# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001193125-25-302305
**Filing Date:** 2025-11
**Character Count:** 2323300
**Document Hash:** 0e1c3c0d5f87b7d8852b865c58d037c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-302305.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-302305

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 251535330

**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 Asset Strategy Fund (Series ID: S000006283)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017255 | Class A             | WASAX           |
| C000017257 | Class C             | WASCX           |
| C000017258 | Class Y             | WASYX           |
| C000045541 | Institutional Class | IVAEX           |
| C000066833 | Class R             | IASRX           |
| C000146677 | Class R6            | IASTX           |

### Macquarie Science and Technology Fund (Series ID: S000006285)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017263 | Class R             | WSTRX           |
| C000017264 | Class A             | WSTAX           |
| C000017266 | Class C             | WSTCX           |
| C000017267 | Class Y             | WSTYX           |
| C000045542 | Institutional Class | ISTIX           |
| C000146678 | Class R6            | ISTNX           |

### Macquarie Small Cap Growth Fund (Series ID: S000006286)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017268 | Class R             | WSGRX           |
| C000017269 | Class A             | WSGAX           |
| C000017271 | Class C             | WRGCX           |
| C000017272 | Class Y             | WSCYX           |
| C000045543 | Institutional Class | IYSIX           |
| C000146679 | Class R6            | IRGFX           |

### Macquarie Core Equity Fund (Series ID: S000006288)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017277 | Class A             | WCEAX           |
| C000017279 | Class C             | WTRCX           |
| C000017280 | Class Y             | WCEYX           |
| C000045545 | Institutional Class | ICIEX           |
| C000122149 | Class R             | IYCEX           |
| C000146680 | Class R6            | ICEQX           |

### Macquarie High Income Fund (Series ID: S000006289)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017281 | Class A             | WHIAX           |
| C000017283 | Class C             | WRHIX           |
| C000017284 | Class Y             | WHIYX           |
| C000045546 | Institutional Class | IVHIX           |
| C000122150 | Class R             | IYHIX           |
| C000146681 | Class R6            | IHIFX           |

### Macquarie Large Cap Growth Fund (Series ID: S000006291)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017289 | Class R             | WLGRX           |
| C000017290 | Class A             | WLGAX           |
| C000017292 | Class C             | WLGCX           |
| C000017293 | Class Y             | WLGYX           |
| C000045547 | Institutional Class | IYGIX           |
| C000146682 | Class R6            | ILGRX           |

### Macquarie Mid Cap Growth Fund (Series ID: S000006293)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017298 | Class R             | WMGRX           |
| C000017299 | Class A             | WMGAX           |
| C000017301 | Class C             | WMGCX           |
| C000017302 | Class Y             | WMGYX           |
| C000045549 | Institutional Class | IYMIX           |
| C000146684 | Class R6            | IGRFX           |

### Macquarie Climate Solutions Fund (Series ID: S000011242)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000030961 | Class A             | IEYAX           |
| C000030963 | Class C             | IEYCX           |
| C000030964 | Class Y             | IEYYX           |
| C000045550 | Institutional Class | IVEIX           |
| C000122152 | Class R             | IYEFX           |
| C000146685 | Class R6            | IENRX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073854 | Class A             | IBNAX           |
| C000073856 | Class C             | IBNCX           |
| C000073858 | Institutional Class | IYBIX           |
| C000073859 | Class Y             | IBNYX           |
| C000122153 | Class R             | IYBFX           |
| C000146686 | Class R6            | IBARX           |

### Macquarie Global Growth Fund (Series ID: S000024824)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073860 | Class A             | IVINX           |
| C000073861 | Class Y             | IVIYX           |
| C000073863 | Class C             | IVNCX           |
| C000073865 | Institutional Class | IGIIX           |
| C000122154 | Class R             | IYIGX           |
| C000146687 | Class R6            | ITGRX           |

### Macquarie Systematic Emerging Markets Equity Fund (Series ID: S000024829)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073889 | Class Y             | IPOYX           |
| C000073890 | Class A             | IPOAX           |
| C000073892 | Class C             | IPOCX           |
| C000073894 | Institutional Class | IPOIX           |
| C000122158 | Class R             | IYPCX           |
| C000146689 | Class R6            | IMEGX           |

### Macquarie Real Estate Securities Fund (Series ID: S000024830)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073895 | Class Y             | IRSYX           |
| C000073896 | Class A             | IRSAX           |
| C000073898 | Class C             | IRSCX           |
| C000073900 | Institutional Class | IREIX           |
| C000073901 | Class R             | IRSRX           |
| C000146690 | Class R6            | IRSEX           |

### Macquarie Smid Cap Core Fund (Series ID: S000024831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073902 | Class Y             | IYSYX           |
| C000073903 | Class A             | IYSAX           |
| C000073905 | Class C             | IYSCX           |
| C000073907 | Institutional Class | IVVIX           |
| C000122159 | Class R             | IYSMX           |
| C000146691 | Class R6            | ISPVX           |

### Macquarie Global Bond Fund (Series ID: S000024837)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073939 | Class C             | IVSCX           |
| C000073940 | Institutional Class | IVSIX           |
| C000073941 | Class Y             | IVSYX           |
| C000073942 | Class A             | IVSAX           |
| C000122165 | Class R             | IYGOX           |
| C000146697 | Class R6            | IVBDX           |

### Macquarie Natural Resources Fund (Series ID: S000024838)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073944 | Class C             | IGNCX           |
| C000073946 | Institutional Class | IGNIX           |
| C000073947 | Class R             | IGNRX           |
| C000073948 | Class Y             | IGNYX           |
| C000073949 | Class A             | IGNAX           |
| C000146698 | Class R6            | INRSX           |

### Macquarie International Core Equity Fund (Series ID: S000024840)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073956 | Class Y             | IVVYX           |
| C000073958 | Class C             | IVIFX           |
| C000073960 | Institutional Class | ICEIX           |
| C000073961 | Class A             | IVIAX           |
| C000122166 | Class R             | IYITX           |
| C000146700 | Class R6            | IINCX           |

### Macquarie Mid Cap Income Opportunities Fund (Series ID: S000046881)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146475 | Class A             | IVOAX           |
| C000146476 | Class C             | IVOCX           |
| C000146478 | Institutional Class | IVOIX           |
| C000146479 | Class R             | IVORX           |
| C000146480 | Class Y             | IVOYX           |
| C000146481 | Class R6            | IVOSX           |

?xml version='1.0' encoding='ASCII'? Ivy Funds

#### 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

#### Ivy Funds
(Exact name of registrant as specified in charter)

------

610 Market Street

Philadelphia, PA 19106

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp; (800) 523-1918

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### September 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class A : WCEAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$54 | &nbsp;&nbsp;0.99% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3900613140 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $11554281 |
| Portfolio turnover rate | 15% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 34.46% |
| Financials | 21.66% |
| Communication Services | 11.22% |
| Industrials | 11.11% |
| Consumer Discretionary | 8.14% |
| Healthcare | 5.84% |
| Materials | 3.75% |
| Consumer Staples | 2.34% |
| Utilities | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.58% |
| NVIDIA | 6.52% |
| Apple | 4.67% |
| Alphabet Class A | 4.44% |
| Taiwan Semiconductor Manufacturing ADR | 3.97% |
| Amazon.com | 3.53% |
| Howmet Aerospace | 3.52% |
| Meta Platforms Class A | 2.73% |
| Broadcom | 2.53% |
| AutoZone | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WCEAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class C : WTRCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$95 | &nbsp;&nbsp;1.74% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3900613140 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $11554281 |
| Portfolio turnover rate | 15% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 34.46% |
| Financials | 21.66% |
| Communication Services | 11.22% |
| Industrials | 11.11% |
| Consumer Discretionary | 8.14% |
| Healthcare | 5.84% |
| Materials | 3.75% |
| Consumer Staples | 2.34% |
| Utilities | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.58% |
| NVIDIA | 6.52% |
| Apple | 4.67% |
| Alphabet Class A | 4.44% |
| Taiwan Semiconductor Manufacturing ADR | 3.97% |
| Amazon.com | 3.53% |
| Howmet Aerospace | 3.52% |
| Meta Platforms Class A | 2.73% |
| Broadcom | 2.53% |
| AutoZone | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WTRCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class R : IYCEX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$68 | &nbsp;&nbsp;1.24% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3900613140 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $11554281 |
| Portfolio turnover rate | 15% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 34.46% |
| Financials | 21.66% |
| Communication Services | 11.22% |
| Industrials | 11.11% |
| Consumer Discretionary | 8.14% |
| Healthcare | 5.84% |
| Materials | 3.75% |
| Consumer Staples | 2.34% |
| Utilities | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.58% |
| NVIDIA | 6.52% |
| Apple | 4.67% |
| Alphabet Class A | 4.44% |
| Taiwan Semiconductor Manufacturing ADR | 3.97% |
| Amazon.com | 3.53% |
| Howmet Aerospace | 3.52% |
| Meta Platforms Class A | 2.73% |
| Broadcom | 2.53% |
| AutoZone | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYCEX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Institutional Class : ICIEX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.74% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3900613140 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $11554281 |
| Portfolio turnover rate | 15% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 34.46% |
| Financials | 21.66% |
| Communication Services | 11.22% |
| Industrials | 11.11% |
| Consumer Discretionary | 8.14% |
| Healthcare | 5.84% |
| Materials | 3.75% |
| Consumer Staples | 2.34% |
| Utilities | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.58% |
| NVIDIA | 6.52% |
| Apple | 4.67% |
| Alphabet Class A | 4.44% |
| Taiwan Semiconductor Manufacturing ADR | 3.97% |
| Amazon.com | 3.53% |
| Howmet Aerospace | 3.52% |
| Meta Platforms Class A | 2.73% |
| Broadcom | 2.53% |
| AutoZone | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-ICIEX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class R6 : ICEQX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$37 | &nbsp;&nbsp;0.67% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3900613140 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $11554281 |
| Portfolio turnover rate | 15% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 34.46% |
| Financials | 21.66% |
| Communication Services | 11.22% |
| Industrials | 11.11% |
| Consumer Discretionary | 8.14% |
| Healthcare | 5.84% |
| Materials | 3.75% |
| Consumer Staples | 2.34% |
| Utilities | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.58% |
| NVIDIA | 6.52% |
| Apple | 4.67% |
| Alphabet Class A | 4.44% |
| Taiwan Semiconductor Manufacturing ADR | 3.97% |
| Amazon.com | 3.53% |
| Howmet Aerospace | 3.52% |
| Meta Platforms Class A | 2.73% |
| Broadcom | 2.53% |
| AutoZone | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-ICEQX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class Y : WCEYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$54 | &nbsp;&nbsp;0.99% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3900613140 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $11554281 |
| Portfolio turnover rate | 15% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 34.46% |
| Financials | 21.66% |
| Communication Services | 11.22% |
| Industrials | 11.11% |
| Consumer Discretionary | 8.14% |
| Healthcare | 5.84% |
| Materials | 3.75% |
| Consumer Staples | 2.34% |
| Utilities | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.58% |
| NVIDIA | 6.52% |
| Apple | 4.67% |
| Alphabet Class A | 4.44% |
| Taiwan Semiconductor Manufacturing ADR | 3.97% |
| Amazon.com | 3.53% |
| Howmet Aerospace | 3.52% |
| Meta Platforms Class A | 2.73% |
| Broadcom | 2.53% |
| AutoZone | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WCEYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class A : IVSAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$48 | &nbsp;&nbsp;0.95% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $430019256 |
| Total number of portfolio holdings\* | 320 |
| Total advisory fees paid (during reporting period) | $1043980 |
| Portfolio turnover rate | 62% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 41.59% |
| Australia | 10.26% |
| Spain | 8.07% |
| Japan | 5.38% |
| United Kingdom | 3.95% |
| Netherlands | 2.96% |
| Germany | 2.57% |
| New Zealand | 2.54% |
| Italy | 2.13% |
| Switzerland | 1.94% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 17.19% |
| Finance Companies | 3.67% |
| Energy | 2.58% |
| Communications | 2.18% |
| Consumer Non-Cyclical | 1.96% |
| Technology | 1.88% |
| Real Estate Investment Trusts | 1.41% |
| Transportation | 1.30% |
| Insurance | 1.17% |
| Electric | 1.14% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVSAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class C : IVSCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$86 | &nbsp;&nbsp;1.70% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $430019256 |
| Total number of portfolio holdings\* | 320 |
| Total advisory fees paid (during reporting period) | $1043980 |
| Portfolio turnover rate | 62% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 41.59% |
| Australia | 10.26% |
| Spain | 8.07% |
| Japan | 5.38% |
| United Kingdom | 3.95% |
| Netherlands | 2.96% |
| Germany | 2.57% |
| New Zealand | 2.54% |
| Italy | 2.13% |
| Switzerland | 1.94% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 17.19% |
| Finance Companies | 3.67% |
| Energy | 2.58% |
| Communications | 2.18% |
| Consumer Non-Cyclical | 1.96% |
| Technology | 1.88% |
| Real Estate Investment Trusts | 1.41% |
| Transportation | 1.30% |
| Insurance | 1.17% |
| Electric | 1.14% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVSCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class R : IYGOX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$61 | &nbsp;&nbsp;1.20% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $430019256 |
| Total number of portfolio holdings\* | 320 |
| Total advisory fees paid (during reporting period) | $1043980 |
| Portfolio turnover rate | 62% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 41.59% |
| Australia | 10.26% |
| Spain | 8.07% |
| Japan | 5.38% |
| United Kingdom | 3.95% |
| Netherlands | 2.96% |
| Germany | 2.57% |
| New Zealand | 2.54% |
| Italy | 2.13% |
| Switzerland | 1.94% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 17.19% |
| Finance Companies | 3.67% |
| Energy | 2.58% |
| Communications | 2.18% |
| Consumer Non-Cyclical | 1.96% |
| Technology | 1.88% |
| Real Estate Investment Trusts | 1.41% |
| Transportation | 1.30% |
| Insurance | 1.17% |
| Electric | 1.14% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYGOX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Institutional Class : IVSIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$36 | &nbsp;&nbsp;0.70% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $430019256 |
| Total number of portfolio holdings\* | 320 |
| Total advisory fees paid (during reporting period) | $1043980 |
| Portfolio turnover rate | 62% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 41.59% |
| Australia | 10.26% |
| Spain | 8.07% |
| Japan | 5.38% |
| United Kingdom | 3.95% |
| Netherlands | 2.96% |
| Germany | 2.57% |
| New Zealand | 2.54% |
| Italy | 2.13% |
| Switzerland | 1.94% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 17.19% |
| Finance Companies | 3.67% |
| Energy | 2.58% |
| Communications | 2.18% |
| Consumer Non-Cyclical | 1.96% |
| Technology | 1.88% |
| Real Estate Investment Trusts | 1.41% |
| Transportation | 1.30% |
| Insurance | 1.17% |
| Electric | 1.14% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVSIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class R6 : IVBDX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$29 | &nbsp;&nbsp;0.57% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $430019256 |
| Total number of portfolio holdings\* | 320 |
| Total advisory fees paid (during reporting period) | $1043980 |
| Portfolio turnover rate | 62% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 41.59% |
| Australia | 10.26% |
| Spain | 8.07% |
| Japan | 5.38% |
| United Kingdom | 3.95% |
| Netherlands | 2.96% |
| Germany | 2.57% |
| New Zealand | 2.54% |
| Italy | 2.13% |
| Switzerland | 1.94% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 17.19% |
| Finance Companies | 3.67% |
| Energy | 2.58% |
| Communications | 2.18% |
| Consumer Non-Cyclical | 1.96% |
| Technology | 1.88% |
| Real Estate Investment Trusts | 1.41% |
| Transportation | 1.30% |
| Insurance | 1.17% |
| Electric | 1.14% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVBDX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class Y : IVSYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$48 | &nbsp;&nbsp;0.95% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $430019256 |
| Total number of portfolio holdings\* | 320 |
| Total advisory fees paid (during reporting period) | $1043980 |
| Portfolio turnover rate | 62% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 41.59% |
| Australia | 10.26% |
| Spain | 8.07% |
| Japan | 5.38% |
| United Kingdom | 3.95% |
| Netherlands | 2.96% |
| Germany | 2.57% |
| New Zealand | 2.54% |
| Italy | 2.13% |
| Switzerland | 1.94% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 17.19% |
| Finance Companies | 3.67% |
| Energy | 2.58% |
| Communications | 2.18% |
| Consumer Non-Cyclical | 1.96% |
| Technology | 1.88% |
| Real Estate Investment Trusts | 1.41% |
| Transportation | 1.30% |
| Insurance | 1.17% |
| Electric | 1.14% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVSYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class A : IVINX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$59 | &nbsp;&nbsp;1.09% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $918676656 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $2951736 |
| Portfolio turnover rate | 18% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 60.70% |
| Germany | 6.35% |
| Taiwan | 3.96% |
| India | 3.26% |
| United Kingdom | 3.17% |
| Japan | 2.77% |
| Canada | 2.75% |
| Brazil | 2.63% |
| Spain | 2.12% |
| France | 2.08% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.80% |
| Financials | 18.09% |
| Industrials | 12.51% |
| Consumer Discretionary | 12.15% |
| Healthcare | 9.55% |
| Consumer Staples | 7.51% |
| Communication Services | 7.38% |
| Utilities | 1.51% |
| Energy | 1.50% |
| Materials | 1.50% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 6.02% |
| NVIDIA | 5.47% |
| Taiwan Semiconductor Manufacturing | 3.96% |
| Apple | 3.25% |
| Amazon.com | 2.41% |
| Mastercard Class A | 2.27% |
| KLA | 2.20% |
| Banco Bilbao Vizcaya Argentaria | 2.12% |
| Airbus | 2.08% |
| Howmet Aerospace | 2.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVINX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class C : IVNCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$100 | &nbsp;&nbsp;1.85% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $918676656 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $2951736 |
| Portfolio turnover rate | 18% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 60.70% |
| Germany | 6.35% |
| Taiwan | 3.96% |
| India | 3.26% |
| United Kingdom | 3.17% |
| Japan | 2.77% |
| Canada | 2.75% |
| Brazil | 2.63% |
| Spain | 2.12% |
| France | 2.08% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.80% |
| Financials | 18.09% |
| Industrials | 12.51% |
| Consumer Discretionary | 12.15% |
| Healthcare | 9.55% |
| Consumer Staples | 7.51% |
| Communication Services | 7.38% |
| Utilities | 1.51% |
| Energy | 1.50% |
| Materials | 1.50% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 6.02% |
| NVIDIA | 5.47% |
| Taiwan Semiconductor Manufacturing | 3.96% |
| Apple | 3.25% |
| Amazon.com | 2.41% |
| Mastercard Class A | 2.27% |
| KLA | 2.20% |
| Banco Bilbao Vizcaya Argentaria | 2.12% |
| Airbus | 2.08% |
| Howmet Aerospace | 2.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVNCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class R : IYIGX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$73 | &nbsp;&nbsp;1.35% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $918676656 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $2951736 |
| Portfolio turnover rate | 18% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 60.70% |
| Germany | 6.35% |
| Taiwan | 3.96% |
| India | 3.26% |
| United Kingdom | 3.17% |
| Japan | 2.77% |
| Canada | 2.75% |
| Brazil | 2.63% |
| Spain | 2.12% |
| France | 2.08% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.80% |
| Financials | 18.09% |
| Industrials | 12.51% |
| Consumer Discretionary | 12.15% |
| Healthcare | 9.55% |
| Consumer Staples | 7.51% |
| Communication Services | 7.38% |
| Utilities | 1.51% |
| Energy | 1.50% |
| Materials | 1.50% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 6.02% |
| NVIDIA | 5.47% |
| Taiwan Semiconductor Manufacturing | 3.96% |
| Apple | 3.25% |
| Amazon.com | 2.41% |
| Mastercard Class A | 2.27% |
| KLA | 2.20% |
| Banco Bilbao Vizcaya Argentaria | 2.12% |
| Airbus | 2.08% |
| Howmet Aerospace | 2.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYIGX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Institutional Class : IGIIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$46 | &nbsp;&nbsp;0.85% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $918676656 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $2951736 |
| Portfolio turnover rate | 18% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 60.70% |
| Germany | 6.35% |
| Taiwan | 3.96% |
| India | 3.26% |
| United Kingdom | 3.17% |
| Japan | 2.77% |
| Canada | 2.75% |
| Brazil | 2.63% |
| Spain | 2.12% |
| France | 2.08% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.80% |
| Financials | 18.09% |
| Industrials | 12.51% |
| Consumer Discretionary | 12.15% |
| Healthcare | 9.55% |
| Consumer Staples | 7.51% |
| Communication Services | 7.38% |
| Utilities | 1.51% |
| Energy | 1.50% |
| Materials | 1.50% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 6.02% |
| NVIDIA | 5.47% |
| Taiwan Semiconductor Manufacturing | 3.96% |
| Apple | 3.25% |
| Amazon.com | 2.41% |
| Mastercard Class A | 2.27% |
| KLA | 2.20% |
| Banco Bilbao Vizcaya Argentaria | 2.12% |
| Airbus | 2.08% |
| Howmet Aerospace | 2.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IGIIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class R6 : ITGRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.75% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $918676656 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $2951736 |
| Portfolio turnover rate | 18% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 60.70% |
| Germany | 6.35% |
| Taiwan | 3.96% |
| India | 3.26% |
| United Kingdom | 3.17% |
| Japan | 2.77% |
| Canada | 2.75% |
| Brazil | 2.63% |
| Spain | 2.12% |
| France | 2.08% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.80% |
| Financials | 18.09% |
| Industrials | 12.51% |
| Consumer Discretionary | 12.15% |
| Healthcare | 9.55% |
| Consumer Staples | 7.51% |
| Communication Services | 7.38% |
| Utilities | 1.51% |
| Energy | 1.50% |
| Materials | 1.50% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 6.02% |
| NVIDIA | 5.47% |
| Taiwan Semiconductor Manufacturing | 3.96% |
| Apple | 3.25% |
| Amazon.com | 2.41% |
| Mastercard Class A | 2.27% |
| KLA | 2.20% |
| Banco Bilbao Vizcaya Argentaria | 2.12% |
| Airbus | 2.08% |
| Howmet Aerospace | 2.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-ITGRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class Y : IVIYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$60 | &nbsp;&nbsp;1.10% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $918676656 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $2951736 |
| Portfolio turnover rate | 18% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 60.70% |
| Germany | 6.35% |
| Taiwan | 3.96% |
| India | 3.26% |
| United Kingdom | 3.17% |
| Japan | 2.77% |
| Canada | 2.75% |
| Brazil | 2.63% |
| Spain | 2.12% |
| France | 2.08% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.80% |
| Financials | 18.09% |
| Industrials | 12.51% |
| Consumer Discretionary | 12.15% |
| Healthcare | 9.55% |
| Consumer Staples | 7.51% |
| Communication Services | 7.38% |
| Utilities | 1.51% |
| Energy | 1.50% |
| Materials | 1.50% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 6.02% |
| NVIDIA | 5.47% |
| Taiwan Semiconductor Manufacturing | 3.96% |
| Apple | 3.25% |
| Amazon.com | 2.41% |
| Mastercard Class A | 2.27% |
| KLA | 2.20% |
| Banco Bilbao Vizcaya Argentaria | 2.12% |
| Airbus | 2.08% |
| Howmet Aerospace | 2.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVIYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class A : WHIAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.88% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2157739688 |
| Total number of portfolio holdings\* | 282 |
| Total advisory fees paid (during reporting period) | $5230957 |
| Portfolio turnover rate | 14% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.48% |
| Media | 9.18% |
| Capital Goods | 8.33% |
| Financial Services | 6.79% |
| Telecommunications | 6.55% |
| Basic Industry | 6.48% |
| Healthcare | 6.14% |
| Insurance | 4.82% |
| Technology & Electronics | 4.39% |
| Automotive | 4.36% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WHIAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class C : WRHIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$84 | &nbsp;&nbsp;1.63% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2157739688 |
| Total number of portfolio holdings\* | 282 |
| Total advisory fees paid (during reporting period) | $5230957 |
| Portfolio turnover rate | 14% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.48% |
| Media | 9.18% |
| Capital Goods | 8.33% |
| Financial Services | 6.79% |
| Telecommunications | 6.55% |
| Basic Industry | 6.48% |
| Healthcare | 6.14% |
| Insurance | 4.82% |
| Technology & Electronics | 4.39% |
| Automotive | 4.36% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WRHIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class R : IYHIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$58 | &nbsp;&nbsp;1.13% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2157739688 |
| Total number of portfolio holdings\* | 282 |
| Total advisory fees paid (during reporting period) | $5230957 |
| Portfolio turnover rate | 14% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.48% |
| Media | 9.18% |
| Capital Goods | 8.33% |
| Financial Services | 6.79% |
| Telecommunications | 6.55% |
| Basic Industry | 6.48% |
| Healthcare | 6.14% |
| Insurance | 4.82% |
| Technology & Electronics | 4.39% |
| Automotive | 4.36% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYHIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Institutional Class : IVHIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$33 | &nbsp;&nbsp;0.63% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2157739688 |
| Total number of portfolio holdings\* | 282 |
| Total advisory fees paid (during reporting period) | $5230957 |
| Portfolio turnover rate | 14% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.48% |
| Media | 9.18% |
| Capital Goods | 8.33% |
| Financial Services | 6.79% |
| Telecommunications | 6.55% |
| Basic Industry | 6.48% |
| Healthcare | 6.14% |
| Insurance | 4.82% |
| Technology & Electronics | 4.39% |
| Automotive | 4.36% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVHIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class R6 : IHIFX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$28 | &nbsp;&nbsp;0.54% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2157739688 |
| Total number of portfolio holdings\* | 282 |
| Total advisory fees paid (during reporting period) | $5230957 |
| Portfolio turnover rate | 14% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.48% |
| Media | 9.18% |
| Capital Goods | 8.33% |
| Financial Services | 6.79% |
| Telecommunications | 6.55% |
| Basic Industry | 6.48% |
| Healthcare | 6.14% |
| Insurance | 4.82% |
| Technology & Electronics | 4.39% |
| Automotive | 4.36% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IHIFX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class Y : WHIYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.88% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2157739688 |
| Total number of portfolio holdings\* | 282 |
| Total advisory fees paid (during reporting period) | $5230957 |
| Portfolio turnover rate | 14% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.48% |
| Media | 9.18% |
| Capital Goods | 8.33% |
| Financial Services | 6.79% |
| Telecommunications | 6.55% |
| Basic Industry | 6.48% |
| Healthcare | 6.14% |
| Insurance | 4.82% |
| Technology & Electronics | 4.39% |
| Automotive | 4.36% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WHIYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie International Core Equity Fund

*(formerly, Delaware Ivy International Core Equity Fund)*

**Class A : IVIAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$55 | &nbsp;&nbsp;1.02% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1463282951 |
| Total number of portfolio holdings\* | 57 |
| Total advisory fees paid (during reporting period) | $4318266 |
| Portfolio turnover rate | 43% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Germany | 10.69% |
| United Kingdom | 10.29% |
| Japan | 9.54% |
| Netherlands | 7.57% |
| Brazil | 7.55% |
| China | 7.29% |
| Taiwan | 5.36% |
| India | 5.16% |
| France | 5.09% |
| Singapore | 4.02% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 21.59% |
| Financials | 20.02% |
| Consumer Discretionary | 12.56% |
| Information Technology | 12.08% |
| Healthcare | 10.60% |
| Consumer Staples | 7.57% |
| Communication Services | 7.25% |
| Materials | 2.54% |
| Energy | 1.58% |
| Real Estate | 1.45% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 5.36% |
| MercadoLibre | 3.42% |
| ING Groep | 2.84% |
| SAP | 2.54% |
| Mitsubishi UFJ Financial Group | 2.54% |
| Airbus | 2.41% |
| Siemens | 2.38% |
| Bharti Airtel | 2.36% |
| Experian | 2.35% |
| Sea ADR | 2.28% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVIAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie International Core Equity Fund

*(formerly, Delaware Ivy International Core Equity Fund)*

**Class C : IVIFX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$95 | &nbsp;&nbsp;1.77% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1463282951 |
| Total number of portfolio holdings\* | 57 |
| Total advisory fees paid (during reporting period) | $4318266 |
| Portfolio turnover rate | 43% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Germany | 10.69% |
| United Kingdom | 10.29% |
| Japan | 9.54% |
| Netherlands | 7.57% |
| Brazil | 7.55% |
| China | 7.29% |
| Taiwan | 5.36% |
| India | 5.16% |
| France | 5.09% |
| Singapore | 4.02% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 21.59% |
| Financials | 20.02% |
| Consumer Discretionary | 12.56% |
| Information Technology | 12.08% |
| Healthcare | 10.60% |
| Consumer Staples | 7.57% |
| Communication Services | 7.25% |
| Materials | 2.54% |
| Energy | 1.58% |
| Real Estate | 1.45% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 5.36% |
| MercadoLibre | 3.42% |
| ING Groep | 2.84% |
| SAP | 2.54% |
| Mitsubishi UFJ Financial Group | 2.54% |
| Airbus | 2.41% |
| Siemens | 2.38% |
| Bharti Airtel | 2.36% |
| Experian | 2.35% |
| Sea ADR | 2.28% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVIFX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie International Core Equity Fund

*(formerly, Delaware Ivy International Core Equity Fund)*

**Class R : IYITX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$68 | &nbsp;&nbsp;1.27% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1463282951 |
| Total number of portfolio holdings\* | 57 |
| Total advisory fees paid (during reporting period) | $4318266 |
| Portfolio turnover rate | 43% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Germany | 10.69% |
| United Kingdom | 10.29% |
| Japan | 9.54% |
| Netherlands | 7.57% |
| Brazil | 7.55% |
| China | 7.29% |
| Taiwan | 5.36% |
| India | 5.16% |
| France | 5.09% |
| Singapore | 4.02% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 21.59% |
| Financials | 20.02% |
| Consumer Discretionary | 12.56% |
| Information Technology | 12.08% |
| Healthcare | 10.60% |
| Consumer Staples | 7.57% |
| Communication Services | 7.25% |
| Materials | 2.54% |
| Energy | 1.58% |
| Real Estate | 1.45% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 5.36% |
| MercadoLibre | 3.42% |
| ING Groep | 2.84% |
| SAP | 2.54% |
| Mitsubishi UFJ Financial Group | 2.54% |
| Airbus | 2.41% |
| Siemens | 2.38% |
| Bharti Airtel | 2.36% |
| Experian | 2.35% |
| Sea ADR | 2.28% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYITX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie International Core Equity Fund

*(formerly, Delaware Ivy International Core Equity Fund)*

**Institutional Class : ICEIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.77% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1463282951 |
| Total number of portfolio holdings\* | 57 |
| Total advisory fees paid (during reporting period) | $4318266 |
| Portfolio turnover rate | 43% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Germany | 10.69% |
| United Kingdom | 10.29% |
| Japan | 9.54% |
| Netherlands | 7.57% |
| Brazil | 7.55% |
| China | 7.29% |
| Taiwan | 5.36% |
| India | 5.16% |
| France | 5.09% |
| Singapore | 4.02% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 21.59% |
| Financials | 20.02% |
| Consumer Discretionary | 12.56% |
| Information Technology | 12.08% |
| Healthcare | 10.60% |
| Consumer Staples | 7.57% |
| Communication Services | 7.25% |
| Materials | 2.54% |
| Energy | 1.58% |
| Real Estate | 1.45% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 5.36% |
| MercadoLibre | 3.42% |
| ING Groep | 2.84% |
| SAP | 2.54% |
| Mitsubishi UFJ Financial Group | 2.54% |
| Airbus | 2.41% |
| Siemens | 2.38% |
| Bharti Airtel | 2.36% |
| Experian | 2.35% |
| Sea ADR | 2.28% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-ICEIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie International Core Equity Fund

*(formerly, Delaware Ivy International Core Equity Fund)*

**Class R6 : IINCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$35 | &nbsp;&nbsp;0.65% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1463282951 |
| Total number of portfolio holdings\* | 57 |
| Total advisory fees paid (during reporting period) | $4318266 |
| Portfolio turnover rate | 43% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Germany | 10.69% |
| United Kingdom | 10.29% |
| Japan | 9.54% |
| Netherlands | 7.57% |
| Brazil | 7.55% |
| China | 7.29% |
| Taiwan | 5.36% |
| India | 5.16% |
| France | 5.09% |
| Singapore | 4.02% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 21.59% |
| Financials | 20.02% |
| Consumer Discretionary | 12.56% |
| Information Technology | 12.08% |
| Healthcare | 10.60% |
| Consumer Staples | 7.57% |
| Communication Services | 7.25% |
| Materials | 2.54% |
| Energy | 1.58% |
| Real Estate | 1.45% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 5.36% |
| MercadoLibre | 3.42% |
| ING Groep | 2.84% |
| SAP | 2.54% |
| Mitsubishi UFJ Financial Group | 2.54% |
| Airbus | 2.41% |
| Siemens | 2.38% |
| Bharti Airtel | 2.36% |
| Experian | 2.35% |
| Sea ADR | 2.28% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IINCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie International Core Equity Fund

