | $ | 10,000 | $ | 23,622 | |||||
 | MSCI ACWI Investable Market Index (net) | $ | 10,000 | $ | 22,464 | |||||
 | Delaware Climate Solutions Fund – Class I shares | $ | 10,000 | $ | 6,356 | |||||
 | Delaware Climate Solutions Fund – Class A shares | $ | 9,425 | $ | 5,779 | |||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 were 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 18. Please note additional details on pages 16 through 20.
The graph also assumes $10,000 invested in the MSCI ACWI Investable Market Index as of March 31, 2014. The MSCI ACWI (All Country World) Investable Market Index (IMI) represents large-, mid-, and small-cap stocks across 23 developed market countries and 24 emerging market countries. 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 S&P 500 Index, mentioned on page 1, 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 S&P Global Clean Energy Select Index, mentioned on page 1, measures the performance of 30 of the largest and most liquid companies with businesses related to clean energy production and associated technology and equipment globally, from both developed and emerging markets.
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.
19
Performance summaries
Delaware Climate Solutions Fund
| 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 |
20
Performance summaries
| Delaware Global Real Estate Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. April 1, 2013) | ||||
| Excluding sales charge | +6.91% | +0.86% | +3.29% | — |
| Including sales charge | +0.72% | -0.32% | +2.68% | — |
| Class C (Est. April 1, 2013) | ||||
| Excluding sales charge | +6.13% | +0.14% | +2.55% | — |
| Including sales charge | +5.13% | +0.14% | +2.55% | — |
| Class I (Est. April 1, 2013) | ||||
| Excluding sales charge | +7.21% | +1.25% | +3.55% | — |
| Including sales charge | +7.21% | +1.25% | +3.55% | — |
| Class R (Est. April 1, 2013) | ||||
| Excluding sales charge | +6.73%* | +0.57% | +2.86% | — |
| Including sales charge | +6.60% | +0.57% | +2.86% | — |
| Class R6 (Est. July 5, 2017) | ||||
| Excluding sales charge | +7.25% | +1.25% | — | +3.21% |
| Including sales charge | +7.25% | +1.25% | — | +3.21% |
| Class Y (Est. April 1, 2013) | ||||
| Excluding sales charge | +6.90% | +0.89% | +3.35% | — |
| Including sales charge | +6.90% | +0.89% | +3.35% | — |
| FTSE EPRA Nareit Developed Index | +8.57% | +0.74% | +4.00% | — |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 22. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
21
Performance summaries
Delaware Global Real Estate 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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
“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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 2.14% | 3.22% | 1.59% | 2.18% | 1.54% | 1.89% |
| Net expenses (including fee waivers, if any) | 1.29% | 2.04% | 1.04% | 1.54% | 0.89% | 1.29% |
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual |
22
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||||||
| FTSE EPRA Nareit Developed Index | $ | 10,000 | $ | 14,806 | ||||||
| Delaware Global Real Estate Fund – Class I shares | $ | 10,000 | $ | 14,180 | ||||||
| Delaware Global Real Estate Fund – Class A shares | $ | 9,425 | $ | 13,026 | ||||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2024, and includes the effect of a 5.75% 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 were 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 22. Please note additional details on pages 21 through 23.
The graph also assumes $10,000 invested in the FTSE EPRA Nareit Developed Index as of March 31, 2024. 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.
The S&P 500 Index, mentioned on page 3, 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 | IREAX | 465899359 |
| Class C | IRECX | 465899334 |
| Class I | IRESX | 465899326 |
| Class R | IRERX | 465899318 |
| Class R6 | IRENX | 46600A245 |
| Class Y | IREYX | 465899292 |
23
Performance summaries
| Delaware Ivy Asset Strategy Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. July 10, 2000) | ||||
| Excluding sales charge | +20.14% | +9.22% | +4.71% | — |
| Including sales charge | +13.25% | +7.93% | +4.09% | — |
| Class C (Est. October 4, 1999) | ||||
| Excluding sales charge | +19.26% | +8.33% | +4.10% | — |
| Including sales charge | +18.26% | +8.33% | +4.10% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +20.49% | +9.50% | +4.98% | — |
| Including sales charge | +20.49% | +9.50% | +4.98% | — |
| Class R (Est. July 31, 2008) | ||||
| Excluding sales charge | +19.88% | +8.89% | +4.38% | — |
| Including sales charge | +19.88% | +8.89% | +4.38% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +20.45% | +9.63% | — | +5.32% |
| Including sales charge | +20.45% | +9.63% | — | +5.32% |
| Class Y (Est. December 29, 1995) | ||||
| Excluding sales charge | +20.15% | +9.25% | +4.74% | — |
| Including sales charge | +20.15% | +9.25% | +4.74% | — |
| MSCI ACWI Index (net) | +23.22% | +10.92% | +8.66% | — |
| MSCI ACWI Index (gross) | +23.81% | +11.45% | +9.22% | — |
1Returns 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 in the “Fund expense ratios” table on page 26. 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 distribution and service (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 within one year of purchase. 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 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.
24
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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. 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 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.
25
Performance summaries
Delaware Ivy Asset Strategy Fund
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.16% | 2.19% | 0.91% | 1.48% | 0.78% | 1.12% |
| Net expenses (including fee waivers, if any) | 1.16% | 2.19% | 0.91% | 1.48% | 0.78% | 1.12% |
| Type of waiver | n/a | n/a | n/a | n/a | n/a | n/a |
26
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | |||||||||
| MSCI ACWI Index (gross) | $ | 10,000 | $ | 24,154 | |||||
| MSCI ACWI Index (net) | $ | 10,000 | $ | 22,948 | |||||
| Delaware Ivy Asset Strategy Fund – Class I shares | $ | 10,000 | $ | 16,266 | |||||
| Delaware Ivy Asset Strategy Fund – Class A shares | $ | 9,425 | $ | 14,935 | |||||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 26. Please note additional details on pages 24 through 27.
The graph also assumes $10,000 invested in the MSCI ACWI Index as of March 31, 2014. 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.
The Bloomberg US Aggregate Index, mentioned on page 5, is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable 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 | WASAX | 466000759 |
| Class C | WASCX | 466000734 |
| Class I | IVAEX | 466001864 |
| Class R | IASRX | 466000114 |
| Class R6 | IASTX | 46600A104 |
| Class Y | WASYX | 466000726 |
27
Performance summaries
| Delaware Ivy Balanced Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | |||
| 1 year | 5 year | 10 year | Lifetime | |
| Class A (Est. November 16, 1987) | ||||
| Excluding sales charge | +19.36% | +9.22% | +7.05% | — |
| Including sales charge | +12.50% | +7.93% | +6.41% | — |
| Class C (Est. December 8, 2003) | ||||
| Excluding sales charge | +18.51%* | +8.38% | +6.44% | — |
| Including sales charge | +17.51% | +8.38% | +6.44% | — |
| Class I (Est. April 2, 2007) | ||||
| Excluding sales charge | +19.63% | +9.47% | +7.30% | — |
| Including sales charge | +19.63% | +9.47% | +7.30% | — |
| Class R (Est. December 19, 2012) | ||||
| Excluding sales charge | +19.04% | +8.85% | +6.69% | — |
| Including sales charge | +19.04% | +8.85% | +6.69% | — |
| Class R6 (Est. July 31, 2014) | ||||
| Excluding sales charge | +19.72% | +9.60% | — | +7.57% |
| Including sales charge | +19.72% | +9.60% | — | +7.57% |
| Class Y (Est. December 8, 2003) | ||||
| Excluding sales charge | +19.35% | +9.22% | +7.05% | — |
| Including sales charge | +19.35% | +9.22% | +7.05% | — |
| S&P 500 Index | +29.88% | +15.05% | +12.96% | — |
| Bloomberg US Aggregate Index | +1.70% | +0.36% | +1.54% | — |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 29. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
28
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.10 | % | 1.98 | % | 0.88 | % | 1.38 | % | 0.75 | % | 1.07 | % | |||||
| Net expenses (including fee waivers, if any) | 1.05 | % | 1.80 | % | 0.80 | % | 1.30 | % | 0.71 | % | 1.05 | % | |||||
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual | |||||||||||
29
Performance summaries
Delaware Ivy Balanced Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||
| S&P 500 Index | $ | 10,000 | $ | 33,826 | ||
| Delaware Ivy Balanced Fund – Class I shares | $ | 10,000 | $ | 20,237 | ||
| Delaware Ivy Balanced Fund – Class A shares | $ | 9,425 | $ | 18,621 | ||
| Bloomberg US Aggregate Index | $ | 10,000 | $ | 11,657 | ||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 29. Please note additional details on pages 28 through 31.
The graph also assumes $10,000 invested in the S&P 500 Index and the Bloomberg US Aggregate Index as of March 31, 2014. 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-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.
The Deutscher Aktien Index (DAX) or the GER40, mentioned on page 8, is a stock index that represents 40 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. A free-float methodology is used to calculate the index weightings along with a measure of the average trading volume.
The Nikkei Stock Average (often referred to as the Nikkei 225 or the Nikkei), mentioned on page 8, is a price-weighted index that comprises 225 of the largest Japanese companies traded on the Tokyo Stock Exchange.
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.
30
| 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 |
31
Performance summaries
| Delaware Ivy Natural Resources Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | ||||||||||
| 1 year | 5 year | 10 year | Lifetime | ||||||||
| Class A (Est. January 2, 1997) | |||||||||||
| Excluding sales charge | +4.63 | % | +5.49 | % | -0.81 | % | — | ||||
| Including sales charge | -1.38 | % | +4.25 | % | -1.39 | % | — | ||||
| Class C (Est. January 2, 1997) | |||||||||||
| Excluding sales charge | +3.89 | % | +4.76 | % | -1.31 | % | — | ||||
| Including sales charge | +2.89 | % | +4.76 | % | -1.31 | % | — | ||||
| Class I (Est. April 2, 2007) | |||||||||||
| Excluding sales charge | +4.93 | % | +6.02 | % | -0.31 | % | — | ||||
| Including sales charge | +4.93 | % | +6.02 | % | -0.31 | % | — | ||||
| Class R (Est. December 29, 2005) | |||||||||||
| Excluding sales charge | +4.33 | % | +5.43 | % | -0.88 | % | — | ||||
| Including sales charge | +4.33 | % | +5.43 | % | -0.88 | % | — | ||||
| Class R6 (Est. July 31, 2014) | |||||||||||
| Excluding sales charge | +4.89 | % | +6.15 | % | — | -0.81 | % | ||||
| Including sales charge | +4.89 | % | +6.15 | % | — | -0.81 | % | ||||
| Class Y (Est. July 24, 2003) | |||||||||||
| Excluding sales charge | +4.60 | % | +5.75 | % | -0.55 | % | — | ||||
| Including sales charge | +4.60 | % | +5.75 | % | -0.55 | % | — | ||||
| S&P Global Natural Resources Index (net) | +5.02 | % | +8.31 | % | +4.70 | % | — | ||||
| S&P North American Natural Resources Sector Index | +18.57 | % | +12.13 | % | +3.66 | % | — | ||||
1Returns 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 in the “Fund expense ratios” table on page 33. 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 distribution and service (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 within one year of purchase. 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 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.
32
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.68 | % | 2.45 | % | 1.17 | % | 1.69 | % | 1.10 | % | 1.41 | % | |||||
| Net expenses (including fee waivers, if any) | 1.36 | % | 2.11 | % | 1.11 | % | 1.61 | % | 0.95 | % | 1.36 | % | |||||
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual | |||||||||||
33
Performance summaries
Delaware Ivy Natural Resources Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||
| S&P Global Natural Resources Index (net) | $ | 10,000 | $ | 15,829 | ||
| S&P North American Natural Resources Sector Index | $ | 10,000 | $ | 14,331 | ||
| Delaware Ivy Natural Resources Fund – Class I shares | $ | 10,000 | $ | 9,694 | ||
| Delaware Ivy Natural Resources Fund – Class A shares | $ | 9,425 | $ | 8,692 | ||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 33. Please note additional details on pages 32 through 34.
The graph also assumes $10,000 invested in the S&P Global Natural Resources Index and the S&P North American Natural Resources Sector Index as of March 31, 2014. The S&P Global Natural Resources Index includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across three primary commodity-related sectors: agribusiness, energy, and metals and mining. 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 10, 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 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, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | ||||||||||
| 1 year | 5 year | 10 year | Lifetime | ||||||||
| Class A (Est. July 3, 2000) | |||||||||||
| Excluding sales charge | +40.88 | % | +16.30 | % | +12.77 | % | — | ||||
| Including sales charge | +32.77 | % | +14.93 | % | +12.11 | % | — | ||||
| Class C (Est. October 4, 1999) | |||||||||||
| Excluding sales charge | +39.82 | % | +15.37 | % | +12.11 | % | — | ||||
| Including sales charge | +38.82 | % | +15.37 | % | +12.11 | % | — | ||||
| Class I (Est. April 2, 2007) | |||||||||||
| Excluding sales charge | +41.20 | %* | +16.54 | % | +13.04 | % | — | ||||
| Including sales charge | +41.20 | % | +16.54 | % | +13.04 | % | — | ||||
| Class R (Est. December 29, 2005) | |||||||||||
| Excluding sales charge | +40.50 | %* | +15.88 | % | +12.39 | % | — | ||||
| Including sales charge | +40.50 | % | +15.88 | % | +12.39 | % | — | ||||
| Class R6 (Est. July 31, 2014) | |||||||||||
| Excluding sales charge | +41.31 | % | +16.69 | % | — | +13.61 | % | ||||
| Including sales charge | +41.31 | % | +16.69 | % | — | +13.61 | % | ||||
| Class Y (Est. June 9, 1998) | |||||||||||
| Excluding sales charge | +40.88 | % | +16.30 | % | +12.79 | % | — | ||||
| Including sales charge | +40.88 | % | +16.30 | % | +12.79 | % | — | ||||
| S&P North American Technology Sector TR Index | +52.97 | % | +21.25 | % | +20.19 | % | — | ||||
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 36. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
35
Performance summaries
Delaware Ivy Science and Technology 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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
“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.
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.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.22 | % | 2.15 | % | 1.00 | % | 1.58 | % | 0.87 | % | 1.24 | % | |||||
| Net expenses (including fee waivers, if any) | 1.22 | % | 2.15 | % | 1.00 | % | 1.58 | % | 0.87 | % | 1.24 | % | |||||
| Type of waiver | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||
36
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||
| S&P North American Technology Sector TR Index | $ | 10,000 | $ | 62,922 | ||
| Delaware Ivy Science and Technology Fund – Class I shares | $ | 10,000 | $ | 34,065 | ||
| Delaware Ivy Science and Technology Fund – Class A shares | $ | 9,425 | $ | 31,359 | ||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 were 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, 2014. 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 I | ISTIX | 466001807 |
| Class R | WSTRX | 466000437 |
| Class R6 | ISTNX | 46600A740 |
| Class Y | WSTYX | 466000676 |
37
Performance summaries
| Delaware Real Estate Securities Fund | March 31, 2024 (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 800 523-1918 or visiting delawarefunds.com/performance.
| Fund and benchmark performance1,2 | Average annual total returns through March 31, 2024 | ||||||||||
| 1 year | 5 year | 10 year | Lifetime | ||||||||
| Class A (Est. February 25, 1999) | |||||||||||
| Excluding sales charge | +6.55 | % | +4.14 | % | +6.09 | % | — | ||||
| Including sales charge | +0.43 | % | +2.92 | % | +5.46 | % | — | ||||
| Class C (Est. December 8, 2003) | |||||||||||
| Excluding sales charge | +5.72 | %* | +3.27 | % | +5.42 | % | — | ||||
| Including sales charge | +4.77 | % | +3.27 | % | +5.42 | % | — | ||||
| Class I (Est. April 2, 2007) | |||||||||||
| Excluding sales charge | +6.78 | %* | +4.47 | % | +6.47 | % | — | ||||
| Including sales charge | +6.78 | % | +4.47 | % | +6.47 | % | — | ||||
| Class R (Est. December 29, 2005) | |||||||||||
| Excluding sales charge | +6.26 | %* | +3.89 | % | +5.84 | % | — | ||||
| Including sales charge | +6.26 | % | +3.89 | % | +5.84 | % | — | ||||
| Class R6 (Est. July 31, 2014) | |||||||||||
| Excluding sales charge | +6.94 | % | +4.60 | % | — | +6.10 | % | ||||
| Including sales charge | +6.94 | % | +4.60 | % | — | +6.10 | % | ||||
| Class Y (Est. December 8, 2003) | |||||||||||
| Excluding sales charge | +6.51 | %* | +4.23 | % | +6.22 | % | — | ||||
| Including sales charge | +6.51 | % | +4.23 | % | +6.22 | % | — | ||||
| FTSE Nareit Equity REITs Index | +10.54 | % | +4.15 | % | +6.61 | % | — | ||||
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.
1Returns 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 in the “Fund expense ratios” table on page 39. 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 distribution and service (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 within one year of purchase. 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 12b-1 fee.
38
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. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.
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.
2The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. 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) | 1.57 | % | 2.76 | % | 1.09 | % | 1.65 | % | 1.06 | % | 1.29 | % | |||||
| Net expenses (including fee waivers, if any) | 1.20 | % | 1.95 | % | 0.95 | % | 1.45 | % | 0.80 | % | 1.20 | % | |||||
| Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual | Contractual | |||||||||||
39
Performance summaries
Delaware Real Estate Securities Fund
Performance of a $10,000 investment1
For the period March 31, 2014 through March 31, 2024
| Starting value | Ending value | ||||||
| FTSE Nareit Equity REITs Index | $ | 10,000 | $ | 18,957 | ||
| Delaware Real Estate Securities Fund – Class I shares | $ | 10,000 | $ | 18,711 | ||
| Delaware Real Estate Securities Fund – Class A shares | $ | 9,425 | $ | 17,015 | ||
1The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% 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 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, 2014. 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.
The S&P 500 Index, mentioned on page 14, 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 | IRSAX | 465898476 |
| Class C | IRSCX | 465898450 |
| 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, 2023 to March 31, 2024 (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, 2023 to March 31, 2024.
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 Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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.
Delaware Climate Solutions Fund
Expense analysis of an investment of $1,000
| Expenses | |||||||||||
| Paid | |||||||||||
| Beginning | Ending | During | |||||||||
| Account | Account | Annualized | Period | ||||||||
| Value | Value | Expense | 10/1/23 to | ||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | ||||||||
| Actual Fund return† | |||||||||||
| Class A | $ | 1,000.00 | $ | 1,048.90 | 1.24 | % | $ 6.35 | ||||
| Class C | 1,000.00 | 1,044.50 | 1.99 | % | 10.17 | ||||||
| Class I | 1,000.00 | 1,049.40 | 0.99 | % | 5.07 | ||||||
| Class R | 1,000.00 | 1,046.70 | 1.49 | % | 7.62 | ||||||
| Class R6 | 1,000.00 | 1,050.20 | 0.83 | % | 4.25 | ||||||
| Class Y | 1,000.00 | 1,048.50 | 1.24 | % | 6.35 | ||||||
| Hypothetical 5% return (5% return before expenses) | |||||||||||
| Class A | $ | 1,000.00 | $ | 1,018.80 | 1.24 | % | $ 6.26 | ||||
| Class C | 1,000.00 | 1,015.05 | 1.99 | % | 10.02 | ||||||
| Class I | 1,000.00 | 1,020.05 | 0.99 | % | 5.00 | ||||||
| Class R | 1,000.00 | 1,017.55 | 1.49 | % | 7.52 | ||||||
| Class R6 | 1,000.00 | 1,020.85 | 0.83 | % | 4.19 | ||||||
| Class Y | 1,000.00 | 1,018.80 | 1.24 | % | 6.26 | ||||||
Delaware Global Real Estate Fund
Expense analysis of an investment of $1,000
| Expenses | |||||||||||
| Paid | |||||||||||
| Beginning | Ending | During | |||||||||
| Account | Account | Annualized | Period | ||||||||
| Value | Value | Expense | 10/1/23 to | ||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | ||||||||
| Actual Fund return† | |||||||||||
| Class A | $ | 1,000.00 | $ | 1,130.50 | 1.29 | % | $ 6.87 | ||||
| Class C | 1,000.00 | 1,125.70 | 2.04 | % | 10.84 | ||||||
| Class I | 1,000.00 | 1,132.20 | 1.04 | % | 5.54 | ||||||
| Class R | 1,000.00 | 1,129.10 | 1.54 | % | 8.20 | ||||||
| Class R6 | 1,000.00 | 1,133.30 | 0.89 | % | 4.75 | ||||||
| Class Y | 1,000.00 | 1,130.80 | 1.29 | % | 6.87 | ||||||
| Hypothetical 5% return (5% return before expenses) | |||||||||||
| Class A | $ | 1,000.00 | $ | 1,018.55 | 1.29 | % | $ 6.51 | ||||
| Class C | 1,000.00 | 1,014.80 | 2.04 | % | 10.28 | ||||||
| Class I | 1,000.00 | 1,019.80 | 1.04 | % | 5.25 | ||||||
| Class R | 1,000.00 | 1,017.30 | 1.54 | % | 7.77 | ||||||
| Class R6 | 1,000.00 | 1,020.55 | 0.89 | % | 4.50 | ||||||
| Class Y | 1,000.00 | 1,018.55 | 1.29 | % | 6.51 | ||||||
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 | 10/1/23 to | |||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | |||||||||
| Actual Fund return† | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,186.70 | 0.97 | % | $5.30 | |||||
| Class C | 1,000.00 | 1,182.30 | 1.72 | % | 9.38 | |||||||
| Class I | 1,000.00 | 1,188.60 | 0.72 | % | 3.94 | |||||||
| Class R | 1,000.00 | 1,185.90 | 1.22 | % | 6.67 | |||||||
| Class R6 | 1,000.00 | 1,188.70 | 0.70 | % | 3.83 | |||||||
| Class Y | 1,000.00 | 1,186.80 | 0.97 | % | 5.30 | |||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,020.15 | 0.97 | % | $4.90 | |||||
| Class C | 1,000.00 | 1,016.40 | 1.72 | % | 8.67 | |||||||
| Class I | 1,000.00 | 1,021.40 | 0.72 | % | 3.64 | |||||||
| Class R | 1,000.00 | 1,018.90 | 1.22 | % | 6.16 | |||||||
| Class R6 | 1,000.00 | 1,021.50 | 0.70 | % | 3.54 | |||||||
| Class Y | 1,000.00 | 1,020.15 | 0.97 | % | 4.90 | |||||||
Delaware Ivy Balanced Fund
Expense analysis of an investment of $1,000
| Expenses | ||||||||||||
| Paid | ||||||||||||
| Beginning | Ending | During | ||||||||||
| Account | Account | Annualized | Period | |||||||||
| Value | Value | Expense | 10/1/23 to | |||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | |||||||||
| Actual Fund return† | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,186.90 | 1.05 | % | $5.74 | |||||
| Class C | 1,000.00 | 1,182.70 | 1.80 | % | 9.82 | |||||||
| Class I | 1,000.00 | 1,188.20 | 0.80 | % | 4.38 | |||||||
| Class R | 1,000.00 | 1,185.80 | 1.30 | % | 7.10 | |||||||
| Class R6 | 1,000.00 | 1,189.40 | 0.71 | % | 3.89 | |||||||
| Class Y | 1,000.00 | 1,186.90 | 1.05 | % | 5.74 | |||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.75 | 1.05 | % | $5.30 | |||||
| Class C | 1,000.00 | 1,016.00 | 1.80 | % | 9.07 | |||||||
| Class I | 1,000.00 | 1,021.00 | 0.80 | % | 4.04 | |||||||
| Class R | 1,000.00 | 1,018.50 | 1.30 | % | 6.56 | |||||||
| Class R6 | 1,000.00 | 1,021.45 | 0.71 | % | 3.59 | |||||||
| Class Y | 1,000.00 | 1,019.75 | 1.05 | % | 5.30 | |||||||
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 | 10/1/23 to | |||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | |||||||||
| Actual Fund return† | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,037.80 | 1.20 | % | $6.11 | |||||
| Class C | 1,000.00 | 1,034.10 | 1.95 | % | 9.92 | |||||||
| Class I | 1,000.00 | 1,039.20 | 0.95 | % | 4.84 | |||||||
| Class R | 1,000.00 | 1,036.00 | 1.45 | % | 7.38 | |||||||
| Class R6 | 1,000.00 | 1,038.90 | 0.92 | % | 4.69 | |||||||
| Class Y | 1,000.00 | 1,037.70 | 1.20 | % | 6.11 | |||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.00 | 1.20 | % | $6.06 | |||||
| Class C | 1,000.00 | 1,015.25 | 1.95 | % | 9.82 | |||||||
| Class I | 1,000.00 | 1,020.25 | 0.95 | % | 4.80 | |||||||
| Class R | 1,000.00 | 1,017.75 | 1.45 | % | 7.31 | |||||||
| Class R6 | 1,000.00 | 1,020.40 | 0.92 | % | 4.65 | |||||||
| Class Y | 1,000.00 | 1,019.00 | 1.20 | % | 6.06 | |||||||
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 | 10/1/23 to | |||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | |||||||||
| Actual Fund return† | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,374.40 | 1.11 | % | $ 6.59 | |||||
| Class C | 1,000.00 | 1,369.50 | 1.86 | % | 11.02 | |||||||
| Class I | 1,000.00 | 1,376.00 | 0.86 | % | 5.11 | |||||||
| Class R | 1,000.00 | 1,372.50 | 1.36 | % | 8.07 | |||||||
| Class R6 | 1,000.00 | 1,376.50 | 0.78 | % | 4.63 | |||||||
| Class Y | 1,000.00 | 1,374.40 | 1.12 | % | 6.65 | |||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.45 | 1.11 | % | $ 5.60 | |||||
| Class C | 1,000.00 | 1,015.70 | 1.86 | % | 9.37 | |||||||
| Class I | 1,000.00 | 1,020.70 | 0.86 | % | 4.34 | |||||||
| Class R | 1,000.00 | 1,018.20 | 1.36 | % | 6.86 | |||||||
| Class R6 | 1,000.00 | 1,021.10 | 0.78 | % | 3.94 | |||||||
| Class Y | 1,000.00 | 1,019.40 | 1.12 | % | 5.65 | |||||||
42
Delaware Real Estate Securities Fund
Expense analysis of an investment of $1,000
| Expenses | ||||||||||||
| Paid | ||||||||||||
| Beginning | Ending | During | ||||||||||
| Account | Account | Annualized | Period | |||||||||
| Value | Value | Expense | 10/1/23 to | |||||||||
| 10/1/23 | 3/31/24 | Ratio | 3/31/24* | |||||||||
| Actual Fund return† | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,127.80 | 1.20 | % | $ 6.38 | |||||
| Class C | 1,000.00 | 1,123.20 | 1.95 | % | 10.35 | |||||||
| Class I | 1,000.00 | 1,128.60 | 0.95 | % | 5.06 | |||||||
| Class R | 1,000.00 | 1,126.20 | 1.45 | % | 7.71 | |||||||
| Class R6 | 1,000.00 | 1,129.60 | 0.80 | % | 4.26 | |||||||
| Class Y | 1,000.00 | 1,127.00 | 1.20 | % | 6.38 | |||||||
| Hypothetical 5% return (5% return before expenses) | ||||||||||||
| Class A | $ | 1,000.00 | $ | 1,019.00 | 1.20 | % | $ 6.06 | |||||
| Class C | 1,000.00 | 1,015.25 | 1.95 | % | 9.82 | |||||||
| Class I | 1,000.00 | 1,020.25 | 0.95 | % | 4.80 | |||||||
| Class R | 1,000.00 | 1,017.75 | 1.45 | % | 7.31 | |||||||
| Class R6 | 1,000.00 | 1,021.00 | 0.80 | % | 4.04 | |||||||
| Class Y | 1,000.00 | 1,019.00 | 1.20 | % | 6.06 | |||||||
*“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 183/366 (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 Underlying Funds.
43
Security type / sector allocations and top 10 equity holdings
| Delaware Climate Solutions Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / sector | of net assets | |
| Common Stocks | 99.87% | |
| Consumer Staples | 3.16% | |
| Energy | 13.69% | |
| Industrials | 21.64% | |
| Information Technology | 3.37% | |
| Materials | 16.72% | |
| Real Estate | 4.36% | |
| Utilities* | 36.93% | |
| Total Value of Securities | 99.87% | |
| Receivables and Other Assets Net of Liabilities | 0.13% | |
| Total Net Assets | 100.00% | |
*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Utilities 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 Utilities sector consisted of Electric Utilities, Independent Power and Renewable Electricity Producers, and Multi-Utilities. As of March 31, 2024, such amounts, as a percentage of total net assets were 20.03%, 10.13%, and 6.77%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Utilities sector for financial reporting purposes may exceed 25%.
Top 10 equity 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 | |
| Kingspan Group | 4.58% | |
| Weyerhaeuser | 4.36% | |
| Waste Management | 4.11% | |
| Valero Energy | 4.03% | |
| Schneider Electric | 4.03% | |
| Cummins | 4.00% | |
| Terna - Rete Elettrica Nazionale | 3.71% | |
| NextEra Energy | 3.65% | |
| Alcoa | 3.64% | |
| CMS Energy | 3.56% | |
44
Security type / country and sector allocations
| Delaware Global Real Estate Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / country | of net assets | |
| Common Stocks by Country | 97.87% | |
| Australia | 4.77% | |
| Belgium | 0.87% | |
| Canada | 1.62% | |
| France | 0.61% | |
| Germany | 1.82% | |
| Hong Kong | 2.54% | |
| Japan | 10.80% | |
| Mexico | 0.93% | |
| Singapore | 3.01% | |
| Spain | 2.57% | |
| Sweden | 1.38% | |
| Tanzania | 0.10% | |
| United Kingdom | 4.06% | |
| United States | 62.79% | |
| Total Value of Securities | 97.87% | |
| Receivables and Other Assets Net of Liabilities | 2.13% | |
| Total Net Assets | 100.00% | |
| Percentage | ||
| Common stocks by sector | of net assets | |
| Diversified Real Estate Activities | 5.25% | |
| Home Builders | 0.38% | |
| Integrated Telecommunication Services | 1.40% | |
| Internet Services & Infrastructure | 0.60% | |
| Real Estate Operating Companies/Developer | 6.13% | |
| Real Estate Services | 0.53% | |
| REIT Diversified | 18.85% | |
| REIT Healthcare | 8.36% | |
| REIT Hotel | 1.50% | |
| REIT Industrial | 16.03% | |
| REIT Multifamily | 16.46% | |
| REIT Office | 5.42% | |
| REIT Retail | 12.87% | |
| REIT Self-Storage | 4.09% | |
| Total | 97.87% | |
45
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Asset Strategy Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / sector | of net assets | |
| Agency Collateralized Mortgage Obligations | 0.37% | |
| Agency Mortgage-Backed Securities | 4.42% | |
| Convertible Bond | 0.30% | |
| Corporate Bonds | 13.39% | |
| Banking | 1.77% | |
| Basic Industry | 0.19% | |
| Brokerage | 0.13% | |
| Capital Goods | 0.07% | |
| Communication Services | 2.59% | |
| Communications | 0.65% | |
| Consumer Cyclical | 0.27% | |
| Consumer Discretionary | 1.77% | |
| Consumer Non-Cyclical | 0.60% | |
| Electric | 0.85% | |
| Energy | 1.64% | |
| Finance Companies | 0.24% | |
| Healthcare | 0.00% | |
| Industrials | 0.65% | |
| Information Technology | 0.45% | |
| Insurance | 0.70% | |
| Materials | 0.06% | |
| Natural Gas | 0.01% | |
| Real Estate Investment Trusts | 0.12% | |
| Technology | 0.57% | |
| Transportation | 0.06% | |
| Government Agency Obligation | 0.12% | |
| Municipal Bonds | 0.07% | |
| Non-Agency Collateralized Mortgage Obligations | 0.36% | |
| Non-Agency Commercial Mortgage-Backed Securities | 1.05% | |
| Loan Agreements | 1.80% | |
| US Treasury Obligations | 1.37% | |
| Percentage | ||
| Security type / sector | of net assets | |
| Common Stocks | 67.15% | |
| Communication Services | 6.73% | |
| Consumer Discretionary | 6.90% | |
| Consumer Staples | 4.78% | |
| Energy | 3.01% | |
| Financials | 10.88% | |
| Healthcare | 7.62% | |
| Industrials | 8.25% | |
| Information Technology | 16.99% | |
| Materials | 0.84% | |
| Utilities | 1.15% | |
| Preferred Stock | 0.49% | |
| Exchange-Traded Funds | 3.10% | |
| Bullion | 3.95% | |
| Short-Term Investments | 0.84% | |
| Total Value of Securities | 98.78% | |
| Receivables and Other Assets Net of Liabilities | 1.22% | |
| Total Net Assets | 100.00% | |
Top 10 equity 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 | 3.85% | |
| Alphabet Class A | 2.49% | |
| NVIDIA | 2.29% | |
| Amazon.com | 2.26% | |
| Taiwan Semiconductor Manufacturing | 1.94% | |
| Salesforce | 1.68% | |
| Apple | 1.66% | |
| Mastercard Class A | 1.61% | |
| Eli Lilly & Co. | 1.54% | |
| Airbus | 1.51% | |
46
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Balanced Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / sector | of net assets | |
| Agency Collateralized Mortgage Obligations | 1.32% | |
| Agency Mortgage-Backed Securities | 10.82% | |
| Corporate Bonds | 10.74% | |
| Banking | 2.66% | |
| Basic Industry | 0.23% | |
| Brokerage | 0.13% | |
| Capital Goods | 0.33% | |
| Communications | 1.24% | |
| Consumer Cyclical | 0.34% | |
| Consumer Non-Cyclical | 0.73% | |
| Electric | 1.34% | |
| Energy | 1.05% | |
| Finance Companies | 0.45% | |
| Insurance | 0.94% | |
| Natural Gas | 0.02% | |
| Real Estate Investment Trusts | 0.34% | |
| Technology | 0.83% | |
| Transportation | 0.11% | |
| Non-Agency Asset-Backed Securities | 0.50% | |
| Non-Agency Collateralized Mortgage Obligations | 0.21% | |
| Non-Agency Commercial Mortgage-Backed Securities | 2.81% | |
| US Treasury Obligations | 9.25% | |
| Common Stocks | 60.74% | |
| Communication Services | 4.49% | |
| Consumer Discretionary | 4.58% | |
| Consumer Staples | 2.33% | |
| Energy | 1.33% | |
| Percentage | ||
| Security type / sector | of net assets | |
| Financials | 14.65% | |
| Healthcare | 7.03% | |
| Industrials | 4.10% | |
| Information Technology | 18.70% | |
| Materials | 3.11% | |
| Utilities | 0.42% | |
| Exchange-Traded Funds | 2.95% | |
| Short-Term Investments | 0.43% | |
| Total Value of Securities | 99.77% | |
| Receivables and Other Assets Net of Liabilities | 0.23% | |
| Total Net Assets | 100.00% | |
Top 10 equity 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 | 5.21% | |
| NVIDIA | 2.45% | |
| Amazon.com | 2.26% | |
| UnitedHealth Group | 2.16% | |
| HCA Healthcare | 1.90% | |
| Apple | 1.90% | |
| KKR & Co. | 1.80% | |
| Capital One Financial | 1.76% | |
| Alphabet Class A | 1.72% | |
| Airbus ADR | 1.64% | |
47
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Natural Resources Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / sector | of net assets | |
| Closed-Ended Trust | 2.06% | |
| Common Stocks | 97.86% | |
| Agriculture | 5.60% | |
| Aluminum | 2.63% | |
| Construction & Engineering | 2.66% | |
| Construction Materials | 0.49% | |
| Copper | 2.53% | |
| Diversified Metals & Mining | 14.69% | |
| Electrical Components & Equipment | 1.24% | |
| Fertilizers & Agricultural Chemicals | 8.23% | |
| Forest Products | 3.95% | |
| Gold | 13.19% | |
| Heavy Electrical Equipment | 0.64% | |
| Industrial Gases | 1.02% | |
| Integrated Oil & Gas | 10.40% | |
| Oil & Gas Drilling | 2.44% | |
| Oil & Gas Equipment & Services | 3.37% | |
| Oil & Gas Exploration & Production | 14.63% | |
| Oil & Gas Refining & Marketing | 2.23% | |
| Paper Products | 1.51% | |
| REIT Specialty | 3.06% | |
| Renewable Electricity | 0.50% | |
| Specialty Chemicals | 2.33% | |
| Steel | 0.52% | |
| Short-Term Investments | 0.42% | |
| Total Value of Securities | 100.34% | |
| Liabilities Net of Receivables and Other Assets | (0.34)% | |
| Total Net Assets | 100.00% | |
Top 10 equity 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 | |
| Shell | 6.35% | |
| Newmont | 5.88% | |
| CF Industries Holdings | 4.99% | |
| Anglo American | 4.91% | |
| Wheaton Precious Metals | 3.85% | |
| Glencore | 3.74% | |
| Bunge Global | 3.59% | |
| Hudbay Minerals | 3.49% | |
| Endeavour Mining | 3.46% | |
| Schlumberger | 3.37% | |
48
Security type / sector allocations and top 10 equity holdings
| Delaware Ivy Science and Technology Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / sector | of net assets | |
| Common Stocks | 99.59% | |
| Communication Services | 18.67% | |
| Consumer Discretionary | 8.13% | |
| Healthcare | 3.96% | |
| Industrials | 1.66% | |
| Information Technology* | 67.17% | |
| Short-Term Investments | 0.41% | |
| Total Value of Securities | 100.00% | |
| Liabilities Net of Receivables and Other Assets | (0.00)% | |
| Total Net Assets | 100.00% | |
*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, Electrical Components & Equipment, Electronics, Internet, Office/Business Equipment, Semiconductors, Software, and Telecommunications. As of March 31, 2024, such amounts, as a percentage of total net assets were 7.20%, 0.31%, 1.05%, 0.83%, 3.11%, 34.67%, 19.27%, and 0.73%, 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%.
