# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0002071844-25-000025
**Filing Date:** 2025-9
**Character Count:** 45249
**Document Hash:** b0fcb4606e2fc41f0ecb5e9899484de7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071844-25-000025.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0002071844-25-000025

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**EFFECTIVENESS DATE**: 20250918

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284922
- **FILM NUMBER:** 251322322

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

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

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

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

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

## Series and Classes Contracts Data

### Macquarie Balanced Fund (Series ID: S000024823)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073854 | Class A             | IBNAX           |
| C000073856 | Class C             | IBNCX           |
| C000073858 | Institutional Class | IYBIX           |
| C000146686 | Class R6            | IBARX           |

File No. 333-284922

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549

FORM N-14

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| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
| Pre-Effective Amendment No. |  | / / |
| Post-Effective Amendment No. | 1 | /X/ |
| (Check appropriate box or boxes) | (Check appropriate box or boxes) | (Check appropriate box or boxes) |
| IVY FUNDS | IVY FUNDS | IVY FUNDS |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| (800) 523-1918 | (800) 523-1918 | (800) 523-1918 |
| Registrant's Area Code and Telephone Number | Registrant's Area Code and Telephone Number | Registrant's Area Code and Telephone Number |
| 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 |
| (Address of Principal Executive Offices: Number, Street, City, State, Zip Code) | (Address of Principal Executive Offices: Number, Street, City, State, Zip Code) | (Address of Principal Executive Offices: Number, Street, City, State, Zip Code) |
| David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |
| Please send copies of all communications to:<br>Taylor Brody, Esq.<br> Jonathan M. Kopcsik, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8071<br> (215) 564-8099 | Please send copies of all communications to:<br>Taylor Brody, Esq.<br> Jonathan M. Kopcsik, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8071<br> (215) 564-8099 | Please send copies of all communications to:<br>Taylor Brody, Esq.<br> Jonathan M. Kopcsik, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8071<br> (215) 564-8099 |
| Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended. | Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended. | Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended. |
| <br> Title of the securities being registered: Class A, Class C, Class R6 and Institutional Class shares, $0.001 par value per share, of Macquarie Balanced Fund. No filing fee is due because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended. | <br> Title of the securities being registered: Class A, Class C, Class R6 and Institutional Class shares, $0.001 par value per share, of Macquarie Balanced Fund. No filing fee is due because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended. | <br> Title of the securities being registered: Class A, Class C, Class R6 and Institutional Class shares, $0.001 par value per share, of Macquarie Balanced Fund. No filing fee is due because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended. |

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It is proposed that the filing will become effective immediately upon filing pursuant to Rule 485(b) under the Securities Act of 1933, as amended.<br>[Part A and Part B](https://www.sec.gov/Archives/edgar/data/883622/000206159025000024/0002061590-25-000024-index.htm) of this Amendment are incorporated by reference to the Rule 497 electronic filing made on March 26, 2025 (Accession No. 0002061590-25-000024).<br>

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 C O N T E N T S ---

1. Facing Page

2. Contents Page

3. [Part A](https://www.sec.gov/Archives/edgar/data/883622/000206159025000024/0002061590-25-000024-index.htm) – Proxy Statement/Prospectus

4. [Part B](https://www.sec.gov/Archives/edgar/data/883622/000206159025000024/0002061590-25-000024-index.htm) – Statement of Additional Information

5. Part C – Other Information

6. Signatures

7. Exhibits

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PART C<br> (Ivy Funds)<br> N-14