*(formerly, Delaware Ivy International Core Equity Fund)*

**Class Y : IVVYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$55 | &nbsp;&nbsp;1.02% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1463282951 |
| Total number of portfolio holdings\* | 57 |
| Total advisory fees paid (during reporting period) | $4318266 |
| Portfolio turnover rate | 43% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Germany | 10.69% |
| United Kingdom | 10.29% |
| Japan | 9.54% |
| Netherlands | 7.57% |
| Brazil | 7.55% |
| China | 7.29% |
| Taiwan | 5.36% |
| India | 5.16% |
| France | 5.09% |
| Singapore | 4.02% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 21.59% |
| Financials | 20.02% |
| Consumer Discretionary | 12.56% |
| Information Technology | 12.08% |
| Healthcare | 10.60% |
| Consumer Staples | 7.57% |
| Communication Services | 7.25% |
| Materials | 2.54% |
| Energy | 1.58% |
| Real Estate | 1.45% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 5.36% |
| MercadoLibre | 3.42% |
| ING Groep | 2.84% |
| SAP | 2.54% |
| Mitsubishi UFJ Financial Group | 2.54% |
| Airbus | 2.41% |
| Siemens | 2.38% |
| Bharti Airtel | 2.36% |
| Experian | 2.35% |
| Sea ADR | 2.28% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVVYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Large Cap Growth Fund

*(formerly, Delaware Ivy Large Cap Growth Fund)*

**Class A : WLGAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$48 | &nbsp;&nbsp;0.89% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $8005758886 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $19568761 |
| Portfolio turnover rate | 13% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 51.08% |
| Financials | 13.23% |
| Consumer Discretionary | 9.13% |
| Healthcare | 9.12% |
| Industrials | 7.41% |
| Communication Services | 5.41% |
| Real Estate | 1.60% |
| Consumer Staples | 1.40% |
| Materials | 1.40% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.09% |
| NVIDIA | 14.28% |
| Apple | 8.09% |
| Amazon.com | 6.05% |
| Visa Class A | 4.48% |
| Alphabet Class A | 4.43% |
| Intercontinental Exchange | 3.18% |
| Intuit | 2.78% |
| Mastercard Class A | 2.65% |
| Danaher | 2.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WLGAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Large Cap Growth Fund

*(formerly, Delaware Ivy Large Cap Growth Fund)*

**Class C : WLGCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$89 | &nbsp;&nbsp;1.64% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $8005758886 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $19568761 |
| Portfolio turnover rate | 13% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 51.08% |
| Financials | 13.23% |
| Consumer Discretionary | 9.13% |
| Healthcare | 9.12% |
| Industrials | 7.41% |
| Communication Services | 5.41% |
| Real Estate | 1.60% |
| Consumer Staples | 1.40% |
| Materials | 1.40% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.09% |
| NVIDIA | 14.28% |
| Apple | 8.09% |
| Amazon.com | 6.05% |
| Visa Class A | 4.48% |
| Alphabet Class A | 4.43% |
| Intercontinental Exchange | 3.18% |
| Intuit | 2.78% |
| Mastercard Class A | 2.65% |
| Danaher | 2.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WLGCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Large Cap Growth Fund

*(formerly, Delaware Ivy Large Cap Growth Fund)*

**Class R : WLGRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$62 | &nbsp;&nbsp;1.14% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $8005758886 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $19568761 |
| Portfolio turnover rate | 13% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 51.08% |
| Financials | 13.23% |
| Consumer Discretionary | 9.13% |
| Healthcare | 9.12% |
| Industrials | 7.41% |
| Communication Services | 5.41% |
| Real Estate | 1.60% |
| Consumer Staples | 1.40% |
| Materials | 1.40% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.09% |
| NVIDIA | 14.28% |
| Apple | 8.09% |
| Amazon.com | 6.05% |
| Visa Class A | 4.48% |
| Alphabet Class A | 4.43% |
| Intercontinental Exchange | 3.18% |
| Intuit | 2.78% |
| Mastercard Class A | 2.65% |
| Danaher | 2.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WLGRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Large Cap Growth Fund

*(formerly, Delaware Ivy Large Cap Growth Fund)*

**Institutional Class : IYGIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$35 | &nbsp;&nbsp;0.64% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $8005758886 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $19568761 |
| Portfolio turnover rate | 13% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 51.08% |
| Financials | 13.23% |
| Consumer Discretionary | 9.13% |
| Healthcare | 9.12% |
| Industrials | 7.41% |
| Communication Services | 5.41% |
| Real Estate | 1.60% |
| Consumer Staples | 1.40% |
| Materials | 1.40% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.09% |
| NVIDIA | 14.28% |
| Apple | 8.09% |
| Amazon.com | 6.05% |
| Visa Class A | 4.48% |
| Alphabet Class A | 4.43% |
| Intercontinental Exchange | 3.18% |
| Intuit | 2.78% |
| Mastercard Class A | 2.65% |
| Danaher | 2.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYGIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Large Cap Growth Fund

*(formerly, Delaware Ivy Large Cap Growth Fund)*

**Class R6 : ILGRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;0.55% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $8005758886 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $19568761 |
| Portfolio turnover rate | 13% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 51.08% |
| Financials | 13.23% |
| Consumer Discretionary | 9.13% |
| Healthcare | 9.12% |
| Industrials | 7.41% |
| Communication Services | 5.41% |
| Real Estate | 1.60% |
| Consumer Staples | 1.40% |
| Materials | 1.40% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.09% |
| NVIDIA | 14.28% |
| Apple | 8.09% |
| Amazon.com | 6.05% |
| Visa Class A | 4.48% |
| Alphabet Class A | 4.43% |
| Intercontinental Exchange | 3.18% |
| Intuit | 2.78% |
| Mastercard Class A | 2.65% |
| Danaher | 2.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-ILGRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Large Cap Growth Fund

*(formerly, Delaware Ivy Large Cap Growth Fund)*

**Class Y : WLGYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$48 | &nbsp;&nbsp;0.89% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $8005758886 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $19568761 |
| Portfolio turnover rate | 13% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 51.08% |
| Financials | 13.23% |
| Consumer Discretionary | 9.13% |
| Healthcare | 9.12% |
| Industrials | 7.41% |
| Communication Services | 5.41% |
| Real Estate | 1.60% |
| Consumer Staples | 1.40% |
| Materials | 1.40% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.09% |
| NVIDIA | 14.28% |
| Apple | 8.09% |
| Amazon.com | 6.05% |
| Visa Class A | 4.48% |
| Alphabet Class A | 4.43% |
| Intercontinental Exchange | 3.18% |
| Intuit | 2.78% |
| Mastercard Class A | 2.65% |
| Danaher | 2.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WLGYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Growth Fund

*(formerly, Delaware Ivy Mid Cap Growth Fund)*

**Class A : WMGAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$56 | &nbsp;&nbsp;1.04% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4451369418 |
| Total number of portfolio holdings\* | 62 |
| Total advisory fees paid (during reporting period) | $14427905 |
| Portfolio turnover rate | 25% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.55% |
| Industrials | 22.55% |
| Consumer Discretionary | 20.37% |
| Healthcare | 18.07% |
| Financials | 7.53% |
| Real Estate | 3.28% |
| Materials | 1.96% |
| Consumer Staples | 1.35% |
| Communication Services | 1.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.88% |
| Royal Caribbean Cruises | 3.69% |
| CoStar Group | 3.28% |
| Cloudflare Class A | 3.01% |
| Alnylam Pharmaceuticals | 2.87% |
| Fastenal | 2.69% |
| Monolithic Power Systems | 2.61% |
| Datadog Class A | 2.45% |
| Insulet | 2.44% |
| Howmet Aerospace | 2.16% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WMGAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Growth Fund

*(formerly, Delaware Ivy Mid Cap Growth Fund)*

**Class C : WMGCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$96 | &nbsp;&nbsp;1.79% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4451369418 |
| Total number of portfolio holdings\* | 62 |
| Total advisory fees paid (during reporting period) | $14427905 |
| Portfolio turnover rate | 25% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.55% |
| Industrials | 22.55% |
| Consumer Discretionary | 20.37% |
| Healthcare | 18.07% |
| Financials | 7.53% |
| Real Estate | 3.28% |
| Materials | 1.96% |
| Consumer Staples | 1.35% |
| Communication Services | 1.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.88% |
| Royal Caribbean Cruises | 3.69% |
| CoStar Group | 3.28% |
| Cloudflare Class A | 3.01% |
| Alnylam Pharmaceuticals | 2.87% |
| Fastenal | 2.69% |
| Monolithic Power Systems | 2.61% |
| Datadog Class A | 2.45% |
| Insulet | 2.44% |
| Howmet Aerospace | 2.16% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WMGCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Growth Fund

*(formerly, Delaware Ivy Mid Cap Growth Fund)*

**Class R : WMGRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$69 | &nbsp;&nbsp;1.29% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4451369418 |
| Total number of portfolio holdings\* | 62 |
| Total advisory fees paid (during reporting period) | $14427905 |
| Portfolio turnover rate | 25% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.55% |
| Industrials | 22.55% |
| Consumer Discretionary | 20.37% |
| Healthcare | 18.07% |
| Financials | 7.53% |
| Real Estate | 3.28% |
| Materials | 1.96% |
| Consumer Staples | 1.35% |
| Communication Services | 1.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.88% |
| Royal Caribbean Cruises | 3.69% |
| CoStar Group | 3.28% |
| Cloudflare Class A | 3.01% |
| Alnylam Pharmaceuticals | 2.87% |
| Fastenal | 2.69% |
| Monolithic Power Systems | 2.61% |
| Datadog Class A | 2.45% |
| Insulet | 2.44% |
| Howmet Aerospace | 2.16% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WMGRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Growth Fund

*(formerly, Delaware Ivy Mid Cap Growth Fund)*

**Institutional Class : IYMIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$43 | &nbsp;&nbsp;0.79% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4451369418 |
| Total number of portfolio holdings\* | 62 |
| Total advisory fees paid (during reporting period) | $14427905 |
| Portfolio turnover rate | 25% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.55% |
| Industrials | 22.55% |
| Consumer Discretionary | 20.37% |
| Healthcare | 18.07% |
| Financials | 7.53% |
| Real Estate | 3.28% |
| Materials | 1.96% |
| Consumer Staples | 1.35% |
| Communication Services | 1.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.88% |
| Royal Caribbean Cruises | 3.69% |
| CoStar Group | 3.28% |
| Cloudflare Class A | 3.01% |
| Alnylam Pharmaceuticals | 2.87% |
| Fastenal | 2.69% |
| Monolithic Power Systems | 2.61% |
| Datadog Class A | 2.45% |
| Insulet | 2.44% |
| Howmet Aerospace | 2.16% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYMIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Growth Fund

*(formerly, Delaware Ivy Mid Cap Growth Fund)*

**Class R6 : IGRFX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$36 | &nbsp;&nbsp;0.67% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4451369418 |
| Total number of portfolio holdings\* | 62 |
| Total advisory fees paid (during reporting period) | $14427905 |
| Portfolio turnover rate | 25% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.55% |
| Industrials | 22.55% |
| Consumer Discretionary | 20.37% |
| Healthcare | 18.07% |
| Financials | 7.53% |
| Real Estate | 3.28% |
| Materials | 1.96% |
| Consumer Staples | 1.35% |
| Communication Services | 1.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.88% |
| Royal Caribbean Cruises | 3.69% |
| CoStar Group | 3.28% |
| Cloudflare Class A | 3.01% |
| Alnylam Pharmaceuticals | 2.87% |
| Fastenal | 2.69% |
| Monolithic Power Systems | 2.61% |
| Datadog Class A | 2.45% |
| Insulet | 2.44% |
| Howmet Aerospace | 2.16% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IGRFX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Growth Fund

*(formerly, Delaware Ivy Mid Cap Growth Fund)*

**Class Y : WMGYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$56 | &nbsp;&nbsp;1.04% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4451369418 |
| Total number of portfolio holdings\* | 62 |
| Total advisory fees paid (during reporting period) | $14427905 |
| Portfolio turnover rate | 25% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.55% |
| Industrials | 22.55% |
| Consumer Discretionary | 20.37% |
| Healthcare | 18.07% |
| Financials | 7.53% |
| Real Estate | 3.28% |
| Materials | 1.96% |
| Consumer Staples | 1.35% |
| Communication Services | 1.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.88% |
| Royal Caribbean Cruises | 3.69% |
| CoStar Group | 3.28% |
| Cloudflare Class A | 3.01% |
| Alnylam Pharmaceuticals | 2.87% |
| Fastenal | 2.69% |
| Monolithic Power Systems | 2.61% |
| Datadog Class A | 2.45% |
| Insulet | 2.44% |
| Howmet Aerospace | 2.16% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WMGYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Income Opportunities Fund

*(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)*

**Class A : IVOAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$57 | &nbsp;&nbsp;1.08% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $898906699 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $2875802 |
| Portfolio turnover rate | 10% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.14% |
| Consumer Discretionary | 22.67% |
| Materials | 14.03% |
| Information Technology | 11.29% |
| Healthcare | 8.53% |
| Financials | 8.30% |
| Consumer Staples | 5.64% |
| Real Estate | 5.60% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| L3Harris Technologies | 3.02% |
| Seagate Technology Holdings | 3.00% |
| Rollins | 2.94% |
| Garmin | 2.93% |
| Watsco | 2.91% |
| Fastenal | 2.90% |
| Quest Diagnostics | 2.90% |
| Service Corp. International | 2.89% |
| McCormick & Co. | 2.89% |
| nVent Electric | 2.88% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVOAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Income Opportunities Fund

*(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)*

**Class C : IVOCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$97 | &nbsp;&nbsp;1.83% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $898906699 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $2875802 |
| Portfolio turnover rate | 10% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.14% |
| Consumer Discretionary | 22.67% |
| Materials | 14.03% |
| Information Technology | 11.29% |
| Healthcare | 8.53% |
| Financials | 8.30% |
| Consumer Staples | 5.64% |
| Real Estate | 5.60% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| L3Harris Technologies | 3.02% |
| Seagate Technology Holdings | 3.00% |
| Rollins | 2.94% |
| Garmin | 2.93% |
| Watsco | 2.91% |
| Fastenal | 2.90% |
| Quest Diagnostics | 2.90% |
| Service Corp. International | 2.89% |
| McCormick & Co. | 2.89% |
| nVent Electric | 2.88% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVOCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Income Opportunities Fund

*(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)*

**Class R : IVORX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$71 | &nbsp;&nbsp;1.33% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $898906699 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $2875802 |
| Portfolio turnover rate | 10% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.14% |
| Consumer Discretionary | 22.67% |
| Materials | 14.03% |
| Information Technology | 11.29% |
| Healthcare | 8.53% |
| Financials | 8.30% |
| Consumer Staples | 5.64% |
| Real Estate | 5.60% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| L3Harris Technologies | 3.02% |
| Seagate Technology Holdings | 3.00% |
| Rollins | 2.94% |
| Garmin | 2.93% |
| Watsco | 2.91% |
| Fastenal | 2.90% |
| Quest Diagnostics | 2.90% |
| Service Corp. International | 2.89% |
| McCormick & Co. | 2.89% |
| nVent Electric | 2.88% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVORX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Income Opportunities Fund

*(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)*

**Institutional Class : IVOIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$44 | &nbsp;&nbsp;0.83% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $898906699 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $2875802 |
| Portfolio turnover rate | 10% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.14% |
| Consumer Discretionary | 22.67% |
| Materials | 14.03% |
| Information Technology | 11.29% |
| Healthcare | 8.53% |
| Financials | 8.30% |
| Consumer Staples | 5.64% |
| Real Estate | 5.60% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| L3Harris Technologies | 3.02% |
| Seagate Technology Holdings | 3.00% |
| Rollins | 2.94% |
| Garmin | 2.93% |
| Watsco | 2.91% |
| Fastenal | 2.90% |
| Quest Diagnostics | 2.90% |
| Service Corp. International | 2.89% |
| McCormick & Co. | 2.89% |
| nVent Electric | 2.88% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVOIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Income Opportunities Fund

*(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)*

**Class R6 : IVOSX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$39 | &nbsp;&nbsp;0.73% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $898906699 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $2875802 |
| Portfolio turnover rate | 10% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.14% |
| Consumer Discretionary | 22.67% |
| Materials | 14.03% |
| Information Technology | 11.29% |
| Healthcare | 8.53% |
| Financials | 8.30% |
| Consumer Staples | 5.64% |
| Real Estate | 5.60% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| L3Harris Technologies | 3.02% |
| Seagate Technology Holdings | 3.00% |
| Rollins | 2.94% |
| Garmin | 2.93% |
| Watsco | 2.91% |
| Fastenal | 2.90% |
| Quest Diagnostics | 2.90% |
| Service Corp. International | 2.89% |
| McCormick & Co. | 2.89% |
| nVent Electric | 2.88% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVOSX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Mid Cap Income Opportunities Fund

*(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)*

**Class Y : IVOYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$57 | &nbsp;&nbsp;1.08% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $898906699 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $2875802 |
| Portfolio turnover rate | 10% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.14% |
| Consumer Discretionary | 22.67% |
| Materials | 14.03% |
| Information Technology | 11.29% |
| Healthcare | 8.53% |
| Financials | 8.30% |
| Consumer Staples | 5.64% |
| Real Estate | 5.60% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| L3Harris Technologies | 3.02% |
| Seagate Technology Holdings | 3.00% |
| Rollins | 2.94% |
| Garmin | 2.93% |
| Watsco | 2.91% |
| Fastenal | 2.90% |
| Quest Diagnostics | 2.90% |
| Service Corp. International | 2.89% |
| McCormick & Co. | 2.89% |
| nVent Electric | 2.88% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVOYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Small Cap Growth Fund

*(formerly, Delaware Ivy Small Cap Growth Fund)*

**Class A : WSGAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$63 | &nbsp;&nbsp;1.13% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1101520644 |
| Total number of portfolio holdings\* | 82 |
| Total advisory fees paid (during reporting period) | $3617310 |
| Portfolio turnover rate | 28% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.98% |
| Healthcare | 23.51% |
| Industrials | 23.47% |
| Consumer Discretionary | 12.13% |
| Financials | 8.30% |
| Consumer Staples | 3.53% |
| Communication Services | 2.53% |
| Materials | 1.23% |
| Energy | 0.96% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Lumentum Holdings | 3.40% |
| OSI Systems | 3.22% |
| Universal Technical Institute | 2.56% |
| Tarsus Pharmaceuticals | 2.53% |
| IMAX | 2.53% |
| Everus Construction Group | 2.22% |
| Ollie's Bargain Outlet Holdings | 1.98% |
| Encompass Health | 1.95% |
| Dorman Products | 1.88% |
| Advanced Energy Industries | 1.82% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WSGAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Small Cap Growth Fund

*(formerly, Delaware Ivy Small Cap Growth Fund)*

**Class C : WRGCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$104 | &nbsp;&nbsp;1.88% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1101520644 |
| Total number of portfolio holdings\* | 82 |
| Total advisory fees paid (during reporting period) | $3617310 |
| Portfolio turnover rate | 28% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.98% |
| Healthcare | 23.51% |
| Industrials | 23.47% |
| Consumer Discretionary | 12.13% |
| Financials | 8.30% |
| Consumer Staples | 3.53% |
| Communication Services | 2.53% |
| Materials | 1.23% |
| Energy | 0.96% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Lumentum Holdings | 3.40% |
| OSI Systems | 3.22% |
| Universal Technical Institute | 2.56% |
| Tarsus Pharmaceuticals | 2.53% |
| IMAX | 2.53% |
| Everus Construction Group | 2.22% |
| Ollie's Bargain Outlet Holdings | 1.98% |
| Encompass Health | 1.95% |
| Dorman Products | 1.88% |
| Advanced Energy Industries | 1.82% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WRGCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Small Cap Growth Fund

*(formerly, Delaware Ivy Small Cap Growth Fund)*

**Class R : WSGRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$77 | &nbsp;&nbsp;1.38% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1101520644 |
| Total number of portfolio holdings\* | 82 |
| Total advisory fees paid (during reporting period) | $3617310 |
| Portfolio turnover rate | 28% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.98% |
| Healthcare | 23.51% |
| Industrials | 23.47% |
| Consumer Discretionary | 12.13% |
| Financials | 8.30% |
| Consumer Staples | 3.53% |
| Communication Services | 2.53% |
| Materials | 1.23% |
| Energy | 0.96% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Lumentum Holdings | 3.40% |
| OSI Systems | 3.22% |
| Universal Technical Institute | 2.56% |
| Tarsus Pharmaceuticals | 2.53% |
| IMAX | 2.53% |
| Everus Construction Group | 2.22% |
| Ollie's Bargain Outlet Holdings | 1.98% |
| Encompass Health | 1.95% |
| Dorman Products | 1.88% |
| Advanced Energy Industries | 1.82% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WSGRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Small Cap Growth Fund

*(formerly, Delaware Ivy Small Cap Growth Fund)*

**Institutional Class : IYSIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$49 | &nbsp;&nbsp;0.88% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1101520644 |
| Total number of portfolio holdings\* | 82 |
| Total advisory fees paid (during reporting period) | $3617310 |
| Portfolio turnover rate | 28% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.98% |
| Healthcare | 23.51% |
| Industrials | 23.47% |
| Consumer Discretionary | 12.13% |
| Financials | 8.30% |
| Consumer Staples | 3.53% |
| Communication Services | 2.53% |
| Materials | 1.23% |
| Energy | 0.96% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Lumentum Holdings | 3.40% |
| OSI Systems | 3.22% |
| Universal Technical Institute | 2.56% |
| Tarsus Pharmaceuticals | 2.53% |
| IMAX | 2.53% |
| Everus Construction Group | 2.22% |
| Ollie's Bargain Outlet Holdings | 1.98% |
| Encompass Health | 1.95% |
| Dorman Products | 1.88% |
| Advanced Energy Industries | 1.82% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYSIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Small Cap Growth Fund

*(formerly, Delaware Ivy Small Cap Growth Fund)*

**Class R6 : IRGFX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;0.76% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1101520644 |
| Total number of portfolio holdings\* | 82 |
| Total advisory fees paid (during reporting period) | $3617310 |
| Portfolio turnover rate | 28% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.98% |
| Healthcare | 23.51% |
| Industrials | 23.47% |
| Consumer Discretionary | 12.13% |
| Financials | 8.30% |
| Consumer Staples | 3.53% |
| Communication Services | 2.53% |
| Materials | 1.23% |
| Energy | 0.96% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Lumentum Holdings | 3.40% |
| OSI Systems | 3.22% |
| Universal Technical Institute | 2.56% |
| Tarsus Pharmaceuticals | 2.53% |
| IMAX | 2.53% |
| Everus Construction Group | 2.22% |
| Ollie's Bargain Outlet Holdings | 1.98% |
| Encompass Health | 1.95% |
| Dorman Products | 1.88% |
| Advanced Energy Industries | 1.82% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IRGFX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Small Cap Growth Fund

*(formerly, Delaware Ivy Small Cap Growth Fund)*

**Class Y : WSCYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$63 | &nbsp;&nbsp;1.13% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1101520644 |
| Total number of portfolio holdings\* | 82 |
| Total advisory fees paid (during reporting period) | $3617310 |
| Portfolio turnover rate | 28% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 23.98% |
| Healthcare | 23.51% |
| Industrials | 23.47% |
| Consumer Discretionary | 12.13% |
| Financials | 8.30% |
| Consumer Staples | 3.53% |
| Communication Services | 2.53% |
| Materials | 1.23% |
| Energy | 0.96% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Lumentum Holdings | 3.40% |
| OSI Systems | 3.22% |
| Universal Technical Institute | 2.56% |
| Tarsus Pharmaceuticals | 2.53% |
| IMAX | 2.53% |
| Everus Construction Group | 2.22% |
| Ollie's Bargain Outlet Holdings | 1.98% |
| Encompass Health | 1.95% |
| Dorman Products | 1.88% |
| Advanced Energy Industries | 1.82% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-WSCYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class A : IYSAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$60 | &nbsp;&nbsp;1.14% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $353322814 |
| Total number of portfolio holdings\* | 119 |
| Total advisory fees paid (during reporting period) | $1119755 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.89% |
| Financials | 16.88% |
| Information Technology | 14.73% |
| Healthcare | 13.10% |
| Consumer Discretionary | 9.07% |
| Real Estate | 6.52% |
| Energy | 3.62% |
| Materials | 3.61% |
| Consumer Staples | 3.53% |
| Communication Services | 2.67% |
| Utilities | 1.99% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.20% |
| Semtech | 2.16% |
| Casey's General Stores | 1.89% |
| Webster Financial | 1.83% |
| Insmed | 1.80% |
| Guidewire Software | 1.76% |
| Axis Capital Holdings | 1.68% |
| Dick's Sporting Goods | 1.46% |
| WESCO International | 1.45% |
| Lincoln Electric Holdings | 1.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYSAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class C : IYSCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$99 | &nbsp;&nbsp;1.89% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $353322814 |
| Total number of portfolio holdings\* | 119 |
| Total advisory fees paid (during reporting period) | $1119755 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.89% |
| Financials | 16.88% |
| Information Technology | 14.73% |
| Healthcare | 13.10% |
| Consumer Discretionary | 9.07% |
| Real Estate | 6.52% |
| Energy | 3.62% |
| Materials | 3.61% |
| Consumer Staples | 3.53% |
| Communication Services | 2.67% |
| Utilities | 1.99% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.20% |
| Semtech | 2.16% |
| Casey's General Stores | 1.89% |
| Webster Financial | 1.83% |
| Insmed | 1.80% |
| Guidewire Software | 1.76% |
| Axis Capital Holdings | 1.68% |
| Dick's Sporting Goods | 1.46% |
| WESCO International | 1.45% |
| Lincoln Electric Holdings | 1.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYSCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class R : IYSMX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$73 | &nbsp;&nbsp;1.39% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $353322814 |
| Total number of portfolio holdings\* | 119 |
| Total advisory fees paid (during reporting period) | $1119755 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.89% |
| Financials | 16.88% |
| Information Technology | 14.73% |
| Healthcare | 13.10% |
| Consumer Discretionary | 9.07% |
| Real Estate | 6.52% |
| Energy | 3.62% |
| Materials | 3.61% |
| Consumer Staples | 3.53% |
| Communication Services | 2.67% |
| Utilities | 1.99% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.20% |
| Semtech | 2.16% |
| Casey's General Stores | 1.89% |
| Webster Financial | 1.83% |
| Insmed | 1.80% |
| Guidewire Software | 1.76% |
| Axis Capital Holdings | 1.68% |
| Dick's Sporting Goods | 1.46% |
| WESCO International | 1.45% |
| Lincoln Electric Holdings | 1.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYSMX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Institutional Class : IVVIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$47 | &nbsp;&nbsp;0.89% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $353322814 |
| Total number of portfolio holdings\* | 119 |
| Total advisory fees paid (during reporting period) | $1119755 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.89% |
| Financials | 16.88% |
| Information Technology | 14.73% |
| Healthcare | 13.10% |
| Consumer Discretionary | 9.07% |
| Real Estate | 6.52% |
| Energy | 3.62% |
| Materials | 3.61% |
| Consumer Staples | 3.53% |
| Communication Services | 2.67% |
| Utilities | 1.99% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.20% |
| Semtech | 2.16% |
| Casey's General Stores | 1.89% |
| Webster Financial | 1.83% |
| Insmed | 1.80% |
| Guidewire Software | 1.76% |
| Axis Capital Holdings | 1.68% |
| Dick's Sporting Goods | 1.46% |
| WESCO International | 1.45% |
| Lincoln Electric Holdings | 1.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IVVIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class R6 : ISPVX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.77% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $353322814 |
| Total number of portfolio holdings\* | 119 |
| Total advisory fees paid (during reporting period) | $1119755 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.89% |
| Financials | 16.88% |
| Information Technology | 14.73% |
| Healthcare | 13.10% |
| Consumer Discretionary | 9.07% |
| Real Estate | 6.52% |
| Energy | 3.62% |
| Materials | 3.61% |
| Consumer Staples | 3.53% |
| Communication Services | 2.67% |
| Utilities | 1.99% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.20% |
| Semtech | 2.16% |
| Casey's General Stores | 1.89% |
| Webster Financial | 1.83% |
| Insmed | 1.80% |
| Guidewire Software | 1.76% |
| Axis Capital Holdings | 1.68% |
| Dick's Sporting Goods | 1.46% |
| WESCO International | 1.45% |
| Lincoln Electric Holdings | 1.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-ISPVX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class Y : IYSYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$60 | &nbsp;&nbsp;1.14% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $353322814 |
| Total number of portfolio holdings\* | 119 |
| Total advisory fees paid (during reporting period) | $1119755 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.89% |
| Financials | 16.88% |
| Information Technology | 14.73% |
| Healthcare | 13.10% |
| Consumer Discretionary | 9.07% |
| Real Estate | 6.52% |
| Energy | 3.62% |
| Materials | 3.61% |
| Consumer Staples | 3.53% |
| Communication Services | 2.67% |
| Utilities | 1.99% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.20% |
| Semtech | 2.16% |
| Casey's General Stores | 1.89% |
| Webster Financial | 1.83% |
| Insmed | 1.80% |
| Guidewire Software | 1.76% |
| Axis Capital Holdings | 1.68% |
| Dick's Sporting Goods | 1.46% |
| WESCO International | 1.45% |
| Lincoln Electric Holdings | 1.41% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYSYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class A : IPOAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$57 | &nbsp;&nbsp;1.05% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $684982091 |
| Total number of portfolio holdings\* | 92 |
| Total advisory fees paid (during reporting period) | $1728910 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 29.72% |
| Financials | 19.75% |
| Communication Services | 14.52% |
| Consumer Discretionary | 13.05% |
| Industrials | 6.20% |
| Energy | 5.49% |
| Real Estate | 2.98% |
| Materials | 2.41% |
| Consumer Staples | 1.76% |
| Utilities | 0.97% |
| Healthcare | 0.32% |

---

Country allocation

---

| | |
|:---|:---|
| China | 29.20% |
| Taiwan | 22.90% |
| India | 13.51% |
| South Korea | 12.78% |
| Brazil | 5.14% |
| South Africa | 4.35% |
| United Arab Emirates | 3.27% |
| Poland | 2.43% |
| China/Hong Kong | 1.63% |
| Türkiye | 0.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 12.89% |
| Tencent Holdings | 6.83% |
| Alibaba Group Holding | 4.00% |
| Samsung Electronics | 3.85% |
| NetEase | 2.97% |
| ICICI Bank | 2.70% |
| MediaTek | 2.30% |
| China Construction Bank Class H | 2.01% |
| Infosys | 1.93% |
| Bank of China Class H | 1.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IPOAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class C : IPOCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$98 | &nbsp;&nbsp;1.80% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $684982091 |
| Total number of portfolio holdings\* | 92 |
| Total advisory fees paid (during reporting period) | $1728910 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 29.72% |
| Financials | 19.75% |
| Communication Services | 14.52% |
| Consumer Discretionary | 13.05% |
| Industrials | 6.20% |
| Energy | 5.49% |
| Real Estate | 2.98% |
| Materials | 2.41% |
| Consumer Staples | 1.76% |
| Utilities | 0.97% |
| Healthcare | 0.32% |

---

Country allocation

---

| | |
|:---|:---|
| China | 29.20% |
| Taiwan | 22.90% |
| India | 13.51% |
| South Korea | 12.78% |
| Brazil | 5.14% |
| South Africa | 4.35% |
| United Arab Emirates | 3.27% |
| Poland | 2.43% |
| China/Hong Kong | 1.63% |
| Türkiye | 0.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 12.89% |
| Tencent Holdings | 6.83% |
| Alibaba Group Holding | 4.00% |
| Samsung Electronics | 3.85% |
| NetEase | 2.97% |
| ICICI Bank | 2.70% |
| MediaTek | 2.30% |
| China Construction Bank Class H | 2.01% |
| Infosys | 1.93% |
| Bank of China Class H | 1.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IPOCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class R : IYPCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$71 | &nbsp;&nbsp;1.30% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $684982091 |
| Total number of portfolio holdings\* | 92 |
| Total advisory fees paid (during reporting period) | $1728910 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 29.72% |
| Financials | 19.75% |
| Communication Services | 14.52% |
| Consumer Discretionary | 13.05% |
| Industrials | 6.20% |
| Energy | 5.49% |
| Real Estate | 2.98% |
| Materials | 2.41% |
| Consumer Staples | 1.76% |
| Utilities | 0.97% |
| Healthcare | 0.32% |

---

Country allocation

---

| | |
|:---|:---|
| China | 29.20% |
| Taiwan | 22.90% |
| India | 13.51% |
| South Korea | 12.78% |
| Brazil | 5.14% |
| South Africa | 4.35% |
| United Arab Emirates | 3.27% |
| Poland | 2.43% |
| China/Hong Kong | 1.63% |
| Türkiye | 0.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 12.89% |
| Tencent Holdings | 6.83% |
| Alibaba Group Holding | 4.00% |
| Samsung Electronics | 3.85% |
| NetEase | 2.97% |
| ICICI Bank | 2.70% |
| MediaTek | 2.30% |
| China Construction Bank Class H | 2.01% |
| Infosys | 1.93% |
| Bank of China Class H | 1.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IYPCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Institutional Class : IPOIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$44 | &nbsp;&nbsp;0.80% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $684982091 |
| Total number of portfolio holdings\* | 92 |
| Total advisory fees paid (during reporting period) | $1728910 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 29.72% |
| Financials | 19.75% |
| Communication Services | 14.52% |
| Consumer Discretionary | 13.05% |
| Industrials | 6.20% |
| Energy | 5.49% |
| Real Estate | 2.98% |
| Materials | 2.41% |
| Consumer Staples | 1.76% |
| Utilities | 0.97% |
| Healthcare | 0.32% |