Top 10 equity 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 | |
| NVIDIA | 9.53% | |
| Microsoft | 8.90% | |
| Meta Platforms Class A | 8.85% | |
| Seagate Technology Holdings | 5.28% | |
| Amazon.com | 5.24% | |
| Broadcom | 5.03% | |
| ASML Holding | 4.04% | |
| Lam Research | 3.85% | |
| Pinterest Class A | 3.85% | |
| Cadence Design Systems | 3.30% | |
49
Security type / sector allocations and top 10 equity holdings
| Delaware Real Estate Securities Fund | As of March 31, 2024 (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 from another fund’s sector designations.
| Percentage | ||
| Security type / sector | of net assets | |
| Common Stocks | 99.21% | |
| Real Estate Operating Companies/Developer | 3.07% | |
| Real Estate Services | 1.05% | |
| REIT Healthcare | 11.70% | |
| REIT Hotel | 2.28% | |
| REIT Industrial | 11.33% | |
| REIT Information Technology | 21.31% | |
| REIT Manufactured Housing | 5.88% | |
| REIT Multifamily | 15.74% | |
| REIT Office | 4.43% | |
| REIT Retail | 17.29% | |
| REIT Self-Storage | 5.13% | |
| Short-Term Investments | 0.86% | |
| Total Value of Securities | 100.07% | |
| Liabilities Net of Receivables and Other Assets | (0.07)% | |
| Total Net Assets | 100.00% | |
Top 10 equity 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 | |
| Welltower | 10.07% | |
| Equinix | 9.81% | |
| Prologis | 9.16% | |
| Public Storage | 5.13% | |
| Digital Realty Trust | 4.53% | |
| Alexandria Real Estate Equities | 4.43% | |
| VICI Properties | 4.38% | |
| AvalonBay Communities | 4.35% | |
| Invitation Homes | 4.06% | |
| Simon Property Group | 4.03% | |
50
| Delaware Climate Solutions Fund | March 31, 2024 |
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common Stocks — 99.87%t | ||||||||
| Consumer Staples — 3.16% | ||||||||
| Darling Ingredients † | 100,535 | $ | 4,675,883 | |||||
| 4,675,883 | ||||||||
| Energy — 13.69% | ||||||||
| Equinor | 150,104 | 4,024,949 | ||||||
| Occidental Petroleum | 81,074 | 5,268,999 | ||||||
| Schlumberger | 90,878 | 4,981,023 | ||||||
| Valero Energy | 34,918 | 5,960,154 | ||||||
| 20,235,125 | ||||||||
| Industrials — 21.64% | ||||||||
| AP Moller - Maersk Class B | 1,410 | 1,838,421 | ||||||
| Cummins | 20,059 | 5,910,384 | ||||||
| Kingspan Group | 74,235 | 6,764,269 | ||||||
| Net Power † | 216,227 | 2,462,826 | ||||||
| Schneider Electric | 26,318 | 5,952,629 | ||||||
| Sunrun † | 226,236 | 2,981,790 | ||||||
| Waste Management | 28,484 | 6,071,365 | ||||||
| 31,981,684 | ||||||||
| Information Technology — 3.37% | ||||||||
| First Solar † | 29,528 | 4,984,326 | ||||||
| 4,984,326 | ||||||||
| Materials — 16.72% | ||||||||
| Alcoa | 159,325 | 5,383,592 | ||||||
| Anglo American | 207,936 | 5,122,429 | ||||||
| CF Industries Holdings | 56,836 | 4,729,324 | ||||||
| Holcim † | 48,975 | 4,434,549 | ||||||
| Nutrien | 92,961 | 5,048,712 | ||||||
| 24,718,606 | ||||||||
| Real Estate — 4.36% | ||||||||
| Weyerhaeuser | 179,628 | 6,450,441 | ||||||
| 6,450,441 | ||||||||
| Utilities — 36.93% | ||||||||
| AES | 251,019 | 4,500,771 | ||||||
| Ameren | 64,064 | 4,738,174 | ||||||
| American Electric Power | 57,767 | 4,973,739 | ||||||
| CMS Energy | 87,333 | 5,269,673 | ||||||
| NextEra Energy | 84,373 | 5,392,278 | ||||||
| Northland Power | 222,231 | 3,630,705 | ||||||
| Orsted 144A #, † | 80,044 | 4,472,768 | ||||||
| ReNew Energy Global Class A † | 420,786 | 2,524,716 | ||||||
| RWE | 127,115 | 4,314,362 | ||||||
| SSE | 246,234 | 5,127,940 | ||||||
| Terna - Rete Elettrica Nazionale | 662,776 | 5,477,175 | ||||||
| Xcel Energy | 77,437 | 4,162,239 | ||||||
| 54,584,540 | ||||||||
| Total Common Stocks | ||||||||
| (cost $150,201,551) | 147,630,605 | |||||||
| Total Value of Securities—99.87% | ||||||||
| (cost $150,201,551) | $ | 147,630,605 | ||||||
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
| † | Non-income producing security. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $4,472,768, which represents 3.03% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
See accompanying notes, which are an integral part of the financial statements.
51
Schedules of investments
| Delaware Global Real Estate Fund | March 31, 2024 |
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common Stocks – 97.87%Δ | ||||||||
| Australia – 4.77% | ||||||||
| Charter Hall Group | 15,695 | $ | 140,630 | |||||
| Goodman Group | 12,991 | 286,221 | ||||||
| Lifestyle Communities | 5,625 | 57,439 | ||||||
| National Storage REIT | 39,720 | 62,121 | ||||||
| NEXTDC † | 6,826 | 79,133 | ||||||
| 625,544 | ||||||||
| Belgium – 0.87% | ||||||||
| Warehouses De Pauw CVA | 3,972 | 113,386 | ||||||
| 113,386 | ||||||||
| Canada – 1.62% | ||||||||
| Boardwalk Real Estate Investment Trust | 1,344 | 77,472 | ||||||
| Canadian Apartment Properties REIT | 1,835 | 62,980 | ||||||
| InterRent Real Estate Investment Trust | 7,197 | 72,047 | ||||||
| 212,499 | ||||||||
| France – 0.61% | ||||||||
| Gecina | 788 | 80,465 | ||||||
| 80,465 | ||||||||
| Germany – 1.82% | ||||||||
| LEG Immobilien † | 857 | 73,577 | ||||||
| Vonovia | 5,591 | 165,273 | ||||||
| 238,850 | ||||||||
| Hong Kong – 2.54% | ||||||||
| CK Asset Holdings | 7,000 | 28,798 | ||||||
| Link REIT | 39,498 | 169,813 | ||||||
| Sun Hung Kai Properties | 7,500 | 72,299 | ||||||
| Wharf Real Estate Investment | 19,000 | 61,780 | ||||||
| 332,690 | ||||||||
| Japan – 10.80% | ||||||||
| Advance Residence Investment | 63 | 139,418 | ||||||
| Mitsubishi Estate | 19,450 | 352,690 | ||||||
| Mitsubishi Estate Logistics REIT Investment | 36 | 91,558 | ||||||
| Nippon Building Fund | 37 | 147,873 | ||||||
| Nippon Prologis REIT | 93 | 165,628 | ||||||
| Sekisui House | 2,200 | 49,906 | ||||||
| Sumitomo Realty & Development | 7,100 | 263,401 | ||||||
| Tokyu REIT | 62 | 65,940 | ||||||
| United Urban Investment | 138 | 140,297 | ||||||
| 1,416,711 | ||||||||
| Mexico – 0.93% | ||||||||
| Corp Inmobiliaria Vesta ADR | 3,095 | 121,448 | ||||||
| 121,448 | ||||||||
| Singapore – 3.01% | ||||||||
| CapitaLand Ascendas REIT | 72,200 | 148,116 | ||||||
| Frasers Centrepoint Trust | 78,516 | 127,347 | ||||||
| Mapletree Logistics Trust | 109,783 | 118,707 | ||||||
| 394,170 | ||||||||
| Spain – 2.57% | ||||||||
| Cellnex Telecom 144A # | 4,834 | 170,901 | ||||||
| Inmobiliaria Colonial Socimi | 10,748 | 63,659 | ||||||
| Merlin Properties Socimi | 9,551 | 102,783 | ||||||
| 337,343 | ||||||||
| Sweden – 1.38% | ||||||||
| Castellum † | 4,142 | 54,522 | ||||||
| Fabege | 4,610 | 43,111 | ||||||
| Fastighets Balder Class B † | 7,412 | 54,482 | ||||||
| Wihlborgs Fastigheter | 3,100 | 28,730 | ||||||
| 180,845 | ||||||||
| Tanzania – 0.10% | ||||||||
| Helios Towers † | 11,305 | 13,541 | ||||||
| 13,541 | ||||||||
| United Kingdom – 4.06% | ||||||||
| Big Yellow Group | 7,021 | 94,287 | ||||||
| Derwent London | 1,527 | 41,784 | ||||||
| Land Securities Group | 9,825 | 81,621 | ||||||
| Segro | 13,976 | 159,428 | ||||||
| Shaftesbury Capital | 20,654 | 37,617 | ||||||
| UNITE Group | 9,531 | 117,649 | ||||||
| 532,386 | ||||||||
| United States – 62.79% | ||||||||
| Agree Realty | 4,253 | 242,931 | ||||||
| Alexandria Real Estate Equities | 2,923 | 376,804 | ||||||
| American Healthcare REIT | 6,510 | 96,023 | ||||||
| American Homes 4 Rent Class A | 6,707 | 246,683 | ||||||
| American Tower | 1,124 | 222,091 | ||||||
| AvalonBay Communities | 2,043 | 379,099 | ||||||
| CBRE Group Class A † | 715 | 69,527 | ||||||
| Digital Realty Trust | 2,924 | 421,173 | ||||||
| DigitalBridge Group | 5,929 | 114,252 | ||||||
| Equinix | 1,092 | 901,260 | ||||||
| Equity LifeStyle Properties | 2,622 | 168,857 | ||||||
| Equity Residential | 3,840 | 242,342 | ||||||
| Federal Realty Investment Trust | 1,888 | 192,803 | ||||||
| First Industrial Realty Trust | 5,651 | 296,904 | ||||||
| Invitation Homes | 9,517 | 338,900 | ||||||
| Kite Realty Group Trust | 13,087 | 283,726 | ||||||
| Prologis | 5,541 | 721,549 | ||||||
| Public Storage | 1,308 | 379,398 | ||||||
| Realty Income | 7,389 | 399,745 | ||||||
| Ryman Hospitality Properties | 875 | 101,159 | ||||||
| Simon Property Group | 1,478 | 231,292 | ||||||
| Sun Communities | 2,426 | 311,935 | ||||||
| Sunstone Hotel Investors | 7,611 | 84,787 | ||||||
| VICI Properties | 13,390 | 398,888 | ||||||
| Welltower | 10,711 | 1,000,836 | ||||||
52
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common StocksΔ (continued) | ||||||||
| United States (continued) | ||||||||
| Xenia Hotels & Resorts | 711 | $ | 10,672 | |||||
| 8,233,636 | ||||||||
| Total Common Stocks | ||||||||
| (cost $10,445,743) | 12,833,514 | |||||||
| Total Value of Securities-97.87% | ||||||||
| (cost $10,445,743) | $ | 12,833,514 | ||||||
| D | Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 45 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, 2024, the aggregate value of Rule 144A securities was $170,901, which represents 1.30% of the Fund’s net assets. See Note 13 in “Notes to financial statements.” |
Summary of abbreviations:
ADR – American Depositary Receipt
CVA – Certified Dutch Certificate
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
53
Consolidated schedules of investments
| Delaware Ivy Asset Strategy Fund | March 31, 2024 |
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Agency Collateralized Mortgage Obligations — 0.37% | ||||||||
| Connecticut Avenue Securities Trust | ||||||||
| Series 2023-R08 1M1 144A | ||||||||
| 6.82% (SOFR + 1.50%) 10/25/43 #, • | 1,447,254 | $ | 1,453,529 | |||||
| Fannie Mae REMICs | ||||||||
| Series 2015-18 NS 0.685% | ||||||||
| (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, • | 3,569,218 | 364,454 | ||||||
| Series 2015-37 SB 0.185% | ||||||||
| (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, • | 7,394,711 | 600,200 | ||||||
| Series 2016-48 US 0.665% | ||||||||
| (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, • | 8,305,597 | 550,406 | ||||||
| Series 2017-33 AI 4.50% 5/25/47 Σ | 3,109,873 | 434,843 | ||||||
| Series 2019-13 IP 5.00% 3/25/49 Σ | 2,294,181 | 449,807 | ||||||
| Series 4740 SB 0.717% | ||||||||
| (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, • | 3,549,343 | 357,567 | ||||||
| Freddie Mac Structured Agency | ||||||||
| Credit Risk REMIC Trust | ||||||||
| Series 2023-HQA3 A1 144A | ||||||||
| 7.17% (SOFR + 1.85%) 11/25/43 #, • | 490,928 | 496,609 | ||||||
| GNMA | ||||||||
| Series 2021-162 IN 3.00% 9/20/51 Σ | 14,692,199 | 2,198,940 | ||||||
| Total Agency Collateralized Mortgage Obligations | ||||||||
| (cost $8,998,804) | 6,906,355 | |||||||
| Agency Mortgage-Backed Securities — 4.42% | ||||||||
| Fannie Mae S.F. 15 yr | ||||||||
| 2.00% 3/1/37 | 1,002,314 | 894,688 | ||||||
| 2.50% 8/1/36 | 944,327 | 860,618 | ||||||
| 3.00% 11/1/33 | 348,159 | 328,745 | ||||||
| Fannie Mae S.F. 30 yr | ||||||||
| 2.00% 3/1/51 | 3,717,979 | 2,953,521 | ||||||
| 2.00% 9/1/51 | 1,336,375 | 1,061,241 | ||||||
| 2.50% 11/1/51 | 101,781 | 84,702 | ||||||
| 2.50% 2/1/52 | 4,774,417 | 3,977,624 | ||||||
| 2.50% 4/1/52 | 120,022 | 99,820 | ||||||
| 3.00% 4/1/47 | 1,820,438 | 1,595,974 | ||||||
| 3.00% 12/1/51 | 2,058,247 | 1,790,405 | ||||||
| 3.00% 2/1/52 | 387,915 | 336,275 | ||||||
| 3.00% 5/1/52 | 392,404 | 339,948 | ||||||
| 3.00% 6/1/52 | 794,310 | 688,716 | ||||||
| Fannie Mae S.F. 30 yr | ||||||||
| 3.50% 1/1/48 | 343,530 | 314,263 | ||||||
| 3.50% 7/1/50 | 537,740 | 488,546 | ||||||
| 3.50% 6/1/52 | 3,239,941 | 2,901,333 | ||||||
| 3.50% 9/1/52 | 4,235,000 | 3,822,986 | ||||||
| 4.50% 1/1/50 | 901,687 | 884,297 | ||||||
| 4.50% 10/1/52 | 2,987,631 | 2,844,911 | ||||||
| 4.50% 2/1/53 | 1,346,096 | 1,281,792 | ||||||
| 5.00% 8/1/53 | 307,900 | 300,395 | ||||||
| 5.50% 8/1/52 | 2,062,456 | 2,056,675 | ||||||
| 5.50% 7/1/53 | 377,654 | 375,750 | ||||||
| 6.00% 6/1/53 | 1,692,200 | 1,707,492 | ||||||
| 6.00% 7/1/53 | 485,202 | 499,466 | ||||||
| 6.00% 9/1/53 | 431,720 | 435,621 | ||||||
| Fannie Mae S.F. 30 yr TBA | ||||||||
| 5.50% 4/1/54 | 6,004,000 | 5,974,198 | ||||||
| Freddie Mac S.F. 20 yr | ||||||||
| 2.00% 8/1/42 | 1,561,371 | 1,318,813 | ||||||
| 2.50% 2/1/42 | 1,040,340 | 903,133 | ||||||
| 3.00% 3/1/37 | 814,232 | 747,397 | ||||||
| Freddie Mac S.F. 30 yr | ||||||||
| 2.00% 2/1/52 | 727,283 | 575,865 | ||||||
| 2.00% 3/1/52 | 1,712,503 | 1,356,329 | ||||||
| 2.50% 11/1/50 | 58,547 | 49,220 | ||||||
| 2.50% 1/1/52 | 4,614,965 | 3,839,608 | ||||||
| 3.00% 12/1/46 | 1,805,404 | 1,587,492 | ||||||
| 3.00% 1/1/52 | 385,639 | 331,918 | ||||||
| 3.50% 4/1/52 | 2,282,277 | 2,050,247 | ||||||
| 4.00% 9/1/49 | 581,279 | 548,470 | ||||||
| 4.00% 8/1/52 | 2,470,795 | 2,302,212 | ||||||
| 4.00% 9/1/52 | 2,249,968 | 2,091,969 | ||||||
| 4.50% 9/1/52 | 4,790,077 | 4,574,638 | ||||||
| 4.50% 10/1/52 | 3,215,143 | 3,061,554 | ||||||
| 5.00% 9/1/52 | 2,388,377 | 2,350,800 | ||||||
| 5.00% 6/1/53 | 2,248,840 | 2,193,965 | ||||||
| 5.50% 9/1/52 | 471,540 | 473,386 | ||||||
| 5.50% 2/1/53 | 3,197,625 | 3,206,211 | ||||||
| 5.50% 6/1/53 | 647,576 | 644,312 | ||||||
| 5.50% 9/1/53 | 862,769 | 864,139 | ||||||
| GNMA II S.F. 30 yr | ||||||||
| 3.00% 12/20/51 | 616,202 | 543,619 | ||||||
| 3.00% 1/20/52 | 2,338,699 | 2,062,280 | ||||||
| 5.00% 9/20/52 | 2,155,742 | 2,119,932 | ||||||
| 5.50% 5/20/53 | 1,762,361 | 1,761,202 | ||||||
| 5.50% 2/20/54 | 672,433 | 675,720 | ||||||
| 6.00% 2/20/54 | 527,034 | 531,951 | ||||||
| Total Agency Mortgage-Backed Securities | ||||||||
| (cost $83,008,564) | 81,666,384 | |||||||
54
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Convertible Bond — 0.30% | ||||||||
| New Cotai 0.000% exercise price $0.40, maturity date 2/2/27 = | 2,141,631 | $ | 5,457,136 | |||||
| Total Convertible Bond | ||||||||
| (cost $2,093,922) | 5,457,136 | |||||||
| Corporate Bonds — 13.39% | ||||||||
| Banking — 1.77% | ||||||||
| Banco de Credito del Peru 144A 3.125% 7/1/30 #, µ | 1,562,000 | 1,496,955 | ||||||
| Banco Santander | ||||||||
| 5.538% 3/14/30 µ | 400,000 | 400,104 | ||||||
| 5.588% 8/8/28 | 400,000 | 405,879 | ||||||
| Bank of America | ||||||||
| 2.482% 9/21/36 µ | 580,000 | 464,221 | ||||||
| 5.468% 1/23/35 µ | 550,000 | 553,793 | ||||||
| 5.819% 9/15/29 µ | 495,000 | 507,726 | ||||||
| 5.872% 9/15/34 µ | 255,000 | 264,588 | ||||||
| 6.204% 11/10/28 µ | 470,000 | 486,414 | ||||||
| Bank of Montreal 7.70% | ||||||||
| 5/26/84 µ | 885,000 | 897,612 | ||||||
| Bank of New York Mellon 4.70% | ||||||||
| 9/20/25 µ, y | 455,000 | 447,599 | ||||||
| Barclays | ||||||||
| 6.224% 5/9/34 µ | 684,000 | 705,850 | ||||||
| 7.385% 11/2/28 µ | 305,000 | 323,583 | ||||||
| Citibank 5.488% 12/4/26 | 1,385,000 | 1,400,163 | ||||||
| Citigroup 5.61% 9/29/26 µ | 88,000 | 88,162 | ||||||
| Citizens Bank 6.064% | ||||||||
| 10/24/25 µ | 840,000 | 836,757 | ||||||
| Credit Agricole | ||||||||
| 144A 5.365% 3/11/34 # | 605,000 | 607,065 | ||||||
| 144A 5.514% 7/5/33 # | 915,000 | 939,594 | ||||||
| Deutsche Bank | ||||||||
| 3.729% 1/14/32 µ | 301,000 | 253,726 | ||||||
| 6.72% 1/18/29 µ | 939,000 | 971,660 | ||||||
| 6.819% 11/20/29 µ | 815,000 | 852,469 | ||||||
| 7.146% 7/13/27 µ | 355,000 | 364,962 | ||||||
| Fifth Third Bancorp 6.361% | ||||||||
| 10/27/28 µ | 1,099,000 | 1,125,120 | ||||||
| Fifth Third Bank 5.852% | ||||||||
| 10/27/25 µ | 625,000 | 624,582 | ||||||
| Goldman Sachs Group | ||||||||
| 1.542% 9/10/27 µ | 1,970,000 | 1,800,576 | ||||||
| 6.484% 10/24/29 µ | 555,000 | 584,106 | ||||||
| Huntington Bancshares 6.208% | ||||||||
| 8/21/29 µ | 545,000 | 558,158 | ||||||
| Huntington National Bank | ||||||||
| 4.552% 5/17/28 µ | 1,946,000 | 1,887,620 | ||||||
| 5.65% 1/10/30 | 330,000 | 331,998 | ||||||
| ING Groep 6.083% 9/11/27 µ | 260,000 | 263,303 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 1.764% 11/19/31 µ | 705,000 | 571,409 | ||||||
| 1.953% 2/4/32 µ | 410,000 | 334,194 | ||||||
| 5.012% 1/23/30 µ | 920,000 | 916,611 | ||||||
| 5.336% 1/23/35 µ | 610,000 | 612,615 | ||||||
| 6.254% 10/23/34 µ | 246,000 | 262,937 | ||||||
| KeyBank | ||||||||
| 4.15% 8/8/25 | 1,195,000 | 1,161,986 | ||||||
| 5.00% 1/26/33 | 710,000 | 658,586 | ||||||
| 5.85% 11/15/27 | 205,000 | 203,411 | ||||||
| Morgan Stanley | ||||||||
| 2.484% 9/16/36 µ | 730,000 | 577,675 | ||||||
| 5.164% 4/20/29 µ | 780,000 | 779,604 | ||||||
| 5.173% 1/16/30 µ | 330,000 | 330,385 | ||||||
| 5.25% 4/21/34 µ | 81,000 | 80,396 | ||||||
| 5.466% 1/18/35 µ | 365,000 | 368,401 | ||||||
| 6.138% 10/16/26 µ | 340,000 | 344,003 | ||||||
| 6.296% 10/18/28 µ | 575,000 | 595,088 | ||||||
| 6.407% 11/1/29 µ | 365,000 | 382,884 | ||||||
| 6.627% 11/1/34 µ | 495,000 | 541,856 | ||||||
| PNC Financial Services Group | ||||||||
| 5.676% 1/22/35 µ | 340,000 | 343,250 | ||||||
| 6.875% 10/20/34 µ | 615,000 | 673,794 | ||||||
| Popular 7.25% 3/13/28 | 320,000 | 328,153 | ||||||
| State Street 4.993% 3/18/27 | 520,000 | 521,161 | ||||||
| SVB Financial Group 4.57% | ||||||||
| 4/29/33 ‡ | 390,000 | 247,406 | ||||||
| UBS Group 144A 5.699% | ||||||||
| 2/8/35 #, µ | 200,000 | 201,103 | ||||||
| US Bancorp | ||||||||
| 4.653% 2/1/29 µ | 411,000 | 403,007 | ||||||
| 5.384% 1/23/30 µ | 155,000 | 155,725 | ||||||
| 5.678% 1/23/35 µ | 345,000 | 348,502 | ||||||
| 5.727% 10/21/26 µ | 120,000 | 120,683 | ||||||
| 6.787% 10/26/27 µ | 220,000 | 227,874 | ||||||
| 32,737,044 | ||||||||
| Basic Industry — 0.19% | ||||||||
| BHP Billiton Finance USA 5.25% 9/8/30 | 122,000 | 124,129 | ||||||
| Freeport-McMoRan 5.45% 3/15/43 | 775,000 | 742,632 | ||||||
| LYB International Finance III | ||||||||
| 3.625% 4/1/51 | 395,000 | 280,076 | ||||||
| 5.50% 3/1/34 | 1,210,000 | 1,212,724 | ||||||
| Sherwin-Williams 2.90% | ||||||||
| 3/15/52 | 1,650,000 | 1,075,717 | ||||||
| 3,435,278 | ||||||||
55
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Brokerage — 0.13% | ||||||||
| Jefferies Financial Group | ||||||||
| 2.625% 10/15/31 | 2,195,000 | $ | 1,809,523 | |||||
| 5.875% 7/21/28 | 135,000 | 137,504 | ||||||
| 6.05% 3/12/25 | 485,000 | 485,545 | ||||||
| 2,432,572 | ||||||||
| Capital Goods — 0.07% | ||||||||
| Boeing 2.196% 2/4/26 | 800,000 | 749,301 | ||||||
| Northrop Grumman 5.20% 6/1/54 | 625,000 | 609,187 | ||||||
| 1,358,488 | ||||||||
| Communication Services — 2.59% | ||||||||
| Altice France Holding 144A 10.50% 5/15/27 # | 6,387,000 | 2,395,707 | ||||||
| CCO Holdings 144A 4.50% 8/15/30 # | 8,000,000 | 6,709,378 | ||||||
| Connect Finco 144A 6.75% 10/1/26 # | 7,000,000 | 6,866,686 | ||||||
| Consolidated Communications | ||||||||
| 144A 5.00% 10/1/28 # | 2,500,000 | 2,086,084 | ||||||
| 144A 6.50% 10/1/28 # | 2,500,000 | 2,190,054 | ||||||
| Directv Financing 144A 5.875% 8/15/27 # | 7,420,000 | 7,024,226 | ||||||
| Frontier Communications Holdings | ||||||||
| 5.875% 11/1/29 | 7,927,781 | 6,707,378 | ||||||
| 144A 6.00% 1/15/30 # | 461,000 | 390,987 | ||||||
| Gray Television | ||||||||
| 144A 4.75% 10/15/30 # | 4,830,000 | 3,171,492 | ||||||
| 144A 5.375% 11/15/31 # | 4,780,000 | 3,138,904 | ||||||
| Sirius XM Radio 144A 4.125% 7/1/30 # | 8,155,000 | 7,133,938 | ||||||
| 47,814,834 | ||||||||
| Communications — 0.65% | ||||||||
| American Tower | ||||||||
| 2.30% 9/15/31 | 310,000 | 253,194 | ||||||
| 5.20% 2/15/29 | 1,410,000 | 1,410,010 | ||||||
| 5.45% 2/15/34 | 465,000 | 465,934 | ||||||
| AT&T 3.50% 9/15/53 | 3,130,000 | 2,210,045 | ||||||
| Cellnex Finance 144A 3.875% 7/7/41 # | 355,000 | 278,860 | ||||||
| Charter Communications | ||||||||
| Operating 3.85% 4/1/61 | 1,790,000 | 1,063,260 | ||||||
| Comcast | ||||||||
| 3.375% 8/15/25 | 1,545,000 | 1,510,430 | ||||||
| 4.55% 1/15/29 | 295,000 | 292,771 | ||||||
| Crown Castle 1.05% 7/15/26 | 560,000 | 509,272 | ||||||
| Discovery Communications 4.00% 9/15/55 | 530,000 | 363,008 | ||||||
| Rogers Communications | ||||||||
| 5.00% 2/15/29 | 575,000 | 571,247 | ||||||
| 5.30% 2/15/34 | 640,000 | 634,532 | ||||||
| T-Mobile USA 5.75% 1/15/34 | 1,730,000 | 1,802,527 | ||||||
| Verizon Communications | ||||||||
| 2.875% 11/20/50 | 495,000 | 323,583 | ||||||
| 5.50% 2/23/54 | 235,000 | 237,709 | ||||||
| 11,926,382 | ||||||||
| Consumer Cyclical — 0.27% | ||||||||
| Amazon.com 2.50% 6/3/50 | 1,322,000 | 844,517 | ||||||
| Aptiv 3.10% 12/1/51 | 1,435,000 | 905,944 | ||||||
| Ford Motor Credit 5.80% 3/5/27 | 1,060,000 | 1,064,372 | ||||||
| General Motors | ||||||||
| 5.40% 4/1/48 | 404,000 | 370,928 | ||||||
| 5.95% 4/1/49 | 135,000 | 133,240 | ||||||
| General Motors Financial 5.75% 2/8/31 | 180,000 | 182,014 | ||||||
| VICI Properties 4.95% 2/15/30 | 1,595,000 | 1,543,624 | ||||||
| 5,044,639 | ||||||||
| Consumer Discretionary — 1.77% | ||||||||
| Bath & Body Works 6.875% 11/1/35 | 7,245,000 | 7,414,055 | ||||||
| Carnival 144A 7.625% 3/1/26 # | 7,735,000 | 7,831,216 | ||||||
| Ford Motor 6.10% 8/19/32 | 7,000,000 | 7,097,648 | ||||||
| Light & Wonder International 144A 7.25% 11/15/29 # | 1,610,000 | 1,653,859 | ||||||
| Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 7,565,000 | 7,482,004 | ||||||
| Staples 144A 7.50% 4/15/26 # | 1,209,000 | 1,181,116 | ||||||
| 32,659,898 | ||||||||
| Consumer Non-Cyclical — 0.60% | ||||||||
| AbbVie | ||||||||
| 4.95% 3/15/31 | 1,195,000 | 1,204,126 | ||||||
| 5.35% 3/15/44 | 230,000 | 234,674 | ||||||
| Amgen | ||||||||
| 5.15% 3/2/28 | 285,000 | 286,964 | ||||||
| 5.25% 3/2/33 | 2,043,000 | 2,061,110 | ||||||
| Bunge Limited Finance 2.75% 5/14/31 | 870,000 | 749,582 | ||||||
| Cardinal Health 5.125% 2/15/29 | 750,000 | 751,791 | ||||||
| Gilead Sciences 5.55% 10/15/53 | 360,000 | 372,901 | ||||||
| HCA | ||||||||
| 3.50% 7/15/51 | 329,000 | 227,443 | ||||||
| 5.45% 4/1/31 | 305,000 | 306,697 | ||||||
| 6.00% 4/1/54 | 1,025,000 | 1,041,266 | ||||||
| JBS USA LUX 3.625% 1/15/32 | 2,000,000 | 1,712,520 | ||||||
56
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Consumer Non-Cyclical (continued) | ||||||||
| Royalty Pharma 3.35% 9/2/51 | 2,960,000 | $ | 1,948,655 | |||||
| Zoetis 5.40% 11/14/25 | 165,000 | 165,271 | ||||||
| 11,063,000 | ||||||||
| Electric — 0.85% | ||||||||
| AEP Texas 5.40% 6/1/33 | 185,000 | 184,706 | ||||||
| American Electric Power 5.699% 8/15/25 | 980,000 | 982,382 | ||||||
| Appalachian Power 4.50% 8/1/32 | 925,000 | 868,378 | ||||||
| Berkshire Hathaway Energy 2.85% 5/15/51 | 1,725,000 | 1,112,157 | ||||||
| Constellation Energy Generation 5.75% 3/15/54 | 535,000 | 536,276 | ||||||
| DTE Energy 5.10% 3/1/29 | 440,000 | 438,426 | ||||||
| Duke Energy Carolinas 4.95% 1/15/33 | 1,325,000 | 1,318,690 | ||||||
| Exelon 5.30% 3/15/33 | 245,000 | 245,870 | ||||||
| National Rural Utilities | ||||||||
| Cooperative Finance 5.80% 1/15/33 | 80,000 | 83,285 | ||||||
| NextEra Energy Capital Holdings | ||||||||
| 3.00% 1/15/52 | 425,000 | 275,086 | ||||||
| 5.55% 3/15/54 | 490,000 | 487,175 | ||||||
| 5.749% 9/1/25 | 170,000 | 170,786 | ||||||
| NRG Energy 144A 2.00% 12/2/25 # | 3,470,000 | 3,258,581 | ||||||
| Oglethorpe Power 144A 6.20% 12/1/53 # | 110,000 | 115,737 | ||||||
| Pacific Gas & Electric 4.95% 7/1/50 | 2,560,000 | 2,204,288 | ||||||
| PacifiCorp | ||||||||
| 5.10% 2/15/29 | 110,000 | 110,877 | ||||||
| 5.45% 2/15/34 | 190,000 | 190,708 | ||||||
| 5.80% 1/15/55 | 175,000 | 172,741 | ||||||
| Southern California Edison 5.20% 6/1/34 | 1,305,000 | 1,292,510 | ||||||
| Vistra Operations 144A 6.95% 10/15/33 # | 1,620,000 | 1,730,625 | ||||||
| 15,779,284 | ||||||||
| Energy — 1.64% | ||||||||
| BP Capital Markets America | ||||||||
| 2.721% 1/12/32 | 530,000 | 456,854 | ||||||
| 2.939% 6/4/51 | 1,255,000 | 838,542 | ||||||
| Cheniere Energy Partners | ||||||||
| 4.50% 10/1/29 | 840,000 | 800,291 | ||||||
| Diamondback Energy | ||||||||
| 3.125% 3/24/31 | 1,280,000 | 1,134,626 | ||||||
| 4.25% 3/15/52 | 680,000 | 551,098 | ||||||
| Enbridge 6.70% 11/15/53 | 485,000 | 548,610 | ||||||
| Energy Transfer | ||||||||
| 5.75% 2/15/33 | 1,680,000 | 1,707,830 | ||||||
| 5.95% 5/15/54 | 730,000 | 728,957 | ||||||
| 6.75% 5/15/25 µ, y | 5,879,000 | 5,799,214 | ||||||
| 9.597% 4/15/24 y, • | 5,000,000 | 4,984,981 | ||||||
| Enterprise Products Operating | ||||||||
| 3.30% 2/15/53 | 1,425,000 | 1,012,527 | ||||||
| 5.35% 1/31/33 | 105,000 | 107,231 | ||||||
| Hilcorp Energy I | ||||||||
| 144A 6.00% 2/1/31 # | 3,725,000 | 3,635,869 | ||||||
| 144A 6.25% 4/15/32 # | 3,487,000 | 3,441,706 | ||||||
| Kinder Morgan | ||||||||
| 5.00% 2/1/29 | 165,000 | 164,424 | ||||||
| 5.20% 6/1/33 | 380,000 | 374,432 | ||||||
| Occidental Petroleum 6.125% 1/1/31 | 1,478,000 | 1,532,051 | ||||||
| ONEOK | ||||||||
| 5.65% 11/1/28 | 165,000 | 168,758 | ||||||
| 5.80% 11/1/30 | 225,000 | 231,974 | ||||||
| 6.05% 9/1/33 | 150,000 | 156,516 | ||||||
| Targa Resources Partners | ||||||||
| 5.00% 1/15/28 | 1,935,000 | 1,908,732 | ||||||
| 30,285,223 | ||||||||
| Finance Companies — 0.24% | ||||||||
| AerCap Ireland Capital DAC 3.65% 7/21/27 | 1,810,000 | 1,712,443 | ||||||
| Air Lease | ||||||||
| 4.625% 10/1/28 | 769,000 | 748,847 | ||||||
| 5.10% 3/1/29 | 556,000 | 552,752 | ||||||
| Aviation Capital Group 144A 3.50% 11/1/27 # | 1,605,000 | 1,494,517 | ||||||
| 4,508,559 | ||||||||
| Healthcare — 0.00% | ||||||||
| Humana 5.75% 3/1/28 | 85,000 | 86,888 | ||||||
| 86,888 | ||||||||
| Industrials — 0.65% | ||||||||
| AerCap Holdings 5.875% 10/10/79 µ | 10,000,000 | 9,936,073 | ||||||
| Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 6,543,000 | 2,126,475 | ||||||
| 12,062,548 | ||||||||
| Information Technology — 0.45% | ||||||||
| NCR Voyix | ||||||||
| 144A 5.00% 10/1/28 # | 1,000,000 | 933,263 | ||||||
| 144A 5.125% 4/15/29 # | 7,705,000 | 7,154,924 | ||||||
| Workday | ||||||||
| 3.50% 4/1/27 | 55,000 | 52,679 | ||||||
| 3.70% 4/1/29 | 110,000 | 103,771 | ||||||
57
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Workday 3.80% 4/1/32 | 110,000 | $ | 100,219 | |||||
| 8,344,856 | ||||||||
| Insurance — 0.70% | ||||||||
| AIA Group | ||||||||
| 144A 3.20% 9/16/40 # | 1,432,000 | 1,070,555 | ||||||
| 144A 3.375% 4/7/30 # | 1,960,000 | 1,797,849 | ||||||
| American International Group 5.125% 3/27/33 | 615,000 | 611,980 | ||||||
| Aon 5.00% 9/12/32 | 1,605,000 | 1,591,695 | ||||||
| Aon North America | ||||||||
| 5.30% 3/1/31 | 710,000 | 715,806 | ||||||
| 5.75% 3/1/54 | 115,000 | 118,006 | ||||||
| Athene Holding | ||||||||
| 3.45% 5/15/52 | 985,000 | 647,224 | ||||||
| 3.95% 5/25/51 | 440,000 | 323,717 | ||||||
| 6.25% 4/1/54 | 255,000 | 259,101 | ||||||
| Berkshire Hathaway Finance 3.85% 3/15/52 | 293,000 | 237,146 | ||||||
| Marsh & McLennan 5.70% 9/15/53 | 975,000 | 1,013,001 | ||||||
| New York Life Global Funding 144A 5.45% 9/18/26 # | 710,000 | 716,048 | ||||||
| UnitedHealth Group | ||||||||
| 4.50% 4/15/33 | 2,106,000 | 2,039,275 | ||||||
| 4.90% 4/15/31 | 475,000 | 475,432 | ||||||
| 5.05% 4/15/53 | 513,000 | 498,607 | ||||||
| 5.375% 4/15/54 | 765,000 | 778,623 | ||||||
| 12,894,065 | ||||||||
| Materials — 0.06% | ||||||||
| First Quantum Minerals 144A 6.875% 10/15/27 # | 1,100,000 | 1,055,912 | ||||||
| 1,055,912 | ||||||||
| Natural Gas — 0.01% | ||||||||
| Atmos Energy 2.85% 2/15/52 | 385,000 | 251,203 | ||||||
| 251,203 | ||||||||
| Real Estate Investment Trusts — 0.12% | ||||||||
| American Homes 4 Rent | ||||||||
| 3.625% 4/15/32 | 220,000 | 193,538 | ||||||
| 5.50% 2/1/34 | 445,000 | 443,828 | ||||||
| CIBANCO Institucion de Banca | ||||||||
| Multiple Trust 144A 4.375% 7/22/31 # | 1,000,000 | 816,525 | ||||||
| Extra Space Storage 5.40% 2/1/34 | 725,000 | 722,084 | ||||||
| 2,175,975 | ||||||||
| Technology — 0.57% | ||||||||
| Apple | ||||||||
| 1.40% 8/5/28 | 365,000 | 320,959 | ||||||
| 2.40% 8/20/50 | 3,122,000 | 1,973,439 | ||||||
| Broadcom 144A 3.469% 4/15/34 # | 1,970,000 | 1,688,803 | ||||||
| CDW | ||||||||
| 2.67% 12/1/26 | 1,310,000 | 1,217,766 | ||||||
| 3.276% 12/1/28 | 1,035,000 | 945,281 | ||||||
| Entegris 144A 4.75% 4/15/29 # | 385,000 | 369,393 | ||||||
| Oracle | ||||||||
| 3.60% 4/1/50 | 665,000 | 480,827 | ||||||
| 4.65% 5/6/30 | 810,000 | 794,602 | ||||||
| Tencent Holdings 144A 3.24% 6/3/50 # | 3,910,000 | 2,664,034 | ||||||
| 10,455,104 | ||||||||
| Transportation — 0.06% | ||||||||
| Burlington Northern Santa Fe 2.875% 6/15/52 | 835,000 | 547,552 | ||||||
| ERAC USA Finance | ||||||||
| 144A 4.90% 5/1/33 # | 255,000 | 250,112 | ||||||
| 144A 5.00% 2/15/29 # | 225,000 | 225,507 | ||||||
| 1,023,171 | ||||||||
| Total Corporate Bonds | ||||||||
| (cost $252,699,003) | 247,394,923 | |||||||
| Government Agency Obligation — 0.12% | ||||||||
| Petroleos Mexicanos 6.70% 2/16/32 | 2,595,000 | 2,159,734 | ||||||
| Total Government Agency Obligation | ||||||||
| (cost $2,605,344) | 2,159,734 | |||||||
| Municipal Bonds — 0.07% | ||||||||
| Commonwealth of Puerto Rico | ||||||||
| (Restructured) | ||||||||
| Series A-1 3.045% 7/1/24 ^ | 30,657 | 30,354 | ||||||
| Series A-1 4.00% 7/1/35 | 137,232 | 134,905 | ||||||
| Series A-1 4.00% 7/1/37 | 145,770 | 141,094 | ||||||
| GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40 | 1,081,411 | 1,038,154 | ||||||
| Total Municipal Bonds | ||||||||
| (cost $1,340,371) | 1,344,507 | |||||||
| Non-Agency Collateralized Mortgage Obligations — 0.36% | ||||||||
| COLT Mortgage Loan Trust Series 2021-3 B1 144A 3.059% 9/27/66 #, • | 2,000,000 | 1,259,113 | ||||||
| CSMC Trust Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, • | 4,968,250 | 4,409,222 | ||||||
58
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Non-Agency Collateralized Mortgage Obligations (continued) | ||||||||
| Verus Securitization Trust Series 2019-INV2 B1 144A 4.452% 7/25/59 #, • | 1,097,000 | $ | 1,040,225 | |||||
| Total Non-Agency Collateralized Mortgage Obligations | ||||||||
| (cost $8,271,423) | 6,708,560 | |||||||
| Non-Agency Commercial Mortgage-Backed Securities — 1.05% | ||||||||
| BANK Series 2020-BN25 A5 2.649% 1/15/63 | 2,163,000 | 1,884,756 | ||||||
| BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1,250,000 | 1,052,997 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2018-B1 A5 3.666% 1/15/51 • | 2,000,000 | 1,871,703 | ||||||
| Series 2020-B20 A5 2.034% 10/15/53 | 2,000,000 | 1,600,521 | ||||||
| Series 2021-B24 A5 2.584% 3/15/54 | 2,250,000 | 1,869,338 | ||||||
| Series 2021-B25 A5 2.577% 4/15/54 | 4,000,000 | 3,266,662 | ||||||
| Series 2022-B35 A5 4.444% 5/15/55 • | 2,000,000 | 1,870,915 | ||||||
| Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 # | 2,000,000 | 1,701,917 | ||||||
| Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | 2,225,000 | 1,808,924 | ||||||
| GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53 | 2,813,000 | 2,396,035 | ||||||
| Total Non-Agency Commercial Mortgage- Backed Securities | ||||||||
| (cost $20,113,684) | 19,323,768 | |||||||
| Loan Agreements — 1.80% | ||||||||
| Advantage Sales & Marketing Tranche B-1 9.823% (SOFR03M + 4.76%) 10/28/27 • | 2,992,936 | 3,002,496 | ||||||
| Jones DesLauriers Insurance Management 8.805% (SOFR03M + 3.50%) 3/15/30 • | 12,000,000 | 12,024,996 | ||||||
| MLN US HoldCo 1st Lien12.11% (SOFR03M + 6.80%) 10/18/27 • | 7,567,274 | 1,513,455 | ||||||
| PetSmart 9.18% (SOFR01M + 3.85%) 2/11/28 • | 6,728,203 | 6,718,588 | ||||||
| White Cap Buyer 9.08% (SOFR01M + 3.75%) 10/19/27 • | 10,012,573 | 10,053,775 | ||||||
| Total Loan Agreements | ||||||||
| (cost $38,428,637) | 33,313,310 | |||||||
| US Treasury Obligations — 1.37% | ||||||||
| US Treasury Bonds | ||||||||
| 4.25% 2/15/54 | 305,000 | 300,020 | ||||||
| 4.50% 2/15/44 | 365,000 | 367,110 | ||||||
| US Treasury Floating Rate Note | ||||||||
| 5.545% (USBMMY3M + 0.25%) 1/31/26 • | 15,625,000 | 15,642,608 | ||||||
| US Treasury Notes | ||||||||
| 3.375% 5/15/33 | 5,000 | 4,685 | ||||||
| 4.00% 1/31/31 | 350,000 | 345,488 | ||||||
| 4.00% 2/15/34 | 390,000 | 383,602 | ||||||
| 4.25% 3/15/27 | 1,795,000 | 1,786,867 | ||||||
| 4.25% 2/28/29 | 5,230,000 | 5,237,763 | ||||||
| 4.25% 2/28/31 | 995,000 | 996,943 | ||||||
| 4.50% 9/30/28 | 35,000 | 35,509 | ||||||
| 4.50% 11/15/33 | 250,000 | 255,605 | ||||||
| Total US Treasury Obligations | ||||||||
| (cost $25,339,984) | 25,356,200 | |||||||
| Number of | ||||||||
| shares | ||||||||
| Common Stocks — 67.15% | ||||||||
| Communication Services — 6.73% | ||||||||
| Alphabet Class A † | 304,229 | 45,917,283 | ||||||
| Deutsche Telekom | 847,770 | 20,578,875 | ||||||
| Meta Platforms Class A | 39,066 | 18,969,669 | ||||||
| Netflix † | 30,725 | 18,660,214 | ||||||
| New Cotai = | 1,819,823 | 1,854,852 | ||||||
| Pinterest Class A † | 339,750 | 11,779,133 | ||||||
| Sea ADR † | 122,568 | 6,583,127 | ||||||
| 124,343,153 | ||||||||
| Consumer Discretionary — 6.90% | ||||||||
| Amazon.com † | 231,430 | 41,745,343 | ||||||
| Darden Restaurants | 111,618 | 18,656,949 | ||||||
| DraftKings Class A † | 141,318 | 6,417,250 | ||||||
| Ferrari | 46,027 | 20,061,116 | ||||||
| Home Depot | 48,108 | 18,454,229 | ||||||
| LVMH Moet Hennessy Louis Vuitton | 21,199 | 19,067,170 | ||||||
| Media Group Holdings Series H <<, =, † | 640,301 | 554,181 | ||||||
| Media Group Holdings Series T <<, =, † | 80,253 | 0 | ||||||
59
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common Stocks (continued) | ||||||||
| Consumer Discretionary (continued) | ||||||||
| Studio City International Holdings † | 184,458 | $ | 1,278,294 | |||||
| Studio City International Holdings ADR † | 163,034 | 1,129,826 | ||||||
| 127,364,358 | ||||||||
| Consumer Staples — 4.78% | ||||||||
| Asahi Group Holdings | 353,000 | 12,927,943 | ||||||
| Casey's General Stores | 64,091 | 20,409,779 | ||||||
| China Mengniu Dairy | 7,389,687 | 15,861,547 | ||||||
| Coca-Cola | 295,224 | 18,061,804 | ||||||
| Procter & Gamble | 129,876 | 21,072,381 | ||||||
| 88,333,454 | ||||||||
| Energy — 3.01% | ||||||||
| Canadian Natural Resources | 218,229 | 16,655,237 | ||||||
| ConocoPhillips | 141,841 | 18,053,523 | ||||||
| Schlumberger | 192,979 | 10,577,179 | ||||||
| Shell | 310,123 | 10,356,806 | ||||||
| 55,642,745 | ||||||||
| Financials — 10.88% | ||||||||
| Adyen 144A #, † | 9,833 | 16,633,865 | ||||||
| Aon Class A | 42,894 | 14,314,586 | ||||||
| Banco do Brasil | 1,577,270 | 17,825,032 | ||||||
| Blue Owl Capital | 819,209 | 15,450,282 | ||||||
| BNP Paribas | 280,360 | 19,920,436 | ||||||
| Discover Financial Services | 118,056 | 15,475,961 | ||||||
| ICICI Bank | 1,716,112 | 22,496,031 | ||||||
| Intercontinental Exchange | 128,387 | 17,644,225 | ||||||
| KB Financial Group | 259,175 | 13,533,892 | ||||||
| Mastercard Class A | 61,615 | 29,671,935 | ||||||
| Mitsubishi UFJ Financial Group | 1,772,200 | 17,970,188 | ||||||
| 200,936,433 | ||||||||
| Healthcare — 7.62% | ||||||||
| AstraZeneca | 130,958 | 17,649,521 | ||||||
| Biogen † | 23,807 | 5,133,503 | ||||||
| Danaher | 60,512 | 15,111,057 | ||||||
| Eli Lilly & Co. | 36,502 | 28,397,096 | ||||||
| Genmab † | 58,903 | 17,660,808 | ||||||
| Thermo Fisher Scientific | 25,657 | 14,912,105 | ||||||
| UnitedHealth Group | 40,134 | 19,854,290 | ||||||
| Vertex Pharmaceuticals † | 52,928 | 22,124,433 | ||||||
| 140,842,813 | ||||||||
| Industrials — 8.25% | ||||||||
| Airbus | 151,850 | 27,967,926 | ||||||
| CSX | 488,383 | 18,104,358 | ||||||
| Howmet Aerospace | 324,506 | 22,205,946 | ||||||
| Ingersoll Rand | 231,262 | 21,958,327 | ||||||
| ITOCHU | 337,400 | 14,407,145 | ||||||
| Siemens | 79,544 | 15,186,007 | ||||||
| Thales | 102,027 | 17,396,852 | ||||||
| Vinci | 117,944 | 15,111,484 | ||||||
| 152,338,045 | ||||||||
| Information Technology — 16.99% | ||||||||
| Apple | 179,304 | 30,747,050 | ||||||
| Intuit | 33,846 | 21,999,900 | ||||||
| KLA | 39,565 | 27,638,922 | ||||||
| Lam Research | 19,285 | 18,736,728 | ||||||
| Microchip Technology | 235,209 | 21,100,599 | ||||||
| Microsoft | 169,133 | 71,157,636 | ||||||
| NVIDIA | 46,806 | 42,292,029 | ||||||
| Salesforce | 102,972 | 31,013,107 | ||||||
| Synopsys † | 23,272 | 13,299,948 | ||||||
| Taiwan Semiconductor Manufacturing | 1,493,550 | 35,887,948 | ||||||
| 313,873,867 | ||||||||
| Materials — 0.84% | ||||||||
| Mondi | 881,271 | 15,522,093 | ||||||
| 15,522,093 | ||||||||
| Utilities — 1.15% | ||||||||
| NTPC | 5,261,375 | 21,183,654 | ||||||
| 21,183,654 | ||||||||
| Total Common Stocks | ||||||||
| (cost $1,458,948,245) | 1,240,380,615 | |||||||
| Preferred Stock — 0.49% | ||||||||
| Petroleo Brasileiro 8.44% ω | 1,210,217 | 9,048,757 | ||||||
| Total Preferred Stock | ||||||||
| (cost $7,349,392) | 9,048,757 | |||||||
| Exchange-Traded Funds — 3.10% | ||||||||
| iShares Core U.S. Aggregate Bond ETF | 285,114 | 27,924,065 | ||||||
| Vanguard Russell 2000 ETF | 344,761 | 29,325,371 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (cost $54,046,837) | 57,249,436 | |||||||
| Troy | ||||||||
| Ounces | ||||||||
| Bullion — 3.95% | ||||||||
| Gold | 32,846 | 72,959,812 | ||||||
| Total Bullion | ||||||||
| (cost $38,406,159) | 72,959,812 | |||||||
60
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Short-Term Investments — 0.84% | ||||||||
| Money Market Mutual Funds — 0.84% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 3,884,030 | $ | 3,884,030 | |||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 3,884,030 | 3,884,030 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 3,884,030 | 3,884,030 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 3,884,030 | 3,884,030 | ||||||
| Total Short-Term Investments | ||||||||
| (cost $15,536,120) | 15,536,120 | |||||||
| Total Value of Securities—98.78% | ||||||||
| (cost $2,017,186,489) | $ | 1,824,805,617 | ||||||
| ° | 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, 2024, the aggregate value of Rule 144A securities was $126,129,067, which represents 6.83% 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, 2024. 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. SOFR01M, SOFR03M, 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. |
| 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. |
| = | 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.” |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2024. Rate will reset at a future date. |
| y | Perpetual security. Maturity date represents next call date. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| † | Non-income producing security. |
| << | Affiliated company. See Note 2 in “Notes to financial statements.” |
| w | Perpetual security with no stated maturity date. |
The following forward foreign currency exchange contracts and futures contracts were outstanding at March 31, 2024:1
Forward Foreign Currency Exchange Contracts
| Currency to | Settlement | Unrealized | Unrealized | ||||||||||||||||||||||
| Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | Depreciation | ||||||||||||||||||||
| JPMCB | JPY | 203,380,000 | USD | (1,365,666 | ) | 5/23/24 | $ | — | $ | (10,113 | ) | ||||||||||||||
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 | |||||||||||||||||||||
| 359 | US Treasury 5 yr Notes | $ | 38,418,611 | $ | 38,399,342 | 6/28/24 | $ | 19,269 | $ | — | $ | (42,067 | ) | ||||||||||||||
| US Treasury 10 yr Ultra | |||||||||||||||||||||||||||
| (28) | Notes | (3,209,063 | ) | (3,177,711 | ) | 6/18/24 | — | (31,352 | ) | (438 | ) | ||||||||||||||||
61
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund
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 | |||||||||||||||||||
| (17) | US Treasury Long Bonds | $ | (2,047,437 | ) | $ | (2,007,284 | ) | 6/18/24 | $ | — | $ | (40,153 | ) | $ | (4,250 | ) | |||||||||
| Total Futures Contracts | $ | 33,214,347 | $ | 19,269 | $ | (71,505 | ) | $ | (46,755 | ) | |||||||||||||||
The use of forward foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The forward 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
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
GS – Goldman Sachs
JPMCB – JPMorgan Chase Bank
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBA – To be announced
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year
Summary of currencies:
JPY – Japanese Yen
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
62
| Delaware Ivy Balanced Fund | March 31, 2024 |
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Agency Collateralized Mortgage Obligations — 1.32% | ||||||||
| Connecticut Avenue Securities Trust | ||||||||
| Series 2022-R01 1M2 144A 7.22% (SOFR + 1.90%) 12/25/41 #, • | 1,750,000 | $ | 1,762,086 | |||||
| Series 2023-R08 1M1 144A 6.82% (SOFR + 1.50%) 10/25/43 #, • | 4,160,856 | 4,178,895 | ||||||
| Fannie Mae REMICs | ||||||||
| Series 2016-36 VB 3.50% 6/25/29 | 3,148,406 | 3,054,233 | ||||||
| Series 2016-71 NB 3.00% 10/25/46 | 4,387,535 | 3,974,030 | ||||||
| Freddie Mac REMICs | ||||||||
| Series 4616 HW 3.00% 6/15/45 | 2,534,912 | 2,370,381 | ||||||
| Freddie Mac Structured Agency | ||||||||
| Credit Risk REMIC Trust | ||||||||
| Series 2021-HQA2 M2 144A 7.37% (SOFR + 2.05%) 12/25/33 #, • | 4,491,757 | 4,548,045 | ||||||
| Series 2023-HQA3 A1 144A 7.17% (SOFR + 1.85%) 11/25/43 #, • | 1,080,042 | 1,092,539 | ||||||
| Total Agency Collateralized Mortgage Obligations | ||||||||
| (cost $21,683,951) | 20,980,209 | |||||||
| Agency Mortgage-Backed Securities — 10.82% | ||||||||
| Fannie Mae S.F. 15 yr | ||||||||
| 2.00% 3/1/37 | 2,337,795 | 2,086,767 | ||||||
| 2.50% 8/1/36 | 2,356,178 | 2,147,317 | ||||||
| 3.00% 11/1/33 | 806,368 | 761,404 | ||||||
| Fannie Mae S.F. 20 yr 2.00% 5/1/41 | 2,106,845 | 1,777,984 | ||||||
| Fannie Mae S.F. 30 yr | ||||||||
| 2.00% 3/1/51 | 1,938,771 | 1,540,138 | ||||||
| 2.00% 9/1/51 | 4,835,184 | 3,839,713 | ||||||
| 2.50% 8/1/50 | 1,756,039 | 1,482,721 | ||||||
| 2.50% 11/1/51 | 622,562 | 518,093 | ||||||
| 2.50% 1/1/52 | 1,903,529 | 1,577,731 | ||||||
| 2.50% 2/1/52 | 1,434,836 | 1,198,453 | ||||||
| 2.50% 4/1/52 | 2,010,816 | 1,672,355 | ||||||
| 3.00% 12/1/51 | 3,292,533 | 2,864,073 | ||||||
| 3.00% 5/1/52 | 2,452,998 | 2,125,083 | ||||||
| 3.00% 6/1/52 | 1,965,382 | 1,704,110 | ||||||
| 3.50% 7/1/50 | 5,498,008 | 4,995,032 | ||||||
| 3.50% 8/1/51 | 3,930,879 | 3,538,350 | ||||||
| 3.50% 6/1/52 | 5,601,533 | 5,074,939 | ||||||
| 3.50% 9/1/52 | 4,430,000 | 3,999,015 | ||||||
| 4.00% 6/1/52 | 2,850,827 | 2,644,290 | ||||||
| Fannie Mae S.F. 30 yr | ||||||||
| 4.50% 5/1/49 | 1,696,511 | 1,636,642 | ||||||
| 4.50% 1/1/50 | 1,953,626 | 1,915,948 | ||||||
| 4.50% 10/1/52 | 8,300,197 | 7,903,694 | ||||||
| 4.50% 2/1/53 | 8,099,410 | 7,712,492 | ||||||
| 5.00% 8/1/53 | 4,167,798 | 4,080,335 | ||||||
| 5.50% 10/1/52 | 3,978,072 | 3,967,006 | ||||||
| 5.50% 11/1/52 | 1,721,854 | 1,727,214 | ||||||
| 6.00% 6/1/53 | 1,071,301 | 1,080,982 | ||||||
| 6.00% 9/1/53 | 4,228,005 | 4,266,211 | ||||||
| 6.50% 10/1/28 | 5,355 | 5,402 | ||||||
| 6.50% 2/1/29 | 1,026 | 1,037 | ||||||
| 6.50% 2/1/32 | 9,169 | 9,554 | ||||||
| 6.50% 9/1/32 | 7,923 | 8,181 | ||||||
| 7.00% 11/1/31 | 8,727 | 8,998 | ||||||
| 7.00% 2/1/32 | 9,022 | 9,302 | ||||||
| 7.00% 3/1/32 | 3,780 | 3,898 | ||||||
| 7.00% 7/1/32 | 4,904 | 5,056 | ||||||
| Fannie Mae S.F. 30 yr TBA 5.50% 4/1/54 | 5,159,000 | 5,133,392 | ||||||
| Freddie Mac S.F. 20 yr | ||||||||
| 2.00% 3/1/41 | 7,598,155 | 6,415,484 | ||||||
| 2.50% 2/1/42 | 3,164,161 | 2,746,851 | ||||||
| 3.00% 3/1/37 | 1,964,465 | 1,803,214 | ||||||
| Freddie Mac S.F. 30 yr | ||||||||
| 2.00% 2/1/52 | 6,072,319 | 4,808,083 | ||||||
| 2.00% 3/1/52 | 3,000,931 | 2,376,784 | ||||||
| 2.50% 11/1/50 | 356,542 | 299,746 | ||||||
| 2.50% 12/1/51 | 1,651,063 | 1,386,778 | ||||||
| 2.50% 1/1/52 | 10,645,455 | 8,889,691 | ||||||
| 3.00% 8/1/51 | 319,023 | 277,191 | ||||||
| 3.00% 1/1/52 | 11,464,857 | 9,867,752 | ||||||
| 3.50% 4/1/52 | 2,978,998 | 2,681,128 | ||||||
| 4.00% 9/1/49 | 1,024,913 | 967,065 | ||||||
| 4.00% 8/1/52 | 6,347,497 | 5,914,404 | ||||||
| 4.00% 9/1/52 | 2,354,467 | 2,184,017 | ||||||
| 4.50% 9/1/52 | 3,553,715 | 3,385,404 | ||||||
| 4.50% 10/1/52 | 4,394,089 | 4,184,182 | ||||||
| 5.00% 9/1/52 | 2,696,678 | 2,654,250 | ||||||
| 5.00% 6/1/53 | 6,519,260 | 6,360,179 | ||||||
| 5.50% 9/1/52 | 1,210,786 | 1,215,528 | ||||||
| 5.50% 11/1/52 | 928,070 | 928,752 | ||||||
| 5.50% 2/1/53 | 1,811,683 | 1,816,547 | ||||||
| 5.50% 3/1/53 | 1,999,715 | 2,007,524 | ||||||
| 5.50% 6/1/53 | 1,364,676 | 1,357,798 | ||||||
| 5.50% 9/1/53 | 2,020,022 | 2,023,230 | ||||||
| 6.50% 12/1/31 | 11,290 | 11,610 | ||||||
| 6.50% 1/1/32 | 8,254 | 8,512 | ||||||
| GNMA II S.F. 30 yr | ||||||||
| 3.00% 12/20/51 | 1,561,809 | 1,377,842 | ||||||
| 3.00% 1/20/52 | 1,541,113 | 1,358,963 | ||||||
63
Schedules of investments
Delaware Ivy Balanced Fund
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Agency Mortgage-Backed Securities (continued) | ||||||||
| GNMA II S.F. 30 yr | ||||||||
| 5.00% 9/20/52 | 1,504,935 | $ | 1,479,936 | |||||
| 5.50% 5/20/53 | 3,167,073 | 3,164,990 | ||||||
| 5.50% 2/20/54 | 1,453,613 | 1,460,719 | ||||||
| 6.00% 2/20/54 | 1,333,556 | 1,345,999 | ||||||
| Total Agency Mortgage-Backed Securities | ||||||||
| (cost $178,570,830) | 171,783,065 | |||||||
| Corporate Bonds — 10.74% | ||||||||
| Banking — 2.66% | ||||||||
| Banco Santander | ||||||||
| 5.538% 3/14/30 µ | 400,000 | 400,104 | ||||||
| 5.588% 8/8/28 | 400,000 | 405,879 | ||||||
| Bank of America | ||||||||
| 2.482% 9/21/36 µ | 1,370,000 | 1,096,521 | ||||||
| 5.468% 1/23/35 µ | 710,000 | 714,897 | ||||||
| 5.819% 9/15/29 µ | 1,001,000 | 1,026,734 | ||||||
| 6.204% 11/10/28 µ | 2,555,000 | 2,644,227 | ||||||
| Bank of Montreal 7.70% 5/26/84 µ | 625,000 | 633,907 | ||||||
| Bank of New York Mellon 4.70% 9/20/25 µ, y | 1,675,000 | 1,647,753 | ||||||
| Barclays | ||||||||
| 6.224% 5/9/34 µ | 406,000 | 418,969 | ||||||
| 7.385% 11/2/28 µ | 443,000 | 469,991 | ||||||
| Citibank 5.488% 12/4/26 | 1,010,000 | 1,021,058 | ||||||
| Citizens Bank 6.064% 10/24/25 µ | 2,585,000 | 2,575,020 | ||||||
| Credit Agricole | ||||||||
| 144A 5.301% 7/12/28 # | 435,000 | 439,658 | ||||||
| 144A 5.365% 3/11/34 # | 775,000 | 777,646 | ||||||
| 144A 6.316% 10/3/29 #, µ | 1,325,000 | 1,374,329 | ||||||
| Deutsche Bank | ||||||||
| 3.729% 1/14/32 µ | 718,000 | 605,233 | ||||||
| 6.72% 1/18/29 µ | 1,232,000 | 1,274,851 | ||||||
| 6.819% 11/20/29 µ | 852,000 | 891,170 | ||||||
| 7.146% 7/13/27 µ | 420,000 | 431,786 | ||||||
| Fifth Third Bancorp 6.361% 10/27/28 µ | 170,000 | 174,040 | ||||||
| Fifth Third Bank 5.852% 10/27/25 µ | 1,430,000 | 1,429,044 | ||||||
| Goldman Sachs Group | ||||||||
| 1.542% 9/10/27 µ | 205,000 | 187,370 | ||||||
| 6.484% 10/24/29 µ | 2,095,000 | 2,204,868 | ||||||
| Huntington Bancshares 6.208% 8/21/29 µ | 645,000 | 660,573 | ||||||
| Huntington National Bank | ||||||||
| 4.552% 5/17/28 µ | 250,000 | 242,500 | ||||||
| 5.65% 1/10/30 | 430,000 | 432,604 | ||||||
| ING Groep 6.083% 9/11/27 µ | 305,000 | 308,874 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 1.953% 2/4/32 µ | 605,000 | 493,140 | ||||||
| 5.00% 8/1/24 µ, y | 2,476,000 | 2,469,460 | ||||||
| 5.012% 1/23/30 µ | 520,000 | 518,085 | ||||||
| 5.336% 1/23/35 µ | 790,000 | 793,387 | ||||||
| 6.254% 10/23/34 µ | 249,000 | 266,143 | ||||||
| KeyBank | ||||||||
| 4.15% 8/8/25 | 250,000 | 243,093 | ||||||
| 5.85% 11/15/27 | 479,000 | 475,286 | ||||||
| KeyCorp 6.401% 3/6/35 µ | 400,000 | 408,728 | ||||||
| Morgan Stanley | ||||||||
| 2.484% 9/16/36 µ | 790,000 | 625,155 | ||||||
| 5.173% 1/16/30 µ | 425,000 | 425,496 | ||||||
| 5.25% 4/21/34 µ | 193,000 | 191,560 | ||||||
| 5.466% 1/18/35 µ | 470,000 | 474,379 | ||||||
| 6.138% 10/16/26 µ | 1,085,000 | 1,097,774 | ||||||
| 6.296% 10/18/28 µ | 728,000 | 753,434 | ||||||
| 6.407% 11/1/29 µ | 420,000 | 440,579 | ||||||
| 6.627% 11/1/34 µ | 575,000 | 629,429 | ||||||
| PNC Financial Services Group | ||||||||
| 5.676% 1/22/35 µ | 440,000 | 444,206 | ||||||
| 6.875% 10/20/34 µ | 1,860,000 | 2,037,815 | ||||||
| Popular 7.25% 3/13/28 | 375,000 | 384,554 | ||||||
| State Street 4.993% 3/18/27 | 680,000 | 681,518 | ||||||
| SVB Financial Group 4.57% 4/29/33 ‡ | 1,413,000 | 896,372 | ||||||
| UBS Group 144A 5.699% 2/8/35 #, µ | 250,000 | 251,379 | ||||||
| US Bancorp | ||||||||
| 3.10% 4/27/26 | 1,320,000 | 1,266,383 | ||||||
| 4.653% 2/1/29 µ | 508,000 | 498,120 | ||||||
| 5.384% 1/23/30 µ | 200,000 | 200,935 | ||||||
| 5.678% 1/23/35 µ | 450,000 | 454,568 | ||||||
| 6.787% 10/26/27 µ | 255,000 | 264,127 | ||||||
| 42,174,711 | ||||||||
| Basic Industry — 0.23% | ||||||||
| BHP Billiton Finance USA 5.25% 9/8/30 | 289,000 | 294,044 | ||||||
| Celanese US Holdings 6.05% 3/15/25 | 545,000 | 546,185 | ||||||
| Freeport-McMoRan 5.45% 3/15/43 | 260,000 | 249,141 | ||||||
| LYB International Finance III | ||||||||
| 3.625% 4/1/51 | 510,000 | 361,618 | ||||||
| 5.50% 3/1/34 | 895,000 | 897,015 | ||||||
| Sherwin-Williams 3.30% | ||||||||
| 5/15/50 | 1,775,000 | 1,256,175 | ||||||
| 3,604,178 | ||||||||
64
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Brokerage — 0.13% | ||||||||
| Jefferies Financial Group | ||||||||
| 5.875% 7/21/28 | 1,472,000 | $ | 1,499,300 | |||||
| 6.05% 3/12/25 | 625,000 | 625,702 | ||||||
| 2,125,002 | ||||||||
| Capital Goods — 0.33% | ||||||||
| Boeing 2.196% 2/4/26 | 1,265,000 | 1,184,832 | ||||||
| Northrop Grumman 5.20% 6/1/54 | 810,000 | 789,506 | ||||||
| Standard Industries 144A 4.375% 7/15/30 # | 883,000 | 794,029 | ||||||
| Waste Management 3.15% 11/15/27 | 2,660,000 | 2,522,585 | ||||||
| 5,290,952 | ||||||||
| Communications — 1.24% | ||||||||
| American Tower | ||||||||
| 2.30% 9/15/31 | 1,765,000 | 1,441,569 | ||||||
| 5.20% 2/15/29 | 400,000 | 400,003 | ||||||
| 5.45% 2/15/34 | 350,000 | 350,703 | ||||||
| AT&T 3.50% 9/15/53 | 2,550,000 | 1,800,516 | ||||||
| CCO Holdings 144A 4.25% 1/15/34 # | 1,730,000 | 1,307,411 | ||||||
| Charter Communications Operating 3.85% 4/1/61 | 2,635,000 | 1,565,191 | ||||||
| Comcast 3.45% 2/1/50 | 4,325,000 | 3,165,657 | ||||||
| Crown Castle 1.05% 7/15/26 | 735,000 | 668,420 | ||||||
| Discovery Communications 4.00% 9/15/55 | 915,000 | 626,703 | ||||||
| Frontier Communications Holdings 144A 5.00% 5/1/28 # | 475,000 | 441,245 | ||||||
| Rogers Communications | ||||||||
| 5.00% 2/15/29 | 745,000 | 740,137 | ||||||
| 5.30% 2/15/34 | 830,000 | 822,909 | ||||||
| Sprint Capital 6.875% 11/15/28 | 780,000 | 831,817 | ||||||
| T-Mobile USA | ||||||||
| 3.875% 4/15/30 | 4,425,000 | 4,146,565 | ||||||
| 5.75% 1/15/34 | 270,000 | 281,319 | ||||||
| Verizon Communications | ||||||||
| 2.875% 11/20/50 | 1,135,000 | 741,953 | ||||||
| 5.50% 2/23/54 | 305,000 | 308,516 | ||||||
| 19,640,634 | ||||||||
| Consumer Cyclical — 0.34% | ||||||||
| Amazon.com 2.50% 6/3/50 | 750,000 | 479,114 | ||||||
| Carnival 144A 4.00% 8/1/28 # | 455,000 | 424,137 | ||||||
| Ford Motor Credit | ||||||||
| 5.80% 3/5/27 | 585,000 | 587,413 | ||||||
| 5.80% 3/8/29 | 430,000 | 431,910 | ||||||
| 6.798% 11/7/28 | 200,000 | 208,873 | ||||||
| 6.95% 6/10/26 | 425,000 | 434,354 | ||||||
| General Motors | ||||||||
| 5.40% 4/1/48 | 521,000 | 478,350 | ||||||
| 5.95% 4/1/49 | 174,000 | 171,731 | ||||||
| General Motors Financial 5.75% 2/8/31 | 230,000 | 232,574 | ||||||
| VICI Properties 4.95% 2/15/30 | 2,075,000 | 2,008,163 | ||||||
| 5,456,619 | ||||||||
| Consumer Non-Cyclical — 0.73% | ||||||||
| AbbVie | ||||||||
| 4.95% 3/15/31 | 770,000 | 775,881 | ||||||
| 5.35% 3/15/44 | 295,000 | 300,995 | ||||||
| Amgen | ||||||||
| 5.15% 3/2/28 | 1,930,000 | 1,943,302 | ||||||
| 5.25% 3/2/30 | 320,000 | 324,985 | ||||||
| 5.25% 3/2/33 | 2,408,000 | 2,429,346 | ||||||
| Cardinal Health 5.125% 2/15/29 | 665,000 | 666,588 | ||||||
| HCA | ||||||||
| 3.50% 7/15/51 | 400,000 | 276,527 | ||||||
| 5.45% 4/1/31 | 390,000 | 392,169 | ||||||
| 6.00% 4/1/54 | 545,000 | 553,649 | ||||||
| Merck & Co. 2.75% 12/10/51 | 3,750,000 | 2,453,886 | ||||||
| Royalty Pharma 3.55% 9/2/50 | 1,834,000 | 1,264,598 | ||||||
| Zoetis 5.40% 11/14/25 | 215,000 | 215,353 | ||||||
| 11,597,279 | ||||||||
| Electric — 1.34% | ||||||||
| AEP Texas 5.40% 6/1/33 | 220,000 | 219,651 | ||||||
| Ameren Illinois 3.25% 3/15/50 | 2,000,000 | 1,424,555 | ||||||
| Appalachian Power 4.50% 8/1/32 | 1,195,000 | 1,121,851 | ||||||
| Berkshire Hathaway Energy 4.60% 5/1/53 | 3,000,000 | 2,600,553 | ||||||
| Commonwealth Edison 2.20% 3/1/30 | 2,070,000 | 1,777,650 | ||||||
| Constellation Energy Generation 5.75% 3/15/54 | 680,000 | 681,622 | ||||||
| DTE Energy 5.10% 3/1/29 | 565,000 | 562,979 | ||||||
| Duke Energy Carolinas 4.95% 1/15/33 | 1,345,000 | 1,338,595 | ||||||
| Entergy | ||||||||
| 2.80% 6/15/30 | 1,765,000 | 1,543,792 | ||||||
| 3.75% 6/15/50 | 700,000 | 514,425 | ||||||
| Fells Point Funding Trust 144A 3.046% 1/31/27 # | 1,185,000 | 1,112,134 | ||||||
| Florida Power & Light 3.15% 10/1/49 | 2,575,000 | 1,815,534 | ||||||
| National Rural Utilities Cooperative Finance 5.80% 1/15/33 | 95,000 | 98,901 | ||||||
65
Schedules of investments
Delaware Ivy Balanced Fund
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Electric (continued) | ||||||||
| NextEra Energy Capital Holdings | ||||||||
| 3.00% 1/15/52 | 635,000 | $ | 411,011 | |||||
| 5.55% 3/15/54 | 635,000 | 631,339 | ||||||
| 5.749% 9/1/25 | 1,370,000 | 1,376,335 | ||||||
| Oglethorpe Power | ||||||||
| 5.05% 10/1/48 | 1,584,000 | 1,426,655 | ||||||
| 144A 6.20% 12/1/53 # | 145,000 | 152,562 | ||||||
| PacifiCorp | ||||||||
| 5.10% 2/15/29 | 145,000 | 146,156 | ||||||
| 5.45% 2/15/34 | 245,000 | 245,913 | ||||||
| 5.80% 1/15/55 | 225,000 | 222,095 | ||||||
| Southern California Edison 5.20% 6/1/34 | 540,000 | 534,832 | ||||||
| Vistra Operations 144A 6.95% 10/15/33 # | 1,310,000 | 1,399,456 | ||||||
| 21,358,596 | ||||||||
| Energy — 1.05% | ||||||||
| BP Capital Markets 4.875% 3/22/30 µ, y | 785,000 | 751,359 | ||||||
| BP Capital Markets America | ||||||||
| 2.721% 1/12/32 | 760,000 | 655,112 | ||||||
| 4.812% 2/13/33 | 305,000 | 301,167 | ||||||
| Cheniere Energy Partners 4.50% 10/1/29 | 680,000 | 647,854 | ||||||
| ConocoPhillips 5.05% 9/15/33 | 1,360,000 | 1,373,190 | ||||||
| Diamondback Energy | ||||||||
| 3.125% 3/24/31 | 555,000 | 491,967 | ||||||
| 4.25% 3/15/52 | 731,000 | 592,430 | ||||||
| Enbridge | ||||||||
| 5.70% 3/8/33 | 880,000 | 901,599 | ||||||
| 6.70% 11/15/53 | 285,000 | 322,379 | ||||||
| Energy Transfer | ||||||||
| 5.95% 5/15/54 | 440,000 | 439,371 | ||||||
| 6.10% 12/1/28 | 1,070,000 | 1,110,232 | ||||||
| 6.25% 4/15/49 | 985,000 | 1,011,923 | ||||||
| 6.50% 11/15/26 µ, y | 950,000 | 933,510 | ||||||
| Enterprise Products Operating | ||||||||
| 3.30% 2/15/53 | 1,025,000 | 728,309 | ||||||
| 5.35% 1/31/33 | 1,975,000 | 2,016,960 | ||||||
| Kinder Morgan | ||||||||
| 5.00% 2/1/29 | 210,000 | 209,266 | ||||||
| 5.20% 6/1/33 | 460,000 | 453,259 | ||||||
| Occidental Petroleum 6.125% 1/1/31 | 766,000 | 794,013 | ||||||
| ONEOK | ||||||||
| 5.65% 11/1/28 | 195,000 | 199,441 | ||||||
| 5.80% 11/1/30 | 265,000 | 273,214 | ||||||
| 6.05% 9/1/33 | 178,000 | 185,732 | ||||||
| Targa Resources Partners 5.00% 1/15/28 | 2,335,000 | 2,303,302 | ||||||
| 16,695,589 | ||||||||
| Finance Companies — 0.45% | ||||||||
| AerCap Ireland Capital DAC 6.50% 7/15/25 | 2,605,000 | 2,631,027 | ||||||
| Air Lease | ||||||||
| 4.625 % 10/1/28 | 608,000 | 592,066 | ||||||
| 5.10% 3/1/29 | 439,000 | 436,436 | ||||||
| American Tower Trust #1 144A 3.652% 3/15/48 # | 2,000,000 | 1,895,007 | ||||||
| Aviation Capital Group 144A 3.50% 11/1/27 # | 1,635,000 | 1,522,452 | ||||||
| 7,076,988 | ||||||||
| Insurance — 0.94% | ||||||||
| American International Group 5.125% 3/27/33 | 750,000 | 746,318 | ||||||
| Aon 5.00% 9/12/32 | 2,080,000 | 2,062,757 | ||||||
| Aon North America | ||||||||
| 5.30% 3/1/31 | 910,000 | 917,441 | ||||||
| 5.75% 3/1/54 | 150,000 | 153,921 | ||||||
| Athene Global Funding 144A 1.985% 8/19/28 # | 170,000 | 146,934 | ||||||
| Athene Holding | ||||||||
| 3.45% 5/15/52 | 1,275,000 | 837,777 | ||||||
| 3.95% 5/25/51 | 565,000 | 415,682 | ||||||
| 6.25% 4/1/54 | 325,000 | 330,227 | ||||||
| New York Life Global Funding 144A 5.45% 9/18/26 # | 1,630,000 | 1,643,884 | ||||||
| Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 # | 5,000,000 | 3,919,743 | ||||||
| UnitedHealth Group | ||||||||
| 4.50% 4/15/33 | 2,594,000 | 2,511,813 | ||||||
| 4.90% 4/15/31 | 600,000 | 600,546 | ||||||
| 5.375% 4/15/54 | 570,000 | 580,151 | ||||||
| 14,867,194 | ||||||||
| Natural Gas — 0.02% | ||||||||
| Atmos Energy 2.85% 2/15/52 | 495,000 | 322,975 | ||||||
| 322,975 | ||||||||
| Real Estate Investment Trusts — 0.34% | ||||||||
| American Homes 4 Rent | ||||||||
| 3.625% 4/15/32 | 1,395,000 | 1,227,210 | ||||||
| 5.50% 2/1/34 | 580,000 | 578,472 | ||||||
| Extra Space Storage 2.35% 3/15/32 | 4,400,000 | 3,523,210 | ||||||
| 5,328,892 | ||||||||
66
| Principal | ||||||||
| amount° | Value (US $) | |||||||
| Corporate Bonds (continued) | ||||||||
| Technology — 0.83% | ||||||||
| Apple | ||||||||
| 1.40% 8/5/28 | 445,000 | $ | 391,307 | |||||
| 2.70% 8/5/51 | 430,000 | 284,876 | ||||||
| Autodesk | ||||||||
| 2.40% 12/15/31 | 605,000 | 506,957 | ||||||
| 2.85% 1/15/30 | 2,305,000 | 2,061,378 | ||||||
| Broadcom 144A 3.469% 4/15/34 # | 1,450,000 | 1,243,027 | ||||||
| CDW 3.276% 12/1/28 | 325,000 | 296,827 | ||||||
| CoStar Group 144A 2.80% 7/15/30 # | 2,650,000 | 2,261,570 | ||||||
| Entegris 144A 4.75% 4/15/29 # | 535,000 | 513,312 | ||||||
| Oracle | ||||||||
| 3.60% 4/1/50 | 2,136,000 | 1,544,430 | ||||||
| 4.65% 5/6/30 | 205,000 | 201,103 | ||||||
| TSMC Global 144A 1.75% 4/23/28 # | 4,400,000 | 3,916,495 | ||||||
| 13,221,282 | ||||||||
| Transportation — 0.11% | ||||||||
| Burlington Northern Santa Fe 2.875% 6/15/52 | 1,845,000 | 1,209,861 | ||||||
| ERAC USA Finance | ||||||||
| 144A 4.90% 5/1/33 # | 310,000 | 304,058 | ||||||
| 144A 5.00% 2/15/29 # | 295,000 | 295,664 | ||||||
| 1,809,583 | ||||||||
| Total Corporate Bonds | ||||||||
| (cost $179,780,688) | 170,570,474 | |||||||
| Non-Agency Asset-Backed Securities — 0.50% | ||||||||
| GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 2,500,000 | 2,509,932 | ||||||
| Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 3,000,000 | 3,012,522 | ||||||
| Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 2,500,000 | 2,503,668 | ||||||
| Total Non-Agency Asset-Backed Securities | ||||||||
| (cost $7,999,275) | 8,026,122 | |||||||
| Non-Agency Collateralized Mortgage Obligations — 0.21% | ||||||||
| PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, • | 3,576,634 | 3,421,830 | ||||||
| Total Non-Agency Collateralized Mortgage Obligations | ||||||||
| (cost $3,414,470) | 3,421,830 | |||||||
| Non-Agency Commercial Mortgage-Backed Securities — 2.81% | ||||||||
| BANK | ||||||||
| Series 2021-BN32 A5 2.643% 4/15/54 | 7,060,000 | 6,058,587 | ||||||
| Series 2021-BN36 A5 2.47% 9/15/64 | 10,096,000 | 8,494,637 | ||||||
| Series 2022-BNK39 B 3.239% 2/15/55 • | 588,000 | 471,753 | ||||||
| Series 2022-BNK39 C 3.27% 2/15/55 • | 432,000 | 322,802 | ||||||
| Series 2022-BNK40 A4 3.393% 3/15/64 • | 8,150,000 | 7,275,472 | ||||||
| Series 2022-BNK40 B 3.393% 3/15/64 • | 1,000,000 | 829,006 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2022-B32 A5 3.002% 1/15/55 • | 9,000,000 | 7,505,729 | ||||||
| Series 2022-B32 B 3.202% 1/15/55 • | 975,000 | 758,550 | ||||||
| Series 2022-B32 C 3.454% 1/15/55 • | 1,196,000 | 893,775 | ||||||
| Series 2022-B33 A5 3.458% 3/15/55 | 8,100,000 | 7,214,945 | ||||||
| Series 2022-B33 B 3.615% 3/15/55 • | 500,000 | 406,415 | ||||||
| Series 2022-B33 C 3.615% 3/15/55 • | 500,000 | 385,962 | ||||||
| BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | 4,500,000 | 4,003,326 | ||||||
| Total Non-Agency Commercial Mortgage-Backed Securities | ||||||||
| (cost $52,923,630) | 44,620,959 | |||||||
| US Treasury Obligations — 9.25% | ||||||||
| US Treasury Bonds | ||||||||
| 1.75% 8/15/41 | 5,655,000 | 3,818,451 | ||||||
| 3.875% 2/15/43 | 17,225,000 | 15,928,416 | ||||||