File No. 333-284922

Post-Effective Amendment No. 1

OTHER INFORMATION

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| | | |
|:---|:---|:---|
| Item 15 | <u>Indemnification</u>. Reference is made to Article 15 of the [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm), filed by EDGAR on July 28, 2021 as Exhibit No. EX-99.e.1.i to Post-Effective Amendment No. 180 and to Article VII of the [Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm), filed by EDGAR on September 1, 2017, as Exhibit No. EX-99.a.18 to Post-Effective Amendment No. 146, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act. | <u>Indemnification</u>. Reference is made to Article 15 of the [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm), filed by EDGAR on July 28, 2021 as Exhibit No. EX-99.e.1.i to Post-Effective Amendment No. 180 and to Article VII of the [Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm), filed by EDGAR on September 1, 2017, as Exhibit No. EX-99.a.18 to Post-Effective Amendment No. 146, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act. |
|  | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| Item 16 | <u>Exhibits</u>. The following exhibits are incorporated by reference to the Registrant's previously filed registration statements on Form N-1A indicated below, except as noted: | <u>Exhibits</u>. The following exhibits are incorporated by reference to the Registrant's previously filed registration statements on Form N-1A indicated below, except as noted: |
|  | <u>(1)</u> | Copies of the charter of the Registrant as now in effect; |
|  | (a) | [Amended and Restated Agreement and Declaration of Trust (August 15, 2017)](https://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm) incorporated into this filing by reference to Post-Effective Amendment No. 146 filed September 1, 2017. |
|  | (i) | [Amended and Restated Schedule A (June 30, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99a1i.htm) to the Amended and Restated Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
|  | <u>(2)</u> | Copies of the existing By-Laws or corresponding instruments of the Registrant; |
|  | (a) | [By-Laws (November 13, 2008)](https://www.sec.gov/Archives/edgar/data/883622/000119312510016824/dex99b1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed January 29, 2010. |
|  | <u>(3)</u> | Copies of any voting trust agreement affecting more than 5 percent of any class of equity securities of the Registrant; |
|  |  | Not applicable. |
|  | <u>(4)</u> | Copies of the agreement of acquisition, reorganization, merger, liquidation and any amendments to it; |
|  | (a) | [Agreement and Plan of Reorganization (August 22, 2025](ex994a.htm)) attached as Exhibit No. EX-99.4.a. |
|  | <u>(5)</u> | Copies of all instruments defining the rights of holders of the securities being registered, including copies, where applicable, of the relevant portion of the articles of incorporation or by-laws of the Registrant; |
|  |  | None other than those contained in Exhibits (1) and (2). |
|  | <u>(6)</u> | Copies of all investment advisory contracts relating to the management of the assets of the Registrant; |
|  | (a) | [Investment Management Agreement (April 30, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99d1.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  | (i) | [Amendment No. 2 to Exhibit A (December 31, 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99d1i.htm) to the Investment Management Agreement incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
|  | (b) | [Second Amended and Restated Sub-Advisory Agreement (Active Management) (March 2021)](https://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d3.htm) between Delaware Management Company (a series of Macquarie Investment  |

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|:---|:---|
|  | Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.  |
| (i) | [Amendment No. 2 (August 5, 2022)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000014/mimif4232781-ex99d3i.htm) to Exhibit A of the Sub-Advisory Agreement (Active Management) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024. |
| (c) | [Sub-Advisory Agreement (Delaware Equity Funds) (May 30, 2019)](https://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d4.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
| (i) | [Amendment No. 3 (August 5, 2022)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000014/mimif4232781-ex99d4i.htm) to Schedule 1 of the Sub-Advisory Agreement (Global Equity) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024. |
| (d) | [Sub-Advisory Agreement (Delaware Fixed Income Funds) (May 30, 2019)](https://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d5.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
| (i) | [Amendment No. 4 (April 3, 2023)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000014/mimif4232781-ex99d5i.htm) to Schedule 1 of the Sub-Advisory Agreement between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited (Global Fixed Income) incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024. |
| (e) | [Sub-Advisory Agreement (Fixed Income) (May 30, 2019)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99d6.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Europe Limited incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023. |
| (i) | [Amendment No. 3 (April 3, 2023)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000014/mimif4232781-ex99d6i.htm) to Schedule 1 of the Sub-Advisory Agreement (Global Fixed Income) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Europe Limited incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024. |
| (f) | [Second Amended and Restated Sub-Advisory Agreement (January 2, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000014/mimif4232781-ex99d7.htm) (Active Management Equity Funds) between Macquarie Investment Management Austria Kapitalanlage AG and Delaware Management Company (a series of Macquarie Investment Management Business Trust) incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024. |
| (i) | [Amendment No. 3 (October 30, 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000144/mimif4240481-ex99d6i.htm) to Exhibit A of the Second Amended and Restated Sub-Advisory Agreement between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Austria Kapitalanlage AG (Active Management Equity Funds) incorporated into this filing by reference to Post-Effective Amendment No. 208 filed October 28, 2024. |
| (g) | [Investment Advisory Expense Limitation Letter (July 22, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99d7.htm) from Delaware Management Company (a series of Macquarie Investment Management Business Trust) relating to the Macquarie Balanced Fund (formerly, Delaware Ivy Balanced Fund), et al. incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
| (h) | [Investment Advisory Expense Limitation Letter (January 22, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99d8.htm) from Delaware Management Company (a series of Macquarie Investment Management Business Trust) relating to the Macquarie Multi-Asset Income Fund incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
| <u>(7)</u> | Copies of each underwriting or distribution contract between the Registrant and a principal underwriter, and specimens or copies of all agreements between principal underwriters and dealers; |
| (a) | Distribution Agreements. |
| (i) | [Distribution Agreement (April 30, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm) between Delaware Distributors, L.P. and <br>|