---

Country allocation

---

| | |
|:---|:---|
| China | 29.20% |
| Taiwan | 22.90% |
| India | 13.51% |
| South Korea | 12.78% |
| Brazil | 5.14% |
| South Africa | 4.35% |
| United Arab Emirates | 3.27% |
| Poland | 2.43% |
| China/Hong Kong | 1.63% |
| Türkiye | 0.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 12.89% |
| Tencent Holdings | 6.83% |
| Alibaba Group Holding | 4.00% |
| Samsung Electronics | 3.85% |
| NetEase | 2.97% |
| ICICI Bank | 2.70% |
| MediaTek | 2.30% |
| China Construction Bank Class H | 2.01% |
| Infosys | 1.93% |
| Bank of China Class H | 1.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IPOIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class R6 : IMEGX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$36 | &nbsp;&nbsp;0.65% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $684982091 |
| Total number of portfolio holdings\* | 92 |
| Total advisory fees paid (during reporting period) | $1728910 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 29.72% |
| Financials | 19.75% |
| Communication Services | 14.52% |
| Consumer Discretionary | 13.05% |
| Industrials | 6.20% |
| Energy | 5.49% |
| Real Estate | 2.98% |
| Materials | 2.41% |
| Consumer Staples | 1.76% |
| Utilities | 0.97% |
| Healthcare | 0.32% |

---

Country allocation

---

| | |
|:---|:---|
| China | 29.20% |
| Taiwan | 22.90% |
| India | 13.51% |
| South Korea | 12.78% |
| Brazil | 5.14% |
| South Africa | 4.35% |
| United Arab Emirates | 3.27% |
| Poland | 2.43% |
| China/Hong Kong | 1.63% |
| Türkiye | 0.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 12.89% |
| Tencent Holdings | 6.83% |
| Alibaba Group Holding | 4.00% |
| Samsung Electronics | 3.85% |
| NetEase | 2.97% |
| ICICI Bank | 2.70% |
| MediaTek | 2.30% |
| China Construction Bank Class H | 2.01% |
| Infosys | 1.93% |
| Bank of China Class H | 1.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IMEGX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class Y : IPOYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$57 | &nbsp;&nbsp;1.05% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $684982091 |
| Total number of portfolio holdings\* | 92 |
| Total advisory fees paid (during reporting period) | $1728910 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 29.72% |
| Financials | 19.75% |
| Communication Services | 14.52% |
| Consumer Discretionary | 13.05% |
| Industrials | 6.20% |
| Energy | 5.49% |
| Real Estate | 2.98% |
| Materials | 2.41% |
| Consumer Staples | 1.76% |
| Utilities | 0.97% |
| Healthcare | 0.32% |

---

Country allocation

---

| | |
|:---|:---|
| China | 29.20% |
| Taiwan | 22.90% |
| India | 13.51% |
| South Korea | 12.78% |
| Brazil | 5.14% |
| South Africa | 4.35% |
| United Arab Emirates | 3.27% |
| Poland | 2.43% |
| China/Hong Kong | 1.63% |
| Türkiye | 0.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 12.89% |
| Tencent Holdings | 6.83% |
| Alibaba Group Holding | 4.00% |
| Samsung Electronics | 3.85% |
| NetEase | 2.97% |
| ICICI Bank | 2.70% |
| MediaTek | 2.30% |
| China Construction Bank Class H | 2.01% |
| Infosys | 1.93% |
| Bank of China Class H | 1.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4943458) TSSR-IPOYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class A : WASAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$59 | &nbsp;&nbsp;1.11% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1833853995 |
| Total number of portfolio holdings\* | 510 |
| Total advisory fees paid (during reporting period) | $6053951 |
| Portfolio turnover rate | 30% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.31% |
| Corporate Bonds | 15.98% |
| Bullion | 6.91% |
| Agency Mortgage-Backed Securities | 6.85% |
| Exchange-Traded Funds | 3.72% |
| US Treasury Obligations | 2.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.63% |
| Non-Agency Collateralized Mortgage Obligations | 0.66% |
| Loan Agreements | 0.41% |
| Agency Collateralized Mortgage Obligations | 0.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.57% |
| NVIDIA | 3.25% |
| Taiwan Semiconductor Manufacturing | 2.35% |
| Apple | 1.94% |
| Amazon.com | 1.43% |
| Mastercard Class A | 1.35% |
| KLA | 1.31% |
| Banco Bilbao Vizcaya Argentaria | 1.25% |
| Airbus | 1.23% |
| Howmet Aerospace | 1.23% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WASAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class C : WASCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$99 | &nbsp;&nbsp;1.86% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1833853995 |
| Total number of portfolio holdings\* | 510 |
| Total advisory fees paid (during reporting period) | $6053951 |
| Portfolio turnover rate | 30% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.31% |
| Corporate Bonds | 15.98% |
| Bullion | 6.91% |
| Agency Mortgage-Backed Securities | 6.85% |
| Exchange-Traded Funds | 3.72% |
| US Treasury Obligations | 2.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.63% |
| Non-Agency Collateralized Mortgage Obligations | 0.66% |
| Loan Agreements | 0.41% |
| Agency Collateralized Mortgage Obligations | 0.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.57% |
| NVIDIA | 3.25% |
| Taiwan Semiconductor Manufacturing | 2.35% |
| Apple | 1.94% |
| Amazon.com | 1.43% |
| Mastercard Class A | 1.35% |
| KLA | 1.31% |
| Banco Bilbao Vizcaya Argentaria | 1.25% |
| Airbus | 1.23% |
| Howmet Aerospace | 1.23% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WASCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class R : IASRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$73 | &nbsp;&nbsp;1.36% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1833853995 |
| Total number of portfolio holdings\* | 510 |
| Total advisory fees paid (during reporting period) | $6053951 |
| Portfolio turnover rate | 30% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.31% |
| Corporate Bonds | 15.98% |
| Bullion | 6.91% |
| Agency Mortgage-Backed Securities | 6.85% |
| Exchange-Traded Funds | 3.72% |
| US Treasury Obligations | 2.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.63% |
| Non-Agency Collateralized Mortgage Obligations | 0.66% |
| Loan Agreements | 0.41% |
| Agency Collateralized Mortgage Obligations | 0.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.57% |
| NVIDIA | 3.25% |
| Taiwan Semiconductor Manufacturing | 2.35% |
| Apple | 1.94% |
| Amazon.com | 1.43% |
| Mastercard Class A | 1.35% |
| KLA | 1.31% |
| Banco Bilbao Vizcaya Argentaria | 1.25% |
| Airbus | 1.23% |
| Howmet Aerospace | 1.23% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IASRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Institutional Class : IVAEX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$46 | &nbsp;&nbsp;0.86% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1833853995 |
| Total number of portfolio holdings\* | 510 |
| Total advisory fees paid (during reporting period) | $6053951 |
| Portfolio turnover rate | 30% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.31% |
| Corporate Bonds | 15.98% |
| Bullion | 6.91% |
| Agency Mortgage-Backed Securities | 6.85% |
| Exchange-Traded Funds | 3.72% |
| US Treasury Obligations | 2.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.63% |
| Non-Agency Collateralized Mortgage Obligations | 0.66% |
| Loan Agreements | 0.41% |
| Agency Collateralized Mortgage Obligations | 0.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.57% |
| NVIDIA | 3.25% |
| Taiwan Semiconductor Manufacturing | 2.35% |
| Apple | 1.94% |
| Amazon.com | 1.43% |
| Mastercard Class A | 1.35% |
| KLA | 1.31% |
| Banco Bilbao Vizcaya Argentaria | 1.25% |
| Airbus | 1.23% |
| Howmet Aerospace | 1.23% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IVAEX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class R6 : IASTX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.76% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1833853995 |
| Total number of portfolio holdings\* | 510 |
| Total advisory fees paid (during reporting period) | $6053951 |
| Portfolio turnover rate | 30% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.31% |
| Corporate Bonds | 15.98% |
| Bullion | 6.91% |
| Agency Mortgage-Backed Securities | 6.85% |
| Exchange-Traded Funds | 3.72% |
| US Treasury Obligations | 2.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.63% |
| Non-Agency Collateralized Mortgage Obligations | 0.66% |
| Loan Agreements | 0.41% |
| Agency Collateralized Mortgage Obligations | 0.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.57% |
| NVIDIA | 3.25% |
| Taiwan Semiconductor Manufacturing | 2.35% |
| Apple | 1.94% |
| Amazon.com | 1.43% |
| Mastercard Class A | 1.35% |
| KLA | 1.31% |
| Banco Bilbao Vizcaya Argentaria | 1.25% |
| Airbus | 1.23% |
| Howmet Aerospace | 1.23% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IASTX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class Y : WASYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$59 | &nbsp;&nbsp;1.11% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1833853995 |
| Total number of portfolio holdings\* | 510 |
| Total advisory fees paid (during reporting period) | $6053951 |
| Portfolio turnover rate | 30% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.31% |
| Corporate Bonds | 15.98% |
| Bullion | 6.91% |
| Agency Mortgage-Backed Securities | 6.85% |
| Exchange-Traded Funds | 3.72% |
| US Treasury Obligations | 2.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.63% |
| Non-Agency Collateralized Mortgage Obligations | 0.66% |
| Loan Agreements | 0.41% |
| Agency Collateralized Mortgage Obligations | 0.23% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.57% |
| NVIDIA | 3.25% |
| Taiwan Semiconductor Manufacturing | 2.35% |
| Apple | 1.94% |
| Amazon.com | 1.43% |
| Mastercard Class A | 1.35% |
| KLA | 1.31% |
| Banco Bilbao Vizcaya Argentaria | 1.25% |
| Airbus | 1.23% |
| Howmet Aerospace | 1.23% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WASYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class A : IBNAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$52 | &nbsp;&nbsp;0.97% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2053886863 |
| Total number of portfolio holdings\* | 664 |
| Total advisory fees paid (during reporting period) | $4724028 |
| Portfolio turnover rate | 37% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 60.55% |
| Exchange-Traded Funds | 11.37% |
| Corporate Bonds | 8.75% |
| Agency Mortgage-Backed Securities | 8.49% |
| US Treasury Obligations | 4.76% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.50% |
| Non-Agency Asset-Backed Securities | 0.99% |
| Non-Agency Collateralized Mortgage Obligations | 0.67% |
| Agency Collateralized Mortgage Obligations | 0.37% |
| Collateralized Loan Obligations | 0.33% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.57% |
| NVIDIA | 3.95% |
| Apple | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.41% |
| Amazon.com | 2.17% |
| Howmet Aerospace | 2.13% |
| Meta Platforms Class A | 1.65% |
| Broadcom | 1.53% |
| AutoZone | 1.42% |
| Costco Wholesale | 1.42% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IBNAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class C : IBNCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$91 | &nbsp;&nbsp;1.72% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2053886863 |
| Total number of portfolio holdings\* | 664 |
| Total advisory fees paid (during reporting period) | $4724028 |
| Portfolio turnover rate | 37% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 60.55% |
| Exchange-Traded Funds | 11.37% |
| Corporate Bonds | 8.75% |
| Agency Mortgage-Backed Securities | 8.49% |
| US Treasury Obligations | 4.76% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.50% |
| Non-Agency Asset-Backed Securities | 0.99% |
| Non-Agency Collateralized Mortgage Obligations | 0.67% |
| Agency Collateralized Mortgage Obligations | 0.37% |
| Collateralized Loan Obligations | 0.33% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.57% |
| NVIDIA | 3.95% |
| Apple | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.41% |
| Amazon.com | 2.17% |
| Howmet Aerospace | 2.13% |
| Meta Platforms Class A | 1.65% |
| Broadcom | 1.53% |
| AutoZone | 1.42% |
| Costco Wholesale | 1.42% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IBNCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class R : IYBFX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$65 | &nbsp;&nbsp;1.22% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2053886863 |
| Total number of portfolio holdings\* | 664 |
| Total advisory fees paid (during reporting period) | $4724028 |
| Portfolio turnover rate | 37% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 60.55% |
| Exchange-Traded Funds | 11.37% |
| Corporate Bonds | 8.75% |
| Agency Mortgage-Backed Securities | 8.49% |
| US Treasury Obligations | 4.76% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.50% |
| Non-Agency Asset-Backed Securities | 0.99% |
| Non-Agency Collateralized Mortgage Obligations | 0.67% |
| Agency Collateralized Mortgage Obligations | 0.37% |
| Collateralized Loan Obligations | 0.33% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.57% |
| NVIDIA | 3.95% |
| Apple | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.41% |
| Amazon.com | 2.17% |
| Howmet Aerospace | 2.13% |
| Meta Platforms Class A | 1.65% |
| Broadcom | 1.53% |
| AutoZone | 1.42% |
| Costco Wholesale | 1.42% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IYBFX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Institutional Class : IYBIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$38 | &nbsp;&nbsp;0.72% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2053886863 |
| Total number of portfolio holdings\* | 664 |
| Total advisory fees paid (during reporting period) | $4724028 |
| Portfolio turnover rate | 37% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 60.55% |
| Exchange-Traded Funds | 11.37% |
| Corporate Bonds | 8.75% |
| Agency Mortgage-Backed Securities | 8.49% |
| US Treasury Obligations | 4.76% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.50% |
| Non-Agency Asset-Backed Securities | 0.99% |
| Non-Agency Collateralized Mortgage Obligations | 0.67% |
| Agency Collateralized Mortgage Obligations | 0.37% |
| Collateralized Loan Obligations | 0.33% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.57% |
| NVIDIA | 3.95% |
| Apple | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.41% |
| Amazon.com | 2.17% |
| Howmet Aerospace | 2.13% |
| Meta Platforms Class A | 1.65% |
| Broadcom | 1.53% |
| AutoZone | 1.42% |
| Costco Wholesale | 1.42% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IYBIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class R6 : IBARX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$34 | &nbsp;&nbsp;0.64% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2053886863 |
| Total number of portfolio holdings\* | 664 |
| Total advisory fees paid (during reporting period) | $4724028 |
| Portfolio turnover rate | 37% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 60.55% |
| Exchange-Traded Funds | 11.37% |
| Corporate Bonds | 8.75% |
| Agency Mortgage-Backed Securities | 8.49% |
| US Treasury Obligations | 4.76% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.50% |
| Non-Agency Asset-Backed Securities | 0.99% |
| Non-Agency Collateralized Mortgage Obligations | 0.67% |
| Agency Collateralized Mortgage Obligations | 0.37% |
| Collateralized Loan Obligations | 0.33% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.57% |
| NVIDIA | 3.95% |
| Apple | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.41% |
| Amazon.com | 2.17% |
| Howmet Aerospace | 2.13% |
| Meta Platforms Class A | 1.65% |
| Broadcom | 1.53% |
| AutoZone | 1.42% |
| Costco Wholesale | 1.42% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IBARX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class Y : IBNYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$52 | &nbsp;&nbsp;0.97% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2053886863 |
| Total number of portfolio holdings\* | 664 |
| Total advisory fees paid (during reporting period) | $4724028 |
| Portfolio turnover rate | 37% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 60.55% |
| Exchange-Traded Funds | 11.37% |
| Corporate Bonds | 8.75% |
| Agency Mortgage-Backed Securities | 8.49% |
| US Treasury Obligations | 4.76% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.50% |
| Non-Agency Asset-Backed Securities | 0.99% |
| Non-Agency Collateralized Mortgage Obligations | 0.67% |
| Agency Collateralized Mortgage Obligations | 0.37% |
| Collateralized Loan Obligations | 0.33% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.57% |
| NVIDIA | 3.95% |
| Apple | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.41% |
| Amazon.com | 2.17% |
| Howmet Aerospace | 2.13% |
| Meta Platforms Class A | 1.65% |
| Broadcom | 1.53% |
| AutoZone | 1.42% |
| Costco Wholesale | 1.42% |

---

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IBNYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class A : IEYAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$68 | &nbsp;&nbsp;1.24% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $100773875 |
| Total number of portfolio holdings\* | 29 |
| Total advisory fees paid (during reporting period) | $244229 |
| Portfolio turnover rate | 7% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 36.20% |
| Materials | 24.55% |
| Industrials | 15.89% |
| Energy | 13.69% |
| Information Technology | 4.03% |
| Real Estate | 3.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Anglo American | 4.63% |
| Xcel Energy | 4.44% |
| RWE | 4.41% |
| Cummins | 4.23% |
| Schneider Electric | 4.23% |
| Ameren | 4.03% |
| First Solar | 4.03% |
| CMS Energy | 3.84% |
| EDP Renovaveis | 3.79% |
| Waste Management | 3.76% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IEYAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class C : IEYCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$108 | &nbsp;&nbsp;1.99% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $100773875 |
| Total number of portfolio holdings\* | 29 |
| Total advisory fees paid (during reporting period) | $244229 |
| Portfolio turnover rate | 7% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 36.20% |
| Materials | 24.55% |
| Industrials | 15.89% |
| Energy | 13.69% |
| Information Technology | 4.03% |
| Real Estate | 3.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Anglo American | 4.63% |
| Xcel Energy | 4.44% |
| RWE | 4.41% |
| Cummins | 4.23% |
| Schneider Electric | 4.23% |
| Ameren | 4.03% |
| First Solar | 4.03% |
| CMS Energy | 3.84% |
| EDP Renovaveis | 3.79% |
| Waste Management | 3.76% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IEYCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class R : IYEFX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$81 | &nbsp;&nbsp;1.49% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $100773875 |
| Total number of portfolio holdings\* | 29 |
| Total advisory fees paid (during reporting period) | $244229 |
| Portfolio turnover rate | 7% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 36.20% |
| Materials | 24.55% |
| Industrials | 15.89% |
| Energy | 13.69% |
| Information Technology | 4.03% |
| Real Estate | 3.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Anglo American | 4.63% |
| Xcel Energy | 4.44% |
| RWE | 4.41% |
| Cummins | 4.23% |
| Schneider Electric | 4.23% |
| Ameren | 4.03% |
| First Solar | 4.03% |
| CMS Energy | 3.84% |
| EDP Renovaveis | 3.79% |
| Waste Management | 3.76% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IYEFX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Institutional Class : IVEIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$54 | &nbsp;&nbsp;0.99% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $100773875 |
| Total number of portfolio holdings\* | 29 |
| Total advisory fees paid (during reporting period) | $244229 |
| Portfolio turnover rate | 7% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 36.20% |
| Materials | 24.55% |
| Industrials | 15.89% |
| Energy | 13.69% |
| Information Technology | 4.03% |
| Real Estate | 3.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Anglo American | 4.63% |
| Xcel Energy | 4.44% |
| RWE | 4.41% |
| Cummins | 4.23% |
| Schneider Electric | 4.23% |
| Ameren | 4.03% |
| First Solar | 4.03% |
| CMS Energy | 3.84% |
| EDP Renovaveis | 3.79% |
| Waste Management | 3.76% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IVEIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class R6 : IENRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.82% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $100773875 |
| Total number of portfolio holdings\* | 29 |
| Total advisory fees paid (during reporting period) | $244229 |
| Portfolio turnover rate | 7% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 36.20% |
| Materials | 24.55% |
| Industrials | 15.89% |
| Energy | 13.69% |
| Information Technology | 4.03% |
| Real Estate | 3.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Anglo American | 4.63% |
| Xcel Energy | 4.44% |
| RWE | 4.41% |
| Cummins | 4.23% |
| Schneider Electric | 4.23% |
| Ameren | 4.03% |
| First Solar | 4.03% |
| CMS Energy | 3.84% |
| EDP Renovaveis | 3.79% |
| Waste Management | 3.76% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IENRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class Y : IEYYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$68 | &nbsp;&nbsp;1.24% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $100773875 |
| Total number of portfolio holdings\* | 29 |
| Total advisory fees paid (during reporting period) | $244229 |
| Portfolio turnover rate | 7% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 36.20% |
| Materials | 24.55% |
| Industrials | 15.89% |
| Energy | 13.69% |
| Information Technology | 4.03% |
| Real Estate | 3.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Anglo American | 4.63% |
| Xcel Energy | 4.44% |
| RWE | 4.41% |
| Cummins | 4.23% |
| Schneider Electric | 4.23% |
| Ameren | 4.03% |
| First Solar | 4.03% |
| CMS Energy | 3.84% |
| EDP Renovaveis | 3.79% |
| Waste Management | 3.76% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IEYYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class A : IGNAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$78 | &nbsp;&nbsp;1.37% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $195271739 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $627987 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 60.97% |
| Energy | 29.74% |
| Consumer Staples | 2.15% |
| Information Technology | 2.08% |
| Industrials | 1.94% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Newmont | 5.14% |
| Shell | 4.91% |
| Hudbay Minerals | 4.23% |
| Wheaton Precious Metals | 4.19% |
| Nutrien | 3.85% |
| Steel Dynamics | 3.78% |
| CRH | 3.50% |
| ERO Copper | 3.15% |
| Anglo American | 3.10% |
| Valterra Platinum | 3.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IGNAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class C : IGNCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$120 | &nbsp;&nbsp;2.12% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $195271739 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $627987 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 60.97% |
| Energy | 29.74% |
| Consumer Staples | 2.15% |
| Information Technology | 2.08% |
| Industrials | 1.94% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Newmont | 5.14% |
| Shell | 4.91% |
| Hudbay Minerals | 4.23% |
| Wheaton Precious Metals | 4.19% |
| Nutrien | 3.85% |
| Steel Dynamics | 3.78% |
| CRH | 3.50% |
| ERO Copper | 3.15% |
| Anglo American | 3.10% |
| Valterra Platinum | 3.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IGNCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class R : IGNRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$92 | &nbsp;&nbsp;1.62% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $195271739 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $627987 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 60.97% |
| Energy | 29.74% |
| Consumer Staples | 2.15% |
| Information Technology | 2.08% |
| Industrials | 1.94% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Newmont | 5.14% |
| Shell | 4.91% |
| Hudbay Minerals | 4.23% |
| Wheaton Precious Metals | 4.19% |
| Nutrien | 3.85% |
| Steel Dynamics | 3.78% |
| CRH | 3.50% |
| ERO Copper | 3.15% |
| Anglo American | 3.10% |
| Valterra Platinum | 3.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IGNRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Institutional Class : IGNIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$64 | &nbsp;&nbsp;1.12% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $195271739 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $627987 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 60.97% |
| Energy | 29.74% |
| Consumer Staples | 2.15% |
| Information Technology | 2.08% |
| Industrials | 1.94% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Newmont | 5.14% |
| Shell | 4.91% |
| Hudbay Minerals | 4.23% |
| Wheaton Precious Metals | 4.19% |
| Nutrien | 3.85% |
| Steel Dynamics | 3.78% |
| CRH | 3.50% |
| ERO Copper | 3.15% |
| Anglo American | 3.10% |
| Valterra Platinum | 3.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IGNIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class R6 : INRSX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$54 | &nbsp;&nbsp;0.95% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $195271739 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $627987 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 60.97% |
| Energy | 29.74% |
| Consumer Staples | 2.15% |
| Information Technology | 2.08% |
| Industrials | 1.94% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Newmont | 5.14% |
| Shell | 4.91% |
| Hudbay Minerals | 4.23% |
| Wheaton Precious Metals | 4.19% |
| Nutrien | 3.85% |
| Steel Dynamics | 3.78% |
| CRH | 3.50% |
| ERO Copper | 3.15% |
| Anglo American | 3.10% |
| Valterra Platinum | 3.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-INRSX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class Y : IGNYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$78 | &nbsp;&nbsp;1.37% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $195271739 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $627987 |
| Portfolio turnover rate | 16% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 60.97% |
| Energy | 29.74% |
| Consumer Staples | 2.15% |
| Information Technology | 2.08% |
| Industrials | 1.94% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Newmont | 5.14% |
| Shell | 4.91% |
| Hudbay Minerals | 4.23% |
| Wheaton Precious Metals | 4.19% |
| Nutrien | 3.85% |
| Steel Dynamics | 3.78% |
| CRH | 3.50% |
| ERO Copper | 3.15% |
| Anglo American | 3.10% |
| Valterra Platinum | 3.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IGNYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class A : IRSAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$62 | &nbsp;&nbsp;1.20% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $89050411 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $217158 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Retail | 18.93% |
| REIT Healthcare | 18.72% |
| REIT Data Center | 14.51% |
| REIT Industrial | 11.91% |
| REIT Multifamily | 8.64% |
| REIT Self-Storage | 5.40% |
| REIT Specialty | 4.54% |
| REIT Single Family | 4.07% |
| REIT Hotel | 2.91% |
| REIT Office | 2.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 11.68% |
| Welltower | 11.10% |
| Simon Property Group | 5.22% |
| Ventas | 4.58% |
| VICI Properties | 4.54% |
| Public Storage | 4.23% |
| First Industrial Realty Trust | 4.18% |
| Invitation Homes | 4.07% |
| Prologis | 3.99% |
| AvalonBay Communities | 3.83% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IRSAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class C : IRSCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$100 | &nbsp;&nbsp;1.95% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $89050411 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $217158 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Retail | 18.93% |
| REIT Healthcare | 18.72% |
| REIT Data Center | 14.51% |
| REIT Industrial | 11.91% |
| REIT Multifamily | 8.64% |
| REIT Self-Storage | 5.40% |
| REIT Specialty | 4.54% |
| REIT Single Family | 4.07% |
| REIT Hotel | 2.91% |
| REIT Office | 2.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 11.68% |
| Welltower | 11.10% |
| Simon Property Group | 5.22% |
| Ventas | 4.58% |
| VICI Properties | 4.54% |
| Public Storage | 4.23% |
| First Industrial Realty Trust | 4.18% |
| Invitation Homes | 4.07% |
| Prologis | 3.99% |
| AvalonBay Communities | 3.83% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IRSCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class R : IRSRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$75 | &nbsp;&nbsp;1.45% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $89050411 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $217158 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Retail | 18.93% |
| REIT Healthcare | 18.72% |
| REIT Data Center | 14.51% |
| REIT Industrial | 11.91% |
| REIT Multifamily | 8.64% |
| REIT Self-Storage | 5.40% |
| REIT Specialty | 4.54% |
| REIT Single Family | 4.07% |
| REIT Hotel | 2.91% |
| REIT Office | 2.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 11.68% |
| Welltower | 11.10% |
| Simon Property Group | 5.22% |
| Ventas | 4.58% |
| VICI Properties | 4.54% |
| Public Storage | 4.23% |
| First Industrial Realty Trust | 4.18% |
| Invitation Homes | 4.07% |
| Prologis | 3.99% |
| AvalonBay Communities | 3.83% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IRSRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Institutional Class : IREIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$49 | &nbsp;&nbsp;0.95% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $89050411 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $217158 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Retail | 18.93% |
| REIT Healthcare | 18.72% |
| REIT Data Center | 14.51% |
| REIT Industrial | 11.91% |
| REIT Multifamily | 8.64% |
| REIT Self-Storage | 5.40% |
| REIT Specialty | 4.54% |
| REIT Single Family | 4.07% |
| REIT Hotel | 2.91% |
| REIT Office | 2.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 11.68% |
| Welltower | 11.10% |
| Simon Property Group | 5.22% |
| Ventas | 4.58% |
| VICI Properties | 4.54% |
| Public Storage | 4.23% |
| First Industrial Realty Trust | 4.18% |
| Invitation Homes | 4.07% |
| Prologis | 3.99% |
| AvalonBay Communities | 3.83% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IREIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class R6 : IRSEX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.80% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $89050411 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $217158 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Retail | 18.93% |
| REIT Healthcare | 18.72% |
| REIT Data Center | 14.51% |
| REIT Industrial | 11.91% |
| REIT Multifamily | 8.64% |
| REIT Self-Storage | 5.40% |
| REIT Specialty | 4.54% |
| REIT Single Family | 4.07% |
| REIT Hotel | 2.91% |
| REIT Office | 2.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 11.68% |
| Welltower | 11.10% |
| Simon Property Group | 5.22% |
| Ventas | 4.58% |
| VICI Properties | 4.54% |
| Public Storage | 4.23% |
| First Industrial Realty Trust | 4.18% |
| Invitation Homes | 4.07% |
| Prologis | 3.99% |
| AvalonBay Communities | 3.83% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IRSEX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class Y : IRSYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$62 | &nbsp;&nbsp;1.20% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $89050411 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $217158 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Retail | 18.93% |
| REIT Healthcare | 18.72% |
| REIT Data Center | 14.51% |
| REIT Industrial | 11.91% |
| REIT Multifamily | 8.64% |
| REIT Self-Storage | 5.40% |
| REIT Specialty | 4.54% |
| REIT Single Family | 4.07% |
| REIT Hotel | 2.91% |
| REIT Office | 2.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 11.68% |
| Welltower | 11.10% |
| Simon Property Group | 5.22% |
| Ventas | 4.58% |
| VICI Properties | 4.54% |
| Public Storage | 4.23% |
| First Industrial Realty Trust | 4.18% |
| Invitation Homes | 4.07% |
| Prologis | 3.99% |
| AvalonBay Communities | 3.83% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-IRSYX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class A : WSTAX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$72 | &nbsp;&nbsp;1.18% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6697246178 |
| Total number of portfolio holdings\* | 40 |
| Total advisory fees paid (during reporting period) | $23478478 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.38% |
| Communication Services | 15.03% |
| Consumer Discretionary | 10.68% |
| Industrials | 3.97% |
| Healthcare | 3.75% |
| Financials | 1.31% |
| Materials | 0.37% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.55% |
| Seagate Technology Holdings | 7.48% |
| Meta Platforms Class A | 5.84% |
| Taiwan Semiconductor Manufacturing ADR | 5.66% |
| Broadcom | 5.47% |
| Microsoft | 5.38% |
| Amazon.com | 3.58% |
| Lam Research | 3.53% |
| Micron Technology | 3.00% |
| Alphabet Class A | 2.99% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WSTAX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class C : WSTCX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$118 | &nbsp;&nbsp;1.93% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6697246178 |
| Total number of portfolio holdings\* | 40 |
| Total advisory fees paid (during reporting period) | $23478478 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.38% |
| Communication Services | 15.03% |
| Consumer Discretionary | 10.68% |
| Industrials | 3.97% |
| Healthcare | 3.75% |
| Financials | 1.31% |
| Materials | 0.37% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.55% |
| Seagate Technology Holdings | 7.48% |
| Meta Platforms Class A | 5.84% |
| Taiwan Semiconductor Manufacturing ADR | 5.66% |
| Broadcom | 5.47% |
| Microsoft | 5.38% |
| Amazon.com | 3.58% |
| Lam Research | 3.53% |
| Micron Technology | 3.00% |
| Alphabet Class A | 2.99% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WSTCX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class R : WSTRX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$87 | &nbsp;&nbsp;1.43% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6697246178 |
| Total number of portfolio holdings\* | 40 |
| Total advisory fees paid (during reporting period) | $23478478 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.38% |
| Communication Services | 15.03% |
| Consumer Discretionary | 10.68% |
| Industrials | 3.97% |
| Healthcare | 3.75% |
| Financials | 1.31% |
| Materials | 0.37% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.55% |
| Seagate Technology Holdings | 7.48% |
| Meta Platforms Class A | 5.84% |
| Taiwan Semiconductor Manufacturing ADR | 5.66% |
| Broadcom | 5.47% |
| Microsoft | 5.38% |
| Amazon.com | 3.58% |
| Lam Research | 3.53% |
| Micron Technology | 3.00% |
| Alphabet Class A | 2.99% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WSTRX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Institutional Class : ISTIX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$57 | &nbsp;&nbsp;0.93% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6697246178 |
| Total number of portfolio holdings\* | 40 |
| Total advisory fees paid (during reporting period) | $23478478 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.38% |
| Communication Services | 15.03% |
| Consumer Discretionary | 10.68% |
| Industrials | 3.97% |
| Healthcare | 3.75% |
| Financials | 1.31% |
| Materials | 0.37% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.55% |
| Seagate Technology Holdings | 7.48% |
| Meta Platforms Class A | 5.84% |
| Taiwan Semiconductor Manufacturing ADR | 5.66% |
| Broadcom | 5.47% |
| Microsoft | 5.38% |
| Amazon.com | 3.58% |
| Lam Research | 3.53% |
| Micron Technology | 3.00% |
| Alphabet Class A | 2.99% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-ISTIX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class R6 : ISTNX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$52 | &nbsp;&nbsp;0.85% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6697246178 |
| Total number of portfolio holdings\* | 40 |
| Total advisory fees paid (during reporting period) | $23478478 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.38% |
| Communication Services | 15.03% |
| Consumer Discretionary | 10.68% |
| Industrials | 3.97% |
| Healthcare | 3.75% |
| Financials | 1.31% |
| Materials | 0.37% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.55% |
| Seagate Technology Holdings | 7.48% |
| Meta Platforms Class A | 5.84% |
| Taiwan Semiconductor Manufacturing ADR | 5.66% |
| Broadcom | 5.47% |
| Microsoft | 5.38% |
| Amazon.com | 3.58% |
| Lam Research | 3.53% |
| Micron Technology | 3.00% |
| Alphabet Class A | 2.99% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-ISTNX-1125

![Macquarie Logo](g73658images_29713.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class Y : WSTYX**

#### Semiannual shareholder report \| September 30, 2025
This semiannual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Fund's costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$72 | &nbsp;&nbsp;1.18% |

---

<sup><sup>^</sup></sup> Annualized.