| 4.25% 2/15/54 | 6,220,000 | 6,118,439 | ||||||
| 4.375% 2/15/38 | 2,030,000 | 2,071,472 | ||||||
| 4.75% 11/15/43 | 115,000 | 119,331 | ||||||
| US Treasury Notes | ||||||||
| 3.75% 12/31/28 | 7,050,000 | 6,900,876 | ||||||
| 4.00% 1/31/31 | 31,455,000 | 31,049,526 | ||||||
| 4.00% 2/15/34 | 1,240,000 | 1,219,656 | ||||||
| 4.25% 3/15/27 | 4,045,000 | 4,026,671 | ||||||
| 4.25% 2/28/29 | 34,240,000 | 34,290,826 | ||||||
| 4.25% 2/28/31 | 6,160,000 | 6,172,031 | ||||||
| 4.50% 11/15/33 | 33,790,000 | 34,547,636 | ||||||
| 4.625% 2/28/26 | 635,000 | 634,529 | ||||||
| Total US Treasury Obligations | ||||||||
| (cost $149,519,019) | 146,897,860 |
67
Schedules of investments
Delaware Ivy Balanced Fund
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common Stocks — 60.74% | ||||||||
| Communication Services — 4.49% | ||||||||
| Alphabet Class A † | 180,899 | $ | 27,303,086 | |||||
| Alphabet Class C † | 121,616 | 18,517,252 | ||||||
| AT&T | 246,314 | 4,335,126 | ||||||
| Meta Platforms Class A | 43,448 | 21,097,480 | ||||||
| 71,252,944 | ||||||||
| Consumer Discretionary — 4.58% | ||||||||
| Amazon.com † | 198,994 | 35,894,538 | ||||||
| AutoZone † | 6,205 | 19,555,988 | ||||||
| Home Depot | 45,022 | 17,270,439 | ||||||
| 72,720,965 | ||||||||
| Consumer Staples — 2.33% | ||||||||
| Costco Wholesale | 32,125 | 23,535,739 | ||||||
| Procter & Gamble | 83,483 | 13,545,117 | ||||||
| 37,080,856 | ||||||||
| Energy — 1.33% | ||||||||
| ConocoPhillips | 138,413 | 17,617,207 | ||||||
| Schlumberger | 63,278 | 3,468,267 | ||||||
| 21,085,474 | ||||||||
| Financials — 14.65% | ||||||||
| Allstate | 97,913 | 16,939,928 | ||||||
| American Express | 68,026 | 15,488,840 | ||||||
| Aon Class A | 47,509 | 15,854,703 | ||||||
| Blackstone | 106,324 | 13,967,784 | ||||||
| Capital One Financial | 187,373 | 27,897,966 | ||||||
| CME Group | 80,687 | 17,371,104 | ||||||
| Discover Financial Services | 36,478 | 4,781,901 | ||||||
| Fiserv † | 151,237 | 24,170,697 | ||||||
| JPMorgan Chase & Co. | 78,422 | 15,707,927 | ||||||
| KKR & Co. | 284,534 | 28,618,430 | ||||||
| Mastercard Class A | 37,734 | 18,171,562 | ||||||
| Morgan Stanley | 205,703 | 19,368,995 | ||||||
| Progressive | 69,594 | 14,393,431 | ||||||
| 232,733,268 | ||||||||
| Healthcare — 7.03% | ||||||||
| Abbott Laboratories | 156,761 | 17,817,455 | ||||||
| Danaher | 64,186 | 16,028,528 | ||||||
| HCA Healthcare | 90,613 | 30,222,154 | ||||||
| UnitedHealth Group | 69,487 | 34,375,219 | ||||||
| Vertex Pharmaceuticals † | 31,743 | 13,268,891 | ||||||
| 111,712,247 | ||||||||
| Industrials — 4.10% | ||||||||
| Airbus ADR | 564,970 | 26,079,015 | ||||||
| Howmet Aerospace | 266,493 | 18,236,116 | ||||||
| United Rentals | 28,921 | 20,855,223 | ||||||
| 65,170,354 | ||||||||
| Information Technology — 18.70% | ||||||||
| Apple | 176,126 | 30,202,087 | ||||||
| Applied Materials | 117,940 | 24,322,766 | ||||||
| Intuit | 14,834 | 9,642,100 | ||||||
| Microchip Technology | 123,511 | 11,080,172 | ||||||
| Micron Technology | 47,880 | 5,644,573 | ||||||
| Microsoft | 196,850 | 82,818,732 | ||||||
| NVIDIA | 43,104 | 38,947,050 | ||||||
| Salesforce | 47,000 | 14,155,460 | ||||||
| Seagate Technology Holdings | 97,901 | 9,109,688 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 140,182 | 19,071,761 | ||||||
| TE Connectivity | 149,247 | 21,676,634 | ||||||
| VeriSign † | 58,853 | 11,153,232 | ||||||
| Zebra Technologies Class A † | 63,507 | 19,143,550 | ||||||
| 296,967,805 | ||||||||
| Materials — 3.11% | ||||||||
| Crown Holdings | 134,947 | 10,695,899 | ||||||
| Linde | 47,192 | 21,912,190 | ||||||
| Sherwin-Williams | 48,339 | 16,789,585 | ||||||
| 49,397,674 | ||||||||
| Utilities — 0.42% | ||||||||
| NextEra Energy | 103,761 | 6,631,366 | ||||||
| 6,631,366 | ||||||||
| Total Common Stocks | ||||||||
| (cost $605,109,374) | 964,752,953 | |||||||
| Exchange-Traded Funds — 2.95% | ||||||||
| iShares Latin America 40 ETF | 136,080 | 3,870,115 | ||||||
| iShares MSCI China ETF | 137,353 | 5,457,035 | ||||||
| iShares MSCI Emerging Markets Asia ETF | 92,535 | 6,302,559 | ||||||
| Vanguard Russell 2000 ETF | 366,507 | 31,175,085 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (cost $44,176,964) | 46,804,794 | |||||||
| Short-Term Investments — 0.43% | ||||||||
| Money Market Mutual Funds — 0.43% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 1,689,197 | 1,689,197 | ||||||
| Fidelity Investments Money | ||||||||
| Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 1,689,197 | 1,689,197 | ||||||
| Goldman Sachs Financial | ||||||||
| Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,689,197 | 1,689,197 | ||||||
68
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Short-Term Investments (continued) | ||||||||
| Money Market Mutual Funds (continued) | ||||||||
| Morgan Stanley Institutional | ||||||||
| Liquidity Funds Government | ||||||||
| Portfolio – Institutional Class | ||||||||
| (seven-day effective yield 5.22%) | 1,689,197 | $ | 1,689,197 | |||||
| Total Short-Term Investments | ||||||||
| (cost $6,756,788) | 6,756,788 | |||||||
| Total Value of Securities—99.77% | ||||||||
| (cost $1,249,934,989) | $ | 1,584,615,054 | ||||||
| ° | 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, 2024, the aggregate value of Rule 144A securities was $46,661,981, which represents 2.94% 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, 2024. 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. SOFR01M, SOFR03M, 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. |
| m | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2024. Rate will reset at a future date. |
| y | Perpetual security. Maturity date represents next call date. |
| ‡ | Non-income producing security. Security is currently in default. |
| † | Non-income producing security. |
The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2024:1
Forward Foreign Currency Exchange Contracts
| Currency to | Settlement | Unrealized | Unrealized | ||||||||||||||||||||||
| Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | Depreciation | ||||||||||||||||||||
| JPMCB | JPY | 426,300,000 | USD | (2,862,541 | ) | 5/23/24 | $ | — | $ | (21,197 | ) | ||||||||||||||
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 | |||||||||||||||||||||
| 905 | US Treasury 5 yr Notes | $ | 96,849,145 | $ | 96,731,088 | 6/28/24 | $ | 118,057 | $ | — | $ | (106,048 | ) | ||||||||||||||
| US Treasury 10 yr | |||||||||||||||||||||||||||
| (37) | Notes | (4,099,485 | ) | (4,071,352 | ) | 6/18/24 | — | (28,133 | ) | 2,891 | |||||||||||||||||
| US Treasury 10 yr Ultra | |||||||||||||||||||||||||||
| (186) | Notes | (21,317,345 | ) | (21,109,079 | ) | 6/18/24 | — | (208,266 | ) | (2,907 | ) | ||||||||||||||||
| US Treasury Long | |||||||||||||||||||||||||||
| (40) | Bonds | (4,817,500 | ) | (4,723,022 | ) | 6/18/24 | — | (94,478 | ) | (10,000 | ) | ||||||||||||||||
| US Treasury Ultra | |||||||||||||||||||||||||||
| 11 | Bonds | 1,419,000 | 1,384,912 | 6/18/24 | 34,088 | — | 5,156 | ||||||||||||||||||||
| Total Futures Contracts | $ | 68,212,547 | $ | 152,145 | $ | (330,877 | ) | $ | (110,908 | ) | |||||||||||||||||
69
Schedules of investments
Delaware Ivy Balanced Fund
Swap Contracts
CDS Contracts2
| Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation4 | Variation Margin Due from (Due to) Brokers | ||||||||||||||||||
| Centrally Cleared: | ||||||||||||||||||||||||
| Protection Purchased/Moody’s Ratings: | ||||||||||||||||||||||||
| CDX.NA.HY.415 12/20/28-Quarterly | 5,544,000 | 5.000 | % | $ | (408,152 | ) | $ | (288,253 | ) | $ | (119,899 | ) | $ | 1,190 | ||||||||||
The use of forward foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The forward 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." |
| 2 | 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). 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 CDS agreement. |
| 3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
| 4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(9,240). |
| 5 | Markit's North American High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market. |
Summary of abbreviations:
ADR – American Depositary Receipt
CDX.NA.HY – Credit Default Swap Index North America High Yield
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
JPMCB – JPMorgan Chase Bank
MSCI – Morgan Stanley Capital International
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBA – To be announced
yr – Year
Summary of currencies:
JPY – Japanese Yen
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
70
| Delaware Ivy Natural Resources Fund | March 31, 2024 |
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Closed-Ended Trust — 2.06% | ||||||||
| Sprott Physical Uranium Trust † | 201,019 | $ | 4,162,698 | |||||
| Total Closed-Ended Trust | ||||||||
| (cost $2,493,157) | 4,162,698 | |||||||
| Common Stocks — 97.86% | ||||||||
| Agriculture — 5.60% | ||||||||
| Bunge Global | 70,889 | 7,267,540 | ||||||
| Darling Ingredients † | 87,928 | 4,089,531 | ||||||
| 11,357,071 | ||||||||
| Aluminum — 2.63% | ||||||||
| Alcoa | 157,992 | 5,338,550 | ||||||
| 5,338,550 | ||||||||
| Construction & Engineering — 2.66% | ||||||||
| Arcosa | 62,812 | 5,393,038 | ||||||
| 5,393,038 | ||||||||
| Construction Materials — 0.49% | ||||||||
| CRH | 11,588 | 998,649 | ||||||
| 998,649 | ||||||||
| Copper — 2.53% | ||||||||
| ERO Copper † | 265,444 | 5,118,598 | ||||||
| 5,118,598 | ||||||||
| Diversified Metals & Mining — 14.69% | ||||||||
| Anglo American | 403,997 | 9,952,322 | ||||||
| China Metal Recycling Holdings =, † | 30,000,000 | 0 | ||||||
| Glencore † | 1,379,787 | 7,580,742 | ||||||
| Hudbay Minerals | 1,011,314 | 7,079,198 | ||||||
| Lifezone Holdings † | 180,029 | 1,380,822 | ||||||
| MP Materials † | 263,387 | 3,766,434 | ||||||
| 29,759,518 | ||||||||
| Electrical Components & Equipment — 1.24% | ||||||||
| GrafTech International | 702,341 | 969,231 | ||||||
| Sunrun † | 116,589 | 1,536,643 | ||||||
| 2,505,874 | ||||||||
| Fertilizers & Agricultural Chemicals — 8.23% | ||||||||
| CF Industries Holdings | 121,634 | 10,121,165 | ||||||
| Nutrien | 120,541 | 6,546,582 | ||||||
| 16,667,747 | ||||||||
| Forest Products — 3.95% | ||||||||
| Louisiana-Pacific | 56,765 | 4,763,151 | ||||||
| West Fraser Timber | 37,614 | 3,247,819 | ||||||
| 8,010,970 | ||||||||
| Gold — 13.19% | ||||||||
| Endeavour Mining | 345,487 | 7,016,148 | ||||||
| Newmont | 332,746 | 11,925,616 | ||||||
| Wheaton Precious Metals | 165,413 | 7,795,915 | ||||||
| 26,737,679 | ||||||||
| Heavy Electrical Equipment — 0.64% | ||||||||
| Net Power † | 113,834 | 1,296,569 | ||||||
| 1,296,569 | ||||||||
| Industrial Gases — 1.02% | ||||||||
| Air Products and Chemicals | 8,506 | 2,060,749 | ||||||
| 2,060,749 | ||||||||
| Integrated Oil & Gas — 10.40% | ||||||||
| BP ADR | 108,909 | 4,103,691 | ||||||
| Shell | 388,212 | 12,862,022 | ||||||
| Unit | 111,299 | 4,118,063 | ||||||
| 21,083,776 | ||||||||
| Oil & Gas Drilling — 2.44% | ||||||||
| Valaris † | 65,754 | 4,948,646 | ||||||
| 4,948,646 | ||||||||
| Oil & Gas Equipment & Services — 3.37% | ||||||||
| Schlumberger | 124,459 | 6,821,598 | ||||||
| 6,821,598 | ||||||||
| Oil & Gas Exploration & Production — 14.63% | ||||||||
| Chesapeake Energy | 69,278 | 6,153,965 | ||||||
| Chord Energy | 29,474 | 5,253,446 | ||||||
| Kimbell Royalty Partners | 376,748 | 5,847,129 | ||||||
| Parex Resources | 117,385 | 1,875,317 | ||||||
| Permian Resources | 354,821 | 6,266,139 | ||||||
| Tourmaline Oil | 90,889 | 4,249,382 | ||||||
| 29,645,378 | ||||||||
| Oil & Gas Refining & Marketing — 2.23% | ||||||||
| Valero Energy | 26,529 | 4,528,235 | ||||||
| 4,528,235 | ||||||||
| Paper Products — 1.51% | ||||||||
| Sylvamo | 49,581 | 3,061,131 | ||||||
| 3,061,131 | ||||||||
| REIT Specialty — 3.06% | ||||||||
| Weyerhaeuser | 172,638 | 6,199,431 | ||||||
| 6,199,431 | ||||||||
| Renewable Electricity — 0.50% | ||||||||
| Spruce Power Holding † | 257,643 | 1,022,843 | ||||||
| 1,022,843 | ||||||||
| Specialty Chemicals — 2.33% | ||||||||
| Corteva | 81,693 | 4,711,235 | ||||||
| 4,711,235 | ||||||||
| Steel — 0.52% | ||||||||
| Metallus † | 47,219 | 1,050,623 | ||||||
| 1,050,623 | ||||||||
| Total Common Stocks | ||||||||
| (cost $224,857,803) | 198,317,908 | |||||||
71
Schedules of investments
Delaware Ivy Natural Resources Fund
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Short-Term Investments — 0.42% | ||||||||
| Money Market Mutual Funds — 0.42% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 214,044 | $ | 214,044 | |||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 214,043 | 214,043 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 214,043 | 214,043 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 214,044 | 214,044 | ||||||
| Total Short-Term Investments | ||||||||
| (cost $856,174) | 856,174 | |||||||
| Total Value of Securities—100.34% | ||||||||
| (cost $228,207,134) | $ | 203,336,780 | ||||||
| † | 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.” |
Summary of abbreviations:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
72
| Delaware Ivy Science and Technology Fund | March 31, 2024 |
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common Stocks — 99.59% t | ||||||||
| Communication Services — 18.67% | ||||||||
| Meta Platforms Class A | 1,053,931 | $ | 511,767,815 | |||||
| Netflix † | 297,486 | 180,672,172 | ||||||
| Pinterest Class A † | 6,421,143 | 222,621,028 | ||||||
| Take-Two Interactive Software † | 550,454 | 81,736,915 | ||||||
| T-Mobile US | 511,383 | 83,467,933 | ||||||
| 1,080,265,863 | ||||||||
| Consumer Discretionary — 8.13% | ||||||||
| Amazon.com † | 1,681,692 | 303,343,603 | ||||||
| DraftKings Class A † | 1,884,322 | 85,567,062 | ||||||
| Luminar Technologies † | 7,068,682 | 13,925,304 | ||||||
| MercadoLibre † | 44,796 | 67,729,760 | ||||||
| 470,565,729 | ||||||||
| Healthcare — 3.96% | ||||||||
| Exact Sciences † | 205,248 | 14,174,427 | ||||||
| Intuitive Surgical † | 306,382 | 122,273,992 | ||||||
| Ionis Pharmaceuticals † | 1,340,222 | 58,098,624 | ||||||
| Repligen † | 188,309 | 34,633,791 | ||||||
| 229,180,834 | ||||||||
| Industrials — 1.66% | ||||||||
| Copart † | 1,181,334 | 68,422,865 | ||||||
| WNS Holdings † | 546,664 | 27,622,932 | ||||||
| 96,045,797 | ||||||||
| Information Technology — 67.17% | ||||||||
| Advanced Micro Devices † | 813,062 | 146,749,560 | ||||||
| Ambarella † | 1,070,724 | 54,360,657 | ||||||
| Analog Devices | 300,130 | 59,362,713 | ||||||
| Apple | 649,305 | 111,342,821 | ||||||
| Arista Networks † | 144,876 | 42,011,142 | ||||||
| ARM Holdings ADR † | 453,159 | 56,640,343 | ||||||
| ASML Holding | 240,804 | 233,693,058 | ||||||
| Autodesk † | 409,053 | 106,525,582 | ||||||
| Broadcom | 219,399 | 290,793,629 | ||||||
| Cadence Design Systems † | 614,142 | 191,170,122 | ||||||
| Intuit | 276,183 | 179,518,950 | ||||||
| Keysight Technologies † | 386,460 | 60,434,615 | ||||||
| Lam Research | 229,143 | 222,628,465 | ||||||
| Microchip Technology | 686,508 | 61,586,633 | ||||||
| Micron Technology | 1,247,669 | 147,087,698 | ||||||
| Microsoft | 1,224,084 | 514,996,621 | ||||||
| NVIDIA | 609,923 | 551,102,026 | ||||||
| ON Semiconductor † | 620,569 | 45,642,850 | ||||||
| Seagate Technology Holdings | 3,281,515 | 305,344,971 | ||||||
| Shopify Class A † | 619,695 | 47,821,863 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 999,510 | 135,983,336 | ||||||
| Universal Display | 107,223 | 18,061,714 | ||||||
| Workday Class A † | 450,637 | 122,911,242 | ||||||
| Zebra Technologies Class A † | 597,676 | 180,163,453 | ||||||
| 3,885,934,064 | ||||||||
| Total Common Stocks | ||||||||
| (cost $3,210,666,129) | 5,761,992,287 | |||||||
| Short-Term Investments — 0.41% | ||||||||
| Money Market Mutual Funds — 0.41% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 5,942,151 | 5,942,151 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 5,942,151 | 5,942,151 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 5,942,151 | 5,942,151 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 5,942,152 | 5,942,152 | ||||||
| Total Short-Term Investments | ||||||||
| (cost $23,768,605) | 23,768,605 | |||||||
| Total Value of Securities—100.00% | ||||||||
| (cost $3,234,434,734) | $ | 5,785,760,892 | ||||||
| t | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
| † | Non-income producing security. |
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
73
Schedules of investments
| Delaware Real Estate Securities Fund | March 31, 2024 |
| Number of | ||||||||
| shares | Value (US $) | |||||||
| Common Stocks — 99.21% | ||||||||
| Real Estate Operating Companies/Developer — 3.07% | ||||||||
| Corp Inmobiliaria Vesta ADR | 43,942 | $ | 1,724,284 | |||||
| DigitalBridge Group | 96,405 | 1,857,724 | ||||||
| 3,582,008 | ||||||||
| Real Estate Services — 1.05% | ||||||||
| CBRE Group Class A † | 12,592 | 1,224,446 | ||||||
| 1,224,446 | ||||||||
| REIT Healthcare — 11.70% | ||||||||
| American Healthcare REIT | 128,943 | 1,901,909 | ||||||
| Welltower | 125,712 | 11,746,529 | ||||||
| 13,648,438 | ||||||||
| REIT Hotel — 2.28% | ||||||||
| Ryman Hospitality Properties | 13,271 | 1,534,260 | ||||||
| Sunstone Hotel Investors | 90,667 | 1,010,031 | ||||||
| Xenia Hotels & Resorts | 7,194 | 107,982 | ||||||
| 2,652,273 | ||||||||
| REIT Industrial — 11.33% | ||||||||
| First Industrial Realty Trust | 48,140 | 2,529,275 | ||||||
| Prologis | 82,049 | 10,684,421 | ||||||
| 13,213,696 | ||||||||
| REIT Information Technology — 21.31% | ||||||||
| American Tower | 15,277 | 3,018,583 | ||||||
| Digital Realty Trust | 36,678 | 5,283,099 | ||||||
| Equinix | 13,861 | 11,439,899 | ||||||
| VICI Properties | 171,641 | 5,113,185 | ||||||
| 24,854,766 | ||||||||
| REIT Manufactured Housing — 5.88% | ||||||||
| Equity LifeStyle Properties | 35,425 | 2,281,370 | ||||||
| Sun Communities | 35,541 | 4,569,862 | ||||||
| 6,851,232 | ||||||||
| REIT Multifamily — 15.74% | ||||||||
| American Homes 4 Rent Class A | 86,549 | 3,183,272 | ||||||
| AvalonBay Communities | 27,331 | 5,071,540 | ||||||
| Boardwalk Real Estate Investment Trust | 15,225 | 877,611 | ||||||
| Canadian Apartment Properties REIT | 12,840 | 440,686 | ||||||
| Equity Residential | 51,517 | 3,251,238 | ||||||
| InterRent Real Estate Investment Trust | 78,717 | 788,013 | ||||||
| Invitation Homes | 133,096 | 4,739,549 | ||||||
| 18,351,909 | ||||||||
| REIT Office — 4.43% | ||||||||
| Alexandria Real Estate Equities | 40,083 | 5,167,099 | ||||||
| 5,167,099 | ||||||||
| REIT Retail — 17.29% | ||||||||
| Agree Realty | 70,834 | 4,046,038 | ||||||
| Federal Realty Investment Trust | 30,405 | 3,104,959 | ||||||
| Kite Realty Group Trust | 179,784 | 3,897,717 | ||||||
| Realty Income | 81,603 | 4,414,722 | ||||||
| Simon Property Group | 29,999 | 4,694,544 | ||||||
| 20,157,980 | ||||||||
| REIT Self-Storage — 5.13% | ||||||||
| Public Storage | 20,629 | 5,983,648 | ||||||
| 5,983,648 | ||||||||
| Total Common Stocks | ||||||||
| (cost $66,052,260) | 115,687,495 | |||||||
| Short-Term Investments — 0.86% | ||||||||
| Money Market Mutual Funds — 0.86% | ||||||||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 250,723 | 250,723 | ||||||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 250,723 | 250,723 | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 250,723 | 250,723 | ||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 250,724 | 250,724 | ||||||
| Total Short-Term Investments | ||||||||
| (cost $1,002,893) | 1,002,893 | |||||||
| Total Value of Securities—100.07% | ||||||||
| (cost $67,055,153) | $ | 116,690,388 | ||||||
| † | Non-income producing security. |
Summary of abbreviations:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
74
Statements of assets and liabilities
| Ivy | Funds March 31, 2024 |
| Delaware | ||||||||||||||||
| Delaware | Global | Delaware Ivy | Delaware Ivy | |||||||||||||
| Climate | Real Estate | Asset Strategy | Balanced | |||||||||||||
| Solutions Fund | Fund | Fundf | Fund | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value* | $ | 147,630,605 | $ | 12,833,514 | $ | 1,751,291,624 | $ | 1,584,615,054 | ||||||||
| Investments of affiliated issuers, at value** | — | — | 554,181 | — | ||||||||||||
| Bullion, at value‡ | — | — | 72,959,812 | — | ||||||||||||
| Foreign currencies, at valueD | — | 18,220 | 7,058,316 | — | ||||||||||||
| Cash | — | — | 11,134,749 | 140,259 | ||||||||||||
| Cash collateral due from brokers | — | — | 449,400 | 1,186,664 | ||||||||||||
| Receivable for securities sold | 810,792 | 615,151 | 22,119,312 | 22,661,316 | ||||||||||||
| Receivable for fund shares sold | 522,945 | 15,370 | 1,413,723 | 1,390,716 | ||||||||||||
| Foreign tax reclaims receivable | 261,338 | 41,204 | 1,306,204 | 90,412 | ||||||||||||
| Dividends and interest receivable | 222,159 | 60,626 | 6,367,405 | 4,390,707 | ||||||||||||
| Prepaid expenses | 75,734 | 71,385 | 102,232 | 92,501 | ||||||||||||
| Variation margin due from brokers on centrally cleared credit default swap contracts | — | — | — | 1,190 | ||||||||||||
| Other assets | 26,897 | 19,296 | 55,155 | 100,182 | ||||||||||||
| Total Assets | 149,550,470 | 13,674,766 | 1,874,812,113 | 1,614,669,001 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Due to custodian | 785,105 | 207,030 | — | 2,369 | ||||||||||||
| Payable for fund shares redeemed | 693,647 | 44,248 | 2,683,675 | 2,365,774 | ||||||||||||
| Other accrued expenses | 133,965 | 58,353 | 772,036 | 443,127 | ||||||||||||
| Administration expenses payable to affiliates | 45,106 | 20,336 | 210,409 | 210,409 | ||||||||||||
| Investment management fees payable to affiliates | 44,528 | 55,292 | 1,056,270 | 1,027,030 | ||||||||||||
| Distribution fees payable to affiliates | 25,722 | 1,351 | 338,681 | 282,839 | ||||||||||||
| Payable for securities purchased | — | 175,099 | 21,520,788 | 21,913,600 | ||||||||||||
| Unrealized depreciation on forward foreign currency exchange contracts | — | — | 10,113 | 21,197 | ||||||||||||
| Variation margin due to broker on futures contracts | — | — | 46,755 | 110,908 | ||||||||||||
| Swap payments payable | — | — | — | 9,240 | ||||||||||||
| IRS compliance fee for foreign withholding tax claims (see Note 1) | — | — | 861,629 | — | ||||||||||||
| Total Liabilities | 1,728,073 | 561,709 | 27,500,356 | 26,386,493 | ||||||||||||
| Total Net Assets | $ | 147,822,397 | $ | 13,113,057 | $ | 1,847,311,757 | $ | 1,588,282,508 | ||||||||
| Net Assets Consist of: | ||||||||||||||||
| Paid-in capital | $ | 312,209,838 | $ | 14,501,643 | $ | 2,077,119,197 | $ | 1,380,987,068 | ||||||||
| Total distributable earnings (loss) | (164,387,441 | ) | (1,388,586 | ) | (229,807,440 | ) | 207,295,440 | |||||||||
| Total Net Assets | $ | 147,822,397 | $ | 13,113,057 | $ | 1,847,311,757 | $ | 1,588,282,508 | ||||||||
75
Statements of assets and liabilities
Ivy Funds
| Delaware | |||||||||||||||||
| Delaware | Global | Delaware Ivy | Delaware Ivy | ||||||||||||||
| Climate | Real Estate | Asset Strategy | Balanced | ||||||||||||||
| Solutions Fund | Fund | Fundf | Fund | ||||||||||||||
| Net Asset Value | |||||||||||||||||
| Class A: | |||||||||||||||||
| Net assets | $ | 60,979,849 | $ | 3,587,600 | $ | 1,327,361,413 | $ | 1,140,284,852 | |||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 6,591,426 | 411,150 | 61,269,780 | 51,785,994 | |||||||||||||
| Net asset value per share | $ | 9.25 | $ | 8.73 | $ | 21.66 | $ | 22.02 | |||||||||
| Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | |||||||||
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 9.81 | $ | 9.26 | $ | 22.98 | $ | 23.36 | |||||||||
| Class C: | |||||||||||||||||
| Net assets | $ | 4,902,276 | $ | 100,659 | $ | 37,710,150 | $ | 43,117,762 | |||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 578,048 | 11,691 | 1,929,914 | 1,996,577 | |||||||||||||
| Net asset value per share | $ | 8.48 | $ | 8.61 | $ | 19.54 | $ | 21.60 | |||||||||
| Class I: | |||||||||||||||||
| Net assets | $ | 55,024,132 | $ | 7,909,127 | $ | 358,335,689 | $ | 375,021,402 | |||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 5,678,645 | 900,095 | 16,162,760 | 17,021,781 | |||||||||||||
| Net asset value per share | $ | 9.69 | $ | 8.79 | $ | 22.17 | $ | 22.03 | |||||||||
| Class R: | |||||||||||||||||
| Net assets | $ | 19,602,067 | $ | 536,888 | $ | 21,731,699 | $ | 9,502,659 | |||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 2,146,560 | 62,019 | 1,023,839 | 433,298 | |||||||||||||
| Net asset value per share | $ | 9.13 | $ | 8.66 | $ | 21.23 | $ | 21.93 | |||||||||
| Class R6: | |||||||||||||||||
| Net assets | $ | 2,879,095 | $ | 3,793 | $ | 20,788,327 | $ | 9,905,878 | |||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 295,896 | 421 | 935,040 | 448,455 | |||||||||||||
| Net asset value per share | $ | 9.73 | $ | 9.01 | $ | 22.23 | $ | 22.09 | |||||||||
| Class Y: | |||||||||||||||||
| Net assets | $ | 4,434,978 | $ | 974,990 | $ | 81,384,479 | $ | 10,449,955 | |||||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 469,052 | 110,329 | 3,738,548 | 474,460 | |||||||||||||
| Net asset value per share | $ | 9.46 | $ | 8.84 | $ | 21.77 | $ | 22.02 | |||||||||
| *Investments, at cost | $ | 150,201,551 | $ | 10,445,743 | $ | 1,365,991,013 | $ | 1,249,934,989 | |||||||||
| **Investments of affiliated issuers, at cost | — | — | 612,789,317 | — | |||||||||||||
| ‡Bullion, at cost | — | — | 38,406,159 | — | |||||||||||||
| DForeign currencies, at cost | — | 18,270 | 7,119,926 | — | |||||||||||||
fConsolidated statement of assets and liabilities.
See accompanying notes, which are an integral part of the financial statements.
76
| Delaware Ivy | Delaware Ivy | Delaware | ||||||||||
| Natural | Science and | Real Estate | ||||||||||
| Resources | Technology | Securities | ||||||||||
| Fund | Fund | Fund | ||||||||||
| Assets: | ||||||||||||
| Investments, at value* | $ | 203,336,780 | $ | 5,785,760,892 | $ | 116,690,388 | ||||||
| Cash | 570 | 2,919,465 | 100,228 | |||||||||
| Receivable for fund shares sold | 282,074 | 3,676,191 | 71,707 | |||||||||
| Dividends and interest receivable | 268,680 | 2,907,240 | 439,512 | |||||||||
| Foreign tax reclaims receivable | 94,341 | 1,095,824 | 2,035 | |||||||||
| Prepaid expenses | 70,280 | 54,147 | 71,512 | |||||||||
| Receivable for securities sold | — | 14,849,874 | 724,218 | |||||||||
| Other assets | 43,446 | 188,387 | 50,920 | |||||||||
| Total Assets | 204,096,171 | 5,811,452,020 | 118,150,520 | |||||||||
| Liabilities: | ||||||||||||
| Payable for fund shares redeemed | 550,406 | 9,665,015 | 259,308 | |||||||||
| Investment management fees payable to affiliates | 535,920 | 3,915,515 | 249,776 | |||||||||
| Other accrued expenses | 276,041 | 1,585,452 | 106,776 | |||||||||
| Administration expenses payable to affiliates | 49,083 | 209,594 | 72,989 | |||||||||
| Distribution fees payable to affiliates | 32,998 | 979,378 | 16,287 | |||||||||
| Payable for securities purchased | — | 9,383,539 | 830,801 | |||||||||
| Total Liabilities | 1,444,448 | 25,738,493 | 1,535,937 | |||||||||
| Total Net Assets | $ | 202,651,723 | $ | 5,785,713,527 | $ | 116,614,583 | ||||||
| Net Assets Consist of: | ||||||||||||
| Paid-in capital | $ | 818,057,231 | $ | 2,955,258,763 | $ | 69,159,970 | ||||||
| Total distributable earnings (loss) | (615,405,508 | ) | 2,830,454,764 | 47,454,613 | ||||||||
| Total Net Assets | $ | 202,651,723 | $ | 5,785,713,527 | $ | 116,614,583 | ||||||
77
Statements of assets and liabilities
Ivy Funds
| Delaware Ivy | Delaware Ivy | Delaware | |||||||||||
| Natural | Science and | Real Estate | |||||||||||
| Resources | Technology | Securities | |||||||||||
| Fund | Fund | Fund | |||||||||||
| Net Asset Value | |||||||||||||
| Class A: | |||||||||||||
| Net assets | $ | 123,471,818 | $ | 3,743,632,514 | $ | 70,391,093 | |||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 7,640,419 | 70,546,892 | 4,471,924 | ||||||||||
| Net asset value per share | $ | 16.16 | $ | 53.07 | $ | 15.74 | |||||||
| Sales charge | 5.75 | % | 5.75 | % | 5.75 | % | |||||||
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $ | 17.15 | $ | 56.31 | $ | 16.70 | |||||||
| Class C: | |||||||||||||
| Net assets | $ | 2,394,363 | $ | 88,951,988 | $ | 577,103 | |||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 184,359 | 3,176,774 | 38,831 | ||||||||||
| Net asset value per share | $ | 12.99 | $ | 28.00 | $ | 14.86 | |||||||
| Class I: | |||||||||||||
| Net assets | $ | 51,823,658 | $ | 1,403,119,648 | $ | 40,262,394 | |||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 3,050,597 | 20,115,293 | 2,509,490 | ||||||||||
| Net asset value per share | $ | 16.99 | $ | 69.75 | $ | 16.04 | |||||||
| Class R: | |||||||||||||
| Net assets | $ | 9,011,059 | $ | 109,957,369 | $ | 477,314 | |||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 565,532 | 2,318,701 | 30,461 | ||||||||||
| Net asset value per share | $ | 15.93 | $ | 47.42 | $ | 15.67 | |||||||
| Class R6: | |||||||||||||
| Net assets | $ | 5,445,438 | $ | 155,573,050 | $ | 1,938,204 | |||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 321,109 | 2,183,984 | 120,612 | ||||||||||
| Net asset value per share | $ | 16.96 | $ | 71.23 | $ | 16.07 | |||||||
| Class Y: | |||||||||||||
| Net assets | $ | 10,505,387 | $ | 284,478,958 | $ | 2,968,475 | |||||||
| Shares of beneficial interest outstanding, unlimited authorization, no par | 631,622 | 4,616,694 | 186,320 | ||||||||||
| Net asset value per share | $ | 16.63 | $ | 61.62 | $ | 15.93 | |||||||
| *Investments, at cost | $ | 228,207,134 | $ | 3,234,434,734 | $ | 67,055,153 | |||||||
See accompanying notes, which are an integral part of the financial statements.