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|:---|:---|
|  | the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.  |
| (ii) | [Amendment No. 2 (January 1, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99e1ii.htm) to Schedule I to the Distribution Agreement incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
| (b) | [Form of Dealer's Agreement](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99e2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
| (c) | [Form of Registered Investment Advisers Agreement](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99e3.htm) incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
| (d) | [Form of Bank/Trust Agreement](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99e4.htm) incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
| <u>(8)</u> | Copies of all bonus, profit sharing, pension or other similar contracts or arrangements wholly or partly for the benefit of directors or officers of the Registrant in their capacity as such. Furnish a reasonably detailed description of any plan that is not set forth in a formal document; |
|  | Not applicable. |
| <u>(9)</u> | Copies of all custodian agreements and depository contracts under Section 17(f) of the Investment Company Act of 1940, as amended (the "1940 Act"), for securities and similar investments of the Registrant, including the schedule of remuneration; |
| (a) | [Mutual Fund Custody and Services Agreement (July 20, 2007)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99g1.htm) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023. |
| (i) | [Amendment No. 2 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99g1i.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023. |
| (ii) | [Amendment No. 4 (July 19, 2019)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99g1ii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023. |
| (iii) | [Amendment No. 5 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99g1iii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023. |
| (iv) | [Amendment No. 6 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99g1iv.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023. |
| (v) | [Amendment No. 7 (June 30, 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99g1v.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
| (vi) | [Amendment No. 8 (April 1, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99g1vi.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
| (vii) | [Amendment No. 9 (April 25, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99g1vii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
| <u>(10)</u> | Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under the 1940 Act and any agreements with any person relating to implementation of the plan, and copies of any plan entered into by Registrant pursuant to Rule 18f-3 under the 1940 Act, any agreement with any person relating to implementation of the plan, any amendment to the plan, and a copy of the portion of the minutes of the meeting of the Registrant's trustees describing any action taken to revoke the plan; |
| (a) | [Amended Distribution and Service Plan under Rule 12b-1 for Class A, Class C, Class R and Class Y Shares of Beneficial Interest (June 10, 2022)](https://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99m1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
| (b) | [Plan Pursuant to Rule 18f-3 under the Investment Company Act of 1940 (May 18, 2022)](https://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99n1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
| (i) | [Amended and Restated Appendix A (December 31, 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99n1i.htm) to the Ivy Funds Rule 18F-3 Multi-Class Plan incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
| <u>(11)</u> | An opinion and consent of counsel as to the legality of the securities being registered, indicating whether they will, when sold, be legally issued, fully paid and non-assessable; |

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(a) [Opinion and Consent of Counsel (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9911a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14
 (333-284922) filed February 13, 2025.

<u>(12)</u> An opinion, and consent to their use, of counsel or, in lieu of an opinion, a copy of the revenue ruling from the Internal Revenue Service, supporting the tax matters and consequences to shareholders discussed in the prospectus;

(a) [Opinion and Consent of Counsel regarding tax matters (August 22, 2025](ex9912a.htm)) attached as Exhibit No. EX-99.12.a.

<u>(13)</u> Copies of all material contracts of the Registrant not made in the ordinary course of business which are to be performed in whole or in part on or after the date of filing the registration statement;

(a) Shareholder Services Agreement between Delaware Investments Fund Services Company and the Registrant to be filed by Amendment.

(i) [Amended and Restated Schedule B (June 25, 2022)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99h1i.htm) to the Shareholder Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.