**Fund statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6697246178 |
| Total number of portfolio holdings\* | 40 |
| Total advisory fees paid (during reporting period) | $23478478 |
| Portfolio turnover rate | 17% |

---

<sup>\*</sup> <sup>Excludes cash and cash equivalents.</sup>

**Fund holdings** (as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.38% |
| Communication Services | 15.03% |
| Consumer Discretionary | 10.68% |
| Industrials | 3.97% |
| Healthcare | 3.75% |
| Financials | 1.31% |
| Materials | 0.37% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.55% |
| Seagate Technology Holdings | 7.48% |
| Meta Platforms Class A | 5.84% |
| Taiwan Semiconductor Manufacturing ADR | 5.66% |
| Broadcom | 5.47% |
| Microsoft | 5.38% |
| Amazon.com | 3.58% |
| Lam Research | 3.53% |
| Micron Technology | 3.00% |
| Alphabet Class A | 2.99% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g73658images_29648.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4927925) TSSR-WSTYX-1125

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

------

![](g71957img27d03ab91.gif)

#### Alternative / specialty funds
Macquarie Climate Solutions Fund

(formerly, Delaware Climate Solutions Fund)

Macquarie Natural Resources Fund

(formerly, Delaware Ivy Natural Resources Fund)

Macquarie Real Estate Securities Fund

(formerly, Delaware Real Estate Securities Fund)

Macquarie Science and Technology Fund

(formerly, Delaware Ivy Science and Technology Fund)

#### Multi-asset funds
Macquarie Asset Strategy Fund

(formerly, Delaware Ivy Asset Strategy Fund)

Macquarie Balanced Fund

(formerly, Delaware Ivy Balanced Fund)

Financial statements and other information

For the six months ended September 30, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated schedules of investments](#xx_cd8abbb0-b50b-42e9-96a4-fa2b844abb12_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_cd8abbb0-b50b-42e9-96a4-fa2b844abb12_28)<br>| &nbsp;&nbsp;&nbsp;**28** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_5ebaf005-cfd1-45b8-ae15-edede88c6e18_1)<br>| &nbsp;&nbsp;&nbsp;**33** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_5ebaf005-cfd1-45b8-ae15-edede88c6e18_5)<br>| &nbsp;&nbsp;&nbsp;**37** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_5ebaf005-cfd1-45b8-ae15-edede88c6e18_7)<br>| &nbsp;&nbsp;&nbsp;**39** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_d9722662-c6eb-439a-9666-f81aff3f58db_1)<br>| &nbsp;&nbsp;&nbsp;**45** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_b419c969-3c3a-43bb-bca8-07b5c6794621_1)<br>| &nbsp;&nbsp;&nbsp;**81** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund information](#xx_5b6ee9af-883a-4fdd-8bb5-201a88ed585c_1)<br>| &nbsp;&nbsp;&nbsp;**111** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

#### 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 Form 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 800 523-1918; 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 macquarie.com/mam/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 macquarie.com/mam/proxy; and (ii) on the SEC's website at sec.gov.

**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.**

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

## Consolidated schedules of investments
Macquarie Asset Strategy Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.23%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.23%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18 NS 1.649% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, • | 2939785 | $319017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-37 SB 1.149% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, • | 5958524 | &nbsp;&nbsp; 572505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48 US 1.629% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, • | 6113930 | &nbsp;&nbsp; 432687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-33 AI 4.50% 5/25/47 Σ, = | 2380860 | &nbsp;&nbsp; 293898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13 IP 5.00% 3/25/49 Σ, = | 1899843 | &nbsp;&nbsp; 407055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740 SB 1.663% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, • | 2930441 | &nbsp;&nbsp; 348677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-162 IN 3.00% 9/20/51 Σ, = | 13197658 | &nbsp;&nbsp; 1902937 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $5,822,509)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $5,822,509)** | &nbsp;&nbsp; **4276776** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.05%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.05%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K144 A2 2.45% 4/25/32 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 629246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K150 A2 3.71% 9/25/32 ♦, • | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 173760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K753 A2 4.40% 10/25/30 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 121528 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $915,385)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $915,385)** | &nbsp;&nbsp; **924534** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.85%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.85%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.85%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | 1136924 | &nbsp;&nbsp; 1047010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;775526 | &nbsp;&nbsp; 731236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;245437 | &nbsp;&nbsp; 238838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88688 | &nbsp;&nbsp; 72283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 3359358 | &nbsp;&nbsp; 2729580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | 1210369 | &nbsp;&nbsp; 979183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87539 | &nbsp;&nbsp; 74738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | 4291041 | &nbsp;&nbsp; 3635789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | 4452840 | &nbsp;&nbsp; 3771303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;106622 | &nbsp;&nbsp; 90709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/1/47 | 1577670 | &nbsp;&nbsp; 1422078 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | 1800435 | $1600072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;215760 | &nbsp;&nbsp; 191745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;107618 | &nbsp;&nbsp; 95673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | 4070021 | &nbsp;&nbsp; 3582304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;292544 | &nbsp;&nbsp; 275032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;467255 | &nbsp;&nbsp; 439255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 2880581 | &nbsp;&nbsp; 2636480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 7201527 | &nbsp;&nbsp; 6675688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;645416 | &nbsp;&nbsp; 610490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94700 | &nbsp;&nbsp; 89281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/1/55 | 1987778 | &nbsp;&nbsp; 1874038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;746077 | &nbsp;&nbsp; 745269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 2585905 | &nbsp;&nbsp; 2521724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;778735 | &nbsp;&nbsp; 775977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;274248 | &nbsp;&nbsp; 273036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 8/1/52 | 1739268 | &nbsp;&nbsp; 1770809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | 12465627 | &nbsp;&nbsp; 12573043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;412740 | &nbsp;&nbsp; 422818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | 1315384 | &nbsp;&nbsp; 1349296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;416210 | &nbsp;&nbsp; 430251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;837784 | &nbsp;&nbsp; 858320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 4736715 | &nbsp;&nbsp; 4840388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/42 | 2481133 | &nbsp;&nbsp; 2137835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;883355 | &nbsp;&nbsp; 788592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;809775 | &nbsp;&nbsp; 722913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;617254 | &nbsp;&nbsp; 588764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/52 | 4214821 | &nbsp;&nbsp; 3412911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51353 | &nbsp;&nbsp; 44030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 4160602 | &nbsp;&nbsp; 3555431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;188299 | &nbsp;&nbsp; 158894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 | 1592852 | &nbsp;&nbsp; 1439465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/52 | 1952905 | &nbsp;&nbsp; 1791234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;494360 | &nbsp;&nbsp; 475215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | 2136693 | &nbsp;&nbsp; 2024026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | 1932623 | &nbsp;&nbsp; 1828968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | 2594847 | &nbsp;&nbsp; 2540478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 6336189 | &nbsp;&nbsp; 6174349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | 1368511 | &nbsp;&nbsp; 1333416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;677133 | &nbsp;&nbsp; 683324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | 2191014 | &nbsp;&nbsp; 2193464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;568296 | &nbsp;&nbsp; 566925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | 2921741 | &nbsp;&nbsp; 2911244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | 1376750 | &nbsp;&nbsp; 1371378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;414642 | &nbsp;&nbsp; 423948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/53 | 2822452 | &nbsp;&nbsp; 2867824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;199203 | &nbsp;&nbsp; 201515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | 4098115 | &nbsp;&nbsp; 4151229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/1/55 | 15683517 | &nbsp;&nbsp; 15818652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;524762 | $469317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/20/52 | 1999070 | &nbsp;&nbsp; 1786202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | 1796060 | &nbsp;&nbsp; 1797351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | 1418931 | &nbsp;&nbsp; 1437655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;514836 | &nbsp;&nbsp; 522039 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $124,552,709)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $124,552,709)** | &nbsp;&nbsp; **125642324** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.15%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.15%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 17 Series 2022-17A CR 144A 6.232% (TSFR03M + 1.90%, Floor 1.90%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 649988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO Series 2018-2A CR 144A 6.418% (TSFR03M + 2.10%, Floor 1.95%) 7/15/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 602297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding Series 2022-11A CR 144A 6.225% (TSFR03M + 1.90%, Floor 1.90%) 7/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 849979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO Series 2024-2A C 144A 6.472% (TSFR03M + 2.15%, Floor 2.15%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 653240 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,750,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,750,000)** | &nbsp;&nbsp; **2755504** |
| &nbsp;&nbsp;**Convertible Bond — 0.14%** | &nbsp;&nbsp;**Convertible Bond — 0.14%** | &nbsp;&nbsp;**Convertible Bond — 0.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 2309115 | &nbsp;&nbsp; 2612209 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $2,285,635)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $2,285,635)** | &nbsp;&nbsp; **2612209** |
| &nbsp;&nbsp;**Corporate Bonds — 15.98%** | &nbsp;&nbsp;**Corporate Bonds — 15.98%** | &nbsp;&nbsp;**Corporate Bonds — 15.98%** |
| &nbsp;&nbsp;Banking — 2.02% | &nbsp;&nbsp;Banking — 2.02% | &nbsp;&nbsp;Banking — 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp; 505872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;973000 | &nbsp;&nbsp; 997032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 230107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.872% 9/15/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 273354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 489901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp; 952856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 265612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438% 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 322209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.488% 12/4/26 | 1385000 | &nbsp;&nbsp; 1407369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp; 938341 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | $555428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 335381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp; 493340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ | 1295000 | &nbsp;&nbsp; 1335983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 303130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A 4.818% 9/25/33 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp; 611421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | 1304000 | &nbsp;&nbsp; 1316612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 332986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp; 524230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 362630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp 6.361% 10/27/28 μ | 1099000 | &nbsp;&nbsp; 1146336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares 5.60% 9/5/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp; 106754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016% 10/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp; 684850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 517157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 590708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.25% 10/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 329477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 433998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 299575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp; 475284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp; 392297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576% 7/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 368279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp; 271171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank 5.179% 7/8/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 291948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.484% 9/16/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 634281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.164% 4/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp; 798527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 279717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;768000 | &nbsp;&nbsp; 818997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 340220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 599259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 563402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank 4.734% 7/18/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 253854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group 5.115% 5/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp; 559045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets 144A 5.022% 3/21/30 # | 1005000 | &nbsp;&nbsp; 1032538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ | 1870000 | &nbsp;&nbsp; 1899049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 214516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 741084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 358661 |

---

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | $696985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 334560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 411341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A 5.439% 10/3/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 494201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 236219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.993% 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 528208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank 6.35% 10/31/85 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 200709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.398% 9/23/31 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 234255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 492812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.58% 5/9/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp; 822687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp; 952148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 236368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp; 415617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 394985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 363368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 120082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 225920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 378376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.078% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 279165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.892% 9/15/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp; 738809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 305284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp; 593159 |
|  |  | &nbsp;&nbsp; 37010036 |
| &nbsp;&nbsp;Basic Industry — 0.23% | &nbsp;&nbsp;Basic Industry — 0.23% | &nbsp;&nbsp;Basic Industry — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Billiton Finance USA 5.75% 9/5/55 | 1045000 | &nbsp;&nbsp; 1086943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.65% 3/15/36 | 1460000 | &nbsp;&nbsp; 1467923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics 5.75% 5/15/55 | 1600000 | &nbsp;&nbsp; 1633712 |
|  |  | &nbsp;&nbsp; 4188578 |
| &nbsp;&nbsp;Brokerage — 0.44% | &nbsp;&nbsp;Brokerage — 0.44% | &nbsp;&nbsp;Brokerage — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | 1335000 | &nbsp;&nbsp; 1349628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp; 925213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 | 2195000 | &nbsp;&nbsp; 1953165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 140588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | 1970000 | &nbsp;&nbsp; 1974319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial 5.65% 9/11/55 | 1140000 | &nbsp;&nbsp; 1132324 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II 5.375% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | $526590 |
|  |  | &nbsp;&nbsp; 8001827 |
| &nbsp;&nbsp;Capital Goods — 0.43% | &nbsp;&nbsp;Capital Goods — 0.43% | &nbsp;&nbsp;Capital Goods — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 141653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 1275000 | &nbsp;&nbsp; 1455366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar 5.50% 5/15/55 | 1755000 | &nbsp;&nbsp; 1794265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer Netherlands Finance 5.98% 2/11/35 | 1805000 | &nbsp;&nbsp; 1916016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand 5.70% 6/15/54 | 1250000 | &nbsp;&nbsp; 1273600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp; 697405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 125336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 505062 |
|  |  | &nbsp;&nbsp; 7908703 |
| &nbsp;&nbsp;Communication Services — 1.44% | &nbsp;&nbsp;Communication Services — 1.44% | &nbsp;&nbsp;Communication Services — 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 1120000 | &nbsp;&nbsp; 965027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 4.50% 8/15/30 # | 3830000 | &nbsp;&nbsp; 3619713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast 6.05% 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 294742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 1340000 | &nbsp;&nbsp; 1410558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # | 2500000 | &nbsp;&nbsp; 2540625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 1877781 | &nbsp;&nbsp; 1899165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;461000 | &nbsp;&nbsp; 466826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media 144A 4.75% 10/15/30 # | 2270000 | &nbsp;&nbsp; 1745063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 402866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maya 144A 8.50% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 778159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 1535000 | &nbsp;&nbsp; 1583434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media 144A 4.75% 11/1/28 # | 1230000 | &nbsp;&nbsp; 1201553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 562105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 3500000 | &nbsp;&nbsp; 3556588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | 2055000 | &nbsp;&nbsp; 1928822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 144A 7.375% 6/30/30 # | 1600000 | &nbsp;&nbsp; 1609000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 565123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp; 574937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services 144A 7.50% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | $800284 |
|  |  | &nbsp;&nbsp; 26504590 |
| &nbsp;&nbsp;Communications — 0.68% | &nbsp;&nbsp;Communications — 0.68% | &nbsp;&nbsp;Communications — 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/15/53 | 2215000 | &nbsp;&nbsp; 1533303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 185457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 282336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 281920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 186706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 293990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 6.70% 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 293655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle 1.05% 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 546190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding 144A 8.25% 11/29/31 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 764317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms 5.40% 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp; 934385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 1715000 | &nbsp;&nbsp; 1740412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp; 650501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 782125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | 1450000 | &nbsp;&nbsp; 1508992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 149269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 567313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 316190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/2/35 | 1515000 | &nbsp;&nbsp; 1541185 |
|  |  | &nbsp;&nbsp; 12558246 |
| &nbsp;&nbsp;Consumer Cyclical — 0.24% | &nbsp;&nbsp;Consumer Cyclical — 0.24% | &nbsp;&nbsp;Consumer Cyclical — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 6/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp; 163572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 201364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | 1350000 | &nbsp;&nbsp; 1348518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot 4.875% 6/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 177960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 352806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 168389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 1820000 | &nbsp;&nbsp; 1841602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 184434 |
|  |  | &nbsp;&nbsp; 4438645 |
| &nbsp;&nbsp;Consumer Discretionary — 1.34% | &nbsp;&nbsp;Consumer Discretionary — 1.34% | &nbsp;&nbsp;Consumer Discretionary — 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 6.375% 10/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 559404 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 2795000 | $2911557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 5.875% 6/15/31 # | 2500000 | &nbsp;&nbsp; 2563457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 2/15/30 # | 1605000 | &nbsp;&nbsp; 1659257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 9/15/32 # | 1205000 | &nbsp;&nbsp; 1232456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 1515000 | &nbsp;&nbsp; 1590452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 3500000 | &nbsp;&nbsp; 3558254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1610000 | &nbsp;&nbsp; 1653544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 4070000 | &nbsp;&nbsp; 4150032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 1000000 | &nbsp;&nbsp; 981244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 3500000 | &nbsp;&nbsp; 3674573 |
|  |  | &nbsp;&nbsp; 24534230 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.69% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.69% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide 5.55% 1/23/49 | 1910000 | &nbsp;&nbsp; 1932391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 5/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp; 932243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 227842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 391954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 355328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. 5.50% 2/12/55 | 1020000 | &nbsp;&nbsp; 1042614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 193184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 191873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/34 | 1255000 | &nbsp;&nbsp; 1287815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 360949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 733419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 1/15/32 | 2000000 | &nbsp;&nbsp; 1866706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 3/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 379857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 455082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 304530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp; 763348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/23/35 | 1130000 | &nbsp;&nbsp; 1169351 |
|  |  | &nbsp;&nbsp; 12593072 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Staples — 0.20% | &nbsp;&nbsp;Consumer Staples — 0.20% | &nbsp;&nbsp;Consumer Staples — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 3420000 | $3629475 |
|  |  | &nbsp;&nbsp; 3629475 |
| &nbsp;&nbsp;Electric — 0.67% | &nbsp;&nbsp;Electric — 0.67% | &nbsp;&nbsp;Electric — 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.40% 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 190355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 5.80% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 329669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp; 353782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy 2.85% 5/15/51 | 1725000 | &nbsp;&nbsp; 1096485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 285171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp; 968673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 251867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 367895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | 1170000 | &nbsp;&nbsp; 1225253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 451023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur 144A 8.499% 6/30/32 # | 1010000 | &nbsp;&nbsp; 1063722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.00% 12/2/25 # | 3470000 | &nbsp;&nbsp; 3451887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 460142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp; 366469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/47 | 1360000 | &nbsp;&nbsp; 1152711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 115951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 211018 |
|  |  | &nbsp;&nbsp; 12342073 |
| &nbsp;&nbsp;Energy — 1.60% | &nbsp;&nbsp;Energy — 1.60% | &nbsp;&nbsp;Energy — 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 790426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.721% 1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 480800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.939% 6/4/51 | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp; 277524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.227% 11/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp; 971316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources 144A 8.625% 11/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 798047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 501682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp; 455892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 235331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 451945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 371491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp; 1006271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 2/15/33 | 1680000 | &nbsp;&nbsp; 1761642 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;645000 | $642609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% 2/15/53 | 1425000 | &nbsp;&nbsp; 971216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 389220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;709000 | &nbsp;&nbsp; 725689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 618218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;792436 | &nbsp;&nbsp; 721356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy 7.75% 2/1/28 | 3420000 | &nbsp;&nbsp; 3446707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco 144A 6.51% 2/23/42 # | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 732429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.00% 2/1/31 # | 2515000 | &nbsp;&nbsp; 2431528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 800723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil 6.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp; 809542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries 144A 9.125% 1/31/30 # | 1259000 | &nbsp;&nbsp; 1310317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | 2045000 | &nbsp;&nbsp; 1931947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 1935000 | &nbsp;&nbsp; 1937255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 10/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp; 204000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 2/1/27 # | 1177000 | &nbsp;&nbsp; 1176264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp; 789498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | 1465000 | &nbsp;&nbsp; 1521956 |
|  |  | &nbsp;&nbsp; 29262841 |
| &nbsp;&nbsp;Financials — 1.81% | &nbsp;&nbsp;Financials — 1.81% | &nbsp;&nbsp;Financials — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% 7/21/27 | 1810000 | &nbsp;&nbsp; 1794248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 262267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 409714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp; 772784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;556000 | &nbsp;&nbsp; 564733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amynta Agency Borrower and Amynta Warranty Borrower 144A 7.50% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 797274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | 1265000 | &nbsp;&nbsp; 1341267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp; 650448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/1/27 # | 1605000 | &nbsp;&nbsp; 1577329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 10/24/30 # | 1395000 | &nbsp;&nbsp; 1394319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 456021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | $217235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 5/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 769649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 3500000 | &nbsp;&nbsp; 3693967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 1600000 | &nbsp;&nbsp; 1765306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 1510000 | &nbsp;&nbsp; 1606435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 7.625% 3/15/35 μ, ψ | 1640000 | &nbsp;&nbsp; 1739653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 281768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 738092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 144A 6.00% 8/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 819776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;726000 | &nbsp;&nbsp; 736482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 323295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 1196000 | &nbsp;&nbsp; 1201896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group 5.561% 11/19/45 μ | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 218446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International 144A 7.375% 1/31/32 # | 1600000 | &nbsp;&nbsp; 1667142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 3500000 | &nbsp;&nbsp; 3526070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 1500000 | &nbsp;&nbsp; 1577138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.00% 1/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 714786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.75% 2/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 816721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 797056 |
|  |  | &nbsp;&nbsp; 33231317 |
| &nbsp;&nbsp;Healthcare — 0.28% | &nbsp;&nbsp;Healthcare — 0.28% | &nbsp;&nbsp;Healthcare — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS 144A 5.25% 5/15/30 # | 3860000 | &nbsp;&nbsp; 3495420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 1579000 | &nbsp;&nbsp; 1626267 |
|  |  | &nbsp;&nbsp; 5121687 |
| &nbsp;&nbsp;Industrials — 0.59% | &nbsp;&nbsp;Industrials — 0.59% | &nbsp;&nbsp;Industrials — 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 829440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare 144A 6.50% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;799000 | &nbsp;&nbsp; 801968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp; 788170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 8.75% 11/15/30 # | 1495000 | &nbsp;&nbsp; 1614065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International 144A 6.375% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp; 798355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enpro 144A 6.125% 6/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp; 802217 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;792000 | $812509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;733000 | &nbsp;&nbsp; 769989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services 4.30% 8/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 507570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 1539000 | &nbsp;&nbsp; 1569035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.625% 3/1/32 # | 1570000 | &nbsp;&nbsp; 1618348 |
|  |  | &nbsp;&nbsp; 10911666 |
| &nbsp;&nbsp;Information Technology — 0.27% | &nbsp;&nbsp;Information Technology — 0.27% | &nbsp;&nbsp;Information Technology — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | 3550000 | &nbsp;&nbsp; 3585927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 198686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology 144A 5.75% 12/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp; 814413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 54535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 108391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 105083 |
|  |  | &nbsp;&nbsp; 4867035 |
| &nbsp;&nbsp;Insurance — 0.75% | &nbsp;&nbsp;Insurance — 0.75% | &nbsp;&nbsp;Insurance — 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group 144A 3.20% 9/16/40 # | 1432000 | &nbsp;&nbsp; 1126963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon 5.00% 9/12/32 | 1605000 | &nbsp;&nbsp; 1653005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 307556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 115906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 380256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 348643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb INA Holdings 4.90% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 337120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp; 651359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | 1630000 | &nbsp;&nbsp; 1618181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 4.90% 1/9/30 # | 1820000 | &nbsp;&nbsp; 1867633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding 144A 5.45% 9/18/26 # | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 720304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Insurance 144A 5.95% 9/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 393099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Street Trust III 144A 6.223% 5/15/54 # | 1565000 | &nbsp;&nbsp; 1614424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial 5.20% 3/14/35 | 1820000 | &nbsp;&nbsp; 1872146 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Life Insurance 144A 5.875% 9/10/55 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;695000 | $708049 |
|  |  | &nbsp;&nbsp; 13714644 |
| &nbsp;&nbsp;Materials — 1.17% | &nbsp;&nbsp;Materials — 1.17% | &nbsp;&nbsp;Materials — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amsted Industries 144A 6.375% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp; 789963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 3305000 | &nbsp;&nbsp; 3503455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 3500000 | &nbsp;&nbsp; 3539252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 390713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium 144A 6.375% 8/15/32 # | 1540000 | &nbsp;&nbsp; 1575411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 399366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 391222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 8.50% 11/15/28 # | 3195000 | &nbsp;&nbsp; 3347584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP 144A 6.70% 3/1/36 # | 1475000 | &nbsp;&nbsp; 1581187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp; 826375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 11/15/28 # | 3280000 | &nbsp;&nbsp; 3444410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air 144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 798432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp; 544475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 384567 |
|  |  | &nbsp;&nbsp; 21516412 |
| &nbsp;&nbsp;Natural Gas — 0.01% | &nbsp;&nbsp;Natural Gas — 0.01% | &nbsp;&nbsp;Natural Gas — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy 2.85% 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 244807 |
|  |  | &nbsp;&nbsp; 244807 |
| &nbsp;&nbsp;Real Estate — 0.12% | &nbsp;&nbsp;Real Estate — 0.12% | &nbsp;&nbsp;Real Estate — 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forestar Group 144A 6.50% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 552873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties 144A 6.375% 8/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 809119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 6.50% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 798688 |
|  |  | &nbsp;&nbsp; 2160680 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.08% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.08% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 746524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 421155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 278337 |
|  |  | &nbsp;&nbsp; 1446016 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology — 0.43% | &nbsp;&nbsp;Technology — 0.43% | &nbsp;&nbsp;Technology — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital 4.05% 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | $949789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 379448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 245586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp; 690308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 1035000 | &nbsp;&nbsp; 1000573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 382110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 771115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 270224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/35 | 1315000 | &nbsp;&nbsp; 1363301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp; 420109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 497914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 316037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 9/26/55 | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 394059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 266218 |
|  |  | &nbsp;&nbsp; 7946791 |
| &nbsp;&nbsp;Transportation — 0.11% | &nbsp;&nbsp;Transportation — 0.11% | &nbsp;&nbsp;Transportation — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp; 961850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | 1021000 | &nbsp;&nbsp; 1037779 |
|  |  | &nbsp;&nbsp; 1999629 |
| &nbsp;&nbsp;Utilities — 0.38% | &nbsp;&nbsp;Utilities — 0.38% | &nbsp;&nbsp;Utilities — 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.00% 1/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;827000 | &nbsp;&nbsp; 827635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 8.375% 6/1/31 # | 3265000 | &nbsp;&nbsp; 3430455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 8.00% 10/15/26 #, μ, ψ | 2600000 | &nbsp;&nbsp; 2661394 |
|  |  | &nbsp;&nbsp; 6919484 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $286,571,864)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $286,571,864)** | &nbsp;&nbsp; **293052484** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.14%** | &nbsp;&nbsp;**Government Agency Obligations — 0.14%** | &nbsp;&nbsp;**Government Agency Obligations — 0.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Electricity Lux MPC II 144A 5.58% 10/20/35 # | &nbsp;&nbsp;&nbsp;&nbsp;708691 | &nbsp;&nbsp; 732984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport Indonesia 144A 5.315% 4/14/32 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 734167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos 6.70% 2/16/32 | 1130000 | &nbsp;&nbsp; 1120540 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $2,550,843)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $2,550,843)** | &nbsp;&nbsp; **2587691** |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds — 0.09%** | &nbsp;&nbsp;**Municipal Bonds — 0.09%** | &nbsp;&nbsp;**Municipal Bonds — 0.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development<br> Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Master Trust) 4.75% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | $831319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien - Georgia SR 400 Express Lanes Project) 6.50% 12/31/65 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 711653 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $1,492,398)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $1,492,398)** | &nbsp;&nbsp; **1542972** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.05%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.05%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 507376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 304471 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $799,980)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $799,980)** | &nbsp;&nbsp; **811847** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.66%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.66%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust Series 2021-3 B1 144A 3.059% 9/27/66 #, • | 2000000 | &nbsp;&nbsp; 1389163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06 1M2 144A 7.056% (SOFR + 2.70%) 7/25/43 #, • | 2700000 | &nbsp;&nbsp; 2789792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.856% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;717120 | &nbsp;&nbsp; 717791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.956% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;285430 | &nbsp;&nbsp; 286635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.856% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 798065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.956% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 351222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, • | 4968250 | &nbsp;&nbsp; 4647982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 6.206% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;443249 | &nbsp;&nbsp; 448277 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.856% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;280000 | $280132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.87% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 350216 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $13,164,311)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $13,164,311)** | &nbsp;&nbsp; **12059275** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.63%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.63%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust Series 2025-1301 A 144A 5.227% 8/11/42 #, • | 2385000 | &nbsp;&nbsp; 2415694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN25 A5 2.649% 1/15/63 | 2163000 | &nbsp;&nbsp; 1995559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 A4 2.403% 3/15/63 | 1000000 | &nbsp;&nbsp; 911484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1250000 | &nbsp;&nbsp; 1115245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1 A5 3.666% 1/15/51 • | 3000000 | &nbsp;&nbsp; 2955028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 A5 1.925% 7/15/53 | 1415000 | &nbsp;&nbsp; 1247012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B20 A5 2.034% 10/15/53 | 2000000 | &nbsp;&nbsp; 1760739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | 2250000 | &nbsp;&nbsp; 2008827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | 4000000 | &nbsp;&nbsp; 3579961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 670804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B35 A5 4.591% 5/15/55 • | 2180000 | &nbsp;&nbsp; 2134230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B36 A5 4.47% 7/15/55 • | 1200000 | &nbsp;&nbsp; 1179660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 # | 2000000 | &nbsp;&nbsp; 1814454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K101 B 144A 3.639% 10/25/52 #, • | 2250000 | &nbsp;&nbsp; 2153643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-K737 B 144A 3.442% 1/25/53 #, • | 2000000 | &nbsp;&nbsp; 1971609 |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | 2225000 | $1977181 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $29,314,846)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $29,314,846)** | &nbsp;&nbsp; **29891130** |
| &nbsp;&nbsp;**Loan Agreements — 0.41%** | &nbsp;&nbsp;**Loan Agreements — 0.41%** | &nbsp;&nbsp;**Loan Agreements — 0.41%** |
| &nbsp;&nbsp;Consumer Discretionary — 0.09% | &nbsp;&nbsp;Consumer Discretionary — 0.09% | &nbsp;&nbsp;Consumer Discretionary — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 10.046% (SOFR03M + 5.75%) 9/4/29 • | 1706382 | &nbsp;&nbsp; 1621417 |
|  |  | &nbsp;&nbsp; 1621417 |
| &nbsp;&nbsp;Healthcare — 0.11% | &nbsp;&nbsp;Healthcare — 0.11% | &nbsp;&nbsp;Healthcare — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.913% (SOFR01M + 3.75%) 8/25/32 • | 1995000 | &nbsp;&nbsp; 1994220 |
|  |  | &nbsp;&nbsp; 1994220 |
| &nbsp;&nbsp;Industrials — 0.21% | &nbsp;&nbsp;Industrials — 0.21% | &nbsp;&nbsp;Industrials — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings Tranche C 7.416% (SOFR01M + 3.25%) 10/19/29 • | 3957128 | &nbsp;&nbsp; 3962526 |
|  |  | &nbsp;&nbsp; 3962526 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $7,455,204)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $7,455,204)** | &nbsp;&nbsp; **7578163** |
| &nbsp;&nbsp;**Sovereign Bonds — 0.13%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 0.13%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 0.13%Δ** |
| &nbsp;&nbsp;Côte d'Ivoire — 0.04% | &nbsp;&nbsp;Côte d'Ivoire — 0.04% | &nbsp;&nbsp;Côte d'Ivoire — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government International Bond<br> 8.25% 1/30/37 ■ | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 679536 |
|  |  | &nbsp;&nbsp; 679536 |
| &nbsp;&nbsp;Paraguay — 0.05% | &nbsp;&nbsp;Paraguay — 0.05% | &nbsp;&nbsp;Paraguay — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond<br> 144A 2.739% 1/29/33 # | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 872749 |
|  |  | &nbsp;&nbsp; 872749 |
| &nbsp;&nbsp;Serbia — 0.04% | &nbsp;&nbsp;Serbia — 0.04% | &nbsp;&nbsp;Serbia — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond<br> 144A 6.00% 6/12/34 # | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp; 861211 |
|  |  | &nbsp;&nbsp; 861211 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $2,266,385)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $2,266,385)** | &nbsp;&nbsp; **2413496** |
| &nbsp;&nbsp;**US Treasury Obligations — 2.01%** | &nbsp;&nbsp;**US Treasury Obligations — 2.01%** | &nbsp;&nbsp;**US Treasury Obligations — 2.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 8/15/55 | 2000000 | &nbsp;&nbsp; 2007188 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**US Treasury Obligations (continued)** | &nbsp;&nbsp;**US Treasury Obligations (continued)** | &nbsp;&nbsp;**US Treasury Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/45 | 2585000 | $2684967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Inflation Indexed Bonds<br> 2.125% 1/15/35 | 22177161 | &nbsp;&nbsp; 22837991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 8/15/28 | 2070000 | &nbsp;&nbsp; 2070243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 8/31/30 | 6130000 | &nbsp;&nbsp; 6099350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 550066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 289185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 241296 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $36,690,894)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $36,690,894)** | &nbsp;&nbsp; **36810472** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 59.31%♣** | &nbsp;&nbsp;**Common Stocks — 59.31%♣** | &nbsp;&nbsp;**Common Stocks — 59.31%♣** |
| &nbsp;&nbsp;Communication Services — 4.39% | &nbsp;&nbsp;Communication Services — 4.39% | &nbsp;&nbsp;Communication Services — 4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41795 | &nbsp;&nbsp;&nbsp;&nbsp;10160364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;732001 | &nbsp;&nbsp;&nbsp;&nbsp;20671707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;266623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9083704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29212 | &nbsp;&nbsp;&nbsp;&nbsp;21452709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15991 | &nbsp;&nbsp;&nbsp;&nbsp;19171930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;80540414 |
| &nbsp;&nbsp;Consumer Discretionary — 7.38% | &nbsp;&nbsp;Consumer Discretionary — 7.38% | &nbsp;&nbsp;Consumer Discretionary — 7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;119412 | &nbsp;&nbsp;&nbsp;&nbsp;26219293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;500590 | &nbsp;&nbsp;&nbsp;&nbsp;17395503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35496 | &nbsp;&nbsp;&nbsp;&nbsp;17205652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63777 | &nbsp;&nbsp;&nbsp;&nbsp;16546305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49760 | &nbsp;&nbsp;&nbsp;&nbsp;20162254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H <<, =, † | &nbsp;&nbsp;&nbsp;&nbsp;640301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1311463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13411190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;122851 | &nbsp;&nbsp;&nbsp;&nbsp;21957159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | &nbsp;&nbsp;&nbsp;&nbsp;184458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;160750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;135343345 |
| &nbsp;&nbsp;Consumer Staples — 4.49% | &nbsp;&nbsp;Consumer Staples — 4.49% | &nbsp;&nbsp;Consumer Staples — 4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;404198 | &nbsp;&nbsp;&nbsp;&nbsp;21564778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;145789 | &nbsp;&nbsp;&nbsp;&nbsp;13594824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35687 | &nbsp;&nbsp;&nbsp;&nbsp;20174575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;166201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 1536139 | &nbsp;&nbsp;&nbsp;&nbsp;16060070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;82416697 |
| &nbsp;&nbsp;Energy — 0.90% | &nbsp;&nbsp;Energy — 0.90% | &nbsp;&nbsp;Energy — 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;264453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84322 | $7976018 |
|  |  | &nbsp;&nbsp; 16427936 |
| &nbsp;&nbsp;Financials — 10.77% | &nbsp;&nbsp;Financials — 10.77% | &nbsp;&nbsp;Financials — 10.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75416 | &nbsp;&nbsp; 16188044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37522 | &nbsp;&nbsp; 13379595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1187896 | &nbsp;&nbsp; 22890320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;771936 | &nbsp;&nbsp; 13068877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72333 | &nbsp;&nbsp; 15376549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 1787749 | &nbsp;&nbsp; 19158781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;786576 | &nbsp;&nbsp; 20620684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;109272 | &nbsp;&nbsp; 18410147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43644 | &nbsp;&nbsp; 24825144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp; 17034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;129123 | &nbsp;&nbsp; 20525392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 1819823 | &nbsp;&nbsp; 823477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | &nbsp;&nbsp;&nbsp;&nbsp;647105 | &nbsp;&nbsp; 12159103 |
|  |  | &nbsp;&nbsp; 197443147 |
| &nbsp;&nbsp;Healthcare — 5.65% | &nbsp;&nbsp;Healthcare — 5.65% | &nbsp;&nbsp;Healthcare — 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80363 | &nbsp;&nbsp; 12311701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 | &nbsp;&nbsp; 18755303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;363628 | &nbsp;&nbsp; 20321540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;146200 | &nbsp;&nbsp; 20215127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 2088047 | &nbsp;&nbsp; 16548231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32053 | &nbsp;&nbsp; 15546346 |
|  |  | &nbsp;&nbsp; 103698248 |
| &nbsp;&nbsp;Industrials — 7.44% | &nbsp;&nbsp;Industrials — 7.44% | &nbsp;&nbsp;Industrials — 7.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96869 | &nbsp;&nbsp; 22621429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;792919 | &nbsp;&nbsp; 22072035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;267642 | &nbsp;&nbsp; 15978227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | &nbsp;&nbsp;&nbsp;&nbsp;572741 | &nbsp;&nbsp; 20338033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;114832 | &nbsp;&nbsp; 22533483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;170890 | &nbsp;&nbsp; 14118932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69281 | &nbsp;&nbsp; 18704348 |
|  |  | &nbsp;&nbsp; 136366487 |
| &nbsp;&nbsp;Information Technology — 16.51% | &nbsp;&nbsp;Information Technology — 16.51% | &nbsp;&nbsp;Information Technology — 16.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;139300 | &nbsp;&nbsp; 35469959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51081 | &nbsp;&nbsp; 16852133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60402 | &nbsp;&nbsp; 9620831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22268 | &nbsp;&nbsp; 24018265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;126452 | &nbsp;&nbsp; 65495813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;319742 | &nbsp;&nbsp; 59657462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;&nbsp;861100 | &nbsp;&nbsp; 9907122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75109 | &nbsp;&nbsp; 17800833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77469 | &nbsp;&nbsp; 20743660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;993550 | &nbsp;&nbsp; 43157653 |
|  |  | &nbsp;&nbsp; 302723731 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials — 0.89% | &nbsp;&nbsp;Materials — 0.89% | &nbsp;&nbsp;Materials — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47046 | $16290148 |
|  |  | &nbsp;&nbsp; 16290148 |
| &nbsp;&nbsp;Utilities — 0.89% | &nbsp;&nbsp;Utilities — 0.89% | &nbsp;&nbsp;Utilities — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 4278304 | &nbsp;&nbsp; 16405963 |
|  |  | &nbsp;&nbsp; 16405963 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,108,348,642)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,108,348,642)** | &nbsp;&nbsp;**1087656116** |
| &nbsp;&nbsp;**Preferred Stock — 0.01%** | &nbsp;&nbsp;**Preferred Stock — 0.01%** | &nbsp;&nbsp;**Preferred Stock — 0.01%** |
| &nbsp;&nbsp;Financials — 0.01% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/29 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp; 214185 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $199,151)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $199,151)** | &nbsp;&nbsp; **214185** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 3.72%** | &nbsp;&nbsp;**Exchange-Traded Funds — 3.72%** | &nbsp;&nbsp;**Exchange-Traded Funds — 3.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | 1432146 | &nbsp;&nbsp;&nbsp; 33111215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;393118 | &nbsp;&nbsp; 35132956 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $63,902,875)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $63,902,875)** | &nbsp;&nbsp; **68244171** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 6.91%** | &nbsp;&nbsp;**Bullion — 6.91%** | &nbsp;&nbsp;**Bullion — 6.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32846 | &nbsp;&nbsp;&nbsp;&nbsp;126746435 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $38,406,159)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $38,406,159)** | **126746435** |