78
| Ivy Funds | Year ended March 31, 2024 |
| Delaware Climate | Delaware Global | Delaware Ivy | Delaware Ivy | |||||||||||||
| Solutions Fund | Real Estate Fund | Asset Strategy Fundf | Balanced Fund | |||||||||||||
| Investment Income: | ||||||||||||||||
| Dividends | $ | 4,418,038 | $ | 853,255 | $ | 26,217,092 | $ | 12,875,088 | ||||||||
| Reclaim income | 215,797 | — | 6,402,555 | — | ||||||||||||
| Interest | — | — | 29,259,241 | 23,539,645 | ||||||||||||
| IRS compliance fee for foreign withholding tax claims (see Note 1) | — | — | (861,629 | ) | — | |||||||||||
| Foreign tax withheld | (337,009 | ) | (27,210 | ) | (1,603,300 | ) | (72,653 | ) | ||||||||
| 4,296,826 | 826,045 | 59,413,959 | 36,342,080 | |||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 1,605,343 | 279,940 | 12,026,017 | 10,489,537 | ||||||||||||
| Distribution expenses — Class A | 177,424 | 12,733 | 3,136,110 | 2,708,133 | ||||||||||||
| Distribution expenses — Class C | 67,247 | 1,453 | 405,309 | 505,532 | ||||||||||||
| Distribution expenses — Class R | 124,191 | 2,891 | 101,393 | 43,620 | ||||||||||||
| Distribution expenses — Class Y | 13,300 | 2,299 | 195,025 | 24,415 | ||||||||||||
| Dividend disbursing and transfer agent fees and expenses | 337,087 | 21,553 | 827,283 | 1,426,890 | ||||||||||||
| Registration fees | 94,524 | 63,085 | 103,338 | 112,807 | ||||||||||||
| Accounting and administration expenses | 57,120 | 34,195 | 293,173 | 227,259 | ||||||||||||
| Audit and tax fees | 42,994 | 35,170 | 61,240 | 53,063 | ||||||||||||
| Reports and statements to shareholders expenses | 27,777 | 19,441 | 220,050 | 63,086 | ||||||||||||
| Custodian fees | 26,940 | 21,307 | 79,794 | 28,083 | ||||||||||||
| Trustees’ fees and expenses | 14,044 | 2,733 | 173,692 | 95,495 | ||||||||||||
| Legal fees | 13,665 | 2,898 | 377,973 | 114,135 | ||||||||||||
| Other | 12,640 | 12,816 | 51,398 | 58,996 | ||||||||||||
| 2,614,296 | 512,514 | 18,051,795 | 15,951,051 | |||||||||||||
| Less expenses waived | (365,173 | ) | (194,525 | ) | (7,923 | ) | (152,548 | ) | ||||||||
| Less expenses paid indirectly | (784 | ) | (304 | ) | (3,261 | ) | (3,031 | ) | ||||||||
| Total operating expenses | 2,248,339 | 317,685 | 18,040,611 | 15,795,472 | ||||||||||||
| Net Investment Income (Loss) | 2,048,487 | 508,360 | 41,373,348 | 20,546,608 | ||||||||||||
79
Statements of operations
Ivy Funds
| Delaware Climate | Delaware Global | Delaware Ivy | Delaware Ivy | |||||||||||||
| Solutions Fund | Real Estate Fund | Asset Strategy Fundf | Balanced Fund | |||||||||||||
| Net Realized and Unrealized Gain (Loss): | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments*, 1 | $ | (1,363,757 | ) | $ | (1,327,339 | ) | $ | 87,370,968 | $ | 9,449,955 | ||||||
| Foreign currencies | (48,459 | ) | (10,235 | ) | (1,174,343 | ) | 191,053 | |||||||||
| Forward foreign currency exchange contracts | — | — | (57,479 | ) | (185,660 | ) | ||||||||||
| Futures contracts | — | — | (911,393 | ) | (859,181 | ) | ||||||||||
| Options purchased | — | — | — | (67,830 | ) | |||||||||||
| Options written | — | — | 8,411 | 256,500 | ||||||||||||
| Swap contracts | — | — | — | 91,325 | ||||||||||||
| Net realized gain (loss) | (1,412,216 | ) | (1,337,574 | ) | 85,236,164 | 8,876,162 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (11,438,492 | ) | 2,256,213 | 199,752,223 | 243,080,153 | |||||||||||
| Affiliated investments | — | — | 1,370,083 | — | ||||||||||||
| Foreign currencies | 4,440 | 2,478 | (76,272 | ) | 13 | |||||||||||
| Forward foreign currency exchange contracts | — | — | (10,113 | ) | (21,197 | ) | ||||||||||
| Futures contracts | — | — | (462,541 | ) | (373,908 | ) | ||||||||||
| Options purchased | — | — | — | 19,809 | ||||||||||||
| Options written | — | — | — | (73,753 | ) | |||||||||||
| Swap contracts | — | — | — | (256,462 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | (11,434,052 | ) | 2,258,691 | 200,573,380 | 242,374,655 | |||||||||||
| Net Realized and Unrealized Gain (Loss) | (12,846,268 | ) | 921,117 | 285,809,544 | 251,250,817 | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (10,797,781 | ) | $ | 1,429,477 | $ | 327,182,892 | $ | 271,797,425 | |||||||
| * | Includes $126,156 and $ 2,449,846 in proceeds received from the settlement of class action litigation for Delaware Climate Solutions Fund and Delaware Ivy Balanced Fund, respectively. |
| f | Consolidated statement of operations. |
| 1 | Includes $(20,357) capital gains tax paid for Delaware Ivy Asset Strategy Fund. |
See accompanying notes, which are an integral part of the financial statements.
80
| Delaware | ||||||||||||
| Delaware Ivy | Delaware Ivy | Real Estate | ||||||||||
| Natural Resources Fund | Science and Technology Fund | Securities Fund | ||||||||||
| Investment Income: | ||||||||||||
| Dividends | $ | 8,598,563 | $ | 31,799,430 | $ | 3,815,982 | ||||||
| Reclaim income | — | 2,297,061 | — | |||||||||
| Foreign tax withheld | (128,326 | ) | (409,861 | ) | (14,538 | ) | ||||||
| 8,470,237 | 33,686,630 | 3,801,444 | ||||||||||
| Expenses: | ||||||||||||
| Management fees | 1,923,421 | 40,748,570 | 1,204,499 | |||||||||
| Distribution expenses — Class A | 333,582 | 8,194,353 | 191,624 | |||||||||
| Distribution expenses — Class C | 28,992 | 923,060 | 6,213 | |||||||||
| Distribution expenses — Class R | 49,020 | 483,007 | 2,096 | |||||||||
| Distribution expenses — Class Y | 27,838 | 604,877 | 7,214 | |||||||||
| Accounting and administration expenses | 51,539 | 736,772 | 27,211 | |||||||||
| Trustees’ fees and expenses | 36,708 | 312,024 | 11,626 | |||||||||
| Audit and tax fees | 35,982 | 41,890 | 43,212 | |||||||||
| Registration fees | 34,152 | 65,779 | 62,575 | |||||||||
| Dividend disbursing and transfer agent fees and expenses | 31,976 | 3,289,989 | 120,213 | |||||||||
| Legal fees | 12,667 | 333,177 | 9,689 | |||||||||
| Reports and statements to shareholders expenses | 9,594 | 426,677 | 28,014 | |||||||||
| Custodian fees | 9,471 | 40,161 | 11,646 | |||||||||
| Other | 11,682 | 164,013 | 10,387 | |||||||||
| 2,596,624 | 56,364,349 | 1,736,219 | ||||||||||
| Less expenses waived | — | — | (259,018 | ) | ||||||||
| Less expenses paid indirectly | (1,059 | ) | (7,319 | ) | (860 | ) | ||||||
| Total operating expenses | 2,595,565 | 56,357,030 | 1,476,341 | |||||||||
| Net Investment Income (Loss) | 5,874,672 | (22,670,400 | ) | 2,325,103 | ||||||||
| Net Realized and Unrealized Gain (Loss): | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||
| Investments* | 2,584,329 | 432,447,282 | 5,081,605 | |||||||||
| Foreign currencies | (51,777 | ) | 14,363 | (1,615 | ) | |||||||
| Net realized gain (loss) | 2,532,552 | 432,461,645 | 5,079,990 | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Investments | (334,127 | ) | 1,380,414,727 | 143,032 | ||||||||
| Foreign currencies | 1,360 | (2,732 | ) | (101 | ) | |||||||
| Net change in unrealized appreciation (depreciation) | (332,767 | ) | 1,380,411,995 | 142,931 | ||||||||
| Net Realized and Unrealized Gain (Loss) | 2,199,785 | 1,812,873,640 | 5,222,921 | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 8,074,457 | $ | 1,790,203,240 | $ | 7,548,024 | ||||||
| * | Includes $4,429,355 in proceeds received from the settlement of class action litigation for Delaware Ivy Science and Technology Fund. |
See accompanying notes, which are an integral part of the financial statements.
81
Statements of changes in net assets
Ivy Funds
| Delaware Climate | Delaware Global | |||||||||||||||
| Solutions Fund | Real Estate Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 2,048,487 | $ | 5,015,789 | $ | 508,360 | $ | 1,002,160 | ||||||||
| Net realized gain (loss) | (1,412,216 | ) | 67,376,957 | (1,337,574 | ) | 214,438 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (11,434,052 | ) | (65,037,071 | ) | 2,258,691 | (15,099,156 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | (10,797,781 | ) | 7,355,675 | 1,429,477 | (13,882,558 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (1,677,303 | ) | (1,674,353 | ) | (125,766 | ) | (813,026 | ) | ||||||||
| Class C | (90,456 | ) | (142,972 | ) | (2,578 | ) | (38,504 | ) | ||||||||
| Class I | (2,003,299 | ) | (1,910,696 | ) | (306,136 | ) | (2,983,116 | ) | ||||||||
| Class R | (497,708 | ) | (579,941 | ) | (16,328 | ) | (85,965 | ) | ||||||||
| Class R6 | (97,430 | ) | (107,100 | ) | (103,565 | ) | (1,685,050 | ) | ||||||||
| Class Y | (109,689 | ) | (108,504 | ) | (30,284 | ) | (124,066 | ) | ||||||||
| Return of capital: | ||||||||||||||||
| Class A | — | — | (27,303 | ) | — | |||||||||||
| Class C | — | — | (779 | ) | — | |||||||||||
| Class I | — | — | (67,303 | ) | — | |||||||||||
| Class R | — | — | (3,099 | ) | — | |||||||||||
| Class R6 | — | — | (54,548 | ) | — | |||||||||||
| Class Y | — | — | (4,930 | ) | — | |||||||||||
| (4,475,885 | ) | (4,523,566 | ) | (742,619 | ) | (5,729,727 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 4,368,512 | 33,904,823 | 941,462 | 847,362 | ||||||||||||
| Class C | 257,285 | 2,851,350 | 7,493 | 32,513 | ||||||||||||
| Class I | 11,508,925 | 64,816,483 | 1,205,141 | 2,326,977 | ||||||||||||
| Class R | 1,661,970 | 13,223,829 | 32,607 | 17,302 | ||||||||||||
| Class R6 | 1,756,156 | 3,759,496 | 1,735,607 | 1,331,405 | ||||||||||||
| Class Y | 555,629 | 5,301,106 | 49 | — | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 1,670,129 | 1,665,927 | 152,950 | 811,067 | ||||||||||||
| Class C | 89,839 | 142,083 | 3,317 | 38,303 | ||||||||||||
| Class I | 1,623,425 | 1,635,342 | 373,274 | 2,980,572 | ||||||||||||
| Class R | 497,640 | 579,892 | 19,427 | 85,965 | ||||||||||||
| Class R6 | 70,586 | 107,100 | 158,113 | 1,685,050 | ||||||||||||
| Class Y | 108,793 | 107,967 | 35,214 | 124,066 | ||||||||||||
| 24,168,889 | 128,095,398 | 4,664,654 | 10,280,582 | |||||||||||||
82
| Delaware Climate | Delaware Global | |||||||||||||||
| Solutions Fund | Real Estate Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Capital Share Transactions (See Note 4) (continued): | ||||||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (30,919,405 | ) | $ | (49,320,690 | ) | $ | (3,028,932 | ) | $ | (4,155,915 | ) | ||||
| Class C | (4,790,609 | ) | (6,736,229 | ) | (107,880 | ) | (242,092 | ) | ||||||||
| Class I | (49,341,479 | ) | (81,731,515 | ) | (10,419,524 | ) | (21,611,463 | ) | ||||||||
| Class R | (14,079,163 | ) | (16,573,419 | ) | (160,404 | ) | (68,216 | ) | ||||||||
| Class R6 | (2,076,974 | ) | (6,939,537 | ) | (13,753,021 | ) | (8,378,702 | ) | ||||||||
| Class Y | (3,096,385 | ) | (9,464,274 | ) | (11,585 | ) | (38,569 | ) | ||||||||
| (104,304,015 | ) | (170,765,664 | ) | (27,481,346 | ) | (34,494,957 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (80,135,126 | ) | (42,670,266 | ) | (22,816,692 | ) | (24,214,375 | ) | ||||||||
| Net Decrease in Net Assets | (95,408,792 | ) | (39,838,157 | ) | (22,129,834 | ) | (43,826,660 | ) | ||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 243,231,189 | 283,069,346 | 35,242,891 | 79,069,551 | ||||||||||||
| End of year | $ | 147,822,397 | $ | 243,231,189 | $ | 13,113,057 | $ | 35,242,891 | ||||||||
See accompanying notes, which are an integral part of the financial statements.
83
Statements of changes in net assets
Ivy Funds
| Delaware Ivy | Delaware Ivy | |||||||||||||||
| Asset Strategy Fundf | Balanced Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 41,373,348 | $ | 32,231,534 | $ | 20,546,608 | $ | 18,445,637 | ||||||||
| Net realized gain (loss) | 85,236,164 | 9,345,631 | 8,876,162 | (114,245,195 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | 200,573,380 | (174,728,261 | ) | 242,374,655 | (79,945,663 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 327,182,892 | (133,151,096 | ) | 271,797,425 | (175,745,221 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (39,270,395 | ) | (198,200,145 | ) | (23,910,606 | ) | (239,823,165 | ) | ||||||||
| Class C | (1,067,484 | ) | (8,862,743 | ) | (615,876 | ) | (15,608,600 | ) | ||||||||
| Class E1 | — | (138,326 | ) | — | — | |||||||||||
| Class I | (11,636,024 | ) | (65,268,076 | ) | (8,940,097 | ) | (98,263,451 | ) | ||||||||
| Class R | (603,151 | ) | (3,097,220 | ) | (176,136 | ) | (1,837,021 | ) | ||||||||
| Class R6 | (621,952 | ) | (2,204,079 | ) | (237,448 | ) | (1,669,943 | ) | ||||||||
| Class Y | (2,423,940 | ) | (12,448,555 | ) | (215,763 | ) | (2,201,984 | ) | ||||||||
| (55,622,946 | ) | (290,219,144 | ) | (34,095,926 | ) | (359,404,164 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 44,931,480 | 70,991,325 | 81,275,122 | 104,011,965 | ||||||||||||
| Class C | 3,426,376 | 3,997,654 | 4,320,755 | 5,573,674 | ||||||||||||
| Class E1 | — | 311,695 | — | — | ||||||||||||
| Class I | 33,052,991 | 58,677,325 | 63,991,794 | 64,476,235 | ||||||||||||
| Class R | 2,126,693 | 2,098,446 | 1,087,361 | 570,783 | ||||||||||||
| Class R6 | 2,964,290 | 5,633,693 | 1,912,560 | 3,396,821 | ||||||||||||
| Class Y | 3,871,765 | 3,788,156 | 1,301,139 | 901,963 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 38,690,447 | 184,407,759 | 23,715,226 | 231,207,512 | ||||||||||||
| Class C | 1,066,659 | 8,851,448 | 615,665 | 15,567,233 | ||||||||||||
| Class E1 | — | 136,389 | — | — | ||||||||||||
| Class I | 11,540,884 | 63,369,252 | 8,896,319 | 97,522,283 | ||||||||||||
| Class R | 603,151 | 2,963,840 | 176,082 | 1,833,012 | ||||||||||||
| Class R6 | 595,961 | 2,198,192 | 228,572 | 1,668,083 | ||||||||||||
| Class Y | 2,412,694 | 12,012,298 | 215,251 | 1,948,405 | ||||||||||||
| 145,283,391 | 419,437,472 | 187,735,846 | 528,677,969 | |||||||||||||
84
| Delaware Ivy | Delaware Ivy | |||||||||||||||
| Asset Strategy Fundf | Balanced Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Capital Share Transactions (See Note 4) (continued): | ||||||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (208,660,883 | ) | $ | (248,055,924 | ) | $ | (235,831,690 | ) | $ | (370,808,272 | ) | ||||
| Class C | (20,744,272 | ) | (39,296,049 | ) | (32,723,525 | ) | (49,314,290 | ) | ||||||||
| Class E1 | — | (35,354,533 | ) | — | — | |||||||||||
| Class I | (134,531,404 | ) | (225,672,990 | ) | (161,584,942 | ) | (346,775,406 | ) | ||||||||
| Class R | (4,202,310 | ) | (4,368,412 | ) | (1,775,742 | ) | (1,975,980 | ) | ||||||||
| Class R6 | (3,611,221 | ) | (3,440,969 | ) | (2,962,231 | ) | (3,620,638 | ) | ||||||||
| Class Y | (15,775,675 | ) | (16,289,861 | ) | (2,782,488 | ) | (2,251,540 | ) | ||||||||
| (387,525,765 | ) | (572,478,738 | ) | (437,660,618 | ) | (774,746,126 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (242,242,374 | ) | (153,041,266 | ) | (249,924,772 | ) | (246,068,157 | ) | ||||||||
| Net Increase (Decrease) in Net Assets | 29,317,572 | (576,411,506 | ) | (12,223,273 | ) | (781,217,542 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 1,817,994,185 | 2,394,405,691 | 1,600,505,781 | 2,381,723,323 | ||||||||||||
| End of year | $ | 1,847,311,757 | $ | 1,817,994,185 | $ | 1,588,282,508 | $ | 1,600,505,781 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
| f | Consolidated statements of changes in net assets. |
See accompanying notes, which are an integral part of the financial statements.
85
Statements of changes in net assets
Ivy Funds
| Delaware Ivy | Delaware Ivy | |||||||||||||||
| Natural Resources Fund | Science and Technology Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 5,874,672 | $ | 6,155,929 | $ | (22,670,400 | ) | $ | (26,960,026 | ) | ||||||
| Net realized gain (loss) | 2,532,552 | 13,667,191 | 432,461,645 | 722,903,011 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (332,767 | ) | (35,372,764 | ) | 1,380,411,995 | (1,884,827,407 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | 8,074,457 | (15,549,644 | ) | 1,790,203,240 | (1,188,884,422 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Distributable earnings: | ||||||||||||||||
| Class A | (2,524,051 | ) | (3,199,467 | ) | (355,376,805 | ) | (782,618,874 | ) | ||||||||
| Class C | (43,309 | ) | (96,004 | ) | (16,181,874 | ) | (45,179,380 | ) | ||||||||
| Class I | (1,200,289 | ) | (1,651,226 | ) | (107,732,191 | ) | (303,978,643 | ) | ||||||||
| Class R | (150,136 | ) | (260,792 | ) | (11,620,540 | ) | (23,301,889 | ) | ||||||||
| Class R6 | (121,575 | ) | (68,096 | ) | (10,701,010 | ) | (25,974,492 | ) | ||||||||
| Class Y | (188,509 | ) | (265,312 | ) | (23,082,328 | ) | (49,230,989 | ) | ||||||||
| (4,227,869 | ) | (5,540,897 | ) | (524,694,748 | ) | (1,230,284,267 | ) | |||||||||
| Capital Share Transactions (See Note 6): | ||||||||||||||||
| Proceeds from shares sold: | ||||||||||||||||
| Class A | 3,498,832 | 26,773,852 | 139,037,583 | 177,282,686 | ||||||||||||
| Class C | 599,592 | 2,380,151 | 6,895,026 | 8,396,050 | ||||||||||||
| Class E1 | — | 56,482 | — | 833,192 | ||||||||||||
| Class I | 7,951,354 | 28,169,210 | 203,842,581 | 445,523,362 | ||||||||||||
| Class R | 1,380,948 | 5,434,088 | 11,120,824 | 13,281,156 | ||||||||||||
| Class R6 | 2,877,230 | 3,467,180 | 40,792,680 | 31,227,613 | ||||||||||||
| Class Y | 1,547,040 | 4,530,890 | 44,331,959 | 30,515,678 | ||||||||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||
| Class A | 2,484,496 | 3,155,342 | 352,856,784 | 776,653,782 | ||||||||||||
| Class C | 42,833 | 95,887 | 16,176,948 | 45,119,637 | ||||||||||||
| Class I | 1,194,060 | 1,584,800 | 107,191,200 | 302,239,275 | ||||||||||||
| Class R | 150,136 | 260,792 | 11,618,702 | 23,286,268 | ||||||||||||
| Class R6 | 88,720 | 68,096 | 10,282,229 | 25,429,104 | ||||||||||||
| Class Y | 188,339 | 265,106 | 23,026,908 | 48,881,615 | ||||||||||||
| 22,003,580 | 76,241,876 | 967,173,424 | 1,928,669,418 | |||||||||||||
86
| Delaware Ivy | Delaware Ivy | |||||||||||||||
| Natural Resources Fund | Science and Technology Fund | |||||||||||||||
| Year ended | Year ended | |||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||
| Capital Share Transactions (See Note 4) (continued): | ||||||||||||||||
| Cost of shares redeemed: | ||||||||||||||||
| Class A | $ | (35,559,107 | ) | $ | (37,617,901 | ) | $ | (729,084,455 | ) | $ | (1,248,499,762 | ) | ||||
| Class C | (2,096,537 | ) | (1,742,377 | ) | (57,471,373 | ) | (99,434,772 | ) | ||||||||
| Class E1 | — | (3,604,681 | ) | — | (47,478,791 | ) | ||||||||||
| Class I | (34,512,105 | ) | (31,750,609 | ) | (526,628,929 | ) | (1,161,941,145 | ) | ||||||||
| Class R | (4,813,266 | ) | (6,758,540 | ) | (28,920,233 | ) | (24,041,061 | ) | ||||||||
| Class R6 | (1,858,746 | ) | (1,325,926 | ) | (39,217,747 | ) | (70,859,889 | ) | ||||||||
| Class Y | (4,109,178 | ) | (5,393,400 | ) | (75,210,729 | ) | (101,864,828 | ) | ||||||||
| (82,948,939 | ) | (88,193,434 | ) | (1,456,533,466 | ) | (2,754,120,248 | ) | |||||||||
| Decrease in net assets derived from capital share transactions | (60,945,359 | ) | (11,951,558 | ) | (489,360,042 | ) | (825,450,830 | ) | ||||||||
| Net Increase (Decrease) in Net Assets | (57,098,771 | ) | (33,042,099 | ) | 776,148,450 | (3,244,619,519 | ) | |||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 259,750,494 | 292,792,593 | 5,009,565,077 | 8,254,184,596 | ||||||||||||
| End of year | $ | 202,651,723 | $ | 259,750,494 | $ | 5,785,713,527 | $ | 5,009,565,077 | ||||||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
87
Statements of changes in net assets
Ivy Funds
| Delaware | ||||||||
| Real Estate | ||||||||
| Securities Fund | ||||||||
| Year ended | ||||||||
| 3/31/24 | 3/31/23 | |||||||
| Increase (Decrease) in Net Assets from Operations: | ||||||||
| Net investment income (loss) | $ | 2,325,103 | $ | 3,931,155 | ||||
| Net realized gain (loss) | 5,079,990 | 37,215,993 | ||||||
| Net change in unrealized appreciation (depreciation) | 142,931 | (114,365,447 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 7,548,024 | (73,218,299 | ) | |||||
| Dividends and Distributions to Shareholders from: | ||||||||
| Distributable earnings: | ||||||||
| Class A | (7,712,823 | ) | (24,763,072 | ) | ||||
| Class C | (59,796 | ) | (242,070 | ) | ||||
| Class I | (4,925,373 | ) | (19,385,867 | ) | ||||
| Class R | (44,515 | ) | (95,212 | ) | ||||
| Class R6 | (201,693 | ) | (556,795 | ) | ||||
| Class Y | (295,078 | ) | (1,549,753 | ) | ||||
| (13,239,278 | ) | (46,592,769 | ) | |||||
| Capital Share Transactions (See Note 6): | ||||||||
| Proceeds from shares sold: | ||||||||
| Class A | 2,151,589 | 3,569,395 | ||||||
| Class C | 34,159 | 86,384 | ||||||
| Class E1 | — | 21,550 | ||||||
| Class I | 6,274,295 | 17,888,895 | ||||||
| Class R | 123,752 | 238,766 | ||||||
| Class R6 | 542,464 | 1,609,172 | ||||||
| Class Y | 273,773 | 3,272,891 | ||||||
| Net asset value of shares issued upon reinvestment of dividends and distributions: | ||||||||
| Class A | 7,690,370 | 24,611,672 | ||||||
| Class C | 59,794 | 241,328 | ||||||
| Class I | 4,918,755 | 19,368,967 | ||||||
| Class R | 44,515 | 95,212 | ||||||
| Class R6 | 201,693 | 556,795 | ||||||
| Class Y | 295,078 | 1,367,436 | ||||||
| 22,610,237 | 72,928,463 | |||||||
88
| Delaware | ||||||||
| Real Estate | ||||||||
| Securities Fund | ||||||||
| Year ended | ||||||||
| 3/31/24 | 3/31/23 | |||||||
| Capital Share Transactions (See Note 4) (continued): | ||||||||
| Cost of shares redeemed: | ||||||||
| Class A | $ | (22,975,290 | ) | $ | (32,271,177 | ) | ||
| Class C | (298,554 | ) | (653,661 | ) | ||||
| Class E1 | — | (2,513,515 | ) | |||||
| Class I | (33,299,075 | ) | (60,994,295 | ) | ||||
| Class R | (171,596 | ) | (167,550 | ) | ||||
| Class R6 | (708,040 | ) | (665,821 | ) | ||||
| Class Y | (929,171 | ) | (71,224,094 | ) | ||||
| (58,381,726 | ) | (168,490,113 | ) | |||||
| Decrease in net assets derived from capital share transactions | (35,771,489 | ) | (95,561,650 | ) | ||||
| Net Decrease in Net Assets | (41,462,743 | ) | (215,372,718 | ) | ||||
| Net Assets: | ||||||||
| Beginning of year | 158,077,326 | 373,450,044 | ||||||
| End of year | $ | 116,614,583 | $ | 158,077,326 | ||||
| 1 | On June 13, 2022, all Class E shares were liquidated. |
See accompanying notes, which are an integral part of the financial statements.
89
Delaware Climate Solutions Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.88 | $ | 9.69 | $ | 6.18 | $ | 3.25 | $ | 9.45 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.09 | 0.18 | 0.11 | 0.07 | 0.04 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.48 | )2 | 0.18 | 3.51 | 2.97 | (6.24 | ) | |||||||||||||
| Total from investment operations | (0.39 | ) | 0.36 | 3.62 | 3.04 | (6.20 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.24 | ) | (0.17 | ) | (0.11 | ) | (0.11 | ) | — | |||||||||||
| Total dividends and distributions | (0.24 | ) | (0.17 | ) | (0.11 | ) | (0.11 | ) | — | |||||||||||
| Net asset value, end of period | $ | 9.25 | $ | 9.88 | $ | 9.69 | $ | 6.18 | $ | 3.25 | ||||||||||
| Total return3 | (3.92 | )%2 | 3.68 | % | 59.24 | % | 94.23 | % | (65.61 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 60,980 | $ | 91,379 | $ | 104,280 | $ | 72 | 4 | $ | 40 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.24 | % | 1.28 | % | 1.35 | % | 1.35 | % | 1.41 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.43 | % | 1.48 | % | 1.72 | % | 1.87 | % | 1.71 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.00 | % | 1.80 | % | 1.60 | % | 1.52 | % | 0.52 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.81 | % | 1.60 | % | 1.23 | % | 1.00 | % | 0.22 | % | ||||||||||
| Portfolio turnover | 13 | % | 108 | % | 113 | % | 30 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%. |
| 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
90
Delaware Climate Solutions Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.03 | $ | 8.88 | $ | 5.68 | $ | 2.97 | $ | 8.70 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.03 | 0.09 | 0.06 | 0.03 | (0.01 | ) | ||||||||||||||
| Net realized and unrealized gain (loss) | (0.44 | )2 | 0.17 | 3.21 | 2.73 | (5.72 | ) | |||||||||||||
| Total from investment operations | (0.41 | ) | 0.26 | 3.27 | 2.76 | (5.73 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.14 | ) | (0.11 | ) | (0.07 | ) | (0.05 | ) | — | |||||||||||
| Total dividends and distributions | (0.14 | ) | (0.11 | ) | (0.07 | ) | (0.05 | ) | — | |||||||||||
| Net asset value, end of period | $ | 8.48 | $ | 9.03 | $ | 8.88 | $ | 5.68 | $ | 2.97 | ||||||||||
| Total return3 | (4.57 | )%2 | 2.88 | % | 57.97 | % | 93.07 | % | (65.86 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 4,902 | $ | 9,909 | $ | 13,503 | $ | 9 | 4 | $ | 6 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.99 | % | 2.03 | % | 2.09 | % | 2.09 | % | 2.11 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 2.18 | % | 2.17 | % | 2.34 | % | 2.44 | % | 2.31 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.32 | % | 1.00 | % | 0.87 | % | 0.77 | % | (0.20 | )% | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.13 | % | 0.86 | % | 0.62 | % | 0.42 | % | (0.40 | )% | ||||||||||
| Portfolio turnover | 13 | % | 108 | % | 113 | % | 30 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |
| 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
91
Financial highlights
Delaware Climate Solutions Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 10.34 | $ | 10.13 | $ | 6.45 | $ | 3.40 | $ | 9.85 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.13 | 0.22 | 0.14 | 0.09 | 0.08 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.51 | )2 | 0.18 | 3.67 | 3.11 | (6.53 | ) | |||||||||||||
| Total from investment operations | (0.38 | ) | 0.40 | 3.81 | 3.20 | (6.45 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.27 | ) | (0.19 | ) | (0.13 | ) | (0.15 | ) | — | |||||||||||
| Total dividends and distributions | (0.27 | ) | (0.19 | ) | (0.13 | ) | (0.15 | ) | — | |||||||||||
| Net asset value, end of period | $ | 9.69 | $ | 10.34 | $ | 10.13 | $ | 6.45 | $ | 3.40 | ||||||||||
| Total return3 | (3.69 | )%2 | 3.97 | % | 59.90 | % | 95.08 | % | (65.48 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 55,024 | $ | 97,636 | $ | 110,841 | $ | 97 | 4 | $ | 52 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.18 | % | 1.00 | % | 1.14 | % | 1.20 | % | 1.17 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.32 | % | 2.09 | % | 1.93 | % | 1.87 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.13 | % | 2.08 | % | 1.78 | % | 1.66 | % | 0.77 | % | ||||||||||
| Portfolio turnover | 13 | % | 108 | % | 113 | % | 30 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%. |
| 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 the period presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
92
Delaware Climate Solutions Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 9.74 | $ | 9.57 | $ | 6.10 | $ | 3.20 | $ | 9.34 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.07 | 0.15 | 0.09 | 0.05 | 0.01 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.48 | )2 | 0.17 | 3.46 | 2.93 | (6.15 | ) | |||||||||||||
| Total from investment operations | (0.41 | ) | 0.32 | 3.55 | 2.98 | (6.14 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.20 | ) | (0.15 | ) | (0.08 | ) | (0.08 | ) | — | |||||||||||
| Total dividends and distributions | (0.20 | ) | (0.15 | ) | (0.08 | ) | (0.08 | ) | — | |||||||||||
| Net asset value, end of period | $ | 9.13 | $ | 9.74 | $ | 9.57 | $ | 6.10 | $ | 3.20 | ||||||||||
| Total return3 | (4.14 | )%2,4 | 3.31 | %4 | 58.80 | % | 93.40 | %4 | (65.74 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 19,602 | $ | 33,606 | $ | 36,368 | $ | 24 | 5 | $ | 7 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.49 | % | 1.56 | % | 1.73 | % | 1.75 | % | 1.74 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.68 | % | 1.57 | % | 1.73 | % | 1.77 | % | 1.74 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.77 | % | 1.49 | % | 1.23 | % | 1.06 | % | 0.19 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.58 | % | 1.48 | % | 1.23 | % | 1.04 | % | 0.19 | % | ||||||||||
| Portfolio turnover | 13 | % | 108 | % | 113 | % | 30 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
93
Financial highlights
Delaware Climate Solutions Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 10.39 | $ | 10.18 | $ | 6.49 | $ | 3.42 | $ | 9.90 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.13 | 0.22 | 0.16 | 0.09 | 0.08 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.51 | )2 | 0.19 | 3.66 | 3.13 | (6.56 | ) | |||||||||||||
| Total from investment operations | (0.38 | ) | 0.41 | 3.82 | 3.22 | (6.48 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.28 | ) | (0.20 | ) | (0.13 | ) | (0.15 | ) | — | |||||||||||
| Total dividends and distributions | (0.28 | ) | (0.20 | ) | (0.13 | ) | (0.15 | ) | — | |||||||||||
| Net asset value, end of period | $ | 9.73 | $ | 10.39 | $ | 10.18 | $ | 6.49 | $ | 3.42 | ||||||||||
| Total return3 | (3.58 | )%2,4 | 4.03 | %4 | 59.68 | %4 | 95.11 | %4 | (65.45 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,879 | $ | 3,411 | $ | 6,610 | $ | 3 | 5 | $ | 2 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.88 | % | 0.96 | % | 0.98 | % | 0.99 | % | 0.99 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.07 | % | 0.97 | % | 0.99 | % | 1.02 | % | 0.99 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.35 | % | 2.09 | % | 2.07 | % | 1.84 | % | 0.95 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.16 | % | 2.08 | % | 2.06 | % | 1.81 | % | 0.95 | % | ||||||||||
| Portfolio turnover | 13 | % | 108 | % | 113 | % | 30 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
94
Delaware Climate Solutions Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 10.08 | $ | 9.85 | $ | 6.28 | $ | 3.30 | $ | 9.59 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.10 | 0.18 | 0.12 | 0.07 | 0.04 | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.49 | )2 | 0.19 | 3.56 | 3.02 | (6.33 | ) | |||||||||||||
| Total from investment operations | (0.39 | ) | 0.37 | 3.68 | 3.09 | (6.29 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.23 | ) | (0.14 | ) | (0.11 | ) | (0.11 | ) | — | |||||||||||
| Total dividends and distributions | (0.23 | ) | (0.14 | ) | (0.11 | ) | (0.11 | ) | — | |||||||||||
| Net asset value, end of period | $ | 9.46 | $ | 10.08 | $ | 9.85 | $ | 6.28 | $ | 3.30 | ||||||||||
| Total return3 | (3.89 | )%2 | 3.69 | % | 59.24 | % | 94.31 | % | (65.59 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 4,435 | $ | 7,290 | $ | 11,467 | $ | 8 | 4 | $ | 4 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.24 | % | 1.28 | % | 1.35 | % | 1.35 | % | 1.41 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.43 | % | 1.29 | % | 1.38 | % | 1.42 | % | 1.42 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.03 | % | 1.81 | % | 1.61 | % | 1.50 | % | 0.46 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.84 | % | 1.80 | % | 1.58 | % | 1.43 | % | 0.45 | % | ||||||||||
| Portfolio turnover | 13 | % | 108 | % | 113 | % | 30 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%. |
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
95
Financial highlights
Delaware Global Real Estate Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.47 | $ | 12.23 | $ | 10.86 | $ | 8.16 | $ | 11.22 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.11 | 0.17 | 0.16 | 0.12 | 0.15 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.46 | (2.64 | ) | 1.58 | 2.88 | (2.57 | ) | |||||||||||||
| Total from investment operations | 0.57 | (2.47 | ) | 1.74 | 3.00 | (2.42 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.26 | ) | (0.17 | ) | (0.37 | ) | (0.30 | ) | (0.38 | ) | ||||||||||
| Net realized gain | — | (1.12 | ) | — | — | (0.26 | ) | |||||||||||||
| Return of capital | (0.05 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.31 | ) | (1.29 | ) | (0.37 | ) | (0.30 | ) | (0.64 | ) | ||||||||||
| Net asset value, end of period | $ | 8.73 | $ | 8.47 | $ | 12.23 | $ | 10.86 | $ | 8.16 | ||||||||||
| Total return2 | 6.91 | % | (20.45 | )% | 16.12 | % | 37.08 | % | (22.88 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 3,587 | $ | 5,413 | $ | 10,754 | $ | 11 | 3 | $ | 11 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.29 | % | 1.38 | % | 1.48 | % | 1.48 | % | 1.51 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.95 | % | 2.14 | % | 1.76 | % | 1.79 | % | 1.68 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.28 | % | 1.70 | % | 1.38 | % | 1.23 | % | 1.44 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.62 | % | 0.94 | % | 1.10 | % | 0.92 | % | 1.27 | % | ||||||||||
| Portfolio turnover | 44 | % | 109 | % | 88 | % | 90 | % | 88 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
96
Delaware Global Real Estate Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.35 | $ | 12.10 | $ | 10.76 | $ | 8.11 | $ | 11.15 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.05 | 0.10 | 0.08 | 0.05 | 0.08 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.45 | (2.62 | ) | 1.56 | 2.86 | (2.55 | ) | |||||||||||||
| Total from investment operations | 0.50 | (2.52 | ) | 1.64 | 2.91 | (2.47 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.19 | ) | (0.11 | ) | (0.30 | ) | (0.26 | ) | (0.31 | ) | ||||||||||
| Net realized gain | — | (1.12 | ) | — | — | (0.26 | ) | |||||||||||||
| Return of capital | (0.05 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.24 | ) | (1.23 | ) | (0.30 | ) | (0.26 | ) | (0.57 | ) | ||||||||||
| Net asset value, end of period | $ | 8.61 | $ | 8.35 | $ | 12.10 | $ | 10.76 | $ | 8.11 | ||||||||||
| Total return2 | 6.13 | % | (21.14 | )% | 15.28 | % | 36.12 | % | (23.32 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 101 | $ | 196 | $ | 499 | $ | 3 | 3 | $ | 3 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 2.04 | % | 2.16 | % | 2.15 | % | 2.15 | % | 2.17 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 2.70 | % | 3.22 | % | 2.21 | % | 2.31 | % | 2.26 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.56 | % | 0.99 | % | 0.64 | % | 0.52 | % | 0.75 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.10 | )% | (0.07 | )% | 0.58 | % | 0.36 | % | 0.66 | % | ||||||||||
| Portfolio turnover | 44 | % | 109 | % | 88 | % | 90 | % | 88 | % | ||||||||||
| 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 the period presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
97
Financial highlights
Delaware Global Real Estate Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.52 | $ | 12.29 | $ | 10.91 | $ | 8.19 | $ | 11.24 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.14 | 0.21 | 0.21 | 0.16 | 0.21 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.46 | (2.66 | ) | 1.59 | 2.89 | (2.57 | ) | |||||||||||||
| Total from investment operations | 0.60 | (2.45 | ) | 1.80 | 3.05 | (2.36 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.28 | ) | (0.20 | ) | (0.42 | ) | (0.33 | ) | (0.43 | ) | ||||||||||
| Net realized gain | — | (1.12 | ) | — | — | (0.26 | ) | |||||||||||||
| Return of capital | (0.05 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.33 | ) | (1.32 | ) | (0.42 | ) | (0.33 | ) | (0.69 | ) | ||||||||||
| Net asset value, end of period | $ | 8.79 | $ | 8.52 | $ | 12.29 | $ | 10.91 | $ | 8.19 | ||||||||||
| Total return2 | 7.21 | % | (20.24 | )% | 16.62 | % | 37.55 | % | (22.41 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 7,909 | $ | 16,455 | $ | 43,193 | $ | 63 | 3 | $ | 60 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.04 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.70 | % | 1.59 | % | 1.36 | % | 1.41 | % | 1.34 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.62 | % | 2.09 | % | 1.77 | % | 1.64 | % | 1.90 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.96 | % | 1.55 | % | 1.46 | % | 1.28 | % | 1.61 | % | ||||||||||
| Portfolio turnover | 44 | % | 109 | % | 88 | % | 90 | % | 88 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
98
Delaware Global Real Estate Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.42 | $ | 12.18 | $ | 10.82 | $ | 8.14 | $ | 11.19 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.07 | 0.13 | 0.12 | 0.15 | 0.12 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.47 | (2.61 | ) | 1.58 | 2.81 | (2.56 | ) | |||||||||||||
| Total from investment operations | 0.54 | (2.48 | ) | 1.70 | 2.96 | (2.44 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.25 | ) | (0.16 | ) | (0.34 | ) | (0.28 | ) | (0.35 | ) | ||||||||||
| Net realized gain | — | (1.12 | ) | — | — | (0.26 | ) | |||||||||||||
| Return of capital | (0.05 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.30 | ) | (1.28 | ) | (0.34 | ) | (0.28 | ) | (0.61 | ) | ||||||||||
| Net asset value, end of period | $ | 8.66 | $ | 8.42 | $ | 12.18 | $ | 10.82 | $ | 8.14 | ||||||||||
| Total return2 | 6.60 | % | (20.66 | )% | 15.74 | % | 36.66 | % | (23.08 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 537 | $ | 631 | $ | 857 | $ | 1 | 3 | $ | 3 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.54 | % | 1.64 | % | 1.80 | % | 1.80 | % | 1.80 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 2.20 | % | 2.18 | % | 1.97 | % | 1.98 | % | 1.93 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.84 | % | 1.28 | % | 1.03 | % | 1.66 | % | 1.16 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.18 | % | 0.74 | % | 0.86 | % | 1.48 | % | 1.03 | % | ||||||||||
| Portfolio turnover | 44 | % | 109 | % | 88 | % | 90 | % | 88 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
99
Financial highlights
Delaware Global Real Estate Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.52 | $ | 12.30 | $ | 10.92 | $ | 8.19 | $ | 11.26 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.19 | 0.20 | 0.23 | 0.16 | 0.20 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.42 | (2.65 | ) | 1.57 | 2.90 | (2.58 | ) | |||||||||||||
| Total from investment operations | 0.61 | (2.45 | ) | 1.80 | 3.06 | (2.38 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.07 | ) | (0.21 | ) | (0.42 | ) | (0.33 | ) | (0.43 | ) | ||||||||||
| Net realized gain | — | (1.12 | ) | — | — | (0.26 | ) | |||||||||||||
| Return of capital | (0.05 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.12 | ) | (1.33 | ) | (0.42 | ) | (0.33 | ) | (0.69 | ) | ||||||||||
| Net asset value, end of period | $ | 9.01 | $ | 8.52 | $ | 12.30 | $ | 10.92 | $ | 8.19 | ||||||||||
| Total return2 | 7.25 | % | (20.21 | )% | 16.60 | % | 37.67 | % | (22.53 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 4 | $ | 11,624 | $ | 22,562 | $ | 15 | 3 | $ | 22 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 0.95 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.61 | % | 1.54 | % | 1.30 | % | 1.22 | % | 1.16 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.22 | % | 1.94 | % | 1.92 | % | 1.71 | % | 1.90 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.56 | % | 1.45 | % | 1.67 | % | 1.54 | % | 1.79 | % | ||||||||||
| Portfolio turnover | 44 | % | 109 | % | 88 | % | 90 | % | 88 | % | ||||||||||