(b) [Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99h2.htm) between The Bank of New York
 Mellon and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.

(i) [Amendment No. 1 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99h2i.htm) to Amended and Restated Fund Accounting and Financial Administration
 Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.

(ii) [Amendment No. 2 (October 11, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99h2ii.htm) to Amended and Restated Fund Accounting and Financial Administration
 Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.

(iii) [Amendment No. 3 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99h2iii.htm) to Amended and Restated Fund Accounting and Financial Administration
 Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.

(iv) [Amendment No. 4 (January 31, 2022)](https://www.sec.gov/Archives/edgar/data/883622/000114544323000029/d4057351-ex99h2iv.htm) to Amended and Restated Fund Accounting and Financial Administration
 Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.

(v) [Amendment No. 5 (effective May 31, 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99h2v.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement
 incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025.

(vi) [Amendment No. 6 (July 30, 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99h2vi.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement
 incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025.

(vii) [Amendment No. 7 (April 1, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99h2vii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement
 incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025.

(viii) [Amendment No. 8 (April 25, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99h2viii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement
 incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025.

(c) [Amended and Restated Fund Accounting and Financial Administration Oversight Agreement (January 1, 2014)](https://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5.htm) between Delaware Service Company,
 Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

(i) [Assignment and Assumption Agreement (November 1, 2014)](https://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5i.htm) between Delaware Service Company, Inc. and Delaware Investments Fund Services
 Company relating to the Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

(ii) [Amendment No. 1 (September 1, 2017)](https://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5ii.htm) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement
 incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

(iii) [Amendment No. 2 (October 11, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5iii.htm) to Amended and Restated Fund Accounting <br>

------

---

| | | |
|:---|:---|:---|
|  |  | and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.  |
|  | (iv) | [Amendment No. 3 (effective October 1, 2023)](https://www.sec.gov/Archives/edgar/data/883622/000114544324000014/mimif4232781-ex99h3iv.htm) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 206 filed January 26, 2024. |
|  | (v) | [Amendment No. 4 (April 1, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99h3v.htm) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |
| <u>(14)</u> | Copies of any other opinions, appraisals or rulings, and consents to their use relied on in preparing the registration statement and required by Section 7 of the 1933 Act; | Copies of any other opinions, appraisals or rulings, and consents to their use relied on in preparing the registration statement and required by Section 7 of the 1933 Act; |
|  | Not applicable. | Not applicable. |
| <u>(15)</u> | All financial statements omitted pursuant to Item 14(a)(1); | All financial statements omitted pursuant to Item 14(a)(1); |
|  | Not applicable. | Not applicable. |
| <u>(16)</u> | Manually signed copies of any power of attorney pursuant to which the name of any person has been signed to the registration statement; and | Manually signed copies of any power of attorney pursuant to which the name of any person has been signed to the registration statement; and |
| (a) | [Powers of Attorney for Shawn K. Lytle (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Shawn K. Lytle (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (b) | [Powers of Attorney for Jerome D. Abernathy (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Jerome D. Abernathy (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (c) | [Powers of Attorney for Ann D. Borowiec (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Ann D. Borowiec (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (d) | [Powers of Attorney for Joseph W. Chow (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Joseph W. Chow (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (e) | [Powers of Attorney for H. Jeffrey Dobbs (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for H. Jeffrey Dobbs (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (f) | [Powers of Attorney for John A. Fry (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for John A. Fry (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (g) | [Powers of Attorney for Joseph Harroz, Jr. (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Joseph Harroz, Jr. (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (h) | [Powers of Attorney for Sandra A.J. Lawrence (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Sandra A.J. Lawrence (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (i) | [Powers of Attorney for Frances A. Sevilla-Sacasa (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Frances A. Sevilla-Sacasa (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (j) | [Powers of Attorney for Thomas K. Whitford (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Thomas K. Whitford (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| (k) | [Powers of Attorney for Christiana Wood (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. | [Powers of Attorney for Christiana Wood (February 13, 2025)](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) incorporated into this filing by reference to the Registration Statement on Form N-14 (333-284922) filed February 13, 2025. |
| <u>(17)</u> | Any additional exhibits which the Registrant may wish to file; and | Any additional exhibits which the Registrant may wish to file; and |
| (a) | [Code of Ethics for Macquarie Asset Management, Delaware Funds by Macquarie, Optimum Fund Trust and Macquarie ETF Trust (August 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99p1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. | [Code of Ethics for Macquarie Asset Management, Delaware Funds by Macquarie, Optimum Fund Trust and Macquarie ETF Trust (August 2024)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000015/mimivyf4418761-ex99p1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 209 filed January 28, 2025. |
| (b) | [Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG (June 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. | [Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG (June 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
| (c) | [Code of Ethics for Macquarie Investment Management Europe Limited (May 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99p3.htm) incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. | [Code of Ethics for Macquarie Investment Management Europe Limited (May 2025)](https://www.sec.gov/Archives/edgar/data/883622/000114544325000219/mimif4422271-ex99p3.htm) incorporated into this filing by reference to Post-Effective Amendment No. 212 filed July 29, 2025. |