---

---

| | |
|:---|:---|
|  | **Number of<br> shares** |
| &nbsp;&nbsp;**Short-Term Investments — 0.98%** | &nbsp;&nbsp;**Short-Term Investments — 0.98%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.98% | &nbsp;&nbsp;Money Market Mutual Funds — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 4488705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 4488705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 4488705 |

---

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 4488705 | $4488705 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $17,954,820)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $17,954,820)** | &nbsp;&nbsp; **17954820** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.45%<br> (cost $1,745,444,610)** |  | &nbsp;&nbsp;**$1823774604** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| = | 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 September 30, 2025. 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. |
| ♦ | 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. |

---

---

| |
|:---|
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $199,102,086, which represents 10.86% of the Fund's net assets. See Note 10 in "Notes to financial statements." |
| PIK. 100% of the income received was in the form of principal. |
| Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2025, the aggregate value of restricted securities was $4,155,072, which represented 0.23% of the Fund's net assets. See Note 10 in "Notes to financial statements" and table below for additional details on restricted securities. |
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2025. Rate will reset at a future date. |
| Perpetual security. Maturity date represents next call date. |
| Securities have been classified by country of risk. |
| Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Affiliated company. See Note 2 in "Notes to financial statements." |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| New Cotai | 9/29/20 | $12323960 | $823477 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;2285635 | &nbsp;&nbsp;&nbsp;2612209 |
| Studio City International Holdings | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554462 | &nbsp;&nbsp;&nbsp;&nbsp;719386 |
| Total |  | $15164057 | $4155072 |

---

The following futures contracts were outstanding at September 30, 2025:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 40 | US Treasury 2 yr Notes | &nbsp;&nbsp;$8335938 | $8331032 | 12/31/25 | $4906 | $— | $4375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| (76) | US Treasury 10 yr Notes | &nbsp;&nbsp;$(8550000) | $(8546278) | 12/19/25 | $— | $(3722) | $1188 |
| (233) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26813204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26997820) | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16062 |
| 231 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26933156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26975639 | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57750) |
| (63) | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7563938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7353208) | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35437 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(7590635) |  | $189522 | $(256935) | $(688) |

---

The use of futures 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.

<sup>1</sup> See Note 8 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| AMT – Subject to Alternative Minimum Tax |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| FREMF – Freddie Mac Multifamily |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| 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 |
| 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.

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.37%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.37%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-36 VB 3.50% 6/25/29 | 2287986 | $2278996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-71 NB 3.00% 10/25/46 | 3646721 | &nbsp;&nbsp; 3417026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45 | 1924928 | &nbsp;&nbsp; 1852299 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $8,071,109)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $8,071,109)** | &nbsp;&nbsp; **7548321** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.20%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.20%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K144 A2 2.45% 4/25/32 ♦ | 2525000 | &nbsp;&nbsp; 2269781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K150 A2 3.71% 9/25/32 ♦, • | 1110000 | &nbsp;&nbsp; 1071519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K753 A2 4.40% 10/25/30 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 658279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series X3FX A2FX 3.00% 6/25/27 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;104227 | &nbsp;&nbsp; 102865 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $4,059,274)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $4,059,274)** | &nbsp;&nbsp; **4102444** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.49%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.49%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae<br> 2.50% 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | 2210980 | &nbsp;&nbsp; 2036123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;260471 | &nbsp;&nbsp; 245596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | 2011209 | &nbsp;&nbsp; 1896350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;578799 | &nbsp;&nbsp; 563237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68164 | &nbsp;&nbsp; 68113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22542 | &nbsp;&nbsp; 23060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;171475 | &nbsp;&nbsp; 148227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 5/1/41 | 2010802 | &nbsp;&nbsp; 1750409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43218 | &nbsp;&nbsp; 41374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11341 | &nbsp;&nbsp; 11086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69315 | &nbsp;&nbsp; 71043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;878384 | &nbsp;&nbsp; 715905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;217144 | &nbsp;&nbsp; 177419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60159 | &nbsp;&nbsp; 49153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60057 | &nbsp;&nbsp; 49249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;158778 | &nbsp;&nbsp; 130112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 2059007 | &nbsp;&nbsp; 1673005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83238 | &nbsp;&nbsp; 67989 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | 1963179 | $1588203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;206513 | &nbsp;&nbsp; 169289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | 1815484 | &nbsp;&nbsp; 1562523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;214843 | &nbsp;&nbsp; 184856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;404904 | &nbsp;&nbsp; 346689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;535450 | &nbsp;&nbsp; 457149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;110257 | &nbsp;&nbsp; 93299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;151545 | &nbsp;&nbsp; 128352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | 1965051 | &nbsp;&nbsp; 1670545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;729775 | &nbsp;&nbsp; 618078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | 1786312 | &nbsp;&nbsp; 1519713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14451 | &nbsp;&nbsp; 13303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12808 | &nbsp;&nbsp; 11580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;110182 | &nbsp;&nbsp; 99316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42011 | &nbsp;&nbsp; 37967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;257637 | &nbsp;&nbsp; 230657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;229534 | &nbsp;&nbsp; 205012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45798 | &nbsp;&nbsp; 40663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42131 | &nbsp;&nbsp; 37107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;236262 | &nbsp;&nbsp; 210763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;243291 | &nbsp;&nbsp; 215848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | 2915576 | &nbsp;&nbsp; 2591114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;724594 | &nbsp;&nbsp; 643717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | 2019969 | &nbsp;&nbsp; 1795762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;525002 | &nbsp;&nbsp; 462090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;422095 | &nbsp;&nbsp; 399680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068 | &nbsp;&nbsp; 13226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82567 | &nbsp;&nbsp; 77110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14627 | &nbsp;&nbsp; 13613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43594 | &nbsp;&nbsp; 40681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48565 | &nbsp;&nbsp; 45207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/50 | 4777345 | &nbsp;&nbsp; 4491064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;113835 | &nbsp;&nbsp; 106682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;219961 | &nbsp;&nbsp; 202470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/1/51 | 3214956 | &nbsp;&nbsp; 2959303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;169353 | &nbsp;&nbsp; 156666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 5091824 | &nbsp;&nbsp; 4697215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 5089612 | &nbsp;&nbsp; 4717980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873 | &nbsp;&nbsp; 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98939 | &nbsp;&nbsp; 95144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27852 | &nbsp;&nbsp; 26803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;138604 | &nbsp;&nbsp; 134401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36881 | &nbsp;&nbsp; 35321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;128123 | &nbsp;&nbsp; 124608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/1/52 | 1264796 | &nbsp;&nbsp; 1198058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;545054 | &nbsp;&nbsp; 515559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;254613 | &nbsp;&nbsp; 240044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp; 286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 | $7154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33418 | &nbsp;&nbsp; 33570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;237237 | &nbsp;&nbsp; 234331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/49 | 1454204 | &nbsp;&nbsp; 1429366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 | 2112834 | &nbsp;&nbsp; 2110264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40643 | &nbsp;&nbsp; 40113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 2749108 | &nbsp;&nbsp; 2680877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861 | &nbsp;&nbsp; 15487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/53 | 1606279 | &nbsp;&nbsp; 1564919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;115094 | &nbsp;&nbsp; 117937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;121976 | &nbsp;&nbsp; 123240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;142956 | &nbsp;&nbsp; 144181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | 2727457 | &nbsp;&nbsp; 2730632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;142445 | &nbsp;&nbsp; 148360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;118837 | &nbsp;&nbsp; 120992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 | 3569850 | &nbsp;&nbsp; 3624317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | 1863907 | &nbsp;&nbsp; 1901444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 | 7112025 | &nbsp;&nbsp; 7173304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | 3909515 | &nbsp;&nbsp; 3943204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;270612 | &nbsp;&nbsp; 285164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;936603 | &nbsp;&nbsp; 959471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;284197 | &nbsp;&nbsp; 291524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;108329 | &nbsp;&nbsp;&nbsp; 111983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | 5100364 | &nbsp;&nbsp; 5225383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 2/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64887 | &nbsp;&nbsp; 66444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 5111095 | &nbsp;&nbsp; 5222962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;307619 | &nbsp;&nbsp; 314378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;294656 | &nbsp;&nbsp; 272444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;430845 | &nbsp;&nbsp; 414738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/41 | 6647205 | &nbsp;&nbsp; 5745990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;142003 | &nbsp;&nbsp; 122729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;271379 | &nbsp;&nbsp; 234220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;336751 | &nbsp;&nbsp; 302510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/42 | 2735061 | &nbsp;&nbsp; 2441654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/42 | 1119059 | &nbsp;&nbsp; 999021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29508 | &nbsp;&nbsp; 26324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/37 | 1523219 | &nbsp;&nbsp; 1452913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20838 | &nbsp;&nbsp; 19446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24872 | &nbsp;&nbsp; 23027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;143002 | &nbsp;&nbsp; 132298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;141353 | &nbsp;&nbsp; 143719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71811 | &nbsp;&nbsp; 58148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;247877 | &nbsp;&nbsp; 211747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;312735 | &nbsp;&nbsp; 268139 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;401439 | $343535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | 1446253 | &nbsp;&nbsp; 1242290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 9376002 | &nbsp;&nbsp; 8016114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;225464 | &nbsp;&nbsp; 190255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 | &nbsp;&nbsp; 9147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123 | &nbsp;&nbsp; 11149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp; 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376 | &nbsp;&nbsp; 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;117841 | &nbsp;&nbsp; 106493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37640 | &nbsp;&nbsp; 33822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78544 | &nbsp;&nbsp; 70702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;307312 | &nbsp;&nbsp; 276506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;362857 | &nbsp;&nbsp; 323069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | 6720169 | &nbsp;&nbsp; 5908937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;113263 | &nbsp;&nbsp; 100645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;110097 | &nbsp;&nbsp; 103055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;680690 | &nbsp;&nbsp; 626210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;585580 | &nbsp;&nbsp; 538169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;871657 | &nbsp;&nbsp; 837900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | 5576478 | &nbsp;&nbsp; 5282431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | 2743927 | &nbsp;&nbsp; 2592599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;141550 | &nbsp;&nbsp; 139449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89047 | &nbsp;&nbsp; 88091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;182347 | &nbsp;&nbsp; 178373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | 2782836 | &nbsp;&nbsp; 2722385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 5231641 | &nbsp;&nbsp; 5098014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;424139 | &nbsp;&nbsp; 413262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | 1965167 | &nbsp;&nbsp; 1982003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | 2610886 | &nbsp;&nbsp; 2613805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;340495 | &nbsp;&nbsp; 339673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;352067 | &nbsp;&nbsp; 350802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | 5124594 | &nbsp;&nbsp; 5104758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99535 | &nbsp;&nbsp; 103689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | 1290998 | &nbsp;&nbsp; 1319823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35627 | &nbsp;&nbsp; 36065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;946990 | &nbsp;&nbsp; 964850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/53 | 1801531 | &nbsp;&nbsp; 1830491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | 2165241 | &nbsp;&nbsp; 2213827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;498492 | &nbsp;&nbsp; 504279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | 4294477 | &nbsp;&nbsp; 4360962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/54 | 3974292 | &nbsp;&nbsp; 4009830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/1/55 | 6159417 | &nbsp;&nbsp; 6212489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;266074 | &nbsp;&nbsp; 268367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;450652 | &nbsp;&nbsp; 460873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA I S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp; 17459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22365 | &nbsp;&nbsp; 19794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | &nbsp;&nbsp; 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp; 2098 |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA I S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 | $2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;105489 | &nbsp;&nbsp; 110594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% 11/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567 | &nbsp;&nbsp; 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp; 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928 | &nbsp;&nbsp; 6735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42848 | &nbsp;&nbsp; 37762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/20/51 | 1360753 | &nbsp;&nbsp; 1216980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/20/52 | 1363519 | &nbsp;&nbsp; 1218327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp; 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/20/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | 1373324 | &nbsp;&nbsp; 1374312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;173813 | &nbsp;&nbsp; 178162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | 2549906 | &nbsp;&nbsp; 2583555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | 1255772 | &nbsp;&nbsp; 1273341 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $176,862,169)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $176,862,169)** | &nbsp;&nbsp; **174436227** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.33%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.33%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17 Series 2022-17A AR 144A 5.275% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 948733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimco CLO 15 Series 2021-15A D1R 144A 7.072% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 287513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18 Series 2021-18A C1R 144A 7.168% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 300891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO Series 2019-2A AR2 144A 5.328% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO Series 2020-2A AR2 144A 5.348% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 698446 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Series 2025-1A D1 144A 6.776% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | $347439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 109 CLO Series 2022-109A DR 144A 7.018% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 351294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 22<br> Series 2023-1A D1R 144A 7.122% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 287509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII Series 2018-27A D1R 144A 7.175% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 350555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XLV Series 2025-45A D1 144A 6.785% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 289077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Man GLG US CLO Series 2018-1A A1R 144A 5.727% (TSFR03M + 1.40%) 4/22/30 #, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15367 | &nbsp;&nbsp; 15364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO Series 2020-1A D1RR 144A 6.918% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 295659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners VII Series 2012-7A D1R4 144A 6.704% (TSFR03M + 2.50%, Floor 2.50%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 351512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO Series 2019-2A D1R2 144A 7.325% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 341829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16<br> Series 2020-16A A1R2 144A 5.455% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | 1450000 | $1449592 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $6,835,367)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $6,835,367)** | &nbsp;&nbsp; **6815276** |
| &nbsp;&nbsp;**Convertible Bond — 0.02%** | &nbsp;&nbsp;**Convertible Bond — 0.02%** | &nbsp;&nbsp;**Convertible Bond — 0.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 0.000% exercise price $0.00, maturity date 2/2/27 =, >>, π | &nbsp;&nbsp;&nbsp;&nbsp;403088 | &nbsp;&nbsp; 455997 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $398,992)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $398,992)** | &nbsp;&nbsp; **455997** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 8.75%** | &nbsp;&nbsp;**Corporate Bonds — 8.75%** | &nbsp;&nbsp;**Corporate Bonds — 8.75%** |
| &nbsp;&nbsp;Banking — 2.44% | &nbsp;&nbsp;Banking — 2.44% | &nbsp;&nbsp;Banking — 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 1813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | 2921000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon 4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 7.625% 3/15/35 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438% 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% 4/30/34 | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A 4.818% 9/25/33 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | 1932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares 5.60% 9/5/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166616 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016% 10/23/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;952000 | $958790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp; 883305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734% 1/28/56 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 114127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ |  | 2437000 | &nbsp;&nbsp; 2593794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.25% 10/15/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 519176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.109% 4/22/51 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp; 22836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp; 752263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp; 503079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp; 720592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;312000 | &nbsp;&nbsp; 329023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576% 7/23/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp; 583023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp; 364869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp; 525192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank 5.179% 7/8/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp; 470189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.495% 10/26/29 μ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 137062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp; 97097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 480269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ |  | 1009000 | &nbsp;&nbsp; 1076001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ |  | 1142000 | &nbsp;&nbsp; 1142739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;881000 | &nbsp;&nbsp; 918168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp; 858922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.627% 11/1/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp; 171292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank 4.734% 7/18/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 324934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group 5.115% 5/23/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp; 661623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 426524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services<br> Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% 9/15/26 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp; 137063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp; 376935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;441000 | &nbsp;&nbsp; 460307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 36921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ |  | 1895000 | &nbsp;&nbsp; 2147620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 454793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp; 639313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A 5.439% 10/3/36 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 768757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;388000 | &nbsp;&nbsp; 398491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.993% 3/18/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp; 828881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank 6.35% 10/31/85 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 376329 |

---

16&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.398% 9/23/31 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;365000 | $363842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 766597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.58% 5/9/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp; 640446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | 1060000 | &nbsp;&nbsp; 1097040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 349413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp; 218171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% 4/27/26 | 1320000 | &nbsp;&nbsp; 1312970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp; 640111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp; 680194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 584548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp; 15010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 328611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 575132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.078% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 438688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.892% 9/15/36 μ | 1155000 | &nbsp;&nbsp; 1153141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp; 57769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;508000 | &nbsp;&nbsp; 525710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp; 123881 |
|  |  | &nbsp;&nbsp; 50078715 |
| &nbsp;&nbsp;Basic Industry — 0.29% | &nbsp;&nbsp;Basic Industry — 0.29% | &nbsp;&nbsp;Basic Industry — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings 6.50% 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 21196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp; 72530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp; 603822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 1287000 | &nbsp;&nbsp; 1301434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.65% 3/15/36 | 1230000 | &nbsp;&nbsp; 1236675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | 1226000 | &nbsp;&nbsp; 1257427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;653000 | &nbsp;&nbsp; 614956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp; 810049 |
|  |  | &nbsp;&nbsp; 5918089 |
| &nbsp;&nbsp;Brokerage — 0.35% | &nbsp;&nbsp;Brokerage — 0.35% | &nbsp;&nbsp;Brokerage — 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | &nbsp;&nbsp;&nbsp;&nbsp;897000 | &nbsp;&nbsp; 906829 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | 1295000 | $1302338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 5.00% 8/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp; 575359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp; 108559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 7/21/28 | 1508000 | &nbsp;&nbsp; 1570419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 1/20/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp; 51567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | 1796000 | &nbsp;&nbsp; 1799938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II 5.375% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp; 842544 |
|  |  | &nbsp;&nbsp; 7157553 |
| &nbsp;&nbsp;Capital Goods — 0.46% | &nbsp;&nbsp;Capital Goods — 0.46% | &nbsp;&nbsp;Capital Goods — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 5.50% 3/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 401911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp; 83458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 223376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 2112000 | &nbsp;&nbsp; 2410770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp; 46043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 1104000 | &nbsp;&nbsp; 1171656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar 5.20% 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp; 90045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 259885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp; 190135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 176399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp; 775699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp; 289573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 1162000 | &nbsp;&nbsp; 1192392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 99708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;913000 | &nbsp;&nbsp; 875959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.375% 5/31/33 # | 1136000 | &nbsp;&nbsp; 1151612 |
|  |  | &nbsp;&nbsp; 9438621 |
| &nbsp;&nbsp;Communications — 1.05% | &nbsp;&nbsp;Communications — 1.05% | &nbsp;&nbsp;Communications — 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp; 12460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp; 297761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 440840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 440190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp; 299767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp; 443163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 4.25% 1/15/34 # | 1822000 | &nbsp;&nbsp; 1576373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications<br> Operating |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 4/1/61 |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | $71733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 12/1/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp; 410105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 254062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Telecom 3.125% 9/15/26 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38019 | &nbsp;&nbsp; 44641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms 5.40% 8/15/54 |  | 2074000 | &nbsp;&nbsp; 2050704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # |  | 1255000 | &nbsp;&nbsp; 1294599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 2/15/34 |  | 1421000 | &nbsp;&nbsp; 1442056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 4/15/55 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 84846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp; 709581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp; 917761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # |  | 1095000 | &nbsp;&nbsp; 1105066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;936000 | &nbsp;&nbsp; 1006990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% 5/1/37 |  | 1800000 | &nbsp;&nbsp; 1873232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% 7/1/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 300617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 4/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp; 156132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 4/15/30 |  | 4425000 | &nbsp;&nbsp; 4340380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 257360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 383320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 11/20/50 |  | 1244000 | &nbsp;&nbsp; 794626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/2/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp; 504573 |
|  |  |  | &nbsp;&nbsp; 21512938 |
| &nbsp;&nbsp;Consumer Cyclical — 0.34% | &nbsp;&nbsp;Consumer Cyclical — 0.34% | &nbsp;&nbsp;Consumer Cyclical — 0.34% | &nbsp;&nbsp;Consumer Cyclical — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;502000 | &nbsp;&nbsp; 495148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.798% 11/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 208878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp; 607660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 6/10/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 430595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 6/18/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp; 233970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp; 288105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # |  | 1435000 | &nbsp;&nbsp; 1433425 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 6/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | $32541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp; 93224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 556538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 292205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 2009000 | &nbsp;&nbsp; 2032845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp; 316612 |
|  |  | &nbsp;&nbsp; 7021746 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.36% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.36% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 5.35% 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 306841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp; 790661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp; 367586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;613000 | &nbsp;&nbsp; 624073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp; 567494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.75% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp; 42164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp; 40286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp; 656376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 600264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/12/55 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 459977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare<br> Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp; 306045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 305959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp; 839397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp; 448427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp; 15495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux 144A 5.50% 1/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 76638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 97152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp; 63951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 76025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York and Presbyterian<br> Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.256% 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp; 46325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.606% 8/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp; 24133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.063% 8/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYU Langone Hospitals 3.38% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp; 27191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% 9/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp; 101305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% 9/2/51 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 93881 |

---

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;406000 | $418810 |
|  |  | &nbsp;&nbsp; 7398842 |
| &nbsp;&nbsp;Electric — 0.68% | &nbsp;&nbsp;Electric — 0.68% | &nbsp;&nbsp;Electric — 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.40% 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp; 32926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 5.80% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 519478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;518000 | &nbsp;&nbsp; 513330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy 2.85% 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp; 103610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 445267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison 2.20% 3/1/30 | 2070000 | &nbsp;&nbsp; 1907361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp; 407755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 392913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp; 511944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp; 649280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas 4.95% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% 6/15/30 | 1765000 | &nbsp;&nbsp; 1647822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 518334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fells Point Funding Trust 144A 3.046% 1/31/27 # | 1369000 | &nbsp;&nbsp; 1347318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light 3.15% 10/1/49 | 2575000 | &nbsp;&nbsp; 1800435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp; 54895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp; 39230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 720222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 577315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 11/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 107700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp; 110213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;937000 | &nbsp;&nbsp; 855147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp; 186575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric 3.30% 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp; 103632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 263773 |
|  |  | &nbsp;&nbsp; 13912685 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy — 0.89% | &nbsp;&nbsp;Energy — 0.89% | &nbsp;&nbsp;Energy — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | $107785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets 4.875% 3/22/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 780668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America 5.227% 11/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 72332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp; 698301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp; 192796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp; 633347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas 8.375% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp; 22811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp; 377552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp; 361556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp; 591289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/8/33 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp; 926388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp; 989079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 12/1/28 | 1236000 | &nbsp;&nbsp; 1301638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 994875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 11/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp; 82599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | 1027000 | &nbsp;&nbsp; 1023193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/56 μ | 1120000 | &nbsp;&nbsp;&nbsp; 1119118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products<br> Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;618000 | &nbsp;&nbsp; 624774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 17775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/16/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp; 56382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% 6/1/67 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp; 26001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/15/32 | 1140000 | &nbsp;&nbsp; 1166834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 351022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp; 45440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 1304000 | &nbsp;&nbsp; 1251890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp; 604053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;564000 | &nbsp;&nbsp; 532821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 1149000 | &nbsp;&nbsp; 1150339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline 8.375% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp; 22451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | 1696000 | &nbsp;&nbsp; 1529351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp; 649299 |
|  |  | &nbsp;&nbsp; 18303759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies — 0.77% | &nbsp;&nbsp;Finance Companies — 0.77% | &nbsp;&nbsp;Finance Companies — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital<br> DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;344000 | $331615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% 7/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 148695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 410720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 409714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 358669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 12/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 63095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp; 767759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 6/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 128501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;556000 | &nbsp;&nbsp; 564733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 13248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust #1 144A 3.652% 3/15/48 # | 2000000 | &nbsp;&nbsp; 1965979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | 1082000 | &nbsp;&nbsp; 1147234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | 1025000 | &nbsp;&nbsp; 1017877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/1/27 # | 1660000 | &nbsp;&nbsp; 1631381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 10/24/30 # | 1514000 | &nbsp;&nbsp; 1513261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp; 655851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit<br> Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 439954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | 1134000 | &nbsp;&nbsp; 1154478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income 5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp; 357082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | 1175000 | &nbsp;&nbsp; 1215288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | 1193000 | &nbsp;&nbsp; 1237120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.25% 3/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp; 390378 |
|  |  | &nbsp;&nbsp; 15922632 |
| &nbsp;&nbsp;Industrials — 0.04% | &nbsp;&nbsp;Industrials — 0.04% | &nbsp;&nbsp;Industrials — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services 4.30% 8/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp; 815127 |
|  |  | &nbsp;&nbsp; 815127 |
| &nbsp;&nbsp;Insurance — 0.32% | &nbsp;&nbsp;Insurance — 0.32% | &nbsp;&nbsp;Insurance — 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% 8/23/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 15852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 566450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp; 495217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 10079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A 1.985% 8/19/28 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 187881 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | $32874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp; 285995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp; 558854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb INA Holdings 4.90% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp; 536373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;986000 | &nbsp;&nbsp; 1052852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;877000 | &nbsp;&nbsp; 870641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding 144A 5.45% 9/18/26 # | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp; 185656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Insurance 144A 5.95% 9/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 610338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial 5.20% 3/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 92579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Life Insurance 144A 5.875% 9/10/55 #, μ | 1085000 | &nbsp;&nbsp; 1105372 |
|  |  | &nbsp;&nbsp; 6607013 |
| &nbsp;&nbsp;Natural Gas — 0.01% | &nbsp;&nbsp;Natural Gas — 0.01% | &nbsp;&nbsp;Natural Gas — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 10/15/25 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp; 49053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% 10/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 173945 |
|  |  | &nbsp;&nbsp; 222998 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp; 229620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp; 670840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp; 442303 |
|  |  | &nbsp;&nbsp; 1342763 |
| &nbsp;&nbsp;Technology — 0.68% | &nbsp;&nbsp;Technology — 0.68% | &nbsp;&nbsp;Technology — 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp; 594136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 40931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp; 134971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;704000 | &nbsp;&nbsp; 680583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | 1053000 | &nbsp;&nbsp; 1063657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 2650000 | &nbsp;&nbsp; 2427005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp; 686805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp; 632846 |

---

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | $53005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/35 | 1148000 | &nbsp;&nbsp; 1190167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 283330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 774533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 496630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 9/26/55 | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp; 618522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp; 49225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.75% 4/23/28 # | 4400000 | &nbsp;&nbsp; 4157616 |
|  |  | &nbsp;&nbsp; 13930356 |
| &nbsp;&nbsp;Transportation — 0.01% | &nbsp;&nbsp;Transportation — 0.01% | &nbsp;&nbsp;Transportation — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp; 80240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 116890 |
|  |  | &nbsp;&nbsp; 197130 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $178,751,930)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $178,751,930)** | &nbsp;&nbsp; **179780967** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** |  |
| &nbsp;&nbsp;**Municipal Bonds — 0.12%** | &nbsp;&nbsp;**Municipal Bonds — 0.12%** | &nbsp;&nbsp;**Municipal Bonds — 0.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (Build America Bonds Plant Vogtle Units 3 & 4 Project)<br> 6.655% 4/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board Revenue (Master Trust)<br> 4.75% 10/15/55 | 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Senior Lien Toll Revenue (Georgia SR 400 Express Lanes Project)<br> 6.50% 12/31/65 (AMT) | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100324 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $2,335,093)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $2,335,093)** | **2410551** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.99%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.99%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I Series 2024-2A A2 144A 4.50% 5/20/49 # | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339221 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer Series 2021-1A A2 144A 2.06% 2/27/51 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | $143244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 359646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | &nbsp;&nbsp;&nbsp;&nbsp;316063 | &nbsp;&nbsp; 298792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 B 144A 1.788% 8/17/38 # | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 126964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 D 144A 2.058% 9/17/38 # | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 116259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Lease Trust Series 2024-A A3 5.06% 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;103328 | &nbsp;&nbsp; 103585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | 1140000 | &nbsp;&nbsp; 1156818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Series 2024-1 A1 144A 5.29% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 478888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 515362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 2500000 | &nbsp;&nbsp; 2538878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenState Auto Receivables Trust Series 2024-1A A2 144A 5.53% 8/16/27 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44214 | &nbsp;&nbsp; 44291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 # | 1300000 | &nbsp;&nbsp; 1308598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 3000000 | &nbsp;&nbsp; 3038323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 # | 1500000 | &nbsp;&nbsp; 1507660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 558197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | 2375000 | $2411155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 2700000 | &nbsp;&nbsp; 2759151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 2500000 | &nbsp;&nbsp; 2522147 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $20,073,434)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $20,073,434)** | &nbsp;&nbsp; **20327179** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.67%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.67%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue<br> Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01 1M2 144A 6.256% (SOFR + 1.90%) 12/25/41 #, • | 1750000 | &nbsp;&nbsp; 1774343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.856% (SOFR + 1.50%) 10/25/43 #, • | 2061720 | &nbsp;&nbsp; 2063649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.856% (SOFR + 1.50%) 5/25/45 #, • | 1025000 | &nbsp;&nbsp; 1028951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.956% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp; 481677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured<br> Agency Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA2 M2 144A 6.406% (SOFR + 2.05%) 12/25/33 #, • | 3516455 | &nbsp;&nbsp; 3602186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 6.206% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;975148 | &nbsp;&nbsp; 986209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.856% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 375176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.87% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 530328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, ~ | 3001822 | &nbsp;&nbsp; 2961976 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $13,453,832)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $13,453,832)** | &nbsp;&nbsp; **13804495** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.50%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.50%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust Series 2025-1301 A 144A 5.227% 8/11/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;120000 | $121544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK5 A5 3.39% 6/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 177600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20 A3 3.011% 9/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 159366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN21 A5 2.851% 10/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 300676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23 A3 2.92% 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 216836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 A4 2.403% 3/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 200527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29 A4 1.997% 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 126512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 A5 2.643% 4/15/54 • | 7310000 | &nbsp;&nbsp; 6642532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN36 A5 2.47% 9/15/64 | 7696000 | &nbsp;&nbsp; 6864177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 B 3.347% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp; 519070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 C 3.378% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp; 366185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 A4 3.504% 3/15/64 • | 8150000 | &nbsp;&nbsp; 7592266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 B 3.504% 3/15/64 • | 1120000 | &nbsp;&nbsp; 986158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1 A5 3.666% 1/15/51 • | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 152676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B17 A5 2.289% 3/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 444111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 120824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 A5 3.002% 1/15/55 • | 9130000 | &nbsp;&nbsp; 8129946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | 2345000 | &nbsp;&nbsp; 1966295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 C 3.571% 1/15/55 • | 1346000 | &nbsp;&nbsp; 1056811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 A5 3.458% 3/15/55 | 8325000 | &nbsp;&nbsp; 7705332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 B 3.734% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 435870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 C 3.734% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 396806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B34 A5 3.786% 4/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 153815 |