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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
100
Delaware Global Real Estate Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 8.59 | $ | 12.40 | $ | 11.00 | $ | 8.27 | $ | 11.35 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.08 | 0.16 | 0.17 | 0.20 | 0.16 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.50 | (2.67 | ) | 1.61 | 2.83 | (2.59 | ) | |||||||||||||
| Total from investment operations | 0.58 | (2.51 | ) | 1.78 | 3.03 | (2.43 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.28 | ) | (0.18 | ) | (0.38 | ) | (0.30 | ) | (0.39 | ) | ||||||||||
| Net realized gain | — | (1.12 | ) | — | — | (0.26 | ) | |||||||||||||
| Return of capital | (0.05 | ) | — | — | — | — | ||||||||||||||
| Total dividends and distributions | (0.33 | ) | (1.30 | ) | (0.38 | ) | (0.30 | ) | (0.65 | ) | ||||||||||
| Net asset value, end of period | $ | 8.84 | $ | 8.59 | $ | 12.40 | $ | 11.00 | $ | 8.27 | ||||||||||
| Total return2 | 6.90 | % | (20.49 | )% | 16.21 | % | 36.96 | % | (22.73 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 975 | $ | 924 | $ | 1,205 | $ | 1 | 3 | $ | 4 | 3 | ||||||||
| Ratio of expenses to average net assets4 | 1.29 | % | 1.36 | % | 1.47 | % | 1.45 | % | 1.46 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived4 | 1.95 | % | 1.89 | % | 1.65 | % | 1.61 | % | 1.55 | % | ||||||||||
| Ratio of net investment income to average net assets | 0.97 | % | 1.55 | % | 1.39 | % | 2.15 | % | 1.46 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 0.31 | % | 1.02 | % | 1.21 | % | 1.99 | % | 1.37 | % | ||||||||||
| Portfolio turnover | 44 | % | 109 | % | 88 | % | 90 | % | 88 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
101
Consolidated financial highlights
Delaware Ivy Asset Strategy Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.60 | $ | 23.05 | $ | 24.45 | $ | 17.41 | $ | 20.63 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.45 | 2 | 0.32 | 0.29 | 0.29 | 0.43 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.23 | (1.53 | ) | 1.12 | 7.39 | (2.42 | ) | |||||||||||||
| Total from investment operations | 3.68 | (1.21 | ) | 1.41 | 7.68 | (1.99 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.62 | ) | (0.27 | ) | (0.55 | ) | (0.39 | ) | (0.42 | ) | ||||||||||
| Net realized gain | — | (2.97 | ) | (2.26 | ) | (0.25 | ) | (0.81 | ) | |||||||||||
| Total dividends and distributions | (0.62 | ) | (3.24 | ) | (2.81 | ) | (0.64 | ) | (1.23 | ) | ||||||||||
| Net asset value, end of period | $ | 21.66 | $ | 18.60 | $ | 23.05 | $ | 24.45 | $ | 17.41 | ||||||||||
| Total return3 | 20.14 | %2 | (4.79 | )% | 5.33 | %4 | 44.79 | % | (10.69 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,327,361 | $ | 1,259,211 | $ | 1,531,209 | $ | 1,601 | 5 | $ | 1,128 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.05 | % | 1.15 | % | 1.11 | % | 1.07 | % | 1.13 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.05 | % | 1.15 | % | 1.11 | % | 1.07 | % | 1.13 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.29 | % | 1.61 | % | 1.16 | % | 1.33 | % | 2.03 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.29 | % | 1.61 | % | 1.16 | % | 1.33 | % | 2.03 | % | ||||||||||
| Portfolio turnover | 54 | % | 74 | % | 33 | % | 40 | % | 44 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.38%. See Note 1 in “Notes to financial statements.” |
| 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 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
102
Delaware Ivy Asset Strategy Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.84 | $ | 21.25 | $ | 22.75 | $ | 16.24 | $ | 19.33 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.28 | 2 | 0.11 | 0.08 | 0.13 | 0.27 | ||||||||||||||
| Net realized and unrealized gain (loss) | 2.91 | (1.44 | ) | 1.05 | 6.87 | (2.26 | ) | |||||||||||||
| Total from investment operations | 3.19 | (1.33 | ) | 1.13 | 7.00 | (1.99 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.49 | ) | (0.11 | ) | (0.37 | ) | (0.24 | ) | (0.29 | ) | ||||||||||
| Net realized gain | — | (2.97 | ) | (2.26 | ) | (0.25 | ) | (0.81 | ) | |||||||||||
| Total dividends and distributions | (0.49 | ) | (3.08 | ) | (2.63 | ) | (0.49 | ) | (1.10 | ) | ||||||||||
| Net asset value, end of period | $ | 19.54 | $ | 16.84 | $ | 21.25 | $ | 22.75 | $ | 16.24 | ||||||||||
| Total return3 | 19.26 | %2 | (5.80 | )% | 4.49 | %4 | 43.70 | % | (11.37 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 37,710 | $ | 48,216 | $ | 89,955 | $ | 146 | 5 | $ | 298 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.80 | % | 2.18 | % | 1.92 | % | 1.86 | % | 1.88 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.80 | % | 2.18 | % | 1.92 | % | 1.86 | % | 1.88 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.58 | % | 0.58 | % | 0.35 | % | 0.63 | % | 1.34 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.58 | % | 0.58 | % | 0.35 | % | 0.63 | % | 1.34 | % | ||||||||||
| Portfolio turnover | 54 | % | 74 | % | 33 | % | 40 | % | 44 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.06 and total return by 0.36%. See Note 1 in “Notes to financial statements.” |
| 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 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
103
Consolidated financial highlights
Delaware Ivy Asset Strategy Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.01 | $ | 23.48 | $ | 24.85 | $ | 17.68 | $ | 20.93 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.51 | 2 | 0.38 | 0.36 | 0.35 | 0.50 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.31 | (1.57 | ) | 1.14 | 7.51 | (2.46 | ) | |||||||||||||
| Total from investment operations | 3.82 | (1.19 | ) | 1.50 | 7.86 | (1.96 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.66 | ) | (0.31 | ) | (0.61 | ) | (0.44 | ) | (0.48 | ) | ||||||||||
| Net realized gain | — | (2.97 | ) | (2.26 | ) | (0.25 | ) | (0.81 | ) | |||||||||||
| Total dividends and distributions | (0.66 | ) | (3.28 | ) | (2.87 | ) | (0.69 | ) | (1.29 | ) | ||||||||||
| Net asset value, end of period | $ | 22.17 | $ | 19.01 | $ | 23.48 | $ | 24.85 | $ | 17.68 | ||||||||||
| Total return3 | 20.49 | %2 | (4.58 | )% | 5.59 | %4 | 45.16 | % | (10.44 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 358,336 | $ | 393,751 | $ | 597,362 | $ | 713 | 5 | $ | 586 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.80 | % | 0.90 | % | 0.88 | % | 0.83 | % | 0.87 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.80 | % | 0.90 | % | 0.88 | % | 0.83 | % | 0.87 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.56 | % | 1.86 | % | 1.39 | % | 1.59 | % | 2.31 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.56 | % | 1.86 | % | 1.39 | % | 1.59 | % | 2.31 | % | ||||||||||
| Portfolio turnover | 54 | % | 74 | % | 33 | % | 40 | % | 44 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 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 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
104
Delaware Ivy Asset Strategy Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.24 | $ | 22.68 | $ | 24.09 | $ | 17.17 | $ | 20.35 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.39 | 2 | 0.25 | 0.20 | 0.22 | 0.36 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.18 | (1.51 | ) | 1.11 | 7.27 | (2.37 | ) | |||||||||||||
| Total from investment operations | 3.57 | (1.26 | ) | 1.31 | 7.49 | (2.01 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.58 | ) | (0.21 | ) | (0.46 | ) | (0.32 | ) | (0.36 | ) | ||||||||||
| Net realized gain | — | (2.97 | ) | (2.26 | ) | (0.25 | ) | (0.81 | ) | |||||||||||
| Total dividends and distributions | (0.58 | ) | (3.18 | ) | (2.72 | ) | (0.57 | ) | (1.17 | ) | ||||||||||
| Net asset value, end of period | $ | 21.23 | $ | 18.24 | $ | 22.68 | $ | 24.09 | $ | 17.17 | ||||||||||
| Total return3 | 19.88 | %2 | (5.10 | )% | 4.98 | %4 | 44.26 | % | (10.93 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 21,732 | $ | 20,073 | $ | 23,787 | $ | 28 | 5 | $ | 28 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.30 | % | 1.47 | % | 1.46 | % | 1.42 | % | 1.46 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.30 | % | 1.47 | % | 1.46 | % | 1.42 | % | 1.46 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.04 | % | 1.29 | % | 0.81 | % | 1.02 | % | 1.72 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.04 | % | 1.29 | % | 0.81 | % | 1.02 | % | 1.72 | % | ||||||||||
| Portfolio turnover | 54 | % | 74 | % | 33 | % | 40 | % | 44 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.38%. See Note 1 in “Notes to financial statements.” |
| 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 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
105
Consolidated financial highlights
Delaware Ivy Asset Strategy Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 19.08 | $ | 23.55 | $ | 24.92 | $ | 17.73 | $ | 20.99 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.51 | 2 | 0.41 | 0.40 | 0.37 | 0.51 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.32 | (1.56 | ) | 1.14 | 7.54 | (2.45 | ) | |||||||||||||
| Total from investment operations | 3.83 | (1.15 | ) | 1.54 | 7.91 | (1.94 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.68 | ) | (0.35 | ) | (0.65 | ) | (0.47 | ) | (0.51 | ) | ||||||||||
| Net realized gain | — | (2.97 | ) | (2.26 | ) | (0.25 | ) | (0.81 | ) | |||||||||||
| Total dividends and distributions | (0.68 | ) | (3.32 | ) | (2.91 | ) | (0.72 | ) | (1.32 | ) | ||||||||||
| Net asset value, end of period | $ | 22.23 | $ | 19.08 | $ | 23.55 | $ | 24.92 | $ | 17.73 | ||||||||||
| Total return3 | 20.45 | %2 | (4.39 | )% | 5.73 | %4 | 45.35 | % | (10.32 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 20,788 | $ | 17,914 | $ | 16,520 | $ | 19 | 5 | $ | 8 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.77 | % | 0.77 | % | 0.72 | % | 0.67 | % | 0.72 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.77 | % | 0.77 | % | 0.72 | % | 0.67 | % | 0.72 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.56 | % | 1.99 | % | 1.56 | % | 1.62 | % | 2.35 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.56 | % | 1.99 | % | 1.56 | % | 1.62 | % | 2.35 | % | ||||||||||
| Portfolio turnover | 54 | % | 74 | % | 33 | % | 40 | % | 44 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 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 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Net assets reported in millions. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
106
Delaware Ivy Asset Strategy Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.69 | $ | 23.14 | $ | 24.53 | $ | 17.47 | $ | 20.69 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.45 | 2 | 0.33 | 0.30 | 0.30 | 0.44 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.25 | (1.53 | ) | 1.12 | 7.40 | (2.42 | ) | |||||||||||||
| Total from investment operations | 3.70 | (1.20 | ) | 1.42 | 7.70 | (1.98 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.62 | ) | (0.28 | ) | (0.55 | ) | (0.39 | ) | (0.43 | ) | ||||||||||
| Net realized gain | — | (2.97 | ) | (2.26 | ) | (0.25 | ) | (0.81 | ) | |||||||||||
| Total dividends and distributions | (0.62 | ) | (3.25 | ) | (2.81 | ) | (0.64 | ) | (1.24 | ) | ||||||||||
| Net asset value, end of period | $ | 21.77 | $ | 18.69 | $ | 23.14 | $ | 24.53 | $ | 17.47 | ||||||||||
| Total return3 | 20.15 | %2 | (4.72 | )% | 5.35 | %4,5 | 44.75 | %5 | (10.64 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 81,385 | $ | 78,829 | $ | 96,913 | $ | 109 | 6 | $ | 98 | 6 | ||||||||
| Ratio of expenses to average net assets7 | 1.05 | % | 1.11 | % | 1.09 | % | 1.07 | % | 1.11 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived7 | 1.05 | % | 1.11 | % | 1.11 | % | 1.08 | % | 1.11 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.30 | % | 1.65 | % | 1.17 | % | 1.36 | % | 2.08 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.30 | % | 1.65 | % | 1.15 | % | 1.35 | % | 2.08 | % | ||||||||||
| Portfolio turnover | 54 | % | 74 | % | 33 | % | 40 | % | 44 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.” |
| 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 | Payments from affiliates had no impact on net asset value and total return. |
| 5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 6 | Net assets reported in millions. |
| 7 | Expense ratios do not include expenses of any investment companies 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 A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.85 | $ | 25.53 | $ | 27.29 | $ | 20.43 | $ | 23.58 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.26 | 0.21 | 0.12 | 0.24 | 0.31 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.36 | 2 | (2.06 | ) | 1.28 | 8.38 | (1.57 | ) | ||||||||||||
| Total from investment operations | 3.62 | (1.85 | ) | 1.40 | 8.62 | (1.26 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.45 | ) | (0.15 | ) | (0.12 | ) | (0.28 | ) | (0.34 | ) | ||||||||||
| Net realized gain | — | (4.68 | ) | (3.04 | ) | (1.48 | ) | (1.55 | ) | |||||||||||
| Total dividends and distributions | (0.45 | ) | (4.83 | ) | (3.16 | ) | (1.76 | ) | (1.89 | ) | ||||||||||
| Net asset value, end of period | $ | 22.02 | $ | 18.85 | $ | 25.53 | $ | 27.29 | $ | 20.43 | ||||||||||
| Total return3 | 19.36 | %2,4 | (6.71 | )% | 4.57 | % | 42.81 | % | (6.55 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,140,285 | $ | 1,102,496 | $ | 1,485,004 | $ | 1,509 | 5 | $ | 1,086 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.06 | % | 1.10 | % | 1.04 | % | 1.07 | % | 1.10 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.07 | % | 1.10 | % | 1.04 | % | 1.07 | % | 1.10 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.30 | % | 0.97 | % | 0.44 | % | 0.95 | % | 1.27 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.29 | % | 0.97 | % | 0.44 | % | 0.95 | % | 1.27 | % | ||||||||||
| Portfolio turnover | 73 | % | 82 | % | 94 | % | 52 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
108
Delaware Ivy Balanced Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.49 | $ | 25.21 | $ | 26.98 | $ | 20.24 | $ | 23.38 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.11 | 0.01 | (0.09 | ) | 0.06 | 0.13 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.29 | 2 | (2.03 | ) | 1.25 | 8.30 | (1.55 | ) | ||||||||||||
| Total from investment operations | 3.40 | (2.02 | ) | 1.16 | 8.36 | (1.42 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.29 | ) | (0.02 | ) | — | (0.14 | ) | (0.17 | ) | |||||||||||
| Net realized gain | — | (4.68 | ) | (2.93 | ) | (1.48 | ) | (1.55 | ) | |||||||||||
| Total dividends and distributions | (0.29 | ) | (4.70 | ) | (2.93 | ) | (1.62 | ) | (1.72 | ) | ||||||||||
| Net asset value, end of period | $ | 21.60 | $ | 18.49 | $ | 25.21 | $ | 26.98 | $ | 20.24 | ||||||||||
| Total return3 | 18.44 | %2,4 | (7.53 | )% | 3.77 | % | 41.82 | % | (7.24 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 43,118 | $ | 63,537 | $ | 117,058 | $ | 183 | 5 | $ | 243 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.81 | % | 1.98 | % | 1.82 | % | 1.82 | % | 1.83 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.82 | % | 1.98 | % | 1.82 | % | 1.82 | % | 1.83 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.55 | % | 0.06 | % | (0.34 | )% | 0.23 | % | 0.54 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.54 | % | 0.06 | % | (0.34 | )% | 0.23 | % | 0.54 | % | ||||||||||
| Portfolio turnover | 73 | % | 82 | % | 94 | % | 52 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
109
Financial highlights
Delaware Ivy Balanced Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.86 | $ | 25.54 | $ | 27.29 | $ | 20.42 | $ | 23.57 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.31 | 0.26 | 0.18 | 0.29 | 0.36 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.36 | 2 | (2.06 | ) | 1.28 | 8.39 | (1.57 | ) | ||||||||||||
| Total from investment operations | 3.67 | (1.80 | ) | 1.46 | 8.68 | (1.21 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.50 | ) | (0.20 | ) | (0.17 | ) | (0.33 | ) | (0.39 | ) | ||||||||||
| Net realized gain | — | (4.68 | ) | (3.04 | ) | (1.48 | ) | (1.55 | ) | |||||||||||
| Total dividends and distributions | (0.50 | ) | (4.88 | ) | (3.21 | ) | (1.81 | ) | (1.94 | ) | ||||||||||
| Net asset value, end of period | $ | 22.03 | $ | 18.86 | $ | 25.54 | $ | 27.29 | $ | 20.42 | ||||||||||
| Total return3 | 19.63 | %2,4 | (6.52 | )% | 4.82 | % | 43.15 | % | (6.32 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 375,021 | $ | 406,338 | $ | 745,878 | $ | 846 | 5 | $ | 671 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 0.81 | % | 0.88 | % | 0.84 | % | 0.86 | % | 0.86 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 0.82 | % | 0.88 | % | 0.84 | % | 0.86 | % | 0.86 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.55 | % | 1.17 | % | 0.64 | % | 1.17 | % | 1.51 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.54 | % | 1.17 | % | 0.64 | % | 1.17 | % | 1.51 | % | ||||||||||
| Portfolio turnover | 73 | % | 82 | % | 94 | % | 52 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
110
Delaware Ivy Balanced Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.78 | $ | 25.46 | $ | 27.22 | $ | 20.39 | $ | 23.54 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.21 | 0.15 | 0.01 | 0.15 | 0.22 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.35 | 2 | (2.05 | ) | 1.26 | 8.36 | (1.57 | ) | ||||||||||||
| Total from investment operations | 3.56 | (1.90 | ) | 1.27 | 8.51 | (1.35 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.41 | ) | (0.10 | ) | (0.01 | ) | (0.20 | ) | (0.25 | ) | ||||||||||
| Net realized gain | — | (4.68 | ) | (3.02 | ) | (1.48 | ) | (1.55 | ) | |||||||||||
| Total dividends and distributions | (0.41 | ) | (4.78 | ) | (3.03 | ) | (1.68 | ) | (1.80 | ) | ||||||||||
| Net asset value, end of period | $ | 21.93 | $ | 18.78 | $ | 25.46 | $ | 27.22 | $ | 20.39 | ||||||||||
| Total return3 | 19.04 | %2,4 | (6.97 | )% | 4.15 | % | 42.31 | % | (6.90 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 9,503 | $ | 8,650 | $ | 10,852 | $ | 11 | 5 | $ | 11 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.31 | % | 1.38 | % | 1.44 | % | 1.45 | % | 1.45 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.32 | % | 1.38 | % | 1.44 | % | 1.45 | % | 1.45 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.05 | % | 0.70 | % | 0.04 | % | 0.60 | % | 0.91 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.04 | % | 0.70 | % | 0.04 | % | 0.60 | % | 0.91 | % | ||||||||||
| Portfolio turnover | 73 | % | 82 | % | 94 | % | 52 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
111
Financial highlights
Delaware Ivy Balanced Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.91 | $ | 25.60 | $ | 27.36 | $ | 20.47 | $ | 23.62 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.32 | 0.29 | 0.22 | 0.33 | 0.40 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.38 | 2 | (2.07 | ) | 1.27 | 8.40 | (1.57 | ) | ||||||||||||
| Total from investment operations | 3.70 | (1.78 | ) | 1.49 | 8.73 | (1.17 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.52 | ) | (0.23 | ) | (0.21 | ) | (0.36 | ) | (0.43 | ) | ||||||||||
| Net realized gain | — | (4.68 | ) | (3.04 | ) | (1.48 | ) | (1.55 | ) | |||||||||||
| Total dividends and distributions | (0.52 | ) | (4.91 | ) | (3.25 | ) | (1.84 | ) | (1.98 | ) | ||||||||||
| Net asset value, end of period | $ | 22.09 | $ | 18.91 | $ | 25.60 | $ | 27.36 | $ | 20.47 | ||||||||||
| Total return3 | 19.72 | %2 | (6.39 | )% | 4.93 | % | 43.34 | % | (6.16 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 9,906 | $ | 9,291 | $ | 10,232 | $ | 11 | 4 | $ | 7 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.76 | % | 0.75 | % | 0.70 | % | 0.71 | % | 0.71 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.77 | % | 0.75 | % | 0.70 | % | 0.71 | % | 0.71 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.61 | % | 1.33 | % | 0.78 | % | 1.30 | % | 1.65 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.60 | % | 1.33 | % | 0.78 | % | 1.30 | % | 1.65 | % | ||||||||||
| Portfolio turnover | 73 | % | 82 | % | 94 | % | 52 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
112
Delaware Ivy Balanced Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 18.85 | $ | 25.54 | $ | 27.29 | $ | 20.43 | $ | 23.58 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.26 | 0.22 | 0.12 | 0.24 | 0.31 | |||||||||||||||
| Net realized and unrealized gain (loss) | 3.36 | 2 | (2.07 | ) | 1.28 | 8.38 | (1.57 | ) | ||||||||||||
| Total from investment operations | 3.62 | (1.85 | ) | 1.40 | 8.62 | (1.26 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.45 | ) | (0.16 | ) | (0.11 | ) | (0.28 | ) | (0.34 | ) | ||||||||||
| Net realized gain | — | (4.68 | ) | (3.04 | ) | (1.48 | ) | (1.55 | ) | |||||||||||
| Total dividends and distributions | (0.45 | ) | (4.84 | ) | (3.15 | ) | (1.76 | ) | (1.89 | ) | ||||||||||
| Net asset value, end of period | $ | 22.02 | $ | 18.85 | $ | 25.54 | $ | 27.29 | $ | 20.43 | ||||||||||
| Total return3 | 19.35 | %2,4 | (6.71 | )% | 4.59 | %4 | 42.81 | %4 | (6.55 | )%4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 10,450 | $ | 10,194 | $ | 12,699 | $ | 16 | 5 | $ | 14 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.06 | % | 1.07 | % | 1.04 | % | 1.07 | % | 1.10 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.07 | % | 1.07 | % | 1.08 | % | 1.10 | % | 1.11 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.31 | % | 1.01 | % | 0.44 | % | 0.97 | % | 1.27 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.30 | % | 1.01 | % | 0.40 | % | 0.94 | % | 1.26 | % | ||||||||||
| Portfolio turnover | 73 | % | 82 | % | 94 | % | 52 | % | 43 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
113
Financial highlights
Delaware Ivy Natural Resources Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.75 | $ | 16.92 | $ | 12.42 | $ | 7.85 | $ | 13.45 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.39 | 0.35 | 0.21 | 0.09 | 0.13 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.33 | (1.20 | ) | 4.61 | 4.51 | (5.51 | ) | |||||||||||||
| Total from investment operations | 0.72 | (0.85 | ) | 4.82 | 4.60 | (5.38 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.31 | ) | (0.32 | ) | (0.32 | ) | (0.03 | ) | (0.22 | ) | ||||||||||
| Total dividends and distributions | (0.31 | ) | (0.32 | ) | (0.32 | ) | (0.03 | ) | (0.22 | ) | ||||||||||
| Net asset value, end of period | $ | 16.16 | $ | 15.75 | $ | 16.92 | $ | 12.42 | $ | 7.85 | ||||||||||
| Total return2 | 4.63 | % | (5.03 | )%3 | 39.47 | % | 58.68 | % | (40.58 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 123,472 | $ | 150,383 | $ | 170,746 | $ | 136 | 4 | $ | 102 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.20 | % | 1.44 | % | 1.82 | % | 1.84 | % | 1.77 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.20 | % | 1.65 | % | 1.82 | % | 1.84 | % | 1.77 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.54 | % | 2.20 | % | 1.57 | % | 0.82 | % | 1.05 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.54 | % | 1.99 | % | 1.57 | % | 0.82 | % | 1.05 | % | ||||||||||
| Portfolio turnover | 37 | % | 48 | % | 116 | % | 52 | % | 44 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
114
Delaware Ivy Natural Resources Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 12.71 | $ | 13.81 | $ | 10.22 | $ | 6.48 | $ | 11.13 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.21 | 0.19 | 0.09 | 0.01 | 0.03 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.28 | (0.98 | ) | 3.77 | 3.74 | (4.55 | ) | |||||||||||||
| Total from investment operations | 0.49 | (0.79 | ) | 3.86 | 3.75 | (4.52 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.21 | ) | (0.31 | ) | (0.27 | ) | (0.01 | ) | (0.13 | ) | ||||||||||
| Total dividends and distributions | (0.21 | ) | (0.31 | ) | (0.27 | ) | (0.01 | ) | (0.13 | ) | ||||||||||
| Net asset value, end of period | $ | 12.99 | $ | 12.71 | $ | 13.81 | $ | 10.22 | $ | 6.48 | ||||||||||
| Total return2 | 3.89 | % | (5.76 | )%3 | 38.45 | % | 57.83 | % | (41.02 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,394 | $ | 3,846 | $ | 3,460 | $ | 3 | 4 | $ | 5 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.95 | % | 2.20 | % | 2.52 | % | 2.49 | % | 2.48 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.95 | % | 2.42 | % | 2.52 | % | 2.49 | % | 2.48 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.72 | % | 1.46 | % | 0.84 | % | 0.07 | % | 0.30 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.72 | % | 1.24 | % | 0.84 | % | 0.07 | % | 0.03 | % | ||||||||||
| Portfolio turnover | 37 | % | 48 | % | 116 | % | 52 | % | 44 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
115
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.52 | $ | 17.72 | $ | 12.99 | $ | 8.18 | $ | 14.06 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.45 | 0.42 | 0.31 | 0.16 | 0.21 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.35 | (1.25 | ) | 4.82 | 4.73 | (5.74 | ) | |||||||||||||
| Total from investment operations | 0.80 | (0.83 | ) | 5.13 | 4.89 | (5.53 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.33 | ) | (0.37 | ) | (0.40 | ) | (0.08 | ) | (0.35 | ) | ||||||||||
| Total dividends and distributions | (0.33 | ) | (0.37 | ) | (0.40 | ) | (0.08 | ) | (0.35 | ) | ||||||||||
| Net asset value, end of period | $ | 16.99 | $ | 16.52 | $ | 17.72 | $ | 12.99 | $ | 8.18 | ||||||||||
| Total return2 | 4.93 | % | (4.73 | )%3 | 40.30 | % | 59.85 | % | (40.26 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 51,824 | $ | 76,474 | $ | 84,343 | $ | 71 | 4 | $ | 54 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.95 | % | 1.11 | % | 1.21 | % | 1.20 | % | 1.19 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.95 | % | 1.14 | % | 1.21 | % | 1.20 | % | 1.19 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.78 | % | 2.52 | % | 2.17 | % | 1.46 | % | 1.63 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.78 | % | 2.49 | % | 2.17 | % | 1.46 | % | 1.63 | % | ||||||||||
| Portfolio turnover | 37 | % | 48 | % | 116 | % | 52 | % | 44 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
116
Delaware Ivy Natural Resources Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.52 | $ | 16.69 | $ | 12.25 | $ | 7.75 | $ | 13.26 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.35 | 0.32 | 0.22 | 0.09 | 0.13 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.31 | (1.19 | ) | 4.54 | 4.45 | (5.42 | ) | |||||||||||||
| Total from investment operations | 0.66 | (0.87 | ) | 4.76 | 4.54 | (5.29 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.25 | ) | (0.30 | ) | (0.32 | ) | (0.04 | ) | (0.22 | ) | ||||||||||
| Total dividends and distributions | (0.25 | ) | (0.30 | ) | (0.32 | ) | (0.04 | ) | (0.22 | ) | ||||||||||
| Net asset value, end of period | $ | 15.93 | $ | 15.52 | $ | 16.69 | $ | 12.25 | $ | 7.75 | ||||||||||
| Total return2 | 4.33 | % | (5.21 | )%3 | 39.60 | % | 58.67 | % | (40.53 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 9,011 | $ | 12,202 | $ | 14,145 | $ | 12 | 4 | $ | 7 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.45 | % | 1.64 | % | 1.78 | % | 1.77 | % | 1.76 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.45 | % | 1.66 | % | 1.78 | % | 1.77 | % | 1.76 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.28 | % | 2.03 | % | 1.60 | % | 0.90 | % | 1.06 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.28 | % | 2.01 | % | 1.60 | % | 0.90 | % | 1.06 | % | ||||||||||
| Portfolio turnover | 37 | % | 48 | % | 116 | % | 52 | % | 44 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
117
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.56 | $ | 17.79 | $ | 13.03 | $ | 8.21 | $ | 14.12 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.48 | 0.42 | 0.36 | 0.18 | 0.23 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.31 | (1.24 | ) | 4.82 | 4.73 | (5.75 | ) | |||||||||||||
| Total from investment operations | 0.79 | (0.82 | ) | 5.18 | 4.91 | (5.52 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.41 | ) | (0.42 | ) | (0.09 | ) | (0.39 | ) | ||||||||||
| Total dividends and distributions | (0.39 | ) | (0.41 | ) | (0.42 | ) | (0.09 | ) | (0.39 | ) | ||||||||||
| Net asset value, end of period | $ | 16.96 | $ | 16.56 | $ | 17.79 | $ | 13.03 | $ | 8.21 | ||||||||||
| Total return2 | 4.89 | % | (4.63 | )%3 | 40.61 | % | 59.94 | % | (40.11 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 5,446 | $ | 4,213 | $ | 2,228 | $ | 1 | 4 | $ | 3 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.92 | % | 1.03 | % | 1.04 | % | 0.99 | % | 1.02 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.92 | % | 1.07 | % | 1.04 | % | 0.99 | % | 1.02 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.93 | % | 2.49 | % | 2.46 | % | 1.64 | % | 1.81 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.93 | % | 2.45 | % | 2.46 | % | 1.64 | % | 1.81 | % | ||||||||||
| Portfolio turnover | 37 | % | 48 | % | 116 | % | 52 | % | 44 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
118
Delaware Ivy Natural Resources Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.19 | $ | 17.38 | $ | 12.74 | $ | 8.04 | $ | 13.79 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.40 | 0.38 | 0.28 | 0.13 | 0.17 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.33 | (1.24 | ) | 4.73 | 4.63 | (5.63 | ) | |||||||||||||
| Total from investment operations | 0.73 | (0.86 | ) | 5.01 | 4.76 | (5.46 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.29 | ) | (0.33 | ) | (0.37 | ) | (0.06 | ) | (0.29 | ) | ||||||||||
| Total dividends and distributions | (0.29 | ) | (0.33 | ) | (0.37 | ) | (0.06 | ) | (0.29 | ) | ||||||||||
| Net asset value, end of period | $ | 16.63 | $ | 16.19 | $ | 17.38 | $ | 12.74 | $ | 8.04 | ||||||||||
| Total return2 | 4.60 | % | (4.95 | )%3 | 40.08 | % | 59.33 | % | (40.40 | )% | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 10,505 | $ | 12,632 | $ | 14,348 | $ | 114 | $ | 84 | ||||||||||
| Ratio of expenses to average net assets5 | 1.20 | % | 1.35 | % | 1.42 | % | 1.42 | % | 1.42 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.20 | % | 1.38 | % | 1.42 | % | 1.42 | % | 1.42 | % | ||||||||||
| Ratio of net investment income to average net assets | 2.54 | % | 2.27 | % | 1.97 | % | 1.23 | % | 1.39 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 2.54 | % | 2.24 | % | 1.97 | % | 1.23 | % | 1.39 | % | ||||||||||
| Portfolio turnover | 37 | % | 48 | % | 116 | % | 52 | % | 44 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
119
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 42.38 | $ | 63.48 | $ | 92.04 | $ | 59.85 | $ | 65.00 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.23 | ) | (0.24 | ) | (0.66 | ) | (0.55 | ) | (0.38 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 16.25 | 2 | (8.49 | ) | 2.73 | 40.68 | 3.45 | |||||||||||||
| Total from investment operations | 16.02 | (8.73 | ) | 2.07 | 40.13 | 3.07 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (5.33 | ) | (12.37 | ) | (30.63 | ) | (7.94 | ) | (8.22 | ) | ||||||||||
| Total dividends and distributions | (5.33 | ) | (12.37 | ) | (30.63 | ) | (7.94 | ) | (8.22 | ) | ||||||||||
| Net asset value, end of period | $ | 53.07 | $ | 42.38 | $ | 63.48 | $ | 92.04 | $ | 59.85 | ||||||||||
| Total return3 | 40.88 | %2 | (12.32 | )% | (0.21 | )% | 67.65 | % | 2.98 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 3,743,633 | $ | 3,186,208 | $ | 4,958,005 | $ | 5,696 | 4 | $ | 3,626 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.16 | % | 1.21 | % | 1.13 | % | 1.14 | % | 1.18 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.16 | % | 1.21 | % | 1.13 | % | 1.14 | % | 1.18 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.50 | )% | (0.51 | )% | (0.76 | )% | (0.66 | )% | (0.54 | )% | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.50 | )% | (0.51 | )% | (0.76 | )% | (0.66 | )% | (0.54 | )% | ||||||||||
| Portfolio turnover | 29 | % | 51 | % | 53 | % | 9 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.04 and total return by 0.09%. |
| 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 | Net assets reported in millions. |
| 5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
120
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 24.76 | $ | 43.75 | $ | 72.44 | $ | 48.52 | $ | 54.26 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.32 | ) | (0.46 | ) | (1.04 | ) | (0.95 | ) | (0.76 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 8.89 | 2 | (6.16 | ) | 2.62 | 32.81 | 3.07 | |||||||||||||
| Total from investment operations | 8.57 | (6.62 | ) | 1.58 | 31.86 | 2.31 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (5.33 | ) | (12.37 | ) | (30.27 | ) | (7.94 | ) | (8.05 | ) | ||||||||||
| Total dividends and distributions | (5.33 | ) | (12.37 | ) | (30.27 | ) | (7.94 | ) | (8.05 | ) | ||||||||||
| Net asset value, end of period | $ | 28.00 | $ | 24.76 | $ | 43.75 | $ | 72.44 | $ | 48.52 | ||||||||||
| Total return3 | 39.82 | %2 | (13.14 | )% | (1.00 | )% | 66.37 | % | 2.17 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 88,952 | $ | 109,544 | $ | 237,610 | $ | 413 | 4 | $ | 407 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.91 | % | 2.14 | % | 1.92 | % | 1.92 | % | 1.95 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.91 | % | 2.14 | % | 1.92 | % | 1.92 | % | 1.95 | % | ||||||||||
| Ratio of net investment loss to average net assets | (1.25 | )% | (1.45 | )% | (1.56 | )% | (1.45 | )% | (1.31 | )% | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (1.25 | )% | (1.45 | )% | (1.56 | )% | (1.45 | )% | (1.31 | )% | ||||||||||
| Portfolio turnover | 29 | % | 51 | % | 53 | % | 9 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.08%. |
| 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 | Net assets reported in millions. |
| 5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
121
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 54.09 | $ | 76.68 | $ | 105.32 | $ | 67.65 | $ | 72.51 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.15 | ) | (0.17 | ) | (0.60 | ) | (0.45 | ) | (0.27 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 21.14 | 2 | (10.05 | ) | 2.83 | 46.06 | 3.71 | |||||||||||||
| Total from investment operations | 20.99 | (10.22 | ) | 2.23 | 45.61 | 3.44 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (5.33 | ) | (12.37 | ) | (30.87 | ) | (7.94 | ) | (8.30 | ) | ||||||||||
| Total dividends and distributions | (5.33 | ) | (12.37 | ) | (30.87 | ) | (7.94 | ) | (8.30 | ) | ||||||||||
| Net asset value, end of period | $ | 69.75 | $ | 54.09 | $ | 76.68 | $ | 105.32 | $ | 67.65 | ||||||||||
| Total return3 | 41.23 | %2 | (12.14 | )% | (0.04 | )% | 67.96 | % | 3.17 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,403,120 | $ | 1,281,422 | $ | 2,354,813 | $ | 2,878 | 4 | $ | 1,938 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.91 | % | 0.99 | % | 0.96 | % | 0.96 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.91 | % | 0.99 | % | 0.96 | % | 0.96 | % | 0.98 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.25 | )% | (0.29 | )% | (0.59 | )% | (0.48 | )% | (0.34 | )% | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.25 | )% | (0.29 | )% | (0.59 | )% | (0.48 | )% | (0.34 | )% | ||||||||||
| Portfolio turnover | 29 | % | 51 | % | 53 | % | 9 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.09%. |
| 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
122
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 38.46 | $ | 59.21 | $ | 87.86 | $ | 57.58 | $ | 62.89 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.31 | ) | (0.38 | ) | (0.97 | ) | (0.85 | ) | (0.63 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 14.60 | 2 | (8.00 | ) | 2.69 | 39.07 | 3.37 | |||||||||||||
| Total from investment operations | 14.29 | (8.38 | ) | 1.72 | 38.22 | 2.74 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (5.33 | ) | (12.37 | ) | (30.37 | ) | (7.94 | ) | (8.05 | ) | ||||||||||
| Total dividends and distributions | (5.33 | ) | (12.37 | ) | (30.37 | ) | (7.94 | ) | (8.05 | ) | ||||||||||
| Net asset value, end of period | $ | 47.42 | $ | 38.46 | $ | 59.21 | $ | 87.86 | $ | 57.58 | ||||||||||
| Total return3 | 40.53 | %2 | (12.65 | )% | (0.63 | )% | 66.99 | % | 2.57 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 109,957 | $ | 94,005 | $ | 120,945 | $ | 151 | 4 | $ | 110 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.41 | % | 1.57 | % | 1.55 | % | 1.55 | % | 1.57 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.41 | % | 1.57 | % | 1.55 | % | 1.55 | % | 1.57 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.75 | )% | (0.86 | )% | (1.18 | )% | (1.08 | )% | (0.93 | )% | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.75 | )% | (0.86 | )% | (1.18 | )% | (1.08 | )% | (0.93 | )% | ||||||||||
| Portfolio turnover | 29 | % | 51 | % | 53 | % | 9 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.04 and total return by 0.10%. |
| 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
123
Financial highlights
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 55.11 | $ | 77.75 | $ | 106.48 | $ | 68.24 | $ | 73.03 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.11 | ) | (0.09 | ) | (0.45 | ) | (0.32 | ) | (0.15 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 21.56 | 2 | (10.18 | ) | 2.84 | 46.50 | 3.75 | |||||||||||||
| Total from investment operations | 21.45 | (10.27 | ) | 2.39 | 46.18 | 3.60 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (5.33 | ) | (12.37 | ) | (31.12 | ) | (7.94 | ) | (8.39 | ) | ||||||||||
| Total dividends and distributions | (5.33 | ) | (12.37 | ) | (31.12 | ) | (7.94 | ) | (8.39 | ) | ||||||||||
| Net asset value, end of period | $ | 71.23 | $ | 55.11 | $ | 77.75 | $ | 106.48 | $ | 68.24 | ||||||||||
| Total return3 | 41.31 | %2 | (12.02 | )% | 0.10 | % | 68.22 | % | 3.34 | % | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 155,573 | $ | 108,424 | $ | 173,276 | $ | 192 | 4 | $ | 96 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.84 | % | 0.86 | % | 0.81 | % | 0.81 | % | 0.83 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 0.84 | % | 0.86 | % | 0.81 | % | 0.81 | % | 0.83 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.18 | )% | (0.15 | )% | (0.44 | )% | (0.33 | )% | (0.20 | )% | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | (0.18 | )% | (0.15 | )% | (0.44 | )% | (0.33 | )% | (0.20 | )% | ||||||||||
| Portfolio turnover | 29 | % | 51 | % | 53 | % | 9 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.09%. |
| 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
124
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 | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 48.45 | $ | 70.42 | $ | 98.99 | $ | 64.00 | $ | 69.01 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment loss1 | (0.26 | ) | (0.28 | ) | (0.74 | ) | (0.58 | ) | (0.40 | ) | ||||||||||