---

------

(d) [Code of Ethics for Macquarie Investment Management Global Limited (February 28, 2021)](https://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p4.htm) incorporated into
 this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.

---

| | | |
|:---|:---|:---|
|  | <u>(18)</u> | Furnish the following information, in substantially the tabular form indicated, as to each type and class of securities being registered. |
|  |  | Not applicable. |
| Item 17 | <u>Undertakings</u>. | <u>Undertakings</u>. |
|  | <u>(1)</u> | The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. |
|  | <u>(2)</u> | The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. |

---

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#### SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement on Form N-14 pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, in the City of Philadelphia and Commonwealth of Pennsylvania on this 18th day of September, 2025.

---

| | |
|:---|:---|
| **IVY FUNDS** | **IVY FUNDS** |
| By: | <u>/s/ Richard Salus</u> |
|  | Richard Salus<br> Senior Vice President/Chief Financial Officer |

---

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| Shawn K. Lytle<br> \* | President/Chief Executive Officer | September 18, 2025 |
| Shawn K. Lytle | (Principal Executive Officer) and Trustee |  |
| Jerome D. Abernathy<br> \* | Trustee | September 18, 2025 |
| Jerome D. Abernathy |  |  |
| Ann D. Borowiec<br> \* | Trustee | September 18, 2025 |
| Ann D. Borowiec |  |  |
| Joseph W. Chow<br> \* | Trustee | September 18, 2025 |
| Joseph W. Chow |  |  |
| H. Jeffrey Dobbs<br> \* | Trustee | September 18, 2025 |
| H. Jeffrey Dobbs |  |  |
| John A. Fry<br> \* | Trustee | September 18, 2025 |
| John A. Fry |  |  |
| Joseph Harroz, Jr.<br> \* | Trustee | September 18, 2025 |
| Joseph Harroz, Jr. |  |  |
| Sandra A.J. Lawrence<br> \* | Trustee | September 18, 2025 |
| Sandra A.J. Lawrence |  |  |
| Frances A. Sevilla-Sacasa<br> \* | Trustee | September 18, 2025 |
| Frances A. Sevilla-Sacasa |  |  |
| Thomas K. Whitford<br> \* | Chair and Trustee | September 18, 2025 |
| Thomas K. Whitford |  |  |
| Christianna Wood<br> \* | Trustee | September 18, 2025 |
| Christianna Wood |  |  |
| /s/ Richard Salus | Senior Vice President/Chief Financial Officer | September 18, 2025 |
| Richard Salus | (Principal Financial Officer/Chief Accounting Officer/Controller) |  |

---

---

| |
|:---|
| \*By: <u>/s/ Richard Salus</u> |
| Richard Salus |
| as Attorney-in-Fact for each of the persons indicated<br> (Pursuant to [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/883622/000113743925000082/ex9916a.htm) previously filed) |

---

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U.S. SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, DC 20549

EXHIBITS<br> TO<br> FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

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INDEX TO EXHIBITS<br> (Ivy Funds N-14)

<u> Exhibit No. </u> <u> Exhibit </u> <br> EX-99.4.a [Agreement and Plan of Reorganization (August 22, 2025)](ex994a.htm) <br> EX-99.12.a [Opinion and Consent of Counsel regarding tax matters (August 22, 2025)](ex9912a.htm)

## Ex-99

Exhibit EX-99.4.a<br>

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## Ex-99

Exhibit EX-99.12.a<br>

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