---

22&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B35 A5 4.591% 5/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;330000 | $323072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | 4500000 | &nbsp;&nbsp; 4171241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantor Commercial Real<br> Estate Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-CF1 A5 3.786% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 210057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-CF2 A5 2.874% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 150408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD Mortgage Trust Series 2016-CD2 A3 3.248% 11/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;141950 | &nbsp;&nbsp; 140503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 267081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GS5 A4 3.674% 3/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 187679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC39 A4 3.567% 5/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 186362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC42 A4 3.001% 9/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 136118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 A5 3.914% 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93916 | &nbsp;&nbsp; 93413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust Series 2025-11MD A 144A 4.754% 10/15/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 249309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26 A5 3.531% 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23574 | &nbsp;&nbsp; 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-L3 A4 3.127% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 104528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HR8 A4 2.041% 7/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 161309 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | $157442 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $56,897,064)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $56,897,064)** | &nbsp;&nbsp; **51397986** |
| &nbsp;&nbsp;**US Treasury Obligations — 4.76%** | &nbsp;&nbsp;**US Treasury Obligations — 4.76%** | &nbsp;&nbsp;**US Treasury Obligations — 4.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;522000 | &nbsp;&nbsp; 348435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 2/15/43 | 12090000 | &nbsp;&nbsp; 10976397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 8/15/44 | 2653000 | &nbsp;&nbsp; 2463300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 11/15/44 | 3175000 | &nbsp;&nbsp; 3146351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp; 107122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 5/15/55 | 10190000 | &nbsp;&nbsp; 10225028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 8/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 531905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/45 | 2148000 | &nbsp;&nbsp; 2231067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Inflation Indexed Bonds<br> 2.125% 1/15/35 | 37516406 | &nbsp;&nbsp; 38634313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | 8175000 | &nbsp;&nbsp; 8225774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/31/32 | 20945000 | &nbsp;&nbsp; 20886092 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $98,362,492)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $98,362,492)** | &nbsp;&nbsp; **97775784** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 60.55%♣** | &nbsp;&nbsp;**Common Stocks — 60.55%♣** | &nbsp;&nbsp;**Common Stocks — 60.55%♣** |
| &nbsp;&nbsp;Communication Services — 6.81% | &nbsp;&nbsp;Communication Services — 6.81% | &nbsp;&nbsp;Communication Services — 6.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;118341 | &nbsp;&nbsp;&nbsp;&nbsp;28768697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class C | &nbsp;&nbsp;&nbsp;&nbsp;109463 | &nbsp;&nbsp;&nbsp;&nbsp;26659714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;951142 | &nbsp;&nbsp;&nbsp;&nbsp;26860250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64770 | &nbsp;&nbsp;&nbsp;&nbsp;10583418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46280 | &nbsp;&nbsp;&nbsp;&nbsp;33987107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10846 | &nbsp;&nbsp;&nbsp;&nbsp;13003486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;139862672 |
| &nbsp;&nbsp;Consumer Discretionary — 4.99% | &nbsp;&nbsp;Consumer Discretionary — 4.99% | &nbsp;&nbsp;Consumer Discretionary — 4.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;203270 | &nbsp;&nbsp;&nbsp;&nbsp;44631994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | &nbsp;&nbsp;&nbsp;&nbsp;29255146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55073 | &nbsp;&nbsp;&nbsp;&nbsp;22315029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H <<, =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234511 |

---

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28089 | $109547 |
|  |  | &nbsp;&nbsp; 102462715 |
| &nbsp;&nbsp;Consumer Staples — 1.42% | &nbsp;&nbsp;Consumer Staples — 1.42% | &nbsp;&nbsp;Consumer Staples — 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31487 | &nbsp;&nbsp; 29145312 |
|  |  | &nbsp;&nbsp; 29145312 |
| &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31163 | &nbsp;&nbsp; 73156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 73265 |
| &nbsp;&nbsp;Financials — 13.15% | &nbsp;&nbsp;Financials — 13.15% | &nbsp;&nbsp;Financials — 13.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99951 | &nbsp;&nbsp; 21454482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;437826 | &nbsp;&nbsp; 17162779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69401 | &nbsp;&nbsp; 23052236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39791 | &nbsp;&nbsp; 14188675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;104129 | &nbsp;&nbsp; 17790440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;116713 | &nbsp;&nbsp; 24810849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;100120 | &nbsp;&nbsp; 27051423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;150305 | &nbsp;&nbsp; 19378824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79692 | &nbsp;&nbsp; 25137248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;141642 | &nbsp;&nbsp; 18406378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37909 | &nbsp;&nbsp; 21563018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp; 64928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;129098 | &nbsp;&nbsp; 20521418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;318315 | &nbsp;&nbsp; 144039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78036 | &nbsp;&nbsp; 19270990 |
|  |  | &nbsp;&nbsp; 269997727 |
| &nbsp;&nbsp;Healthcare — 3.72% | &nbsp;&nbsp;Healthcare — 3.72% | &nbsp;&nbsp;Healthcare — 3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;205931 | &nbsp;&nbsp; 27582398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26987 | &nbsp;&nbsp; 6248570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70020 | &nbsp;&nbsp; 13882165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38080 | &nbsp;&nbsp; 16229696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31786 | &nbsp;&nbsp; 12448669 |
|  |  | &nbsp;&nbsp; 76391498 |
| &nbsp;&nbsp;Industrials — 6.73% | &nbsp;&nbsp;Industrials — 6.73% | &nbsp;&nbsp;Industrials — 6.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;489141 | &nbsp;&nbsp; 28477789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;203153 | &nbsp;&nbsp; 22696253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46544 | &nbsp;&nbsp; 19658790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62969 | &nbsp;&nbsp; 23566148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;222927 | &nbsp;&nbsp; 43744965 |
|  |  | &nbsp;&nbsp; 138143945 |
| &nbsp;&nbsp;Information Technology — 20.96% | &nbsp;&nbsp;Information Technology — 20.96% | &nbsp;&nbsp;Information Technology — 20.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92771 | &nbsp;&nbsp; 15009420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;228840 | &nbsp;&nbsp; 58269529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;108980 | &nbsp;&nbsp; 22312565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95578 | &nbsp;&nbsp; 31532138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;181285 | &nbsp;&nbsp; 93896566 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;434834 | $81131328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77352 | &nbsp;&nbsp; 18332424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59835 | &nbsp;&nbsp; 15988510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70821 | &nbsp;&nbsp; 16718005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;177567 | &nbsp;&nbsp; 49592688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46525 | &nbsp;&nbsp; 10213633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59198 | &nbsp;&nbsp; 17591278 |
|  |  | &nbsp;&nbsp; 430588084 |
| &nbsp;&nbsp;Materials — 2.24% | &nbsp;&nbsp;Materials — 2.24% | &nbsp;&nbsp;Materials — 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;140620 | &nbsp;&nbsp; 13582486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29916 | &nbsp;&nbsp; 14210100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26617 | &nbsp;&nbsp; 9216402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29358 | &nbsp;&nbsp; 9031108 |
|  |  | &nbsp;&nbsp; 46040096 |
| &nbsp;&nbsp;Utilities — 0.53% | &nbsp;&nbsp;Utilities — 0.53% | &nbsp;&nbsp;Utilities — 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;142888 | &nbsp;&nbsp; 10786615 |
|  |  | &nbsp;&nbsp; 10786615 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $833,993,841)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $833,993,841)** | &nbsp;&nbsp;**1243491929** |
| &nbsp;&nbsp;**Preferred Stock — 0.04%** | &nbsp;&nbsp;**Preferred Stock — 0.04%** | &nbsp;&nbsp;**Preferred Stock — 0.04%** |
| &nbsp;&nbsp;Financials — 0.04% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/29 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 817500 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $759,935)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $759,935)** | &nbsp;&nbsp; **817500** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 11.37%** | &nbsp;&nbsp;**Exchange-Traded Funds — 11.37%** | &nbsp;&nbsp;**Exchange-Traded Funds — 11.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core US Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;948261 | &nbsp;&nbsp; 95063165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | 3384133 | &nbsp;&nbsp; 78241155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;438204 | &nbsp;&nbsp; 39162292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34363 | &nbsp;&nbsp; 21043214 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $223,325,644)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $223,325,644)** | &nbsp;&nbsp; **233509826** |
| &nbsp;&nbsp;**Short-Term Investments — 0.71%** | &nbsp;&nbsp;**Short-Term Investments — 0.71%** | &nbsp;&nbsp;**Short-Term Investments — 0.71%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.71% | &nbsp;&nbsp;Money Market Mutual Funds — 0.71% | &nbsp;&nbsp;Money Market Mutual Funds — 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 3650000 | &nbsp;&nbsp; 3650000 |

---

24&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 3650000 | $3650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 3650000 | &nbsp;&nbsp; 3650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 3650000 | &nbsp;&nbsp; 3650000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $14,600,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $14,600,000)** | &nbsp;&nbsp; **14600000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.87%<br> (cost $1,638,780,176)** |  | **$2051274482** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| ♦ | 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. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2025. 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 September 30, 2025, the aggregate value of Rule 144A securities was $83,142,656, which represents 4.05% of the Fund's net assets. See Note 10 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." |
| PIK. 100% of the income received was in the form of principal. |
| Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2025, the aggregate value of restricted securities was $907,812, which represented 0.04% of the Fund's net assets. See Note 10 in "Notes to financial statements" and table below for additional details on restricted securities. |
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2025. Rate will reset at a future date. |
| Perpetual security. Maturity date represents next call date. |
| Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |
| Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at September 30, 2025. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Affiliated company. See Note 2 in "Notes to financial statements." |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| Foresight Energy | 6/30/20 | $611246 | $73156 |
| New Cotai | 9/29/20 | &nbsp;&nbsp;&nbsp;2791169 | &nbsp;&nbsp;&nbsp;144039 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;398992 | &nbsp;&nbsp;&nbsp;455997 |
| Studio City International Holdings | &nbsp;&nbsp;&nbsp;8/5/20 | &nbsp;&nbsp;&nbsp;&nbsp;364276 | &nbsp;&nbsp;&nbsp;234511 |
| Westmoreland Coal | 3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Total |  | $4165793 | $907812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;25

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Macquarie Balanced Fund

The following futures contracts and swap contracts were outstanding at September 30, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 517 | US Treasury 2 yr Notes | &nbsp;&nbsp;$107741992 | $107678582 | 12/31/25 | $63410 | $56547 |
| (491) | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53614897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53726524) | 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19178) |
| (371) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42693986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42931570) | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25107 |
| 379 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44189031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43569122 | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94750) |
| 11 | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284172 | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6188) |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $55873782 |  | $1069045 | $(38462) |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** |  |  |  |  |  |  |
| **Protection Sold/Moody's Ratings:** |  |  |  |  |  |  |
| CDX.NA.HY.43.V1<sup>4</sup> 12/20/29-Quarterly | 7900000 | 5.000% | $605060 | $431741 | $173319 | $(9898) |

---

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 net unrealized appreciation (depreciation) and variation margin are reflected in the Fund's net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

<sup>2</sup> 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.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> Markit's North America High Yield 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 |
| AMT – Subject to Alternative Minimum Tax |
| CD – Certificate of Deposit |
| CDS – Credit Default Swap |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| GS – Goldman Sachs |

---

26&nbsp;&nbsp;&nbsp;&nbsp;

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---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| PIK – Payment-in-kind |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

---

| |
|:---|
| **Summary of currencies:** |
| EUR – European Monetary Unit |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;27

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## Schedules of investments
Macquarie Climate Solutions Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.65%♣** | &nbsp;&nbsp;**Common Stocks — 97.65%♣** | &nbsp;&nbsp;**Common Stocks — 97.65%♣** |
| &nbsp;&nbsp;Energy — 13.69% | &nbsp;&nbsp;Energy — 13.69% | &nbsp;&nbsp;Energy — 13.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neste | 152385 | $2799885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum | 63671 | &nbsp;&nbsp; 3008455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | 82188 | &nbsp;&nbsp; 2824801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell ADR | 20013 | &nbsp;&nbsp; 1431530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 21909 | &nbsp;&nbsp; 3730226 |
|  |  | &nbsp;&nbsp;13794897 |
| &nbsp;&nbsp;Industrials — 15.89% | &nbsp;&nbsp;Industrials — 15.89% | &nbsp;&nbsp;Industrials — 15.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | 10102 | &nbsp;&nbsp; 4266782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingspan Group | 44316 | &nbsp;&nbsp; 3705302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | 15131 | &nbsp;&nbsp; 4258955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management | 17144 | &nbsp;&nbsp; 3785909 |
|  |  | &nbsp;&nbsp;16016948 |
| &nbsp;&nbsp;Information Technology — 4.03% | &nbsp;&nbsp;Information Technology — 4.03% | &nbsp;&nbsp;Information Technology — 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | 18398 | &nbsp;&nbsp; 4057311 |
|  |  | &nbsp;&nbsp; 4057311 |
| &nbsp;&nbsp;Materials — 24.55% | &nbsp;&nbsp;Materials — 24.55% | &nbsp;&nbsp;Materials — 24.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | 107242 | &nbsp;&nbsp; 3527190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | 123707 | &nbsp;&nbsp; 4664661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | 40656 | &nbsp;&nbsp; 3646843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim † | 33992 | &nbsp;&nbsp; 2900353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Matthey | 61786 | &nbsp;&nbsp; 1673951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | 63855 | &nbsp;&nbsp; 3748927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | 23331 | &nbsp;&nbsp; 3253041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | 19580 | &nbsp;&nbsp; 1331080 |
|  |  | &nbsp;&nbsp;24746046 |
| &nbsp;&nbsp;Real Estate — 3.29% | &nbsp;&nbsp;Real Estate — 3.29% | &nbsp;&nbsp;Real Estate — 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser | 133744 | &nbsp;&nbsp; 3315514 |
|  |  | &nbsp;&nbsp; 3315514 |
| &nbsp;&nbsp;Utilities — 36.20% | &nbsp;&nbsp;Utilities — 36.20% | &nbsp;&nbsp;Utilities — 36.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES | 197120 | &nbsp;&nbsp; 2594099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren | 38908 | &nbsp;&nbsp; 4061217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLP Holdings | 356000 | &nbsp;&nbsp; 2945653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy | 52784 | &nbsp;&nbsp; 3866956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP Renovaveis | 288668 | &nbsp;&nbsp; 3815196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | 42808 | &nbsp;&nbsp; 3231576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource | 86251 | &nbsp;&nbsp; 3734668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE | 99826 | &nbsp;&nbsp; 4440132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSE | 141237 | &nbsp;&nbsp; 3312814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy | 55496 | &nbsp;&nbsp; 4475752 |
|  |  | &nbsp;&nbsp;36478063 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $83,640,042)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $83,640,042)** | &nbsp;&nbsp;**98408779** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—97.65%<br> (cost $83,640,042)** |  | **$98408779** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;28

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Macquarie Natural Resources Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.88%♣** | &nbsp;&nbsp;**Common Stocks — 96.88%♣** | &nbsp;&nbsp;**Common Stocks — 96.88%♣** |
| &nbsp;&nbsp;Consumer Staples — 2.15% | &nbsp;&nbsp;Consumer Staples — 2.15% | &nbsp;&nbsp;Consumer Staples — 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51684 | $4199325 |
|  |  | &nbsp;&nbsp; 4199325 |
| &nbsp;&nbsp;Energy — 29.74% | &nbsp;&nbsp;Energy — 29.74% | &nbsp;&nbsp;Energy — 29.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;257281 | &nbsp;&nbsp; 4691954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22915 | &nbsp;&nbsp; 2277063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | &nbsp;&nbsp;&nbsp;&nbsp;216533 | &nbsp;&nbsp; 2587569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27352 | &nbsp;&nbsp; 3914071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35223 | &nbsp;&nbsp; 1917188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53351 | &nbsp;&nbsp; 5668010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;154699 | &nbsp;&nbsp; 3417301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53005 | &nbsp;&nbsp; 2774282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;355192 | &nbsp;&nbsp; 4791540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | &nbsp;&nbsp;&nbsp;&nbsp;191208 | &nbsp;&nbsp; 2499155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | &nbsp;&nbsp;&nbsp;&nbsp;103379 | &nbsp;&nbsp; 2741611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;179694 | &nbsp;&nbsp; 2300083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;269049 | &nbsp;&nbsp; 9589186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99487 | &nbsp;&nbsp; 2983118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34780 | &nbsp;&nbsp; 5921643 |
|  |  | &nbsp;&nbsp; 58073774 |
| &nbsp;&nbsp;Industrials — 1.94% | &nbsp;&nbsp;Industrials — 1.94% | &nbsp;&nbsp;Industrials — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40384 | &nbsp;&nbsp; 3784385 |
|  |  | &nbsp;&nbsp; 3784385 |
| &nbsp;&nbsp;Information Technology — 2.08% | &nbsp;&nbsp;Information Technology — 2.08% | &nbsp;&nbsp;Information Technology — 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18412 | &nbsp;&nbsp; 4060398 |
|  |  | &nbsp;&nbsp; 4060398 |
| &nbsp;&nbsp;Materials — 60.97% | &nbsp;&nbsp;Materials — 60.97% | &nbsp;&nbsp;Materials — 60.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;116319 | &nbsp;&nbsp; 3825732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;160653 | &nbsp;&nbsp; 6057796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canfor † | &nbsp;&nbsp;&nbsp;&nbsp;184225 | &nbsp;&nbsp; 1621582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64542 | &nbsp;&nbsp; 5789417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 30000000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;224215 | &nbsp;&nbsp; 4206273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67801 | &nbsp;&nbsp; 4585382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56596 | &nbsp;&nbsp; 6828225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96266 | &nbsp;&nbsp; 4025565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper † | &nbsp;&nbsp;&nbsp;&nbsp;304049 | &nbsp;&nbsp; 6158756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;544797 | &nbsp;&nbsp; 8259123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;119764 | &nbsp;&nbsp; 5557050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27533 | &nbsp;&nbsp; 2446032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallus † | &nbsp;&nbsp;&nbsp;&nbsp;180019 | &nbsp;&nbsp; 2975714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp; 3733464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24023 | &nbsp;&nbsp; 1611223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;118945 | &nbsp;&nbsp; 10028253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;128203 | &nbsp;&nbsp; 7526798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining † | &nbsp;&nbsp;&nbsp;&nbsp;167881 | &nbsp;&nbsp; 4099013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52893 | &nbsp;&nbsp; 7374871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53659 | &nbsp;&nbsp; 2353871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42503 | &nbsp;&nbsp; 1741444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platinum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83459 | &nbsp;&nbsp; 5948932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60441 | &nbsp;&nbsp; 4108876 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73222 | $8189149 |
|  |  | &nbsp;&nbsp;119052541 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $178,163,670)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $178,163,670)** | &nbsp;&nbsp;**189170423** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—96.88%<br> (cost $178,163,670)** |  | **$189170423** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| 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." |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;29

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Macquarie Real Estate Securities Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.28%♣** | &nbsp;&nbsp;**Common Stocks — 99.28%♣** | &nbsp;&nbsp;**Common Stocks — 99.28%♣** |
| &nbsp;&nbsp;Internet Services & Infrastructure — 1.94% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.94% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTDC † | 154111 | $1728929 |
|  |  | &nbsp;&nbsp; 1728929 |
| &nbsp;&nbsp;Real Estate OperatingCompanies/Developer — 0.63% | &nbsp;&nbsp;Real Estate OperatingCompanies/Developer — 0.63% | &nbsp;&nbsp;Real Estate OperatingCompanies/Developer — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta ADR | 19860 | &nbsp;&nbsp; 561839 |
|  |  | &nbsp;&nbsp; 561839 |
| &nbsp;&nbsp;REIT Asset Management & CustodyBanks — 2.24% | &nbsp;&nbsp;REIT Asset Management & CustodyBanks — 2.24% | &nbsp;&nbsp;REIT Asset Management & CustodyBanks — 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group | 170550 | &nbsp;&nbsp; 1995435 |
|  |  | &nbsp;&nbsp; 1995435 |
| &nbsp;&nbsp;REIT Data Center — 14.51% | &nbsp;&nbsp;REIT Data Center — 14.51% | &nbsp;&nbsp;REIT Data Center — 14.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust | 11975 | &nbsp;&nbsp; 2070238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 13285 | &nbsp;&nbsp;10405343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keppel REIT | 241900 | &nbsp;&nbsp; 448551 |
|  |  | &nbsp;&nbsp;12924132 |
| &nbsp;&nbsp;REIT Healthcare — 18.72% | &nbsp;&nbsp;REIT Healthcare — 18.72% | &nbsp;&nbsp;REIT Healthcare — 18.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT | 64343 | &nbsp;&nbsp; 2703050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas | 58267 | &nbsp;&nbsp; 4078107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 55494 | &nbsp;&nbsp; 9885701 |
|  |  | &nbsp;&nbsp;16666858 |
| &nbsp;&nbsp;REIT Hotel — 2.91% | &nbsp;&nbsp;REIT Hotel — 2.91% | &nbsp;&nbsp;REIT Hotel — 2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Class A | &nbsp;&nbsp;&nbsp;&nbsp;7631 | &nbsp;&nbsp; 1083068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | 16793 | &nbsp;&nbsp; 1504485 |
|  |  | &nbsp;&nbsp; 2587553 |
| &nbsp;&nbsp;REIT Industrial — 11.91% | &nbsp;&nbsp;REIT Industrial — 11.91% | &nbsp;&nbsp;REIT Industrial — 11.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 72386 | &nbsp;&nbsp; 3725707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | 30974 | &nbsp;&nbsp; 671238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | 117117 | &nbsp;&nbsp; 1049368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 30992 | &nbsp;&nbsp; 3549204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 39188 | &nbsp;&nbsp; 1611019 |
|  |  | &nbsp;&nbsp;10606536 |
| &nbsp;&nbsp;REIT Multifamily — 8.64% | &nbsp;&nbsp;REIT Multifamily — 8.64% | &nbsp;&nbsp;REIT Multifamily — 8.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities | 17652 | &nbsp;&nbsp; 3409837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 36875 | &nbsp;&nbsp; 2386919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;7092 | &nbsp;&nbsp; 1898244 |
|  |  | &nbsp;&nbsp; 7695000 |
| &nbsp;&nbsp;REIT Office — 2.89% | &nbsp;&nbsp;REIT Office — 2.89% | &nbsp;&nbsp;REIT Office — 2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | 60972 | &nbsp;&nbsp; 2576067 |
|  |  | &nbsp;&nbsp; 2576067 |
| &nbsp;&nbsp;REIT Retail — 18.93% | &nbsp;&nbsp;REIT Retail — 18.93% | &nbsp;&nbsp;REIT Retail — 18.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust | 84061 | &nbsp;&nbsp; 1693829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | 46989 | &nbsp;&nbsp; 3338099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Capital Real Estate Investment Trust | 33884 | &nbsp;&nbsp; 481344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InvenTrust Properties | 21566 | &nbsp;&nbsp; 617219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macerich | 57976 | &nbsp;&nbsp; 1055163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 92179 | &nbsp;&nbsp; 1664753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income | 24154 | &nbsp;&nbsp; 1468322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | 24757 | &nbsp;&nbsp; 4646146 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;REIT Retail (continued) | &nbsp;&nbsp;REIT Retail (continued) | &nbsp;&nbsp;REIT Retail (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanger | 55788 | $1887866 |
|  |  | &nbsp;&nbsp;16852741 |
| &nbsp;&nbsp;REIT Self-Storage — 5.40% | &nbsp;&nbsp;REIT Self-Storage — 5.40% | &nbsp;&nbsp;REIT Self-Storage — 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;7403 | &nbsp;&nbsp; 1043379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 13032 | &nbsp;&nbsp; 3764293 |
|  |  | &nbsp;&nbsp; 4807672 |
| &nbsp;&nbsp;REIT Single Family — 4.07% | &nbsp;&nbsp;REIT Single Family — 4.07% | &nbsp;&nbsp;REIT Single Family — 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | 123505 | &nbsp;&nbsp; 3622402 |
|  |  | &nbsp;&nbsp; 3622402 |
| &nbsp;&nbsp;REIT Specialty — 4.54% | &nbsp;&nbsp;REIT Specialty — 4.54% | &nbsp;&nbsp;REIT Specialty — 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 124045 | &nbsp;&nbsp; 4045107 |
|  |  | &nbsp;&nbsp; 4045107 |
| &nbsp;&nbsp;REIT Telecom Tower — 1.95% | &nbsp;&nbsp;REIT Telecom Tower — 1.95% | &nbsp;&nbsp;REIT Telecom Tower — 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;9025 | &nbsp;&nbsp; 1735688 |
|  |  | &nbsp;&nbsp; 1735688 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $55,273,117)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $55,273,117)** | &nbsp;&nbsp;**88405959** |
| &nbsp;&nbsp;**Rights — 0.00%♣** | &nbsp;&nbsp;**Rights — 0.00%♣** | &nbsp;&nbsp;**Rights — 0.00%♣** |
| &nbsp;&nbsp;REIT Data Center — 0.00% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keppel † | 19432 | &nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp;**Total Rights (cost $0)** | &nbsp;&nbsp;&nbsp;**Total Rights (cost $0)** | &nbsp;&nbsp; **2260** |
| &nbsp;&nbsp;**Short-Term Investments — 0.15%** | &nbsp;&nbsp;**Short-Term Investments — 0.15%** | &nbsp;&nbsp;**Short-Term Investments — 0.15%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.15% | &nbsp;&nbsp;Money Market Mutual Funds — 0.15% | &nbsp;&nbsp;Money Market Mutual Funds — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 34134 | &nbsp;&nbsp; 34134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 34134 | &nbsp;&nbsp; 34134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 34134 | &nbsp;&nbsp; 34134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 34133 | &nbsp;&nbsp; 34133 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $136,535)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $136,535)** | &nbsp;&nbsp; **136535** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.43%<br> (cost $55,409,652)** |  | **$88544754** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;30

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| REIT – Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;31

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Science and Technology Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.49%♣** | &nbsp;&nbsp;**Common Stocks — 99.49%♣** | &nbsp;&nbsp;**Common Stocks — 99.49%♣** |
| &nbsp;&nbsp;Communication Services — 15.03% | &nbsp;&nbsp;Communication Services — 15.03% | &nbsp;&nbsp;Communication Services — 15.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;823717 | $200245603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;532831 | &nbsp;&nbsp; 391300430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;99850 | &nbsp;&nbsp; 119712162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;99740 | &nbsp;&nbsp; 69618520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software † | &nbsp;&nbsp;&nbsp;&nbsp;555748 | &nbsp;&nbsp; 143583053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies † | 7509560 | &nbsp;&nbsp; 81929299 |
|  |  | &nbsp;&nbsp;1006389067 |
| &nbsp;&nbsp;Consumer Discretionary — 10.68% | &nbsp;&nbsp;Consumer Discretionary — 10.68% | &nbsp;&nbsp;Consumer Discretionary — 10.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 1091278 | &nbsp;&nbsp;&nbsp; 239611911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash Class A † | &nbsp;&nbsp;&nbsp;&nbsp;458199 | &nbsp;&nbsp; 124625546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Class A † | 2383631 | &nbsp;&nbsp; 89147799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;55832 | &nbsp;&nbsp; 130476034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | 1272673 | &nbsp;&nbsp; 131276220 |
|  |  | &nbsp;&nbsp; 715137510 |
| &nbsp;&nbsp;Financials — 1.31% | &nbsp;&nbsp;Financials — 1.31% | &nbsp;&nbsp;Financials — 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global Class A † | &nbsp;&nbsp;&nbsp;&nbsp;260098 | &nbsp;&nbsp; 87780474 |
|  |  | &nbsp;&nbsp; 87780474 |
| &nbsp;&nbsp;Healthcare — 3.75% | &nbsp;&nbsp;Healthcare — 3.75% | &nbsp;&nbsp;Healthcare — 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;188262 | &nbsp;&nbsp; 85847472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific † | 1002626 | &nbsp;&nbsp; 97886376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;151631 | &nbsp;&nbsp; 67813932 |
|  |  | &nbsp;&nbsp; 251547780 |
| &nbsp;&nbsp;Industrials — 3.97% | &nbsp;&nbsp;Industrials — 3.97% | &nbsp;&nbsp;Industrials — 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;667428 | &nbsp;&nbsp; 130969397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies † | 1375692 | &nbsp;&nbsp; 134776545 |
|  |  | &nbsp;&nbsp; 265745942 |
| &nbsp;&nbsp;Information Technology — 64.38% | &nbsp;&nbsp;Information Technology — 64.38% | &nbsp;&nbsp;Information Technology — 64.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | 1136636 | &nbsp;&nbsp; 183896338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Class A | &nbsp;&nbsp;&nbsp;&nbsp;305558 | &nbsp;&nbsp; 37812802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks † | 1218609 | &nbsp;&nbsp; 177563517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;168764 | &nbsp;&nbsp; 163378741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | 1110838 | &nbsp;&nbsp; 366476565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems † | &nbsp;&nbsp;&nbsp;&nbsp;395516 | &nbsp;&nbsp; 138928950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;959601 | &nbsp;&nbsp; 152845247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;447919 | &nbsp;&nbsp; 63783666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;90261 | &nbsp;&nbsp; 61640140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | 1765607 | &nbsp;&nbsp; 236414777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | 1202022 | &nbsp;&nbsp; 201122321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;696118 | &nbsp;&nbsp; 360554318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com † | &nbsp;&nbsp;&nbsp;&nbsp;244479 | &nbsp;&nbsp; 47353138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 3068008 | &nbsp;&nbsp; 572428933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;611941 | &nbsp;&nbsp; 163516755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 2121467 | &nbsp;&nbsp; 500793500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify Class A † | &nbsp;&nbsp;&nbsp;&nbsp;936269 | &nbsp;&nbsp; 139138936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;339897 | &nbsp;&nbsp; 76663768 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 1357833 | $379229179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software † | 3322789 | &nbsp;&nbsp; 133044472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital | &nbsp;&nbsp;&nbsp;&nbsp;383321 | &nbsp;&nbsp; 46021519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;367259 | &nbsp;&nbsp; 109134684 |
|  |  | &nbsp;&nbsp;4311742266 |
| &nbsp;&nbsp;Materials — 0.37% | &nbsp;&nbsp;Materials — 0.37% | &nbsp;&nbsp;Materials — 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies | &nbsp;&nbsp;&nbsp;&nbsp;265959 | &nbsp;&nbsp; 24960252 |
|  |  | &nbsp;&nbsp; 24960252 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,279,039,166)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,279,039,166)** | &nbsp;&nbsp;**6663303291** |
| &nbsp;&nbsp;**Short-Term Investments — 0.21%** | &nbsp;&nbsp;**Short-Term Investments — 0.21%** | &nbsp;&nbsp;**Short-Term Investments — 0.21%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.21% | &nbsp;&nbsp;Money Market Mutual Funds — 0.21% | &nbsp;&nbsp;Money Market Mutual Funds — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 3421519 | &nbsp;&nbsp; 3421519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 3421519 | &nbsp;&nbsp; 3421519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 3421518 | &nbsp;&nbsp; 3421518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 3421519 | &nbsp;&nbsp; 3421519 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,686,075)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,686,075)** | &nbsp;&nbsp; **13686075** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.70%<br> (cost $3,292,725,241)** |  | **$6676989366** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;32

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Funds

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Macquarie<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology<br> Fund |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$1695928491 | &nbsp;&nbsp;$2051156810 | &nbsp;&nbsp;$98408779 | &nbsp;&nbsp;$189170423 | &nbsp;&nbsp;$88544754 | &nbsp;&nbsp;$6676989366 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Bullion, at value<sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126746435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107252 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6162661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4397657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641015 |
| &nbsp;&nbsp;&nbsp;Litigation proceeds receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540540 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389027 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223418 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27949111 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8457 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;1849435420 | &nbsp;&nbsp;&nbsp;&nbsp;2074104553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101173551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195892046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89480932 | &nbsp;&nbsp;&nbsp;&nbsp;6717848186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Macquarie<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology<br> Fund |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13483647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13609233 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304837 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339808 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048168 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651077 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334132 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279176 |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17878 |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on centrally cleared credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17699 |
| &nbsp;&nbsp;&nbsp;Due to brokers on centrally<br> cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15581425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20217690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20602008 |
| **Total Net Assets** | &nbsp;&nbsp;$1833853995 | &nbsp;&nbsp;$2053886863 | &nbsp;&nbsp;$100773875 | &nbsp;&nbsp;$195271739 | &nbsp;&nbsp;$89050411 | &nbsp;&nbsp;$6697246178 |
| **Net Assets Consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1868105124 | &nbsp;&nbsp;$1619076795 | &nbsp;&nbsp;$255919200 | &nbsp;&nbsp;$778925070 | &nbsp;&nbsp;$43658024 | &nbsp;&nbsp;$2403813372 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34251129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434810068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155145325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583653331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45392387 | &nbsp;&nbsp;&nbsp;&nbsp;4293432806 |
| **Total Net Assets** | &nbsp;&nbsp;$1833853995 | &nbsp;&nbsp;$2053886863 | &nbsp;&nbsp;$100773875 | &nbsp;&nbsp;$195271739 | &nbsp;&nbsp;$89050411 | &nbsp;&nbsp;$6697246178 |