| Net realized and unrealized gain (loss) | 18.76 | 2 | (9.32 | ) | 2.79 | 43.51 | 3.60 | |||||||||||||
| Total from investment operations | 18.50 | (9.60 | ) | 2.05 | 42.93 | 3.20 | ||||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net realized gain | (5.33 | ) | (12.37 | ) | (30.62 | ) | (7.94 | ) | (8.21 | ) | ||||||||||
| Total dividends and distributions | (5.33 | ) | (12.37 | ) | (30.62 | ) | (7.94 | ) | (8.21 | ) | ||||||||||
| Net asset value, end of period | $ | 61.62 | $ | 48.45 | $ | 70.42 | $ | 98.99 | $ | 64.00 | ||||||||||
| Total return3 | 40.88 | %2 | (12.34 | )% | (0.22 | )%4 | 67.64 | %4 | 2.98 | %4 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 284,479 | $ | 229,962 | $ | 351,136 | $ | 455 | 5 | $ | 340 | 5 | ||||||||
| Ratio of expenses to average net assets6 | 1.16 | % | 1.23 | % | 1.14 | % | 1.14 | % | 1.18 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.16 | % | 1.23 | % | 1.20 | % | 1.20 | % | 1.22 | % | ||||||||||
| Ratio of net investment loss to average net assets | (0.50 | )% | (0.53 | )% | (0.78 | )% | (0.66 | )% | (0.54 | )% | ||||||||||
| Ratio of net investment loss to average net assets prior to fees waived | (0.50 | )% | (0.53 | )% | (0.84 | )% | (0.72 | )% | (0.58 | )% | ||||||||||
| Portfolio turnover | 29 | % | 51 | % | 53 | % | 9 | % | 23 | % | ||||||||||
| 1 | Calculated using average shares outstanding. |
| 2 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.10%. |
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
125
Financial highlights
Delaware Real Estate Securities Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.43 | $ | 27.72 | $ | 24.82 | $ | 18.83 | $ | 24.45 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.26 | 0.30 | 0.21 | 0.17 | 0.30 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.79 | (5.87 | ) | 6.44 | 6.22 | (3.61 | ) | |||||||||||||
| Total from investment operations | 1.05 | (5.57 | ) | 6.65 | 6.39 | (3.31 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.55 | ) | (0.40 | ) | (0.14 | ) | (0.25 | ) | (0.32 | ) | ||||||||||
| Net realized gain | (1.19 | ) | (5.32 | ) | (3.61 | ) | (0.15 | ) | (1.99 | ) | ||||||||||
| Total dividends and distributions | (1.74 | ) | (5.72 | ) | (3.75 | ) | (0.40 | ) | (2.31 | ) | ||||||||||
| Net asset value, end of period | $ | 15.74 | $ | 16.43 | $ | 27.72 | $ | 24.82 | $ | 18.83 | ||||||||||
| Total return2 | 6.55 | %3 | (20.26 | )%3 | 26.90 | % | 34.24 | %3 | (15.35 | )%3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 70,391 | $ | 86,795 | $ | 143,562 | $ | 130 | 4 | $ | 122 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.20 | % | 1.29 | % | 1.38 | % | 1.45 | % | 1.43 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.39 | % | 1.57 | % | 1.38 | % | 1.55 | % | 1.53 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.62 | % | 1.39 | % | 0.74 | % | 0.79 | % | 1.21 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.43 | % | 1.11 | % | 0.74 | % | 0.69 | % | 1.11 | % | ||||||||||
| Portfolio turnover | 36 | % | 57 | % | 43 | % | 76 | % | 59 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
126
Delaware Real Estate Securities Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 15.60 | $ | 26.73 | $ | 24.11 | $ | 18.32 | $ | 23.86 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)1 | 0.13 | 0.10 | (0.07 | ) | 0.06 | 0.12 | ||||||||||||||
| Net realized and unrealized gain (loss) | 0.76 | (5.66 | ) | 6.27 | 5.96 | (3.52 | ) | |||||||||||||
| Total from investment operations | 0.89 | (5.56 | ) | 6.20 | 6.02 | (3.40 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.44 | ) | (0.25 | ) | — | (0.08 | ) | (0.15 | ) | |||||||||||
| Net realized gain | (1.19 | ) | (5.32 | ) | (3.58 | ) | (0.15 | ) | (1.99 | ) | ||||||||||
| Total dividends and distributions | (1.63 | ) | (5.57 | ) | (3.58 | ) | (0.23 | ) | (2.14 | ) | ||||||||||
| Net asset value, end of period | $ | 14.86 | $ | 15.60 | $ | 26.73 | $ | 24.11 | $ | 18.32 | ||||||||||
| Total return2 | 5.79 | %3 | (21.00 | )%3 | 25.74 | % | 33.03 | %3 | (15.99 | )%3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 577 | $ | 815 | $ | 1,707 | $ | 2 | 4 | $ | 3 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.95 | % | 2.19 | % | 2.33 | % | 2.33 | % | 2.25 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 2.14 | % | 2.76 | % | 2.33 | % | 2.43 | % | 2.35 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets | 0.83 | % | 0.49 | % | (0.24 | )% | 0.27 | % | 0.50 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets prior to fees waived | 0.64 | % | (0.08 | )% | (0.24 | )% | 0.17 | % | 0.40 | % | ||||||||||
| Portfolio turnover | 36 | % | 57 | % | 43 | % | 76 | % | 59 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
127
Financial highlights
Delaware Real Estate Securities Fund Class I
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.70 | $ | 28.05 | $ | 25.05 | $ | 18.99 | $ | 24.63 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.32 | 0.38 | 0.29 | 0.25 | 0.38 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.79 | (5.97 | ) | 6.52 | 6.27 | (3.62 | ) | |||||||||||||
| Total from investment operations | 1.11 | (5.59 | ) | 6.81 | 6.52 | (3.24 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.58 | ) | (0.44 | ) | (0.20 | ) | (0.31 | ) | (0.41 | ) | ||||||||||
| Net realized gain | (1.19 | ) | (5.32 | ) | (3.61 | ) | (0.15 | ) | (1.99 | ) | ||||||||||
| Total dividends and distributions | (1.77 | ) | (5.76 | ) | (3.81 | ) | (0.46 | ) | (2.40 | ) | ||||||||||
| Net asset value, end of period | $ | 16.04 | $ | 16.70 | $ | 28.05 | $ | 25.05 | $ | 18.99 | ||||||||||
| Total return2 | 6.84 | %3 | (20.07 | )%3 | 27.32 | % | 34.68 | %3 | (15.01 | )%3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 40,263 | $ | 64,516 | $ | 133,161 | $ | 127 | 4 | $ | 121 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 0.95 | % | 1.00 | % | 1.09 | % | 1.08 | % | 1.08 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.14 | % | 1.09 | % | 1.09 | % | 1.18 | % | 1.18 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.94 | % | 1.74 | % | 1.01 | % | 1.15 | % | 1.54 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.75 | % | 1.65 | % | 1.01 | % | 1.05 | % | 1.44 | % | ||||||||||
| Portfolio turnover | 36 | % | 57 | % | 43 | % | 76 | % | 59 | % | ||||||||||
| 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 presented reflects waivers by the manager. 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
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Delaware Real Estate Securities Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.36 | $ | 27.66 | $ | 24.78 | $ | 18.81 | $ | 24.42 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.19 | 0.20 | 0.12 | 0.13 | 0.27 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.82 | (5.82 | ) | 6.44 | 6.20 | (3.62 | ) | |||||||||||||
| Total from investment operations | 1.01 | (5.62 | ) | 6.56 | 6.33 | (3.35 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.51 | ) | (0.36 | ) | (0.07 | ) | (0.21 | ) | (0.27 | ) | ||||||||||
| Net realized gain | (1.19 | ) | (5.32 | ) | (3.61 | ) | (0.15 | ) | (1.99 | ) | ||||||||||
| Total dividends and distributions | (1.70 | ) | (5.68 | ) | (3.68 | ) | (0.36 | ) | (2.26 | ) | ||||||||||
| Net asset value, end of period | $ | 15.67 | $ | 16.36 | $ | 27.66 | $ | 24.78 | $ | 18.81 | ||||||||||
| Total return2 | 6.33 | %3 | (20.50 | )%3 | 26.55 | % | 33.88 | %3 | (15.51 | )%3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 477 | $ | 497 | $ | 555 | $ | — | 4,5 | $ | — | 4,5 | ||||||||
| Ratio of expenses to average net assets6 | 1.45 | % | 1.54 | % | 1.69 | % | 1.67 | % | 1.69 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.64 | % | 1.65 | % | 1.69 | % | 1.77 | % | 1.79 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.22 | % | 0.93 | % | 0.42 | % | 0.61 | % | 1.07 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.03 | % | 0.82 | % | 0.42 | % | 0.51 | % | 0.97 | % | ||||||||||
| Portfolio turnover | 36 | % | 57 | % | 43 | % | 76 | % | 59 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| 4 | Net assets reported in millions. |
| 5 | Rounds to less than $500 thousands. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Delaware Real Estate Securities Fund Class R6
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.74 | $ | 28.10 | $ | 25.09 | $ | 19.02 | $ | 24.66 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.31 | 0.28 | 0.36 | 0.28 | 0.43 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.82 | (5.86 | ) | 6.50 | 6.28 | (3.64 | ) | |||||||||||||
| Total from investment operations | 1.13 | (5.58 | ) | 6.86 | 6.56 | (3.21 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.61 | ) | (0.46 | ) | (0.24 | ) | (0.34 | ) | (0.44 | ) | ||||||||||
| Net realized gain | (1.19 | ) | (5.32 | ) | (3.61 | ) | (0.15 | ) | (1.99 | ) | ||||||||||
| Total dividends and distributions | (1.80 | ) | (5.78 | ) | (3.85 | ) | (0.49 | ) | (2.43 | ) | ||||||||||
| Net asset value, end of period | $ | 16.07 | $ | 16.74 | $ | 28.10 | $ | 25.09 | $ | 19.02 | ||||||||||
| Total return2 | 6.94 | %3 | (19.99 | )%3 | 27.48 | % | 34.84 | %3 | (14.86 | )%3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 1,938 | $ | 1,973 | $ | 1,112 | $ | 1 | 4 | $ | — | 4,5 | ||||||||
| Ratio of expenses to average net assets6 | 0.85 | % | 0.99 | % | 0.93 | % | 0.94 | % | 0.94 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived6 | 1.09 | % | 1.06 | % | 0.93 | % | 1.04 | % | 1.04 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.90 | % | 1.38 | % | 1.26 | % | 1.26 | % | 1.70 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.66 | % | 1.31 | % | 1.26 | % | 1.16 | % | 1.60 | % | ||||||||||
| Portfolio turnover | 36 | % | 57 | % | 43 | % | 76 | % | 59 | % | ||||||||||
| 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| 4 | Net assets reported in millions. |
| 5 | Rounds to less than $500 thousands. |
| 6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
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Delaware Real Estate Securities Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
| Year ended | ||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | ||||||||||||||||
| Net asset value, beginning of period | $ | 16.60 | $ | 27.79 | $ | 24.87 | $ | 18.86 | $ | 24.48 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income1 | 0.25 | 0.43 | 0.23 | 0.21 | 0.33 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.81 | (6.02 | ) | 6.45 | 6.23 | (3.60 | ) | |||||||||||||
| Total from investment operations | 1.06 | (5.59 | ) | 6.68 | 6.44 | (3.27 | ) | |||||||||||||
| Less dividends and distributions from: | ||||||||||||||||||||
| Net investment income | (0.54 | ) | (0.28 | ) | (0.15 | ) | (0.28 | ) | (0.36 | ) | ||||||||||
| Net realized gain | (1.19 | ) | (5.32 | ) | (3.61 | ) | (0.15 | ) | (1.99 | ) | ||||||||||
| Total dividends and distributions | (1.73 | ) | (5.60 | ) | (3.76 | ) | (0.43 | ) | (2.35 | ) | ||||||||||
| Net asset value, end of period | $ | 15.93 | $ | 16.60 | $ | 27.79 | $ | 24.87 | $ | 18.86 | ||||||||||
| Total return2 | 6.57 | %3 | (20.27 | )%3 | 26.98 | % | 34.45 | %3 | (15.21 | )%3 | ||||||||||
| Ratios and supplemental data: | ||||||||||||||||||||
| Net assets, end of period (000 omitted) | $ | 2,969 | $ | 3,481 | $ | 90,376 | $ | 70 | 4 | $ | 63 | 4 | ||||||||
| Ratio of expenses to average net assets5 | 1.20 | % | 1.25 | % | 1.31 | % | 1.30 | % | 1.29 | % | ||||||||||
| Ratio of expenses to average net assets prior to fees waived5 | 1.39 | % | 1.29 | % | 1.31 | % | 1.40 | % | 1.39 | % | ||||||||||
| Ratio of net investment income to average net assets | 1.52 | % | 1.79 | % | 0.82 | % | 0.95 | % | 1.35 | % | ||||||||||
| Ratio of net investment income to average net assets prior to fees waived | 1.33 | % | 1.75 | % | 0.82 | % | 0.85 | % | 1.25 | % | ||||||||||
| Portfolio turnover | 36 | % | 57 | % | 43 | % | 76 | % | 59 | % | ||||||||||
| 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 presented reflects waivers by the manager and/or distributor (as applicable). 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 any investment companies in which the Fund invests. |
See accompanying notes, which are an integral part of the financial statements.
131
Ivy Funds
March 31, 2024
Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 30 series. These financial statements and the related notes pertain to 7 funds: Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, and Delaware Real Estate Securities Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Climate Solutions Fund, Delaware Global Real Estate 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. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (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 have no upfront sales charge, but are sold with a contingent deferred sales charge (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 the 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 the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities, credit default swap (CDS) contracts and CDS options contracts (swaptions) are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations, CDS contracts and swaptions are then reviewed by DMC as part of its duties as each Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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. Forward foreign 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 the ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by DMC. Subject to the oversight of the Trust’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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. Certain Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among
132
other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm ET. 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, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities and private placements are valued at fair value.
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, 2024, and for all open tax years (years ended March 31, 2021–March 31, 2023), 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, 2024, the Funds did not incur any interest or tax penalties.
As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned (EU tax reclaims). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have be recognized, if any, are reflected as "Other income" in the "Statements of operations." Related receivables, if any, are reflected as EU tax reclaims receivable in the “Statements of assets and liabilities.” Generally unless fund management believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a US federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as a foreign tax credits to its US taxable shareholders, a Fund may enter into a closing agreement with the US Internal Revenue Service (the IRS). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Delaware Ivy Asset Strategy Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges to Delaware Ivy Asset Strategy Fund's closing agreement liability is presented as a reduction of "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Consolidated Statements of operations" and its estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the “Consolidated Statements of assets and liabilities.” IVY ASF III (SBP), LLC is subject to U.S. federal and state income taxes. This taxable entity is not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and tax loss carryforwards.
IVY ASF III (SBP), LLC income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):
| Tax Expense/(Benefit): | Current | Deferred | Total | |||||||||
| Federal | $ | — | $ | (128,569,379 | ) | $ | (128,569,379 | ) | ||||
| State | — | (17,884,500 | ) | (17,884,500 | ) | |||||||
| Valuation allowance | — | 146,453,879 | 146,453,879 | |||||||||
| Total Tax Expense/(Benefit) | $ | — | $ | — | $ | — | ||||||
133
Notes to financial statements
Ivy Funds
1. Significant Accounting Policies (continued)
Components of IVY ASF III (SBP), LLC’s deferred tax assets and liabilities as of March 31, 2024 are as follows:
| Deferred Tax Assets/(Liabilities): | ||||
| Basis in partnerships | $ | 62,121,781 | ||
| Net Operating Loss | 98,951,823 | |||
| Other | 1,045 | |||
| Total net deferred tax asset/(liability) before valuation allowance | 161,074,649 | |||
| Less: Valuation Allowance | (161,074,649 | ) | ||
| Net deferred tax asset/(liability) | $ | — | ||
Net operating loss carryforwards are available to offset future taxable income of IVY ASF III (SBP), LLC. IVY ASF III (SBP), LLC had cumulative net operating loss carryforwards as of its most recent tax year ending March 31, 2024, of $395,807,291. Net operating loss carryforwards from 2014 – 2017 expire within 20 years and any net operating loss carryforwards from 2018 and forward do not expire as they pertain to federal income tax. Net operating loss carryforwards in Kansas expire starting in 2024.
The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended March 31, 2024, are as follows:
| Pre-tax income/(loss) at the statutory rate | $ | (128,569,379 | ) | |
| Adjustment to prior year deferred taxes | — | |||
| State income tax expense, net of federal benefit | (17,884,500 | ) | ||
| Less: valuation allowance | 146,453,879 | |||
| Total income tax expense/(benefit) | $ | — |
The IVY ASF III (SBP), LLC recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the IVY ASF III (SBP), LLC’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns filed since inception of the IVY ASF III (SBP), LLC. The IVY ASF III (SBP), LLC is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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.
Underlying Funds — Each Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Fund may invest include ETFs. Each Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.
To Be Announced Trades (TBA) — The Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.
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. Each Fund generally bifurcates 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 realized gains (losses), attributable to changes in foreign exchange rates, is included on the
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“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.” Each Fund reports 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.
Derivative Financial Instruments — The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds intend to use either derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.
Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”
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 Delaware Funds by Macquarie® (Delaware Funds) 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 an accrual basis. Income and capital gain distributions from any Underlying Funds in which each Fund invests are recorded on the ex-dividend date. 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. When a loan agreement is purchased, each Fund may pay an assignment fee. On an ongoing basis, each 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. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. 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. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The “Statements of operations” include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 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 Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, and Delaware Real Estate Securities Fund declare and pay dividends quarterly. Delaware Climate Solutions 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, at least annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
135
Notes to financial statements
Ivy Funds
1. Significant Accounting Policies (continued)
Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund's average daily net assets as follows:
| Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
| Delaware Climate Solutions 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 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. | ||
| 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 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. |
136
| Fund | Management Fee (annual rate as a percentage of average daily net assets) | |
| Delaware Real Estate Securities Fund | 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. |
DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:
Under agreements between DMC and each of Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL), each of MIMEL and MIMGL serves as sub-advisor to Delaware Global Real Estate Securities Fund and Delaware Real Estate Securities Fund, and along with DMC, are responsible for its day to day management. In addition, DMC may also seek investment advice and recommendations from MIMEL and MIMGL and may permit MIMEL and 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 their specialized market knowledge.
Macquarie Investment Management Austria Kapitalanlage AG (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. DMC and MIMAK are primarily responsible for the day-to-day management of the Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund portfolios. In addition, DMC may also seek fixed income 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. For its services, MIMAK receives a sub-advisory fee from DMC.
With respect to Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund, MIMEL serves as sub-advisor. 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.
MIMGL serves as sub-advisor to Delaware Ivy Climate Solutions, Delaware Ivy Asset Strategy, Delaware Ivy Balanced, Delaware Ivy Natural Resources and Delaware Ivy Science and Technology Funds, executing security trades on behalf of DMC. MIMGL also exercises investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge 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, effective October 1, 2023, 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: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Prior to October 1, 2023, DIFSC’s annual rates were: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion. 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.” For the year ended March 31, 2024, each Fund paid for these services as follows:
| Fund | Fees | |||
| Delaware Climate Solutions Fund | $ | 10,639 | ||
| Delaware Global Real Estate Fund | 5,041 | |||
| Delaware Ivy Asset Strategy Fund | 68,052 | |||
| Delaware Ivy Balanced Fund | 59,439 | |||
| Delaware Ivy Natural Resources Fund | 12,045 | |||
| Delaware Ivy Science and Technology Fund | 189,524 | |||
| Delaware Real Estate Securities Fund | 8,762 | |||
137
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended March 31, 2024, each Fund paid for these services as follows:
| Fund | Fees | |||
| Delaware Climate Solutions Fund | $ | 12,284 | ||
| Delaware Global Real Estate Fund | 1,920 | |||
| Delaware Ivy Asset Strategy Fund | 115,487 | |||
| Delaware Ivy Balanced Fund | 100,078 | |||
| Delaware Ivy Natural Resources Fund | 14,733 | |||
| Delaware Ivy Science and Technology Fund | 332,057 | |||
| Delaware Real Estate Securities Fund | 8,710 | |||
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, 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.
DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from April 1, 2023 (except as noted) through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.
| Operating expense | |||||||
| limitation as a | |||||||
| percentage of average | Operating expense | ||||||
| daily | limitation as | ||||||
| net assets | a percentage | ||||||
| all share classes | of average | ||||||
| other than | daily net assets | ||||||
| Fund | Class R6 | Class R6 | |||||
| Delaware Climate Solutions Fund | 0.99% | 0.83%1 | |||||
| Delaware Global Real Estate Fund | 1.04%2 | 0.89%2 | |||||
| Delaware Ivy Asset Strategy Fund | n/a3 | n/a | |||||
| Delaware Ivy Balanced Fund | 0.80%4 | 0.71%4 | |||||
| Delaware Ivy Natural Resources Fund | 1.08% | 0.92%5 | |||||
| Delaware Ivy Science and Technology Fund | n/a | n/a | |||||
| Delaware Real Estate Securities Fund | 0.95% | 0.80%6 | |||||
| 1 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 0.99%. |
| 2 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 1.05%. |
| 3 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class Y shares was 1.11%. |
138
| 4 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class A, Class C, Class I, Class R, Class R6, and Class Y shares were n/a, n/a, n/a, 1.34%, n/a, and 1.07%, respectively. |
| 5 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was n/a. |
| 6 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was n/a. |
After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from April 1, 2023 (except as noted) through July 30, 2024, unless terminated by agreement of DMC and the Fund, is as follows:
| Operating expense limitation as a percentage of average daily net assets | |||||||||||||||||||
| Fund | Class A | Class C | Class I | Class R | Class R6 | Class Y | |||||||||||||
| Delaware Climate Solutions Fund | 1.24% | 1.99% | 0.99% | 1.49% | 0.83%1 | 1.24% | |||||||||||||
| Delaware Global Real Estate Fund | 1.29%2 | 2.04%2 | 1.04%2 | 1.54%2 | 0.89%2 | 1.29%2 | |||||||||||||
| Delaware Ivy Asset Strategy Fund | n/a | n/a | n/a | n/a | n/a | n/a3 | |||||||||||||
| Delaware Ivy Balanced Fund | 1.05%4 | 1.80%4 | 0.80%4 | 1.30%4 | 0.71%4 | 1.05%4 | |||||||||||||
| Delaware Ivy Natural Resources Fund | 1.33% | 2.08% | 1.08% | 1.58% | 0.92%5 | 1.33% | |||||||||||||
| Delaware Ivy Science and Technology Fund | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||
| Delaware Real Estate Securities Fund | 1.20% | 1.95% | 0.95% | 1.45% | 0.80%6 | 1.20% | |||||||||||||
| 1 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was 0.99%. |
| 2 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class A, Class C, Class I, Class R, Class R6 and Class Y shares was 1.30%, 2.05%, 1.05%, 1.55%, 1.05% and 1.30%, respectively. |
| 3 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class Y shares was 1.11%. |
| 4 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class A, Class C, Class I, Class R, Class R6, and Class Y shares were n/a, n/a, n/a, 1.34%, n/a, and 1.07%, respectively. |
| 5 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was n/a. |
| 6 | Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was n/a. |
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, 2024, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
| Fund | Fees | |||
| Delaware Climate Solutions Fund | $ | 4,984 | ||
| Delaware Global Real Estate Fund | 666 | |||
| Delaware Ivy Asset Strategy Fund | 51,025 | |||
| Delaware Ivy Balanced Fund | 39,083 | |||
| Delaware Ivy Natural Resources Fund | 5,857 | |||
| Delaware Ivy Science and Technology Fund | 128,003 | |||
| Delaware Real Estate Securities Fund | 2,915 | |||
For the year ended March 31, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
| Fund | Class A | |||
| Delaware Climate Solutions Fund | $ | 8,311 | ||
| Delaware Global Real Estate Fund | 542 | |||
| Delaware Ivy Asset Strategy Fund | 44,027 | |||
| Delaware Ivy Balanced Fund | 91,261 | |||
| Delaware Ivy Natural Resources Fund | 6,840 | |||
| Delaware Ivy Science and Technology Fund | 231,804 | |||
| Delaware Real Estate Securities Fund | 4,504 | |||
139
Notes to financial statements
Ivy Funds
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
For the year ended March 31, 2024, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C 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 | ||||||
| Delaware Climate Solutions Fund | $ | 1,255 | $ | 2,179 | ||||
| Delaware Global Real Estate Fund | 7 | 5 | ||||||
| Delaware Ivy Asset Strategy Fund | 1,015 | 1,789 | ||||||
| Delaware Ivy Balanced Fund | 2,029 | 3,079 | ||||||
| Delaware Ivy Natural Resources Fund | 897 | 166 | ||||||
| Delaware Ivy Science and Technology Fund | 12,593 | 8,443 | ||||||
| Delaware Real Estate Securities Fund | 149 | 16 | ||||||
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 Underlying Funds, including ETFs, 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.
A summary of the transactions in affiliated companies during the year ended March 31, 2024 was as follows:
| Net | ||||||||||||||||||||||||||||||
| realized | Net change in | |||||||||||||||||||||||||||||
| gain (loss) | unrealized | |||||||||||||||||||||||||||||
| Value, | on | appreciation | Value, | |||||||||||||||||||||||||||
| beginning | Gross | Gross | affiliated | (depreciation) | end of | Capital gain | ||||||||||||||||||||||||
| of period | additions | reductions(1) | investments | on affiliated investments | period | Shares | distributions | |||||||||||||||||||||||
| Delaware Ivy Asset Strategy Fund | ||||||||||||||||||||||||||||||
| Common Stocks—0.03% | ||||||||||||||||||||||||||||||
| Media Group Holdings Series H =,† | ||||||||||||||||||||||||||||||
| $ | — | $ | — | $ | (815,902 | ) | $ | — | $ | 1,370,083 | $ | 554,181 | 640,301 | $ | — | |||||||||||||||
| Media Group Holdings Series T =,† | ||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 80,253 | — | |||||||||||||||||||||||
| Total | $ | — | $ | — | $ | (815,902 | ) | $ | — | $ | 1,370,083 | $ | 554,181 | $ | — | |||||||||||||||
| (1) | The amount shown includes return of capital. |
| = | 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. |
| † | Non-income producing security. |
140
3. Investments
For the year ended March 31, 2024, 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 Climate Solutions Fund | $ | 25,099,526 | $ | — | $ | 104,281,348 | $ | — | ||||||||
| Delaware Global Real Estate Fund | 12,673,055 | — | 35,686,608 | — | ||||||||||||
| Delaware Ivy Asset Strategy Fund | 762,231,873 | 188,201,096 | 1,016,890,471 | 185,514,477 | ||||||||||||
| Delaware Ivy Balanced Fund | 458,468,569 | 645,834,982 | 691,118,425 | 619,729,677 | ||||||||||||
| Delaware Ivy Natural Resources Fund | 84,185,291 | — | 140,851,136 | — | ||||||||||||
| Delaware Ivy Science and Technology Fund | 1,474,779,854 | — | 2,137,332,303 | — | ||||||||||||
| Delaware Real Estate Securities Fund | 47,198,032 | — | 89,255,576 | — | ||||||||||||
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 which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund 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 Climate Solutions Fund | $ | 154,226,706 | $ | 22,843,658 | $ | (29,441,138 | ) | $ | (6,597,480 | ) | ||||||
| Delaware Global Real Estate Fund | 11,164,420 | 2,878,850 | (1,211,497 | ) | 1,667,353 | |||||||||||
| Delaware Ivy Asset Strategy Fund | 2,589,408,543 | 451,737,292 | (1,215,912,541 | ) | (764,175,249 | ) | ||||||||||
| Delaware Ivy Balanced Fund | 1,260,676,505 | 371,476,461 | (47,858,602 | ) | 323,617,859 | |||||||||||
| Delaware Ivy Natural Resources Fund | 233,180,407 | 31,532,200 | (61,379,086 | ) | (29,846,886 | ) | ||||||||||
| Delaware Ivy Science and Technology Fund | 3,263,320,929 | 2,723,015,469 | (200,604,646 | ) | 2,522,410,823 | |||||||||||
| Delaware Real Estate Securities Fund | 70,422,365 | 49,396,093 | (3,128,165 | ) | 46,267,928 | |||||||||||
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, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
141
Notes to financial statements
Ivy Funds
3. Investments (continued)
| 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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2024:
| Delaware Climate Solutions Fund | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Common Stocks | $ | 137,294,467 | $ | 10,336,138 | $ | 147,630,605 | ||||||
| Delaware | ||||
| Global Real | ||||
| Estate Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 12,833,514 | ||
| Delaware Ivy Asset Strategy Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Securities | ||||||||||||||||
| Assets: | ||||||||||||||||
| Agency Collateralized Mortgage Obligations | $ | — | $ | 6,906,355 | $ | — | $ | 6,906,355 | ||||||||
| Agency Mortgage-Backed Securities | — | 81,666,384 | — | 81,666,384 | ||||||||||||
| Bullion | 72,959,812 | — | — | 72,959,812 | ||||||||||||
| Common Stocks | ||||||||||||||||
| Communication Services | 122,488,301 | — | 1,854,852 | 124,343,153 | ||||||||||||
| Consumer Discretionary | 126,810,177 | — | 554,1811 | 127,364,358 | ||||||||||||
| Consumer Staples | 88,333,454 | — | — | 88,333,454 | ||||||||||||
| Energy | 55,642,745 | — | — | 55,642,745 | ||||||||||||
| Financials | 200,936,433 | — | — | 200,936,433 | ||||||||||||
| Healthcare | 123,182,005 | 17,660,808 | — | 140,842,813 | ||||||||||||
| Industrials | 152,338,045 | — | — | 152,338,045 | ||||||||||||
| Information Technology | 313,873,867 | — | — | 313,873,867 | ||||||||||||
| Materials | 15,522,093 | — | — | 15,522,093 | ||||||||||||
142
| Delaware Ivy Asset Strategy Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Utilities | $ | 21,183,654 | $ | — | $ | — | $ | 21,183,654 | ||||||||
| Convertible Bond | — | — | 5,457,136 | 5,457,136 | ||||||||||||
| Corporate Bonds | — | 247,394,923 | — | 247,394,923 | ||||||||||||
| Exchange-Traded Funds | 57,249,436 | — | — | 57,249,436 | ||||||||||||
| Government Agency Obligation | — | 2,159,734 | — | 2,159,734 | ||||||||||||
| Loan Agreements | — | 33,313,310 | — | 33,313,310 | ||||||||||||
| Municipal Bonds | — | 1,344,507 | — | 1,344,507 | ||||||||||||
| Non-Agency Collateralized Mortgage Obligations | — | 6,708,560 | — | 6,708,560 | ||||||||||||
| Non-Agency Commercial Mortgage-Backed Securities | — | 19,323,768 | — | 19,323,768 | ||||||||||||
| Preferred Stock | 9,048,757 | — | — | 9,048,757 | ||||||||||||
| US Treasury Obligations | — | 25,356,200 | — | 25,356,200 | ||||||||||||
| Short-Term Investments | 15,536,120 | — | — | 15,536,120 | ||||||||||||
| Total Value of Securities | $ | 1,375,104,899 | $ | 441,834,549 | $ | 7,866,169 | $ | 1,824,805,617 | ||||||||
| Derivatives2 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Futures Contracts | $ | 19,269 | $ | — | $ | — | $ | 19,269 | ||||||||
| Liabilities: | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | $ | — | $ | (10,113 | ) | $ | — | $ | (10,113 | ) | ||||||
| Futures Contracts | (71,505 | ) | — | — | (71,505 | ) | ||||||||||
| 1 | The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be Level 3 investment in this table. |
| 2 | 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 | $ | — | $ | 20,980,209 | $ | 20,980,209 | ||||||
| Agency Mortgage-Backed Securities | — | 171,783,065 | 171,783,065 | |||||||||
| Common Stocks | 964,752,953 | — | 964,752,953 | |||||||||
| Corporate Bonds | — | 170,570,474 | 170,570,474 | |||||||||
| Exchange-Traded Funds | 46,804,794 | — | 46,804,794 | |||||||||
| Non-Agency Asset-Backed Securities | — | 8,026,122 | 8,026,122 | |||||||||
| Non-Agency Collateralized Mortgage Obligations | — | 3,421,830 | 3,421,830 | |||||||||
| Non-Agency Commercial Mortgage-Backed Securities | — | 44,620,959 | 44,620,959 | |||||||||
| US Treasury Obligations | — | 146,897,860 | 146,897,860 | |||||||||
| Short-Term Investments | 6,756,788 | — | 6,756,788 | |||||||||
| Total Value of Securities | $ | 1,018,314,535 | $ | 566,300,519 | $ | 1,584,615,054 | ||||||
143
Notes to financial statements
Ivy Funds
3. Investments (continued)
| Delaware Ivy Balanced Fund | ||||||||||||
| Level 1 | Level 2 | Total | ||||||||||
| Derivatives1 | ||||||||||||
| Assets: | ||||||||||||
| Futures Contracts | $ | 152,145 | $ | — | $ | 152,145 | ||||||
| Liabilities: | ||||||||||||
| Centrally Cleared Credit Default Swap Contracts | $ | — | $ | (119,899 | ) | $ | (119,899 | ) | ||||
| Forward Foreign Currency Exchange Contracts | — | (21,197 | ) | (21,197 | ) | |||||||
| Futures Contracts | (330,877 | ) | — | (330,877 | ) | |||||||
| 1 | Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
| Delaware Ivy Natural Resources Fund | ||||||||||||
| Level 1 | Level 3 | Total | ||||||||||
| Securities | ||||||||||||
| Assets: | ||||||||||||
| Closed-Ended Trust | $ | 4,162,698 | $ | — | $ | 4,162,698 | ||||||
| Common Stocks | ||||||||||||
| Agriculture | 11,357,071 | — | 11,357,071 | |||||||||
| Aluminum | 5,338,550 | — | 5,338,550 | |||||||||
| Construction & Engineering | 5,393,038 | — | 5,393,038 | |||||||||
| Construction Materials | 998,649 | — | 998,649 | |||||||||
| Copper | 5,118,598 | — | 5,118,598 | |||||||||
| Diversified Metals & Mining | 29,759,518 | — | 1 | 29,759,518 | ||||||||
| Electrical Components & Equipment | 2,505,874 | — | 2,505,874 | |||||||||
| Fertilizers & Agricultural Chemicals | 16,667,747 | — | 16,667,747 | |||||||||
| Forest Products | 8,010,970 | — | 8,010,970 | |||||||||
| Gold | 26,737,679 | — | 26,737,679 | |||||||||
| Heavy Electrical Equipment | 1,296,569 | — | 1,296,569 | |||||||||
| Industrial Gases | 2,060,749 | — | 2,060,749 | |||||||||
| Integrated Oil & Gas | 21,083,776 | — | 21,083,776 | |||||||||
| Oil & Gas Drilling | 4,948,646 | — | 4,948,646 | |||||||||
| Oil & Gas Equipment & Services | 6,821,598 | — | 6,821,598 | |||||||||
| Oil & Gas Exploration & Production | 29,645,378 | — | 29,645,378 | |||||||||
| Oil & Gas Refining & Marketing | 4,528,235 | — | 4,528,235 | |||||||||
| Paper Products | 3,061,131 | — | 3,061,131 | |||||||||
| REIT Specialty | 6,199,431 | — | 6,199,431 | |||||||||
| Renewable Electricity | 1,022,843 | — | 1,022,843 | |||||||||
| Specialty Chemicals | 4,711,235 | — | 4,711,235 | |||||||||
| Steel | 1,050,623 | — | 1,050,623 | |||||||||
| Short-Term Investments | 856,174 | — | 856,174 | |||||||||
| Total Value of Securities | $ | 203,336,780 | $ | — | $ | 203,336,780 | ||||||
| 1 | The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investment in this table. |
144
| Delaware Ivy | ||||
| Science and | ||||
| Technology | ||||
| Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 5,761,992,287 | ||
| Short-Term Investments | 23,768,605 | |||
| Total Value of Securities | $ | 5,785,760,892 | ||
| Delaware Real | ||||
| Estate | ||||
| Securities Fund | ||||
| Level 1 | ||||
| Securities | ||||
| Assets: | ||||
| Common Stocks | $ | 115,687,495 | ||
| Short-Term Investments | 1,002,893 | |||
| Total Value of Securities | $ | 116,690,388 | ||
During the year ended March 31, 2024, there were no transfers into or out of Level 3 investments. 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 year.
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 year in relation to that 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 Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since 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 end of the year. As of March 31, 2024, Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Balanced Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund had no Level 3 investments.