---

&nbsp;&nbsp;&nbsp;&nbsp;34

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Macquarie<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology<br> Fund |
| **Net Asset Value** |  |  |  |  |  |  |
| **Class A:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$1312164333 | &nbsp;&nbsp;$1528805707 | &nbsp;&nbsp;$42850724 | &nbsp;&nbsp;$121744372 | &nbsp;&nbsp;$57842499 | &nbsp;&nbsp;$4297494656 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54408416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58975759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64346330 |
| Net asset value per share | &nbsp;&nbsp;$24.12 | &nbsp;&nbsp;$25.92 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$19.10 | &nbsp;&nbsp;$15.58 | &nbsp;&nbsp;$66.79 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$25.59 | &nbsp;&nbsp;$27.50 | &nbsp;&nbsp;$10.76 | &nbsp;&nbsp;$20.27 | &nbsp;&nbsp;$16.53 | &nbsp;&nbsp;$70.86 |
| **Class C:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$32596279 | &nbsp;&nbsp;$36495462 | &nbsp;&nbsp;$3098722 | &nbsp;&nbsp;$2029061 | &nbsp;&nbsp;$398076 | &nbsp;&nbsp;$79019763 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898897 |
| Net asset value per share | &nbsp;&nbsp;$21.52 | &nbsp;&nbsp;$25.38 | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;$15.07 | &nbsp;&nbsp;$14.53 | &nbsp;&nbsp;$87.91 |
| **Class R:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$22074145 | &nbsp;&nbsp;$10745444 | &nbsp;&nbsp;$14818118 | &nbsp;&nbsp;$7439314 | &nbsp;&nbsp;$691602 | &nbsp;&nbsp;$119241931 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048974 |
| Net asset value per share | &nbsp;&nbsp;$23.58 | &nbsp;&nbsp;$25.80 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$15.47 | &nbsp;&nbsp;$58.20 |
| **Institutional Class:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$370546729 | &nbsp;&nbsp;$458790372 | &nbsp;&nbsp;$35975775 | &nbsp;&nbsp;$49257109 | &nbsp;&nbsp;$22979051 | &nbsp;&nbsp;$1657858510 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14979473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18050240 |
| Net asset value per share | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$25.96 | &nbsp;&nbsp;$10.65 | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$15.95 | &nbsp;&nbsp;$91.85 |
| **Class R6:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$17878792 | &nbsp;&nbsp;$10433834 | &nbsp;&nbsp;$1549524 | &nbsp;&nbsp;$4658455 | &nbsp;&nbsp;$4788896 | &nbsp;&nbsp;$205106725 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178192 |
| Net asset value per share | &nbsp;&nbsp;$24.82 | &nbsp;&nbsp;$26.04 | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$15.98 | &nbsp;&nbsp;$94.16 |
| **Class Y:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$78593717 | &nbsp;&nbsp;$8616044 | &nbsp;&nbsp;$2481012 | &nbsp;&nbsp;$10143428 | &nbsp;&nbsp;$2350287 | &nbsp;&nbsp;$338524593 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261107 |
| Net asset value per share | &nbsp;&nbsp;$24.25 | &nbsp;&nbsp;$25.94 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$15.81 | &nbsp;&nbsp;$79.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Macquarie<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology<br> Fund |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1264001235 | &nbsp;&nbsp;$1588471593 | &nbsp;&nbsp;$83640042 | &nbsp;&nbsp;$178163670 | &nbsp;&nbsp;$55409652 | &nbsp;&nbsp;$3292725241 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443037216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50308583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>‡</sup>Bullion, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38406159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9995705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>φ</sup>Consolidated statements of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;36

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

## Statements of operations
Ivy Funds

Six months ended September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund<sup>α</sup> | &nbsp;&nbsp;Macquarie<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Macquarie<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology<br> Fund |
| **Investment Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$14640583 | &nbsp;&nbsp;$12550821 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;9221839 | &nbsp;&nbsp;&nbsp;&nbsp;7433690 | &nbsp;&nbsp;&nbsp;1831985 | &nbsp;&nbsp;&nbsp;2826598 | &nbsp;&nbsp;&nbsp;1527224 | &nbsp;&nbsp;&nbsp;&nbsp;15592781 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1197617 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(648152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834764) |
|  | &nbsp;&nbsp;&nbsp;23214270 | &nbsp;&nbsp;&nbsp;19863198 | &nbsp;&nbsp;&nbsp;1793552 | &nbsp;&nbsp;&nbsp;2751855 | &nbsp;&nbsp;&nbsp;1522268 | &nbsp;&nbsp;&nbsp;&nbsp;15955634 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;6053951 | &nbsp;&nbsp;&nbsp;&nbsp;5610973 | &nbsp;&nbsp;&nbsp;&nbsp;414372 | &nbsp;&nbsp;&nbsp;&nbsp;734062 | &nbsp;&nbsp;&nbsp;&nbsp;412716 | &nbsp;&nbsp;&nbsp;&nbsp;23478490 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;1599256 | &nbsp;&nbsp;&nbsp;&nbsp;1509118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51195 | &nbsp;&nbsp;&nbsp;&nbsp;134367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72582 | &nbsp;&nbsp;&nbsp;&nbsp;4744131 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360697 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263968 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373899 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;1033824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94359 | &nbsp;&nbsp;&nbsp;&nbsp;165255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76028 | &nbsp;&nbsp;&nbsp;&nbsp;2723701 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466205 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184085 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24972 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118656 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168249 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150648 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18958 |
| &nbsp;&nbsp;&nbsp;Investment interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;9613131 | &nbsp;&nbsp;&nbsp;&nbsp;8582820 | &nbsp;&nbsp;&nbsp;&nbsp;756522 | &nbsp;&nbsp;&nbsp;1240271 | &nbsp;&nbsp;&nbsp;&nbsp;707351 | &nbsp;&nbsp;&nbsp;&nbsp;33164246 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886945) | &nbsp;&nbsp;&nbsp;&nbsp;(170143) | &nbsp;&nbsp;&nbsp;&nbsp;(106075) | &nbsp;&nbsp;&nbsp;&nbsp;(195558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15186) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;9576700 | &nbsp;&nbsp;&nbsp;&nbsp;7681999 | &nbsp;&nbsp;&nbsp;&nbsp;586166 | &nbsp;&nbsp;&nbsp;1133838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511641 | &nbsp;&nbsp;&nbsp;&nbsp;33149048 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;13637570 | &nbsp;&nbsp;&nbsp;12181199 | &nbsp;&nbsp;&nbsp;1207386 | &nbsp;&nbsp;&nbsp;1618017 | &nbsp;&nbsp;&nbsp;1010627 | &nbsp;&nbsp;&nbsp;(17193414) |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

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Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund<sup>α</sup> | &nbsp;&nbsp;Macquarie<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Macquarie<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology<br> Fund |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>\*, 1</sup> | &nbsp;&nbsp;$50922399 | &nbsp;&nbsp;$(3751898) | &nbsp;&nbsp;$1144628 | &nbsp;&nbsp;$6294380 | &nbsp;&nbsp;$6492469 | &nbsp;&nbsp;$359603288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;(168252289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184991) | &nbsp;&nbsp;&nbsp;&nbsp;(2711238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(117441178) | &nbsp;&nbsp;&nbsp;&nbsp;(6325908) | &nbsp;&nbsp;&nbsp;&nbsp;1126593 | &nbsp;&nbsp;&nbsp;&nbsp;6293071 | &nbsp;&nbsp;&nbsp;&nbsp;6487344 | &nbsp;&nbsp;&nbsp;&nbsp;359603288 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;157464235 | &nbsp;&nbsp;&nbsp;240719021 | &nbsp;&nbsp;&nbsp;13291545 | &nbsp;&nbsp;&nbsp;34343680 | &nbsp;&nbsp;&nbsp;(2543101) | &nbsp;&nbsp;&nbsp;1770735995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;168783564 | &nbsp;&nbsp;&nbsp;&nbsp;(50190911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;326328716 | &nbsp;&nbsp;&nbsp;192182277 | &nbsp;&nbsp;&nbsp;13300432 | &nbsp;&nbsp;&nbsp;34345004 | &nbsp;&nbsp;&nbsp;(2542984) | &nbsp;&nbsp;&nbsp;1770780834 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;208887538 | &nbsp;&nbsp;&nbsp;185856369 | &nbsp;&nbsp;&nbsp;14427025 | &nbsp;&nbsp;&nbsp;40638075 | &nbsp;&nbsp;&nbsp;&nbsp;3944360 | &nbsp;&nbsp;&nbsp;2130384122 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$222525108 | &nbsp;&nbsp;$198037568 | &nbsp;&nbsp;$15634411 | &nbsp;&nbsp;$42256092 | &nbsp;&nbsp;$4954987 | &nbsp;&nbsp;$2113190708 |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated statement of operations. |
| <sup>α</sup> | Consolidated statement of operations from August 22, 2025. |
| <sup>\*</sup> | Includes $4,663,508 in proceeds received from the settlement of class action litigation for Macquarie Asset Strategy Fund. |
| <sup>1</sup> | Includes $(155889) capital gains taxes paid for Macquarie Asset Strategy Fund. |
| <sup>2</sup> | Includes net change of $(294728) capital gains taxes accrued for Macquarie Asset Strategy Fund. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;38

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

## Statements of changes in net assets
Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balance Fund | &nbsp;&nbsp;Macquarie<br> Balance Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>α</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>α</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13637570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29778784 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12181199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22299615 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117441178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142332783 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6325908) | &nbsp;&nbsp;&nbsp;115860960 |
| &nbsp;&nbsp;&nbsp;Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19553) <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;326328716 | &nbsp;&nbsp;&nbsp;&nbsp;(57452229) | &nbsp;&nbsp;&nbsp;192182277 | &nbsp;&nbsp;&nbsp;(38748453) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;222525108 | &nbsp;&nbsp;&nbsp;&nbsp;114644239 | &nbsp;&nbsp;&nbsp;198037568 | &nbsp;&nbsp;&nbsp;&nbsp;99412122 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9625019) | &nbsp;&nbsp;&nbsp;&nbsp;(92175091) | &nbsp;&nbsp;&nbsp;&nbsp;(8562420) | &nbsp;&nbsp;&nbsp;&nbsp;(11389226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2518996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3040486) | &nbsp;&nbsp;&nbsp;&nbsp;(24861015) | &nbsp;&nbsp;&nbsp;&nbsp;(3098840) | &nbsp;&nbsp;&nbsp;&nbsp;(4091219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5709664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101038) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(13700049) | &nbsp;&nbsp;&nbsp;(128325362) | &nbsp;&nbsp;&nbsp;&nbsp;(11949972) | &nbsp;&nbsp;&nbsp;(15952865) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14558145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33631437<sup>5</sup> | &nbsp;&nbsp;&nbsp;100935505 | &nbsp;&nbsp;&nbsp;&nbsp;71882899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817077<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340415<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28277382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58278808<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46581142 | &nbsp;&nbsp;&nbsp;&nbsp;67538672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248769<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427278<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098302 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>6</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;318367122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;91832430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;39

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balance Fund | &nbsp;&nbsp;Macquarie<br> Balance Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>α</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>α</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See<br> Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$9461761 | &nbsp;&nbsp;$90758925 | &nbsp;&nbsp;$8497639 | &nbsp;&nbsp;$11293680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24657046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61624196 | &nbsp;&nbsp;&nbsp;&nbsp;231358082 | &nbsp;&nbsp;&nbsp;&nbsp;577824636 | &nbsp;&nbsp;&nbsp;&nbsp;163443540 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94375544) | &nbsp;&nbsp;&nbsp;&nbsp;(208789425) | &nbsp;&nbsp;&nbsp;&nbsp;(115798381) | &nbsp;&nbsp;&nbsp;&nbsp;(203398302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4834241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12065800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7283079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16089844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2030005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4819141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(745955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43335988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98480579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53513222) | &nbsp;&nbsp;&nbsp;&nbsp;(137592457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1257253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9314775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1287418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3037166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7600352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14680873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2039419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3072535) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(153433383) | &nbsp;&nbsp;&nbsp;&nbsp;(348150593) | &nbsp;&nbsp;&nbsp;&nbsp;(180667474) | &nbsp;&nbsp;&nbsp;&nbsp;(364543200) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91809187) | &nbsp;&nbsp;&nbsp;&nbsp;(116792511) | &nbsp;&nbsp;&nbsp;&nbsp;397157162 | &nbsp;&nbsp;&nbsp;&nbsp;(201099660) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117015872 | &nbsp;&nbsp;&nbsp;&nbsp;(130473634) | &nbsp;&nbsp;&nbsp;&nbsp;583244758 | &nbsp;&nbsp;&nbsp;&nbsp;(117640403) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;1716838123 | &nbsp;&nbsp;&nbsp;1847311757 | &nbsp;&nbsp;&nbsp;1470642105 | &nbsp;&nbsp;&nbsp;1588282508 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$1833853995 | &nbsp;&nbsp;$1716838123 | &nbsp;&nbsp;$2053886863 | &nbsp;&nbsp;$1470642105 |

---

<sup>1</sup> Excludes payment by affiliates.

<sup>2</sup> Excludes net increase from payment by affiliates.

<sup>3</sup> See Note 2 in "Notes to financial statements."

<sup>4</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>5</sup> Amount includes capital contribution by affiliates. See Note 2 in "Notes to financial statements."

<sup>6</sup> See Note 5 in "Notes to financial statements."

<sup>φ</sup> Consolidated statements of changes in net assets.

<sup>α</sup> Consolidated statement of changes in net assets from August 22, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;40

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Climate<br> Solutions Fund | &nbsp;&nbsp;Macquarie Climate<br> Solutions Fund | &nbsp;&nbsp;Macquarie Natural<br> Resources Fund | &nbsp;&nbsp;Macquarie Natural<br> Resources Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1207386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1351609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1618017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1727343 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1126593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10436371) | &nbsp;&nbsp;&nbsp;&nbsp;6293071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4454439) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;13300432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980084 | &nbsp;&nbsp;&nbsp;34345004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93715 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;15634411 | &nbsp;&nbsp;&nbsp;&nbsp;(5104678) | &nbsp;&nbsp;&nbsp;42256092 | &nbsp;&nbsp;&nbsp;&nbsp;(2633381) |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5008256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1900818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379258) |
| &nbsp;&nbsp;&nbsp;Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78530) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1287617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9362757) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946092 | &nbsp;&nbsp;&nbsp;&nbsp;1731437 | &nbsp;&nbsp;&nbsp;&nbsp;10394117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1713444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957678 | &nbsp;&nbsp;&nbsp;&nbsp;2626515 | &nbsp;&nbsp;&nbsp;&nbsp;7424689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75785 | &nbsp;&nbsp;&nbsp;&nbsp;1367688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817135 | &nbsp;&nbsp;&nbsp;&nbsp;1122867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;41

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Climate<br> Solutions Fund | &nbsp;&nbsp;Macquarie Climate<br> Solutions Fund | &nbsp;&nbsp;Macquarie Natural<br> Resources Fund | &nbsp;&nbsp;Macquarie Natural<br> Resources Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See<br> Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$551238 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5842905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457303 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700527 | &nbsp;&nbsp;&nbsp;&nbsp;12332822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599803 | &nbsp;&nbsp;&nbsp;&nbsp;30744531 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(5192937) | &nbsp;&nbsp;&nbsp;&nbsp;(19737362) | &nbsp;&nbsp;&nbsp;&nbsp;(9069649) | &nbsp;&nbsp;&nbsp;&nbsp;(29201965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561312) | &nbsp;&nbsp;&nbsp;&nbsp;(1610955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(1710723) | &nbsp;&nbsp;&nbsp;&nbsp;(6197732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765380) | &nbsp;&nbsp;&nbsp;&nbsp;(3591430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7983571) | &nbsp;&nbsp;&nbsp;&nbsp;(23746750) | &nbsp;&nbsp;&nbsp;&nbsp;(6174385) | &nbsp;&nbsp;&nbsp;&nbsp;(16578963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188288) | &nbsp;&nbsp;&nbsp;&nbsp;(1687383) | &nbsp;&nbsp;&nbsp;&nbsp;(1173131) | &nbsp;&nbsp;&nbsp;&nbsp;(1917989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451743) | &nbsp;&nbsp;&nbsp;&nbsp;(2255231) | &nbsp;&nbsp;&nbsp;&nbsp;(1686313) | &nbsp;&nbsp;&nbsp;&nbsp;(2685356) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(16088574) | &nbsp;&nbsp;&nbsp;&nbsp;(55235413) | &nbsp;&nbsp;&nbsp;&nbsp;(19211723) | &nbsp;&nbsp;&nbsp;&nbsp;(54772549) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(13388047) | &nbsp;&nbsp;&nbsp;&nbsp;(42902591) | &nbsp;&nbsp;&nbsp;&nbsp;(13611920) | &nbsp;&nbsp;&nbsp;&nbsp;(24028018) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246364 | &nbsp;&nbsp;&nbsp;&nbsp;(49294886) | &nbsp;&nbsp;&nbsp;&nbsp;28644172 | &nbsp;&nbsp;&nbsp;&nbsp;(36024156) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;98527511 | &nbsp;&nbsp;&nbsp;147822397 | &nbsp;&nbsp;&nbsp;166627567 | &nbsp;&nbsp;&nbsp;202651723 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$100773875 | &nbsp;&nbsp;$98527511 | &nbsp;&nbsp;$195271739 | &nbsp;&nbsp;$166627567 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;42

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1010627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1657693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(17193414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(33361058) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;6487344 | &nbsp;&nbsp;&nbsp;&nbsp;21636594 | &nbsp;&nbsp;&nbsp;&nbsp;359603288 | &nbsp;&nbsp;&nbsp;1204678718 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(2542984) | &nbsp;&nbsp;&nbsp;(13832570) | &nbsp;&nbsp;&nbsp;1770780834 | &nbsp;&nbsp;&nbsp;&nbsp;(937796843) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;4954987 | &nbsp;&nbsp;&nbsp;&nbsp;9461717 | &nbsp;&nbsp;&nbsp;2113190708 | &nbsp;&nbsp;&nbsp;&nbsp;233520817 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(653014) | &nbsp;&nbsp;&nbsp;&nbsp;(8551816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(582131194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23329935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18547939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(298931) | &nbsp;&nbsp;&nbsp;&nbsp;(4353447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(169976670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19798380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39121322) |
|  | &nbsp;&nbsp;&nbsp;(1049988) | &nbsp;&nbsp;&nbsp;(13898603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(852905440) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667113 | &nbsp;&nbsp;&nbsp;&nbsp;2196186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54104466 | &nbsp;&nbsp;&nbsp;&nbsp;102330044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15859535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1672388 | &nbsp;&nbsp;&nbsp;&nbsp;6676645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116186135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225619311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;2195545 | &nbsp;&nbsp;&nbsp;&nbsp;1856846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25471123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40950556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20966518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51276586 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647358 | &nbsp;&nbsp;&nbsp;&nbsp;8508903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;578353136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23301928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18544760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298675 | &nbsp;&nbsp;&nbsp;&nbsp;4350002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;169146364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19201734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39011904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5895824 | &nbsp;&nbsp;&nbsp;&nbsp;24980369 | &nbsp;&nbsp;&nbsp;&nbsp;227076212 | &nbsp;&nbsp;&nbsp;1289880989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;43

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology Fund | &nbsp;&nbsp;Macquarie<br> Science and<br> Technology Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(5909911) | &nbsp;&nbsp;$(18231348) | &nbsp;&nbsp;$(352486178) | &nbsp;&nbsp;$(750542261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14367052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34123626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15485900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39866893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9195536) | &nbsp;&nbsp;&nbsp;(20942173) | &nbsp;&nbsp;&nbsp;&nbsp;(237981584) | &nbsp;&nbsp;&nbsp;&nbsp;(434166523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1029799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26666235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59195289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262929) | &nbsp;&nbsp;&nbsp;&nbsp;(1088902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46610639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87738455) |
|  | &nbsp;&nbsp;&nbsp;(16608229) | &nbsp;&nbsp;&nbsp;(41300249) | &nbsp;&nbsp;&nbsp;&nbsp;(693597588) | &nbsp;&nbsp;&nbsp;(1405633047) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(10712405) | &nbsp;&nbsp;&nbsp;(16319880) | &nbsp;&nbsp;&nbsp;&nbsp;(466521376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115752058) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(6807406) | &nbsp;&nbsp;&nbsp;(20756766) | &nbsp;&nbsp;&nbsp;1646669332 | &nbsp;&nbsp;&nbsp;&nbsp;(735136681) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;95857817 | &nbsp;&nbsp;&nbsp;116614583 | &nbsp;&nbsp;&nbsp;5050576846 | &nbsp;&nbsp;&nbsp;&nbsp;5785713527 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$89050411 | &nbsp;&nbsp;$95857817 | &nbsp;&nbsp;$6697246178 | &nbsp;&nbsp;$5050576846 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;44

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

## Financial highlights
Macquarie Asset Strategy Fund Class A<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$21.66 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$23.05 | &nbsp;&nbsp;$24.45 | &nbsp;&nbsp;$17.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.12 | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$21.66 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$23.05 | &nbsp;&nbsp;$24.45 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.79%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%<sup>7</sup> | &nbsp;&nbsp;&nbsp;44.79% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1312164 | &nbsp;&nbsp;$1232911 | &nbsp;&nbsp;$1327361 | &nbsp;&nbsp;$1259211 | &nbsp;&nbsp;$1531209 | &nbsp;&nbsp;$1601<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.38% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>4</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.28%. |
| <sup>5</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>6</sup> | Total return is based 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. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Net assets reported in millions. |
| <sup>9</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;45

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund Class C<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$19.54 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$21.25 | &nbsp;&nbsp;$22.75 | &nbsp;&nbsp;$16.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.52 | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$19.54 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$21.25 | &nbsp;&nbsp;$22.75 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;12.84%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;19.26%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.80%) | &nbsp;&nbsp;&nbsp;&nbsp;4.49%<sup>7</sup> | &nbsp;&nbsp;&nbsp;43.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$32596 | &nbsp;&nbsp;$31469 | &nbsp;&nbsp;$37710 | &nbsp;&nbsp;$48216 | &nbsp;&nbsp;$89955 | &nbsp;&nbsp;$146<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.06 and total return by 0.15% and 0.36% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>4</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.26%. |
| <sup>5</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>6</sup> | Total return is based 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. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Net assets reported in millions. |
| <sup>9</sup> | 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.

46&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund Class R<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$22.68 | &nbsp;&nbsp;$24.09 | &nbsp;&nbsp;$17.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.58 | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$22.68 | &nbsp;&nbsp;$24.09 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;13.13%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.16%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;19.88%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.10%) | &nbsp;&nbsp;&nbsp;&nbsp;4.98%<sup>7</sup> | &nbsp;&nbsp;&nbsp;44.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$22074 | &nbsp;&nbsp;$20596 | &nbsp;&nbsp;$21732 | &nbsp;&nbsp;$20073 | &nbsp;&nbsp;$23787 | &nbsp;&nbsp;$28<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.38% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>4</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.29%. |
| <sup>5</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>6</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Net assets reported in millions. |
| <sup>9</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;47

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund Institutional Class<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>1</sup>** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.99 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$24.85 | &nbsp;&nbsp;$17.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$21.99 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$24.85 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.45%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.69%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20.49%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.58%) | &nbsp;&nbsp;&nbsp;&nbsp;5.59%<sup>7</sup> | &nbsp;&nbsp;&nbsp;45.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$370547 | &nbsp;&nbsp;$340532 | &nbsp;&nbsp;$358336 | &nbsp;&nbsp;$393751 | &nbsp;&nbsp;$597362 | &nbsp;&nbsp;$713<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>4</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.27%. |
| <sup>5</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>6</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Net assets reported in millions. |
| <sup>9</sup> | 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.

48&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund Class R6<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$22.23 | &nbsp;&nbsp;$19.08 | &nbsp;&nbsp;$23.55 | &nbsp;&nbsp;$24.92 | &nbsp;&nbsp;$17.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.54 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) | &nbsp;&nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.82 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$22.23 | &nbsp;&nbsp;$19.08 | &nbsp;&nbsp;$23.55 | &nbsp;&nbsp;$24.92 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;13.51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.80%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;20.45%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.39%) | &nbsp;&nbsp;&nbsp;&nbsp;5.73%<sup>7</sup> | &nbsp;&nbsp;&nbsp;45.35% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$17879 | &nbsp;&nbsp;$16142 | &nbsp;&nbsp;$20788 | &nbsp;&nbsp;$17914 | &nbsp;&nbsp;$16520 | &nbsp;&nbsp;$19<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.13% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>4</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.27%. |
| <sup>5</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>6</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Net assets reported in millions. |
| <sup>9</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;49

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Asset Strategy Fund Class Y<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.56 | &nbsp;&nbsp;$21.77 | &nbsp;&nbsp;$18.69 | &nbsp;&nbsp;$23.14 | &nbsp;&nbsp;$24.53 | &nbsp;&nbsp;$17.47 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.25) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.25 | &nbsp;&nbsp;$21.56 | &nbsp;&nbsp;$21.77 | &nbsp;&nbsp;$18.69 | &nbsp;&nbsp;$23.14 | &nbsp;&nbsp;$24.53 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;13.31%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.42%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;20.15%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.72%) | &nbsp;&nbsp;&nbsp;&nbsp;5.35%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;44.75%<sup>8</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$78594 | &nbsp;&nbsp;$75188 | &nbsp;&nbsp;$81385 | &nbsp;&nbsp;$78829 | &nbsp;&nbsp;$96913 | &nbsp;&nbsp;$109<sup>9</sup> |
| Ratio of expenses to average net assets<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>4</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.28%. |
| <sup>5</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>6</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | 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. |
| <sup>9</sup> | Net assets reported in millions. |
| <sup>10</sup> | 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.

50&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.21 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.53 | &nbsp;&nbsp;$27.29 | &nbsp;&nbsp;$20.43 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.92 | &nbsp;&nbsp;$23.21 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.53 | &nbsp;&nbsp;$27.29 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.36%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;42.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1528806 | &nbsp;&nbsp;$1080933 | &nbsp;&nbsp;$1140285 | &nbsp;&nbsp;$1102496 | &nbsp;&nbsp;$1485004 | &nbsp;&nbsp;$1509<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | 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%. |
| <sup>4</sup> | Total return is based 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. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Net assets reported in millions. |
| <sup>7</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;51

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.72 | &nbsp;&nbsp;$21.60 | &nbsp;&nbsp;$18.49 | &nbsp;&nbsp;$25.21 | &nbsp;&nbsp;$26.98 | &nbsp;&nbsp;$20.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.36 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.38 | &nbsp;&nbsp;$22.72 | &nbsp;&nbsp;$21.60 | &nbsp;&nbsp;$18.49 | &nbsp;&nbsp;$25.21 | &nbsp;&nbsp;$26.98 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.03% | &nbsp;&nbsp;&nbsp;&nbsp;5.66%<sup>5</sup> | &nbsp;&nbsp;&nbsp;18.44%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.53%) | &nbsp;&nbsp;&nbsp;&nbsp;3.77% | &nbsp;&nbsp;&nbsp;41.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$36496 | &nbsp;&nbsp;$34221 | &nbsp;&nbsp;$43118 | &nbsp;&nbsp;$63537 | &nbsp;&nbsp;$117058 | &nbsp;&nbsp;$183<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | 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%. |
| <sup>4</sup> | Total return is based 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. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Net assets reported in millions. |
| <sup>7</sup> | 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.

52&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.10 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;$18.78 | &nbsp;&nbsp;$25.46 | &nbsp;&nbsp;$27.22 | &nbsp;&nbsp;$20.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.36 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.78) | &nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.80 | &nbsp;&nbsp;$23.10 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;$18.78 | &nbsp;&nbsp;$25.46 | &nbsp;&nbsp;$27.22 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.27% | &nbsp;&nbsp;&nbsp;6.23%<sup>5</sup> | &nbsp;&nbsp;&nbsp;19.04%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.97%) | &nbsp;&nbsp;&nbsp;&nbsp;4.15% | &nbsp;&nbsp;&nbsp;42.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$10745 | &nbsp;&nbsp;$9794 | &nbsp;&nbsp;$9503 | &nbsp;&nbsp;$8650 | &nbsp;&nbsp;$10852 | &nbsp;&nbsp;$11<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | 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%. |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Net assets reported in millions. |
| <sup>7</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;53

------

[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Balanced Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.24 | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$18.86 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 | &nbsp;&nbsp;$20.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.68 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.96 | &nbsp;&nbsp;$23.24 | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$18.86 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.58% | &nbsp;&nbsp;&nbsp;&nbsp;6.76%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.63%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.52%) | &nbsp;&nbsp;&nbsp;&nbsp;4.82% | &nbsp;&nbsp;&nbsp;43.15% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$458790 | &nbsp;&nbsp;$327848 | &nbsp;&nbsp;$375021 | &nbsp;&nbsp;$406338 | &nbsp;&nbsp;$745878 | &nbsp;&nbsp;$846<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | 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%. |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>6</sup> | Net assets reported in millions. |
| <sup>7</sup> | 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.

54&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie Balanced Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.31 | &nbsp;&nbsp;$22.09 | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$25.60 | &nbsp;&nbsp;$27.36 | &nbsp;&nbsp;$20.47 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.73 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;&nbsp;(3.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) |
| **Net asset value, end of period** | &nbsp;&nbsp;$26.04 | &nbsp;&nbsp;$23.31 | &nbsp;&nbsp;$22.09 | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$25.60 | &nbsp;&nbsp;$27.36 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.61% | &nbsp;&nbsp;&nbsp;6.86%<sup>5</sup> | &nbsp;&nbsp;&nbsp;19.72%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.39%) | &nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;43.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$10434 | &nbsp;&nbsp;$8678 | &nbsp;&nbsp;$9906 | &nbsp;&nbsp;$9291 | &nbsp;&nbsp;$10232 | &nbsp;&nbsp;$11<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | 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%. |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>6</sup> | Net assets reported in millions. |
| <sup>7</sup> | 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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Macquarie Balanced Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>α,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 | &nbsp;&nbsp;$20.43 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.84) | &nbsp;&nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.94 | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.40% | &nbsp;&nbsp;&nbsp;6.51%<sup>5</sup> | &nbsp;&nbsp;&nbsp;19.35%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.71%) | &nbsp;&nbsp;&nbsp;&nbsp;4.59%<sup>5</sup> | &nbsp;&nbsp;&nbsp;42.81%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$8616 | &nbsp;&nbsp;$9168 | &nbsp;&nbsp;$10450 | &nbsp;&nbsp;$10194 | &nbsp;&nbsp;$12699 | &nbsp;&nbsp;$16<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | 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%. |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Net assets reported in millions. |
| <sup>7</sup> | 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.