145
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, 2024 and 2023 were as follows:
| Long-term | ||||||||||||||||
| Ordinary | capital | Return of | ||||||||||||||
| income | gains | capital | Total | |||||||||||||
| Year ended March 31, 2024: | ||||||||||||||||
| Delaware Climate Solutions Fund | $ | 4,475,885 | $ | — | $ | — | $ | 4,475,885 | ||||||||
| Delaware Global Real Estate Fund | 584,657 | — | 157,962 | 742,619 | ||||||||||||
| Delaware Ivy Asset Strategy Fund | 55,622,946 | — | — | 55,622,946 | ||||||||||||
| Delaware Ivy Balanced Fund | 34,095,926 | — | — | 34,095,926 | ||||||||||||
| Delaware Ivy Natural Resources Fund | 4,227,869 | — | — | 4,227,869 | ||||||||||||
| Delaware Ivy Science and Technology Fund | — | 524,694,748 | — | 524,694,748 | ||||||||||||
| Delaware Real Estate Securities Fund | 3,221,464 | 10,017,814 | — | 13,239,278 | ||||||||||||
| Year ended March 31, 2023: | ||||||||||||||||
| Delaware Climate Solutions Fund | 4,523,566 | — | — | 4,523,566 | ||||||||||||
| Delaware Global Real Estate Fund | 951,365 | 4,778,362 | — | 5,729,727 | ||||||||||||
| Delaware Ivy Asset Strategy Fund | 58,380,197 | 231,838,947 | — | 290,219,144 | ||||||||||||
| Delaware Ivy Balanced Fund | 13,370,266 | 346,033,898 | — | 359,404,164 | ||||||||||||
| Delaware Ivy Natural Resources Fund | 5,540,897 | — | — | 5,540,897 | ||||||||||||
| Delaware Ivy Science and Technology Fund | — | 1,230,284,267 | — | 1,230,284,267 | ||||||||||||
| Delaware Real Estate Securities Fund | 7,474,865 | 39,117,904 | — | 46,592,769 | ||||||||||||
5. Components of Net Assets on a Tax Basis
As of March 31, 2024, the components of net assets on a tax basis were as follows:
| Delaware | ||||||||||||||||
| Delaware | Global | Delaware Ivy | ||||||||||||||
| Climate | Real Estate | Asset Strategy | Delaware Ivy | |||||||||||||
| Solutions Fund | Fund | Fund | Balanced Fund | |||||||||||||
| Shares of beneficial interest | $ | 312,209,838 | $ | 14,501,643 | $ | 2,077,119,197 | $ | 1,380,987,068 | ||||||||
| Undistributed ordinary income | 1,105,163 | — | 24,173,975 | — | ||||||||||||
| Undistributed long-term capital gains | — | — | 21,022,048 | — | ||||||||||||
| Qualified late year loss deferrals | — | — | — | (8,841 | ) | |||||||||||
| Capital loss carryforwards | (158,878,094 | ) | (3,054,287 | ) | — | (116,198,248 | ) | |||||||||
| Deferred directors fees | (17,030 | ) | (1,652 | ) | (336,235 | ) | (115,330 | ) | ||||||||
| Unrealized appreciation (depreciation) of investments, | ||||||||||||||||
| foreign currencies and derivatives | (6,597,480 | ) | 1,667,353 | (274,667,228 | ) | 323,617,859 | ||||||||||
| Net assets | $ | 147,822,397 | $ | 13,113,057 | $ | 1,847,311,757 | $ | 1,588,282,508 | ||||||||
146
| Delaware Ivy | Delaware Ivy | |||||||||||
| Natural | Science and | Delaware | ||||||||||
| Resources | Technology | Real Estate | ||||||||||
| Fund | Fund | Securities Fund | ||||||||||
| Shares of beneficial interest | $ | 818,057,231 | $ | 2,955,258,763 | $ | 69,159,970 | ||||||
| Undistributed ordinary income | 9,362,756 | 23,781,607 | — | |||||||||
| Undistributed long-term capital gains | — | 284,560,966 | 1,209,685 | |||||||||
| Capital loss carryforwards | (594,780,850 | ) | — | — | ||||||||
| Deferred directors fees | (140,528 | ) | (298,632 | ) | (23,000 | ) | ||||||
| Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives | (29,846,886 | ) | 2,522,410,823 | 46,267,928 | ||||||||
| Net assets | $ | 202,651,723 | $ | 5,785,713,527 | $ | 116,614,583 | ||||||
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 losses on straddles, investments held within the wholly-owned subsidiary, mark-to market of forward 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, tax treatment of REITs, and tax treatment of partnerships.
Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2024 through March 31, 2024 and November 1, 2023 through March 31, 2024, 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 Fund level overdistribution, nondeductible taxes paid, tax treatment of partnerships, gain (loss) on foreign currency transactions, swap contracts, tax treatment of REITs, passive foreign investment companies (PFICs) and securities no longer deemed to be PFICs. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2024, the Funds recorded the following reclassifications:
| Delaware | ||||||||||||||||
| Global | Delaware Ivy | Delaware | ||||||||||||||
| Real Estate | Asset Strategy | Delaware Ivy | Real Estate | |||||||||||||
| Fund | Fund | Balanced Fund | Securities Fund | |||||||||||||
| Paid-in capital | $ | (2,514 | ) | $ | (1,017 | ) | $ | (280,728 | ) | $ | (16,995 | ) | ||||
| Total distributable earnings (loss) | 2,514 | 1,017 | 280,728 | 16,995 | ||||||||||||
Delaware Climate Solutions Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund did not have any reclassifications for the year ended March 31, 2024.
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2024, the Funds utilized the following capital loss carryforwards:
| Delaware Ivy Balanced Fund | $ | 1,895,963 | ||
| Delaware Ivy Natural Resources Fund | 2,854,950 |
At March 31, 2024, capital loss carryforwards available to offset future realized capital gains are as follows:
| Loss carryforward character | ||||||||||||
| Short-term | Long-term | Total | ||||||||||
| Delaware Climate Solutions Fund | $ | 55,996,216 | $ | 102,881,878 | $ | 158,878,094 | ||||||
| Delaware Global Real Estate Fund | 2,833,630 | 220,657 | 3,054,287 | |||||||||
| Delaware Ivy Balanced Fund | 114,128,499 | 2,069,749 | 116,198,248 | |||||||||
| Delaware Ivy Natural Resources Fund | 274,360,750 | 320,420,100 | 594,780,850 | |||||||||
147
Notes to financial statements
Ivy Funds
6. Capital Shares
Transactions in capital shares were as follows:
| Delaware Climate | Delaware Global | Delaware Ivy | ||||||||||||||||||||||
| Solutions Fund | Real Estate Fund | Asset Strategy Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 468,984 | 3,360,135 | 109,865 | 80,517 | 2,303,722 | 3,600,067 | ||||||||||||||||||
| Class C | 30,143 | 305,099 | 894 | 3,279 | 194,326 | 218,910 | ||||||||||||||||||
| Class E1 | — | — | — | — | — | 14,181 | ||||||||||||||||||
| Class I | 1,175,921 | 6,148,059 | 142,992 | 227,717 | 1,657,808 | 2,863,384 | ||||||||||||||||||
| Class R | 181,764 | 1,323,253 | 3,973 | 1,806 | 111,364 | 108,368 | ||||||||||||||||||
| Class R6 | 176,282 | 349,217 | 212,406 | 133,466 | 145,932 | 288,876 | ||||||||||||||||||
| Class Y | 58,528 | 508,801 | 1 | — | 201,189 | 188,761 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 182,528 | 166,426 | 18,225 | 91,800 | 1,952,697 | 10,128,431 | ||||||||||||||||||
| Class C | 10,695 | 15,477 | 399 | 4,424 | 59,696 | 537,801 | ||||||||||||||||||
| Class E1 | — | — | — | — | — | 6,259 | ||||||||||||||||||
| Class I | 169,637 | 156,193 | 44,261 | 334,598 | 570,492 | 3,400,804 | ||||||||||||||||||
| Class R | 55,049 | 58,694 | 2,321 | 9,834 | 31,042 | 166,158 | ||||||||||||||||||
| Class R6 | 7,345 | 10,181 | 19,229 | 189,759 | 29,243 | 117,659 | ||||||||||||||||||
| Class Y | 11,635 | 10,575 | 4,119 | 13,901 | 121,266 | 656,827 | ||||||||||||||||||
| 2,528,511 | 12,412,110 | 558,685 | 1,091,101 | 7,378,777 | 22,296,486 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (3,310,736 | ) | (5,034,974 | ) | (356,246 | ) | (412,115 | ) | (10,684,583 | ) | (12,448,492 | ) | ||||||||||||
| Class C | (559,682 | ) | (743,495 | ) | (13,006 | ) | (25,556 | ) | (1,187,449 | ) | (2,126,624 | ) | ||||||||||||
| Class E1 | — | — | — | — | — | (1,688,882 | ) | |||||||||||||||||
| Class I | (5,113,424 | ) | (7,801,503 | ) | (1,218,443 | ) | (2,146,084 | ) | (6,774,904 | ) | (10,997,515 | ) | ||||||||||||
| Class R | (1,540,303 | ) | (1,733,467 | ) | (19,270 | ) | (7,025 | ) | (219,048 | ) | (222,826 | ) | ||||||||||||
| Class R6 | (216,166 | ) | (680,008 | ) | (1,595,881 | ) | (792,676 | ) | (179,195 | ) | (168,804 | ) | ||||||||||||
| Class Y | (324,659 | ) | (960,111 | ) | (1,352 | ) | (3,512 | ) | (802,481 | ) | (814,275 | ) | ||||||||||||
| (11,064,970 | ) | (16,953,558 | ) | (3,204,198 | ) | (3,386,968 | ) | (19,847,660 | ) | (28,467,418 | ) | |||||||||||||
| Net decrease | (8,536,459 | ) | (4,541,448 | ) | (2,645,513 | ) | (2,295,867 | ) | (12,468,883 | ) | (6,170,932 | ) | ||||||||||||
148
| Delaware Ivy | Delaware Ivy | Delaware Ivy | ||||||||||||||||||||||
| Balanced Fund | Natural Resources Fund | Science and Technology Fund | ||||||||||||||||||||||
| Year ended | Year ended | Year ended | ||||||||||||||||||||||
| 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | 3/31/24 | 3/31/23 | |||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
| Class A | 4,086,333 | 4,972,586 | 225,612 | 1,614,322 | 3,048,006 | 3,891,255 | ||||||||||||||||||
| Class C | 220,523 | 265,487 | 47,480 | 180,503 | 268,784 | 274,707 | ||||||||||||||||||
| Class E1 | — | — | — | 3,220 | — | 15,280 | ||||||||||||||||||
| Class I | 3,233,319 | 2,975,259 | 487,910 | 1,671,380 | 3,442,734 | 7,422,586 | ||||||||||||||||||
| Class R | 55,004 | 26,228 | 89,926 | 347,154 | 268,831 | 286,923 | ||||||||||||||||||
| Class R6 | 96,996 | 167,428 | 175,519 | 205,121 | 672,947 | 539,044 | ||||||||||||||||||
| Class Y | 63,958 | 43,816 | 96,948 | 269,789 | 832,171 | 572,209 | ||||||||||||||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||||||||
| Class A | 1,130,535 | 12,523,810 | 160,913 | 198,574 | 8,275,253 | 19,667,101 | ||||||||||||||||||
| Class C | 29,345 | 862,921 | 3,446 | 7,456 | 717,381 | 1,949,854 | ||||||||||||||||||
| Class E1 | — | — | — | — | — | — | ||||||||||||||||||
| Class I | 426,137 | 5,275,245 | 73,662 | 95,126 | 1,914,128 | 6,000,379 | ||||||||||||||||||
| Class R | 8,375 | 99,859 | 9,858 | 16,643 | 304,713 | 649,004 | ||||||||||||||||||
| Class R6 | 10,913 | 89,913 | 5,476 | 4,080 | 179,854 | 495,694 | ||||||||||||||||||
| Class Y | 10,253 | 105,532 | 11,853 | 16,224 | 465,096 | 1,082,649 | ||||||||||||||||||
| 9,371,691 | 27,408,084 | 1,388,603 | 4,629,592 | 20,389,898 | 42,846,685 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
| Class A | (11,913,265 | ) | (17,171,517 | ) | (2,294,363 | ) | (2,354,474 | ) | (15,960,329 | ) | (26,476,477 | ) | ||||||||||||
| Class C | (1,690,424 | ) | (2,335,250 | ) | (169,114 | ) | (135,876 | ) | (2,233,759 | ) | (3,231,415 | ) | ||||||||||||
| Class E1 | — | — | — | (205,467 | ) | — | (953,424 | ) | ||||||||||||||||
| Class I | (8,182,966 | ) | (15,913,958 | ) | (2,139,981 | ) | (1,896,750 | ) | (8,930,874 | ) | (20,441,504 | ) | ||||||||||||
| Class R | (90,650 | ) | (91,719 | ) | (320,592 | ) | (424,877 | ) | (698,771 | ) | (534,567 | ) | ||||||||||||
| Class R6 | (150,751 | ) | (165,689 | ) | (114,378 | ) | (79,972 | ) | (636,208 | ) | (1,296,102 | ) | ||||||||||||
| Class Y | (140,413 | ) | (105,862 | ) | (257,541 | ) | (331,182 | ) | (1,426,829 | ) | (1,894,782 | ) | ||||||||||||
| (22,168,469 | ) | (35,783,995 | ) | (5,295,969 | ) | (5,428,598 | ) | (29,886,770 | ) | (54,828,271 | ) | |||||||||||||
| Net decrease | (12,796,778 | ) | (8,375,911 | ) | (3,907,366 | ) | (799,006 | ) | (9,496,872 | ) | (11,981,586 | ) | ||||||||||||
149
Notes to financial statements
Ivy Funds
6. Capital Shares (continued)
| Delaware | ||||||||
| Real Estate Securities Fund | ||||||||
| Year ended | ||||||||
| 3/31/24 | 3/31/23 | |||||||
| Shares sold: | ||||||||
| Class A | 134,537 | 169,507 | ||||||
| Class C | 2,240 | 4,359 | ||||||
| Class E1 | — | 849 | ||||||
| Class I | 385,120 | 792,851 | ||||||
| Class R | 7,674 | 12,254 | ||||||
| Class R6 | 33,288 | 78,473 | ||||||
| Class Y | 16,691 | 139,644 | ||||||
| Shares issued upon reinvestment of dividends and distributions: | ||||||||
| Class A | 484,633 | 1,466,631 | ||||||
| Class C | 3,983 | 15,179 | ||||||
| Class I | 304,132 | 1,133,716 | ||||||
| Class R | 2,819 | 5,699 | ||||||
| Class R6 | 12,462 | 32,765 | ||||||
| Class Y | 18,387 | 73,372 | ||||||
| 1,405,966 | 3,925,299 | |||||||
| Shares redeemed: | ||||||||
| Class A | (1,430,947 | ) | (1,531,092 | ) | ||||
| Class C | (19,597 | ) | (31,187 | ) | ||||
| Class E1 | — | (108,075 | ) | |||||
| Class I | (2,041,999 | ) | (2,811,727 | ) | ||||
| Class R | (10,382 | ) | (7,676 | ) | ||||
| Class R6 | (43,003 | ) | (32,944 | ) | ||||
| Class Y | (58,425 | ) | (3,255,252 | ) | ||||
| (3,604,353 | ) | (7,777,953 | ) | |||||
| Net decrease | (2,198,387 | ) | (3,852,654 | ) | ||||
1 On June 13, 2022, all Class E shares were liquidated.
Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the tables above and on the previous pages and on the “Statements of changes in net assets.” For the years ended March 31, 2024 and 2023, each Fund had the following exchange transactions:
| Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||||||||||||||||||
| Exchange Redemptions | Exchange Subscriptions | Value | Exchange Redemptions | Exchange Subscriptions | Value | |||||||||||||||||||
| Delaware Climate Solutions Fund | $ | 135,824 | $ | 2,688,406 | ||||||||||||||||||||
| Class A | 6,392 | 7,873 | 179,306 | 50,142 | ||||||||||||||||||||
| Class C | 6,641 | — | 86,971 | — | ||||||||||||||||||||
| Class I | 1,990 | 6,767 | 907 | 200,575 | ||||||||||||||||||||
150
| Year ended March 31, 2024 | Year ended March 31, 2023 | |||||||||||||||||||||||
| Exchange | Exchange | Exchange | Exchange | |||||||||||||||||||||
| Redemptions | Subscriptions | Value | Redemptions | Subscriptions | Value | |||||||||||||||||||
| Class R6 | — | — | — | 17 | ||||||||||||||||||||
| Class Y | 399 | — | — | — | ||||||||||||||||||||
| Delaware Global Real Estate Fund | $ | 82,180 | $ | 356,167 | ||||||||||||||||||||
| Class A | — | 10,463 | 26,312 | 6,804 | ||||||||||||||||||||
| Class C | 4,342 | — | 7,572 | — | ||||||||||||||||||||
| Class I | 6,141 | — | 961 | 26,825 | ||||||||||||||||||||
| Class R6 | — | — | — | 961 | ||||||||||||||||||||
| Delaware Ivy Asset Strategy Fund | $ | 3,475,355 | $ | 29,036,328 | ||||||||||||||||||||
| Class A | 74,045 | 101,888 | 495,262 | 745,847 | ||||||||||||||||||||
| Class C | 109,780 | — | 803,534 | — | ||||||||||||||||||||
| Class I | 4,735 | 74,988 | 181,475 | 491,352 | ||||||||||||||||||||
| Class R6 | — | 1,413 | — | 171,608 | ||||||||||||||||||||
| Class Y | 1,942 | — | 3,390 | — | ||||||||||||||||||||
| Delaware Ivy Balanced Fund | $ | 3,439,675 | $ | 26,464,453 | ||||||||||||||||||||
| Class A | 48,619 | 119,956 | 557,378 | 509,401 | ||||||||||||||||||||
| Class C | 96,593 | — | 519,898 | — | ||||||||||||||||||||
| Class I | 29,811 | 50,624 | 117,983 | 577,669 | ||||||||||||||||||||
| Class R6 | — | 3,779 | — | 107,515 | ||||||||||||||||||||
| Class Y | 1,276 | — | 7,224 | 440 | ||||||||||||||||||||
| Delaware Ivy Natural Resources Fund | $ | 165,576 | $ | 3,947,855 | ||||||||||||||||||||
| Class A | 7,354 | 3,335 | 134,876 | 15,461 | ||||||||||||||||||||
| Class C | 3,575 | — | 15,452 | — | ||||||||||||||||||||
| Class I | 435 | 7,004 | 87,011 | 131,445 | ||||||||||||||||||||
| Class R6 | — | — | — | 82,558 | ||||||||||||||||||||
| Class Y | — | — | 1,241 | — | ||||||||||||||||||||
| Delaware Ivy Science and Technology | ||||||||||||||||||||||||
| Fund | $ | 5,960,503 | $ | 84,882,252 | ||||||||||||||||||||
| Class A | 62,814 | 58,609 | 1,069,466 | 450,782 | ||||||||||||||||||||
| Class C | 92,651 | — | 682,317 | — | ||||||||||||||||||||
| Class I | 10,028 | 49,344 | 133,928 | 914,702 | ||||||||||||||||||||
| Class R6 | — | 5,239 | 970 | 133,678 | ||||||||||||||||||||
| Class Y | 750 | — | 49,891 | — | ||||||||||||||||||||
| Delaware Real Estate Securities Fund | $ | 123,116 | $ | 2,131,329 | ||||||||||||||||||||
| Class A | 4,516 | 3,211 | 88,911 | 7,374 | ||||||||||||||||||||
| Class C | 3,384 | — | 9,394 | — | ||||||||||||||||||||
| Class I | — | 4,438 | 346 | 89,033 | ||||||||||||||||||||
| Class R6 | — | — | — | 542 | ||||||||||||||||||||
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.
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
151
Notes to financial statements
Ivy Funds
7. Basis of consolidation for Delaware Ivy Asset Strategy Fund (continued)
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, 2024 of the Subsidiary and the Company to the Fund.
| Date of Incorporation | Subscription Agreement | Fund’s Net Assets | Subsidiary/ Company net assets | Percentage of Fund's net assets | ||||||||||
| Ivy ASF ll, Ltd | 1-31-13 | 4-10-13 | $ | 1,847,513,989 | $ | 73,230,414 | 3.96% | |||||||
| Ivy ASF lll (SBP), LLC | 4-9-13 | 4-23-13 | $ | 1,847,513,989 | $ | 675,402 | 0.04% | |||||||
8. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 30, 2023.
On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 28, 2024.
Each Fund had no amounts outstanding as of March 31, 2024, or at any time during the year then ended.
9. Interfund Lending Program
Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 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 is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended March 31, 2024.
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.
Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign 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.
152
The use of forward foreign 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 forward foreign 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. Open forward foreign currency exchange contracts, if any, are disclosed on the “Schedules of investments.”
During the year ended March 31, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund each used forward foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to 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 contracts 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 value caused by changes in interest rates or market conditions. 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 and Delaware Ivy Balanced Fund posted $449,400 and $925,566, respectively as cash collateral as margin for open futures contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”
During the year ended March 31, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund invested in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool.
Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each 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. No options contracts were outstanding at March 31, 2024.
During the year ended March 31, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.
153
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
Swap Contracts — Delaware Ivy Balanced Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or 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. 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, 2024, Delaware Ivy Balanced Fund entered into CDS contracts as a purchaser 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 Delaware Ivy Balanced 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, or (2) for cleared swaps, trading these instruments through a central counterparty.
During the year ended March 31, 2024, Delaware Ivy Balanced Fund used CDS contracts to gain exposure to certain securities or markets.
At March 31, 2024, Delaware Ivy Balanced Fund posted $261,098 cash collateral for certain centrally cleared derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”
Fair values of derivative instruments as of March 31, 2024 were as follows:
| Delaware Ivy Asset Strategy Fund Asset Derivatives Fair Value | ||||
| Interest | ||||
| Statements of Assets and | Rate | |||
| Liabilities Location | Contracts | |||
| Variation margin due to broker on futures contracts* | $ | 19,269 | ||
154
| Delaware Ivy Asset Strategy Fund | ||||||||
| Liability Derivatives Fair Value | ||||||||
| Statements of Assets and | Currency | Interest Rate | ||||||
| Liabilities Location | Contracts | Contracts | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts | $ | (10,113 | ) | $ | — | |||
| Variation margin due to broker on futures contracts* | — | (71,505 | ) | |||||
| Total | $ | (10,113 | ) | $ | (71,505 | ) | ||
| Delaware Ivy Balanced Fund Asset Derivatives Fair Value | ||||
| Statements of Assets and | Interest Rate | |||
| Liabilities Location | Contracts | |||
| Variation margin due to broker on futures contracts* | $ | 152,145 | ||
| Delaware Ivy Balanced Fund | ||||||||||||
| Liability Derivatives Fair Value | ||||||||||||
| Statements of Assets and | Currency | Interest Rate | Credit | |||||||||
| Liabilities Location | Contracts | Contracts | Contracts | |||||||||
| Unrealized depreciation on forward foreign currency exchange contracts | $ | (21,197 | ) | $ | — | $ | — | |||||
| Variation margin due to broker on futures contracts* | — | (330,877 | ) | — | ||||||||
| Variation margin due from brokers on centrally cleared credit default swap contracts* | — | — | (119,899 | ) | ||||||||
| Total | $ | (21,197 | ) | $ | (330,877 | ) | $ | (119,899 | ) | |||
*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through March 31, 2024. Only current day variation margin is reported on the Fund's “Statements of assets and liabilities.”
The effect of derivative instruments on the “Statements of operations” for the year ended March 31, 2024 was as follows:
| Delaware Ivy Asset Strategy Fund | Net Realized Gain (Loss) on: | |||||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Options Written | Total | |||||||||||||
| Currency contracts | $ | (57,479 | ) | $ | — | $ | — | $ | (57,479 | ) | ||||||
| Interest rate contracts | — | (911,393 | ) | 8,411 | (902,982 | ) | ||||||||||
| Total | $ | (57,479 | ) | $ | (911,393 | ) | $ | 8,411 | $ | (960,461 | ) | |||||
155
Notes to financial statements
Ivy Funds
10. Derivatives (continued)
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Total | ||||||||||
| Currency contracts | $ | (10,113 | ) | $ | — | $ | (10,113 | ) | ||||
| Interest rate contracts | — | (462,541 | ) | (462,541 | ) | |||||||
| Total | $ | (10,113 | ) | $ | (462,541 | ) | $ | (472,654 | ) | |||
| Delaware Ivy Balanced | ||||||||||||||||||||||||
| Fund | Net Realized Gain (Loss) on: | |||||||||||||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | |||||||||||||||||||
| Currency contracts | $ | (185,660 | ) | $ | — | $ | — | $ | — | $ | — | $ | (185,660 | ) | ||||||||||
| Interest rate contracts | — | (859,181 | ) | — | 21,275 | — | (837,906 | ) | ||||||||||||||||
| Credit contracts | — | — | (67,830 | ) | 235,225 | 91,325 | 258,720 | |||||||||||||||||
| Total | $ | (185,660 | ) | $ | (859,181 | ) | $ | (67,830 | ) | $ | 256,500 | $ | 91,325 | $ | (764,846 | ) | ||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||
| Forward Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | |||||||||||||||||||
| Currency contracts | $ | (21,197 | ) | $ | — | $ | — | $ | — | $ | — | $ | (21,197 | ) | ||||||||||
| Interest rate contracts | — | (373,908 | ) | — | — | — | (373,908 | ) | ||||||||||||||||
| Credit contracts | — | — | 19,809 | (73,753 | ) | (256,462 | ) | (310,406 | ) | |||||||||||||||
| Total | $ | (21,197 | ) | $ | (373,908 | ) | $ | 19,809 | $ | (73,753 | ) | $ | (256,462 | ) | $ | (705,511 | ) | |||||||
156
The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 2024:
| Long Derivative Volume | ||||||||
| Delaware Ivy Asset Strategy Fund | Delaware Ivy Balanced Fund | |||||||
| Forward foreign currency exchange contracts (average notional value) | $ | 43,924 | $ | 92,068 | ||||
| Futures contracts (average notional value) | 34,509,813 | 85,112,046 | ||||||
| Options contracts (average notional value)* | — | 35,314 | ||||||
| CDS contracts (average notional value)** | — | 2,082,876 | ||||||
| Short Derivative Volume | ||||||||
| Delaware Ivy Asset Strategy Fund | Delaware Ivy Balanced Fund | |||||||
| Forward foreign currency exchange contracts (average notional value) | $ | 1,004,560 | $ | 2,235,667 | ||||
| Futures contracts (average notional value) | 3,408,114 | 36,381,289 | ||||||
| Options contracts (average notional value)* | 233 | 14,086 | ||||||
*Long represents purchased options and short represents written options.
**Long represents buying protection and short represents selling protection.
11. Offsetting
Certain Funds 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 certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that governs certain over-the-counter 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, certain Funds 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, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”
At March 31, 2024, certain Funds 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 | ||||||||||||
| Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||||||||
| JPMorgan Chase Bank | $ | — | $ | (10,113 | ) | $ | (10,113 | ) | ||||
| Fair Value of | Fair Value of | |||||||||||||||||||||||
| Non-Cash | Cash Collateral | Non-Cash | Cash Collateral | |||||||||||||||||||||
| Counterparty | Net Position | Collateral Received | Received | Collateral Pledged | Pledged | Net Exposure(a) | ||||||||||||||||||
| JPMorgan Chase Bank | $ | (10,113 | ) | $ | — | $ | — | $ | — | $ | — | $ | (10,113 | ) | ||||||||||
157
Notes to financial statements
Ivy Funds
11. Offsetting (continued)
Delaware Ivy
Balanced Fund
| Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||||||||
| JPMorgan Chase Bank | $ | — | $ | (21,197 | ) | $ | (21,197 | ) | ||||
| Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(a) | ||||||||||||||||||
| JPMorgan Chase Bank | $ | (21,197 | ) | $ | — | $ | — | $ | — | $ | — | $ | (21,197 | ) | ||||||||||
(a) 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 the 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.
158
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.
At March 31, 2024, each Fund had no securities out on loan.
13. Credit and Market Risks
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.
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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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 Funds invest will cause the NAV of the Funds 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 US. 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 may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-
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Notes to financial statements
Ivy Funds
13. Credit and Market Risks (continued)
income securities. For example, a Fund’s investments in CMOs, real estate mortgage investment conduits (“REMICs”), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (“IOs”) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (“POs”) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.
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 each 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 each 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 each 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.
As each Fund may be required to rely upon another lending institution to collect and pass on to each Fund amounts payable with respect to the loan and to enforce each Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each 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 each Fund. There were no unfunded loan commitments at the year ended March 31, 2024.
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, 2024. 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.
Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the “Statements of assets and liabilities”, if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
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
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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 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 "Consolidated schedules of investments" and “Schedules of investments.”
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. Subsequent Events
On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Global Real Estate Fund. The Fund liquidation and dissolution occurred on April 19, 2024.
Management has determined that no other material events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in the Funds’ financial statements.
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Report of independent
registered public accounting firm
To the Board of Trustees of Ivy Funds and Shareholders of Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, Delaware 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 each of the funds listed in the table below (seven of the funds constituting Ivy Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Delaware Climate Solutions Fund(1) | Delaware Real Estate Securities Fund(1) |
| Delaware Global Real Estate Fund(1) | Delaware Ivy Asset Strategy Fund(2) |
| Delaware Ivy Natural Resources Fund(1) | Delaware Ivy Balanced Fund(1) |
| Delaware Ivy Science and Technology Fund(1) |
(1) Statement of assets and liabilities, including the schedule of investments, as of March 31, 2024, the related statement of operations for the year ended March 31, 2024, the statement of changes in net assets for each of the two years in the period ended March 31, 2024 and the financial highlights for each of the four years in the period ended March 31, 2024.
(2) Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of March 31, 2024, the related consolidated statement of operations for the year ended March 31, 2024, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2024 and the consolidated financial highlights for each of the four years in the period ended March 31, 2024.
The financial statements of the Funds as of and for the year ended March 31, 2020 and the financial highlights for the year ended 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.
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Report of independent
registered public accounting firm
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, 2024 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
May 28, 2024
We have served as the auditor of one or more Macquarie investment companies since 2010.
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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 year ended March 31, 2024, each Fund reports distributions paid during the year as follows:
| (A) Long-Term Capital Gains Distributions (Tax Basis) | (B) Ordinary Income Distributions* (Tax Basis) | (C) Return of Capital (Tax Basis) | Total Distributions (Tax Basis) | (D) Qualifying Dividends1 | ||||||||||||||||
| Delaware Climate Solutions Fund | — | 100.00 | % | — | 100.00 | % | 39.21 | % | ||||||||||||
| Delaware Global Real Estate Fund | — | 78.73 | % | 21.27 | % | 100.00 | % | 2.18 | % | |||||||||||
| Delaware Ivy Asset Strategy Fund | — | 100.00 | % | — | 100.00 | % | 11.37 | % | ||||||||||||
| Delaware Ivy Balanced Fund | — | 100.00 | % | — | 100.00 | % | 25.54 | % | ||||||||||||
| Delaware Ivy Natural Resources Fund | — | 100.00 | % | — | 100.00 | % | 100.00 | % | ||||||||||||
| Delaware Ivy Science and Technology Fund | 100.00 | % | — | — | 100.00 | % | — | |||||||||||||
| Delaware Real Estate Securities Fund | 75.67 | % | 24.33 | % | — | 100.00 | % | — | ||||||||||||
(A), (B) and (C) are based on a percentage of each Fund’s total distributions.
(D) is based on each Fund's ordinary income distributions.
1Qualified dividends represent dividends which qualify for the corporate dividends received deduction.
*For the fiscal year ended March 31, 2024, 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 reported in the following table. Complete information will be computed and reported in conjunction with your 2024 Form 1099-DIV.
| Percentage | ||||
| Delaware Climate Solutions Fund | 100.00 | % | ||
| Delaware Global Real Estate Fund | 21.29 | % | ||
| Delaware Ivy Asset Strategy Fund | 35.34 | % | ||
| Delaware Ivy Balanced Fund | 32.63 | % | ||
| Delaware Ivy Natural Resources Fund | 100.00 | % | ||
| Delaware Ivy Science and Technology Fund | — | |||
| Delaware Real Estate Securities Fund | — | |||
For the fiscal year ended March 31, 2024, certain distributions paid by the Funds, determined to be Qualified Short-Term Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004: the Tax Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For fiscal year ended March 31, 2024, the Funds have reported maximum distributions of Qualified Short-Term Capital Gains as follows:
| Delaware Ivy Asset Strategy Fund | $ | 11,917,287 | ||
| Delaware Ivy Science and Technology Fund | 23,781,607 |
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Form N-PORT and proxy voting information
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 800 914-0278; 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 Schedule of Investments included in the Funds' most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. 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.
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
A mutual fund is governed by a Board of Trustees (“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 Year | Position(s) Held with the Trust | Length of Time Served1 | Number of Funds in Fund Complex Overseen by Trustee | Principal Occupation(s) During the Past Five Years | Other Directorships Held by Trustee During the Past Five Years |
| Interested Trustee | |||||
| Shawn K. Lytle2 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | 89 | Macquarie Asset Management3 (2015–Present) -Head of Equities & Multi-Asset (2023–Present) -Head of Americas of Macquarie Group (2017–Present) -Global Head of Public Investments (2019–2023) | None |
| Independent Trustees | |||||
| Jerome D. Abernathy 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959 | Trustee | Since January 2019 | 89 | Stonebrook Capital Management, LLC (financial technology: macro factors and databases) -Managing Member (1993-Present) | None |
| Ann D. Borowiec 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1958 | Trustee | Since March 2015 | 89 | J.P. Morgan Chase & Co. (1987-2013) -Chief Executive Officer, Private Wealth Management (2011– 2013) | Banco Santander International (2016–2019) Santander Bank, N.A. (2016-2019) |
| Joseph W. Chow 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1953 | Trustee | Since January 2013 | 89 | Private Investor (2011–Present) State Street Bank and Trust Company (1996-2011) -Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer | None |
| H. Jeffrey Dobbs 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1955 | Trustee | Since April 20194 | 89 | KPMG LLP (2002-2015) -Global Sector Chairman, Industrial Manufacturing (2010-2015) | TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present) Ivy Funds Complex (2019- 2021) |
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| Name, Address, and Birth Year | Position(s) Held with the Trust | Length of Time Served1 | Number of Funds in Fund Complex Overseen by Trustee | Principal Occupation(s) During the Past Five Years | Other Directorships Held by Trustee During the Past Five Years |
| John A. Fry 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1960 | Trustee | Since January 2001 | 89 | Drexel University -President (2010–Present) | Federal Reserve Bank of Philadelphia (2020–Present) Kresge Foundation (2018-Present) FS Credit Real Estate Income Trust, Inc. (2018–Present) vTv Therapeutics Inc. (2017–Present) Community Health Systems (2004–Present) Drexel Morgan & Co. (2015–2019) |
| Joseph Harroz, Jr. 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1967 | Trustee | Since November 19984 | 89 | University of Oklahoma -President (2020–Present) -Interim President (2019–2020) -Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises) -Managing Member (2019–Present) St. Clair, LLC (commercial enterprises) -Managing Member (2019–Present) | OU Medicine, Inc. (2020–Present) Big 12 Athletic Conference (2019-Present) Valliance Bank (2007–Present) Ivy Funds Complex (1998-2021) |
| Sandra A.J. Lawrence 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1957 | Trustee | Since April 20194 | 89 | Children’s Mercy Hospitals and Clinics (2005–2019) -Chief Administrative Officer (2016–2019) | Brixmor Property Group Inc. (2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery) (2021-2023) 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) National Association of Corporate Directors (2017-Present) American Shared Hospital Services (medical device) (2017-2021) Ivy Funds Complex (2019- 2021) |
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Board of trustees and officers addendum
Delaware Funds by Macquarie®
| Name, Address, and Birth Year | Position(s) Held with the Trust | Length of Time Served1 | Number of Funds in Fund Complex Overseen by Trustee | Principal Occupation(s) During the Past Five Years | Other Directorships Held by Trustee During the Past Five Years |
| Frances A. Sevilla-Sacasa 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956 | Trustee | Since September 2011 | 89 | Banco Itaú International -Chief Executive Officer (2012–2016) US Trust Bank of America Private Wealth Management -President (2007-2008) U.S. Trust Corp. -President & CEO (2005-2007) | Invitation Homes Inc. (2023-Present) Florida Chapter of National Association of Corporate Directors (2021-Present) Callon Petroleum Company (2019-Present) Camden Property Trust (2011-Present) New Senior Investment Group Inc. (REIT) (2021) Carrizo Oil & Gas, Inc. (2018-2019) |
| Thomas K. Whitford 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956 | Chair and Trustee | Trustee since January 2013 Chair since January 2023 | 89 | PNC Financial Services Group (1983–2013) -Vice Chairman (2009- 2013) | HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc. (2013–2022) |
| Christianna Wood 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959 | Trustee | Since January 2019 | 89 | Gore Creek Capital, Ltd. -Chief Executive Officer and President (2009–Present) Capital Z Asset Management -Chief Executive Officer (2008-2009) California Public Employees' Retirement System (CalPERS) -Senior Investment Officer of Global Equity (2002-2008) | The Merger Fund (2013–2021), The Merger Fund VL (2013–2021), WCM Alternatives: Event- Driven Fund (2013–2021), and WCM Alternatives: Credit Event Fund (2017–2021) Grange Insurance (2013–Present) H&R Block Corporation (2008–2022) |
| Officers | |||||
| David F. Connor 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | 89 | David F. Connor has served in various capacities at different times at Macquarie Asset Management. | None5 |
| Daniel V. Geatens 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1972 | Senior Vice President and Treasurer | Senior Vice President and Treasurer since October 2007 | 89 | Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management. | None5 |
| Richard Salus 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | 89 | Richard Salus has served in various capacities at different times at Macquarie Asset Management. | None5 |
1 “Length of Time Served” refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.
2 Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Funds' investment advisor.
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3 Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds' investment advisor, principal underwriter, and transfer agent.
4 Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Delaware Funds complex.
5 David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Connor also serves as Senior Vice President and Assistant Secretary for the three portfolios of the Macquarie ETF Trust, which have the same investment manager as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and as Senior Vice President and Treasurer for the Macquarie ETF Trust. Mr. Salus serves in a similar capacity for the Macquarie ETF Trust.
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 800 523-1918.
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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
Frances Sevilla-Sacasa, Chair
Christianna Woods
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 $757,705 for the fiscal year ended March 31, 2024.
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 $873,581 for the fiscal year ended March 31, 2024.
(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, 2024.
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 $1,362,878 for the registrant’s fiscal year ended March 31, 2024. 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, 2023.
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 $2,050,189 for the registrant’s fiscal year ended March 31, 2023. 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.
(c) Tax fees.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $144,658 for the fiscal year ended March 31, 2024. 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, 2024. 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 by the registrant’s independent auditors for tax-related services provided to the registrant were $157,658 for the fiscal year ended March 31, 2023. 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, 2023. 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%.
(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, 2024.
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, 2024. 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 $0 for the fiscal year ended March 31, 2023.
(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 $24,428,000 and $9,044,000 for the registrant’s fiscal years ended March 31, 2024 and March 31, 2023, 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.
| (i) | Not applicable. |
| (j) | Not applicable. |
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. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 14. 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.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT. |
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 5, 2024 | |
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 5, 2024 | |
| /s/RICHARD SALUS | ||
| By: | Richard Salus | |
| Title: | Chief Financial Officer | |
| Date: | June 5, 2024 | |