56&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Climate Solutions Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$6.18 | &nbsp;&nbsp;$3.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$6.18 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;17.36% | &nbsp;&nbsp;&nbsp;&nbsp;(5.52%) | &nbsp;&nbsp;&nbsp;(3.92%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;59.24% | &nbsp;&nbsp;&nbsp;94.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$42851 | &nbsp;&nbsp;$40972 | &nbsp;&nbsp;$60980 | &nbsp;&nbsp;$91379 | &nbsp;&nbsp;$104280 | &nbsp;&nbsp;$72<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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%.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;57

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Climate Solutions Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.48 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.88 | &nbsp;&nbsp;$5.68 | &nbsp;&nbsp;$2.97 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.48 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.88 | &nbsp;&nbsp;$5.68 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;17.07% | &nbsp;&nbsp;&nbsp;&nbsp;(6.29%) | &nbsp;&nbsp;&nbsp;(4.57%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;57.97% | &nbsp;&nbsp;&nbsp;93.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3099 | &nbsp;&nbsp;$3164 | &nbsp;&nbsp;$4902 | &nbsp;&nbsp;$9909 | &nbsp;&nbsp;$13503 | &nbsp;&nbsp;$9<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;2.44% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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%.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

58&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Climate Solutions Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$6.10 | &nbsp;&nbsp;$3.20 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$6.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;17.23%<sup>5</sup> | &nbsp;&nbsp;&nbsp;(5.72%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;(4.14%)<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>5</sup> | &nbsp;&nbsp;&nbsp;58.80% | &nbsp;&nbsp;&nbsp;93.40%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$14818 | &nbsp;&nbsp;$14060 | &nbsp;&nbsp;$19602 | &nbsp;&nbsp;$33606 | &nbsp;&nbsp;$36368 | &nbsp;&nbsp;$24<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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%.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;59

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Climate Solutions Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.34 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$6.45 | &nbsp;&nbsp;$3.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.65 | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.34 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$6.45 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;17.55% | &nbsp;&nbsp;&nbsp;&nbsp;(5.32%) | &nbsp;&nbsp;&nbsp;(3.69%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;59.90% | &nbsp;&nbsp;&nbsp;95.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$35976 | &nbsp;&nbsp;$36515 | &nbsp;&nbsp;$55024 | &nbsp;&nbsp;$97636 | &nbsp;&nbsp;$110841 | &nbsp;&nbsp;$97<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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%.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

60&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Climate Solutions Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$6.49 | &nbsp;&nbsp;$3.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$6.49 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;17.69% | &nbsp;&nbsp;&nbsp;&nbsp;(5.17%) | &nbsp;&nbsp;&nbsp;(3.58%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;59.68% | &nbsp;&nbsp;&nbsp;95.11% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1549 | &nbsp;&nbsp;$1431 | &nbsp;&nbsp;$2879 | &nbsp;&nbsp;$3411 | &nbsp;&nbsp;$6610 | &nbsp;&nbsp;$3<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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%.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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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Macquarie Climate Solutions Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$8.85 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$6.28 | &nbsp;&nbsp;$3.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$8.85 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$6.28 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;17.40% | &nbsp;&nbsp;&nbsp;&nbsp;(5.63%) | &nbsp;&nbsp;&nbsp;(3.89%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;59.24% | &nbsp;&nbsp;&nbsp;94.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2481 | &nbsp;&nbsp;$2386 | &nbsp;&nbsp;$4435 | &nbsp;&nbsp;$7290 | &nbsp;&nbsp;$11467 | &nbsp;&nbsp;$8<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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%.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

62&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie Natural Resources Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$15.75 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$12.42 | &nbsp;&nbsp;$7.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.10 | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$15.75 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$12.42 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;26.91%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.80%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;(5.03%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39.47% | &nbsp;&nbsp;&nbsp;58.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$121744 | &nbsp;&nbsp;$102747 | &nbsp;&nbsp;$123472 | &nbsp;&nbsp;$150383 | &nbsp;&nbsp;$170746 | &nbsp;&nbsp;$136<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;63

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Macquarie Natural Resources Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$12.71 | &nbsp;&nbsp;$13.81 | &nbsp;&nbsp;$10.22 | &nbsp;&nbsp;$6.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.07 | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$12.71 | &nbsp;&nbsp;$13.81 | &nbsp;&nbsp;$10.22 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;26.43%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(2.52%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;(5.76%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;38.45% | &nbsp;&nbsp;&nbsp;57.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2029 | &nbsp;&nbsp;$1874 | &nbsp;&nbsp;$2394 | &nbsp;&nbsp;$3846 | &nbsp;&nbsp;$3460 | &nbsp;&nbsp;$3<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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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Macquarie Natural Resources Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$16.69 | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;$7.75 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Net asset value, end of period** | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$16.69 | &nbsp;&nbsp;$12.25 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;26.76%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(2.00%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;(5.21%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;39.60% | &nbsp;&nbsp;&nbsp;58.67% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$7439 | &nbsp;&nbsp;$6305 | &nbsp;&nbsp;$9011 | &nbsp;&nbsp;$12202 | &nbsp;&nbsp;$14145 | &nbsp;&nbsp;$12<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;65

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Natural Resources Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.88 | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$16.52 | &nbsp;&nbsp;$17.72 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$8.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$15.88 | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$16.52 | &nbsp;&nbsp;$17.72 | &nbsp;&nbsp;$12.99 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;27.08%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(1.57%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;(4.73%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;40.30% | &nbsp;&nbsp;&nbsp;59.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$49257 | &nbsp;&nbsp;$42165 | &nbsp;&nbsp;$51824 | &nbsp;&nbsp;$76474 | &nbsp;&nbsp;$84343 | &nbsp;&nbsp;$71<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

66&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Natural Resources Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.86 | &nbsp;&nbsp;$16.96 | &nbsp;&nbsp;$16.56 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$13.03 | &nbsp;&nbsp;$8.21 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$15.86 | &nbsp;&nbsp;$16.96 | &nbsp;&nbsp;$16.56 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$13.03 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;27.24%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(1.41%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;(4.63%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;40.61% | &nbsp;&nbsp;&nbsp;59.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$4659 | &nbsp;&nbsp;$4730 | &nbsp;&nbsp;$5446 | &nbsp;&nbsp;$4213 | &nbsp;&nbsp;$2228 | &nbsp;&nbsp;$1<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;67

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Natural Resources Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$12.74 | &nbsp;&nbsp;$8.04 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$12.74 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;26.92%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(1.79%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;(4.95%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;40.08% | &nbsp;&nbsp;&nbsp;59.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$10144 | &nbsp;&nbsp;$8807 | &nbsp;&nbsp;$10505 | &nbsp;&nbsp;$12632 | &nbsp;&nbsp;$14348 | &nbsp;&nbsp;$11<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

68&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Real Estate Securities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$27.72 | &nbsp;&nbsp;$24.82 | &nbsp;&nbsp;$18.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.58 | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$27.72 | &nbsp;&nbsp;$24.82 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.61%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.89%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.55%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(20.26%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26.90% | &nbsp;&nbsp;&nbsp;34.24%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$57842 | &nbsp;&nbsp;$59981 | &nbsp;&nbsp;$70391 | &nbsp;&nbsp;$86795 | &nbsp;&nbsp;$143562 | &nbsp;&nbsp;$130<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;69

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Real Estate Securities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$13.93 | &nbsp;&nbsp;$14.86 | &nbsp;&nbsp;$15.60 | &nbsp;&nbsp;$26.73 | &nbsp;&nbsp;$24.11 | &nbsp;&nbsp;$18.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Net asset value, end of period** | &nbsp;&nbsp;$14.53 | &nbsp;&nbsp;$13.93 | &nbsp;&nbsp;$14.86 | &nbsp;&nbsp;$15.60 | &nbsp;&nbsp;$26.73 | &nbsp;&nbsp;$24.11 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;5.27%<sup>4</sup> | &nbsp;&nbsp;&nbsp;8.07%<sup>4</sup> | &nbsp;&nbsp;&nbsp;5.79%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(21.00%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;25.74% | &nbsp;&nbsp;&nbsp;33.03%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$398 | &nbsp;&nbsp;$380 | &nbsp;&nbsp;$577 | &nbsp;&nbsp;$815 | &nbsp;&nbsp;$1707 | &nbsp;&nbsp;$2<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;0.27% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

70&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Real Estate Securities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.83 | &nbsp;&nbsp;$15.67 | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$27.66 | &nbsp;&nbsp;$24.78 | &nbsp;&nbsp;$18.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(2.24) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.47 | &nbsp;&nbsp;$14.83 | &nbsp;&nbsp;$15.67 | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$27.66 | &nbsp;&nbsp;$24.78 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;5.44%<sup>4</sup> | &nbsp;&nbsp;&nbsp;8.67%<sup>4</sup> | &nbsp;&nbsp;&nbsp;6.33%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(20.50%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;26.55% | &nbsp;&nbsp;&nbsp;33.88%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$692 | &nbsp;&nbsp;$618 | &nbsp;&nbsp;$477 | &nbsp;&nbsp;$497 | &nbsp;&nbsp;$555 | &nbsp;&nbsp;$—<sup>5,6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Rounds to less than $500 thousands.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;71

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Real Estate Securities Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.27 | &nbsp;&nbsp;$16.04 | &nbsp;&nbsp;$16.70 | &nbsp;&nbsp;$28.05 | &nbsp;&nbsp;$25.05 | &nbsp;&nbsp;$18.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.95 | &nbsp;&nbsp;$15.27 | &nbsp;&nbsp;$16.04 | &nbsp;&nbsp;$16.70 | &nbsp;&nbsp;$28.05 | &nbsp;&nbsp;$25.05 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.71%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.22%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.84%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(20.07%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27.32% | &nbsp;&nbsp;&nbsp;34.68%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$22979 | &nbsp;&nbsp;$29108 | &nbsp;&nbsp;$40263 | &nbsp;&nbsp;$64516 | &nbsp;&nbsp;$133161 | &nbsp;&nbsp;$127<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

72&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Real Estate Securities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;$16.07 | &nbsp;&nbsp;$16.74 | &nbsp;&nbsp;$28.10 | &nbsp;&nbsp;$25.09 | &nbsp;&nbsp;$19.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.98 | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;$16.07 | &nbsp;&nbsp;$16.74 | &nbsp;&nbsp;$28.10 | &nbsp;&nbsp;$25.09 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;5.81%<sup>4</sup> | &nbsp;&nbsp;&nbsp;9.36%<sup>4</sup> | &nbsp;&nbsp;&nbsp;6.94%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(19.99%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;27.48% | &nbsp;&nbsp;&nbsp;34.84%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$4789 | &nbsp;&nbsp;$3373 | &nbsp;&nbsp;$1938 | &nbsp;&nbsp;$1973 | &nbsp;&nbsp;$1112 | &nbsp;&nbsp;$1<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Real Estate Securities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>1</sup>** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.14 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$27.79 | &nbsp;&nbsp;$24.87 | &nbsp;&nbsp;$18.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.81 | &nbsp;&nbsp;$15.14 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$27.79 | &nbsp;&nbsp;$24.87 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;5.59%<sup>4</sup> | &nbsp;&nbsp;&nbsp;8.93%<sup>4</sup> | &nbsp;&nbsp;&nbsp;6.57%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(20.27%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;26.98% | &nbsp;&nbsp;&nbsp;34.45%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2350 | &nbsp;&nbsp;$2398 | &nbsp;&nbsp;$2969 | &nbsp;&nbsp;$3481 | &nbsp;&nbsp;$90376 | &nbsp;&nbsp;$70<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

74&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Science and Technology Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$46.51 | &nbsp;&nbsp;$53.07 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$63.48 | &nbsp;&nbsp;$92.04 | &nbsp;&nbsp;$59.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.13 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| **Net asset value, end of period** | &nbsp;&nbsp;$66.79 | &nbsp;&nbsp;$46.51 | &nbsp;&nbsp;$53.07 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$63.48 | &nbsp;&nbsp;$92.04 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.88%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21%) | &nbsp;&nbsp;&nbsp;67.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$4297495 | &nbsp;&nbsp;$3241372 | &nbsp;&nbsp;$3743633 | &nbsp;&nbsp;$3186208 | &nbsp;&nbsp;$4958005 | &nbsp;&nbsp;$5696<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and $0.04 and total return by 0.09% and 0.09% for the years ended March 31, 2025 and 2024, respectively.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;75

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Macquarie Science and Technology Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1,2</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1,2</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>1</sup>** | &nbsp;&nbsp;**3/31/24<sup>1</sup>** | &nbsp;&nbsp;**3/31/23<sup>1</sup>** | &nbsp;&nbsp;**3/31/22<sup>1</sup>** | &nbsp;&nbsp;**3/31/21<sup>1</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$61.44 | &nbsp;&nbsp;$84.00 | &nbsp;&nbsp;$74.28 | &nbsp;&nbsp;$131.25 | &nbsp;&nbsp;$217.32 | &nbsp;&nbsp;$145.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.67<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.58 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(27.72) | &nbsp;&nbsp;&nbsp;&nbsp;(15.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37.11) | &nbsp;&nbsp;&nbsp;&nbsp;(90.81) | &nbsp;&nbsp;&nbsp;&nbsp;(23.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(27.72) | &nbsp;&nbsp;&nbsp;&nbsp;(15.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37.11) | &nbsp;&nbsp;&nbsp;&nbsp;(90.81) | &nbsp;&nbsp;&nbsp;&nbsp;(23.82) |
| **Net asset value, end of period** | &nbsp;&nbsp;$87.91 | &nbsp;&nbsp;$61.44 | &nbsp;&nbsp;$84.00 | &nbsp;&nbsp;$74.28 | &nbsp;&nbsp;$131.25 | &nbsp;&nbsp;$217.32 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;43.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>4</sup> | &nbsp;&nbsp;&nbsp;39.82%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13.14%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) | &nbsp;&nbsp;&nbsp;66.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$79020 | &nbsp;&nbsp;$64680 | &nbsp;&nbsp;$88952 | &nbsp;&nbsp;$109544 | &nbsp;&nbsp;$237610 | &nbsp;&nbsp;$413<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.39%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.39%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>1</sup> Updated to reflect the effect of a 3 for 1 reverse stock split on September 26, 2025. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>3</sup> Calculated using average shares outstanding.

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and $0.02 and total return by 0.07% and 0.08% for the years ended March 31, 2025 and 2024, respectively.

<sup>5</sup> Total return is based 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> 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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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Science and Technology Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$40.58 | &nbsp;&nbsp;$47.42 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$59.21 | &nbsp;&nbsp;$87.86 | &nbsp;&nbsp;$57.58 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.60<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.22 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| **Net asset value, end of period** | &nbsp;&nbsp;$58.20 | &nbsp;&nbsp;$40.58 | &nbsp;&nbsp;$47.42 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$59.21 | &nbsp;&nbsp;$87.86 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;43.42% | &nbsp;&nbsp;&nbsp;&nbsp;2.80%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40.53%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;66.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$119242 | &nbsp;&nbsp;$90043 | &nbsp;&nbsp;$109957 | &nbsp;&nbsp;$94005 | &nbsp;&nbsp;$120945 | &nbsp;&nbsp;$151<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.88%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.88%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.04 and $0.04 and total return by 0.08% and 0.10% for the years ended March 31, 2025 and 2024, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;77

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Science and Technology Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$63.88 | &nbsp;&nbsp;$69.75 | &nbsp;&nbsp;$54.09 | &nbsp;&nbsp;$76.68 | &nbsp;&nbsp;$105.32 | &nbsp;&nbsp;$67.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.06 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.61 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| **Net asset value, end of period** | &nbsp;&nbsp;$91.85 | &nbsp;&nbsp;$63.88 | &nbsp;&nbsp;$69.75 | &nbsp;&nbsp;$54.09 | &nbsp;&nbsp;$76.68 | &nbsp;&nbsp;$105.32 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.23%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.14%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;67.96% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1657858 | &nbsp;&nbsp;$1253021 | &nbsp;&nbsp;$1403120 | &nbsp;&nbsp;$1281422 | &nbsp;&nbsp;$2354813 | &nbsp;&nbsp;$2878<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.07 and $0.05 and total return by 0.10% and 0.09% for the years ended March 31, 2025 and 2024, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

78&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Science and Technology Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$65.47 | &nbsp;&nbsp;$71.23 | &nbsp;&nbsp;$55.11 | &nbsp;&nbsp;$77.75 | &nbsp;&nbsp;$106.48 | &nbsp;&nbsp;$68.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.50 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.18 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(31.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(31.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| **Net asset value, end of period** | &nbsp;&nbsp;$94.16 | &nbsp;&nbsp;$65.47 | &nbsp;&nbsp;$71.23 | &nbsp;&nbsp;$55.11 | &nbsp;&nbsp;$77.75 | &nbsp;&nbsp;$106.48 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;43.82%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.40%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41.31%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.02%) | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;68.22% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$205107 | &nbsp;&nbsp;$143735 | &nbsp;&nbsp;$155573 | &nbsp;&nbsp;$108424 | &nbsp;&nbsp;$173276 | &nbsp;&nbsp;$192<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.07 and $0.05 and total return by 0.10% and 0.09% for the years ended March 31, 2025 and 2024, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;79

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Macquarie Science and Technology Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$55.33 | &nbsp;&nbsp;$61.62 | &nbsp;&nbsp;$48.45 | &nbsp;&nbsp;$70.42 | &nbsp;&nbsp;$98.99 | &nbsp;&nbsp;$64.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.76<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.93 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| **Net asset value, end of period** | &nbsp;&nbsp;$79.45 | &nbsp;&nbsp;$55.33 | &nbsp;&nbsp;$61.62 | &nbsp;&nbsp;$48.45 | &nbsp;&nbsp;$70.42 | &nbsp;&nbsp;$98.99 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;43.59% | &nbsp;&nbsp;&nbsp;&nbsp;3.06%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40.88%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;67.64%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$338524 | &nbsp;&nbsp;$257726 | &nbsp;&nbsp;$284479 | &nbsp;&nbsp;$229962 | &nbsp;&nbsp;$351136 | &nbsp;&nbsp;$455<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.72%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and $0.05 and total return by 0.10% and 0.10% for the years ended March 31, 2025 and 2024, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> 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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## Notes to financial statements
Ivy Funds

September 30, 2025 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 17 series. These financial statements and the related notes pertain to 6 series: Macquarie Asset Strategy Fund (formerly, Delaware Ivy Asset Strategy Fund through December 30, 2024), Macquarie Balanced Fund (formerly, Delaware Ivy Balanced Fund through December 30, 2024), Macquarie Climate Solutions Fund (formerly, Delaware Climate Solutions Fund through December 30, 2024), Macquarie Natural Resources Fund (formerly, Delaware Ivy Natural Resources Fund through December 30, 2024), Macquarie Real Estate Securities Fund (formerly, Delaware Real Estate Securities Fund through December 30, 2024), and Macquarie Science and Technology Fund (formerly, Delaware Ivy Science and Technology Fund through December 30, 2024), (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. Macquarie Asset Strategy Fund, Macquarie Balanced Fund, Macquarie Natural Resources Fund, and Macquarie Real Estate Securities Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Macquarie Climate Solutions Fund, and Macquarie Science and Technology Fund are considered nondiversified.

Each Fund offers Class A, Class C, Class R, Institutional Class (formerly, Class I), 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 R, Institutional Class, 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.

**Basis of Consolidation — Ivy ASF II, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Macquarie 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 statement of additional information. 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, its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company. The date of incorporation of the Subsidiary and Company was January 31, 2013 and April 16, 2013, respectively. As of September 30, 2025, the total net assets held by the Subsidiary is $127,001,094, or approximately 6.93% of the Fund's net assets and the total net assets held by the Company is $1,491,086, or approximately 0.08% of the Fund's net assets.**

Ivy WGA III (SBP), LLC (Company), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for Macquarie Balanced Fund (referred to as the Fund in this subsection) in connection with the reorganization of the Macquarie Global Allocation Fund (see Note 5). The Company 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 statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Company. The consolidated financial statements include the accounts of the Fund and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Company comprising the entire issued share capital of 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 Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Company and shall confer upon the

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Ivy Funds

1. Significant Accounting Policies (continued)

shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Company. The date of incorporation of the Company was April 9, 2013. As of September 30, 2025, the net assets held by the Company are $165,043, or approximately 0.008% of the Fund's net assets.

**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 (NYSE) 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 and credit default swap (CDS) contracts 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 (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Fund's valuation designee (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 certain 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. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor 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 are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Funds may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.** 

**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 six months ended September 30, 2025, and for all open tax years (years ended March 31, 2022–March 31, 2025), and has concluded that no provision for federal**

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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 and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the six months ended September 30, 2025, the Funds did not incur any interest or tax penalties.

As a result of several court cases, in certain countries across the European Union, certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as "Foreign withholding tax claims" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Foreign withholding tax claims." 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 Macquarie Asset Strategy Fund will enter into a closing agreement with the IRS. Macquarie Asset Strategy Fund's estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Consolidated statement of assets and liabilities." Any fees associated with these closing agreements are included on the "Consolidated statement of operations" under "Audit and tax fees."

The Company is subject to US 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.

The Company's income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit) for the year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Tax expense/(benefit)** | &nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;Total |
| Federal | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$239655 | &nbsp;&nbsp;&nbsp;$239655 |
| State | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;16796573 | &nbsp;&nbsp;&nbsp;&nbsp;16796573 |
| Valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17036228) | &nbsp;&nbsp;&nbsp; (17036228) |
| Total tax expense/(benefit) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

Components of the Company's deferred tax assets and liabilities as of March 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Deferred tax assets/(liabilities)** |  |
| Basis in partnerships | &nbsp;&nbsp;$61391991 |
| Net operating loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82646430 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total net deferred tax asset/(liability) before valuation allowance | &nbsp;&nbsp; 144038421 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(144038421) |
| Net deferred tax asset/(liability) | &nbsp;&nbsp;$— |

---

Net operating loss carryforwards are available to offset future taxable income of the Company. The Company had cumulative net operating loss carryforwards as of its most recent tax year ending March 31, 2025, of $393,554,429. Net operating loss carryforwards from 2014 – 2017 expire within 20 years and net operating loss carryforwards originating in 2018 and forward do not expire.

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Ivy Funds

1. Significant Accounting Policies (continued)

The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended March 31, 2025, are as follows:

---

| | |
|:---|:---|
| The Company's pre-tax income | &nbsp;&nbsp;$1514071 |
| Pre-tax income/(loss) at the statutory rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317955 |
| Adjustment to prior year deferred taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78300) |
| State income tax expense, net of federal benefit | &nbsp;&nbsp;&nbsp;&nbsp;16796573 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(17036228) |
| Total income tax expense/(benefit) | &nbsp;&nbsp;$— |

---

The Company 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 Company's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on US tax returns filed since inception of the Company. The Company 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. Tax Years March 31, 2022 and later are open to examination by federal and state tax authorities under the applicable statute of limitations.

**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) — Macquarie Asset Strategy Fund and Macquarie Balanced 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 "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, forward 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**

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illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds intend to either use 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 such Fund. Other expenses common to various funds within the Macquarie 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, a Fund may pay an assignment fee. On an ongoing basis, a 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. Macquarie Asset Strategy Fund, Macquarie Balanced Fund, and Macquarie Real Estate Securities Fund declare and pay dividends quarterly. Macquarie Climate Solutions Fund, Macquarie Natural Resources Fund, and Macquarie 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.**

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund's Chief Executive Officer and Chief Financial Officer act as each Fund's chief operating decision makers (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each

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Ivy Funds

1. Significant Accounting Policies (continued)

Fund's financial statements. Adoption of the new standard impacted each Fund's financial statements note disclosures only, and did not affect any Fund's financial position or the results of its operations.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended September 30, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$35004 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;13058 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;13765 |

---

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, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended September 30, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$1427 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;1421 |

---

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 (MIMBT) 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $28 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.545% of net assets over $28 billion and up to $53 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% of net assets over $53 billion. |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% of net assets over $10 billion. |

---

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---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% of net assets over $10 billion. |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion. |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% of net assets over $10 billion. |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $8 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.755% of net assets over $8 billion and up to $13 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of net assets over $13 billion. |

---

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any annual distribution and service (12b-1) fees, acquired fund fees and expenses (other than Macquarie Balanced Fund), 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, 2025 (except as noted) through July 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> net assets<br> for all share classes<br> other than<br> Class R6 | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets<br> for Class R6 |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.64%<sup>\*</sup> |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.82% |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;0.95%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.78%<sup>\*\*</sup> |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;0.80% |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;0.92%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.84%<sup>\*\*</sup> |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

<sup>\*</sup>Effective April 25, 2025. Prior to April 25, 2025, the amounts for all share classes other than R6 and Class R6 were 0.80% and 0.71% respectively.

<sup>\*\*</sup>Effective July 31, 2025. Prior to July 31, 2025, the Fund had no expense limitation.

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, 2025 (except as noted) through July 30, 2026, unless terminated by agreement of DMC and the Funds, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets |
| Fund | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;Class Y |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;0.97%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.22%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.64%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.97%<sup>\*</sup> |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;1.24% |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;1.20%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.95%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.45%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.95%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.78%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.20%<sup>\*\*</sup> |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;1.20% |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;1.17%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.92%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.42%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.92%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.84%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.17%<sup>\*\*</sup> |

---

<sup>\*</sup>Effective April 25, 2025. Prior to April 25, 2025, these amounts for Class A, Class C, Class R, Institutional Class, Class R6, and Class Y shares were 1.05%, 1.80%, 1.30%, 0.80%, 0.71%, and 1.05%, respectively.

<sup>\*\*</sup>Effective July 31, 2025, Prior to July 31, 2025, the Fund had no expense limitation.

DMC entered into a 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 Macquarie 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. MIMAK serves as principal sub-advisor for Macquarie Asset Strategy Fund and Macquarie Balanced Fund. In that capacity, MIMAK works together with DMC to make day-to-day investment decisions for the Funds and to determine the Funds' asset allocation. Whenever MIMAK serves as a sub-advisor for a Fund, DMC has ultimate responsibility for all investment advisory services for the Fund. 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.

DMC has entered into a separate subadvisory agreement with MIMEL for Macquarie Real Estate Securities Fund. Whenever MIMEL serves as a sub-advisor for a Fund, DMC has ultimate responsibility for all investment advisory services for the Fund. In addition, with respect to Macquarie Asset Strategy Fund and Macquarie 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 a sub-advisor for Macquarie Real Estate Securities Fund. Whenever MIMGL serves as a sub-advisor for a Fund, DMC has ultimate responsibility for all investment advisory services for the Fund. MIMGL serves as sub-advisor to Macquarie Asset Strategy, Macquarie Balanced, Macquarie Climate Solutions, Macquarie Natural Resources and Macquarie Science and Technology Funds. MIMGL may execute Fund security trades on behalf of DMC and may also exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge for Macquarie Asset Strategy Fund and Macquarie Balanced Fund. In addition, for Macquarie Asset Strategy Fund and Macquarie Balanced Fund, MIMGL is responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie 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). Each fund in the Macquarie 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 six months ended September 30, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Asset Strategy Fund | $42581 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;39503 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;4221 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;5930 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;4089 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;136418 |

---

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 Macquarie 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 Macquarie Funds on a relative NAV basis. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the six months ended September 30, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Asset Strategy Fund | $62092 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;57339 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;3391 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;6004 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;3191 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;205435 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS 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, transfer agent and sub-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 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. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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 six months ended September 30, 2025, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Asset Strategy Fund | $19837 |
| Macquarie Balanced Fund | &nbsp;&nbsp;14721 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;1328 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;1996 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;879 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;56341 |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

For the six months ended September 30, 2025, DDLP earned commissions on sales of Class A shares for each Fund as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Class A |
| Macquarie Asset Strategy Fund | $20929 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;45790 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;1023 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;3000 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;1325 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;108077 |

---

For the six months ended September 30, 2025, 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 | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$951 | &nbsp;&nbsp;&nbsp;$920 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;1042 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;3595 | &nbsp;&nbsp;&nbsp;&nbsp;3499 |

---

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.

MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC's findings. The Settlement Order does not impact MIMBT's ability to continue to provide services to the Funds. In connection with the findings in the Settlement Order, MIMBT made a payment to the Macquarie Asset Strategy Fund on October 25, 2024, in the amount of $419,237. An amount of $19,553 is included under "payment by affiliates" and an amount of $399,684 is included under "Proceeds from shares sold" on the "Consolidated statements of changes in net assets." Payment by affiliates and capital contribution by affiliates had no impact on total return.

During the year ended March 31, 2025, DMC reimbursed Macquarie Asset Strategy Fund $4,454 in connection with a trade error. These amounts are included in "Net increase from payment by affiliates" in the "Consolidated statements of changes in net assets." Payment by affiliates had no impact on total return.

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An affiliated issuer includes any company in which a Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies during the six months ended September 30, 2025 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions<sup>1</sup> | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> investments | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares |
| **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** | **Macquarie Asset Strategy Fund** |
| Common Stocks—0.06% | Common Stocks—0.06% | Common Stocks—0.06% |  |  |  |  |  |
| Media Group Holdings Series H | Media Group Holdings Series H | Media Group Holdings Series H | Media Group Holdings Series H | Media Group Holdings Series H |  |  |  |
|  | &nbsp;&nbsp;$1254542 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(407951) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$253087 | &nbsp;&nbsp;&nbsp;$1099678 | &nbsp;&nbsp;&nbsp;640301 |
| Media Group Holdings Series T<sup>2</sup> | Media Group Holdings Series T<sup>2</sup> | Media Group Holdings Series T<sup>2</sup> | Media Group Holdings Series T<sup>2</sup> | Media Group Holdings Series T<sup>2</sup> |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278188) | &nbsp;&nbsp;&nbsp;&nbsp;(168252289) | &nbsp;&nbsp;&nbsp;&nbsp;168530477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$1254542 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(686139) | &nbsp;&nbsp;&nbsp;$(168252289) | &nbsp;&nbsp;&nbsp;$168783564 | &nbsp;&nbsp;&nbsp;$1099678 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross<br> reductions<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares |
| **Macquarie Balanced Fund** | **Macquarie Balanced Fund** | **Macquarie Balanced Fund** | **Macquarie Balanced Fund** | **Macquarie Balanced Fund** | **Macquarie Balanced Fund** | **Macquarie Balanced Fund** | **Macquarie Balanced Fund** |
| Common Stock—0.00% | Common Stock—0.00% | Common Stock—0.00% |  |  |  |  |  |
| Media Group Holdings Series H<sup>†</sup> | Media Group Holdings Series H<sup>†</sup> | Media Group Holdings Series H<sup>†</sup> | Media Group Holdings Series H<sup>†</sup> | Media Group Holdings Series H<sup>†</sup> |  |  |  |
|  | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$50308583 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(50190911) | &nbsp;&nbsp;&nbsp;$117672 | &nbsp;&nbsp;&nbsp;&nbsp;72709 |

---

<sup>1</sup> The amount shown includes return of capital.

<sup>2</sup> Security was not held by the Fund at the end of the period.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about December 1, 2025. This is subject to change.

The closing of this transaction will result in the automatic termination of each Fund's investment advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation of the closing of the transaction, on June 18, 2025, the Board approved, and recommended shareholders approve, a new investment advisory agreement for each Fund that, pending shareholder approval, would go into effect at the closing of the transaction.

Fund shareholders approved a new advisory agreement at a special shareholder meeting on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Shareholder Approval Date** |
| &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;November 10, 2025 |
| &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;October 24, 2025 |
| &nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;October 23, 2025 |
| &nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;November 14, 2025 |
| &nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Macquarie Science and Technology Fund | &nbsp;&nbsp;October 31, 2025 |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

At closing, each Fund will be renamed as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Current Name** | &nbsp;&nbsp;**Post-Closing Name** |
| &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;Nomura Asset Strategy Fund |
| &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund |
| &nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;Nomura Climate Solutions Fund |
| &nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;Nomura Natural Resources Fund |
| &nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;Nomura Real Estate Securities Fund |
| &nbsp;&nbsp;Macquarie Science and Technology Fund | &nbsp;&nbsp;Nomura Science and Technology Fund |

---

3. Investments

For the six months ended September 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$382535866 | &nbsp;&nbsp;&nbsp;$149847269 | &nbsp;&nbsp;&nbsp;$485041828 | &nbsp;&nbsp;&nbsp;$136951870 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365908504 | &nbsp;&nbsp;&nbsp;&nbsp;257612662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380548506 | &nbsp;&nbsp;&nbsp;&nbsp;231721853 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21222302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27864440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42902226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15262923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26036178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;1023110357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1508956926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

At September 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$1745444610 | &nbsp;&nbsp;&nbsp;$1330928287 | &nbsp;&nbsp;&nbsp;$(1252665706) | &nbsp;&nbsp;&nbsp;$78262581 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;1638780176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575808207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162071537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413736670 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83640042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20757993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5989256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14768737 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178163670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53232787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42226034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11006753 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55409652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34520227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1385125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33135102 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;3292725241 | &nbsp;&nbsp;&nbsp;&nbsp;3458623603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74359478) | &nbsp;&nbsp;&nbsp;&nbsp;3384264125 |

---

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2025, certain Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Macquarie Balanced Fund | &nbsp;&nbsp;$683360 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$683360 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;55969484 | &nbsp;&nbsp;&nbsp;&nbsp;114167906 | &nbsp;&nbsp;&nbsp;&nbsp;170137390 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;276887806 | &nbsp;&nbsp;&nbsp;&nbsp;322967059 | &nbsp;&nbsp;&nbsp;&nbsp;599854865 |

---

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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 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4276776 | &nbsp;&nbsp;&nbsp;&nbsp;$4276776 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924534 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125642324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125642324 |
| Bullion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126746435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126746435 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755504 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71456710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9083704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80540414 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103626825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30616842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135343345 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66356627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16060070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82416697 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16427936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16427936 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133932851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62669785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197443147 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50849880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52848368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103698248 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72968675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63397812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136366487 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228915296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73808435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302723731 |

---

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Ivy Funds

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Asset Strategy Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;$16290148 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16290148 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16405963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16405963 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612209 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293052484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293052484 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68244171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68244171 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587691 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578163 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542972 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811847 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12059275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12059275 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29891130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29891130 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214185 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413496 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36810472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36810472 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954820 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$973770374 | &nbsp;&nbsp;&nbsp;&nbsp;$841175056 | &nbsp;&nbsp;&nbsp;&nbsp;$8829174 | &nbsp;&nbsp;&nbsp;&nbsp;$1823774604 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$189522 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$189522 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(256935) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(256935) |

---

<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7548321 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7548321 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102444 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174436227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174436227 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815276 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243092025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243491929 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455997 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179780967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179780967 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233509826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233509826 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410551 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Balanced Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$20327179 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$20327179 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13804495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13804495 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51397986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51397986 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817500 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97775784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97775784 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600000 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1491201851 | &nbsp;&nbsp;&nbsp;&nbsp;$559216730 | &nbsp;&nbsp;&nbsp;&nbsp;$855901&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$2051274482&nbsp;&nbsp;&nbsp;&nbsp; |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$173319 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$173319 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069045 |

---

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Climate Solutions Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;$10995012 | &nbsp;&nbsp;&nbsp;&nbsp;$2799885 | &nbsp;&nbsp;&nbsp;&nbsp;$13794897 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16016948 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057311 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15507081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9238965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24746046 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315514 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21964268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14513795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36478063 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$63891877 | &nbsp;&nbsp;&nbsp;&nbsp;$34516902 | &nbsp;&nbsp;&nbsp;&nbsp;$98408779 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Natural Resources Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;$4199325 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4199325 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48484588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58073774 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784385 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060398 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100399511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18653030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119052541 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$160928207 | &nbsp;&nbsp;&nbsp;&nbsp;$28242216 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$189170423 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;95

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Ivy Funds

3. Investments (continued)

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Real Estate Securities Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1728929 | &nbsp;&nbsp;&nbsp;&nbsp;$1728929 |
| &nbsp;&nbsp;&nbsp;Real Estate Operating<br> Companies/Developer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561839 |
| &nbsp;&nbsp;&nbsp;REIT Asset Management & Custody<br> Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995435 |
| &nbsp;&nbsp;&nbsp;REIT Data Center | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12475581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12924132 |
| &nbsp;&nbsp;&nbsp;REIT Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16666858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16666858 |
| &nbsp;&nbsp;&nbsp;REIT Hotel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587553 |
| &nbsp;&nbsp;&nbsp;REIT Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10606536 |
| &nbsp;&nbsp;&nbsp;REIT Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695000 |
| &nbsp;&nbsp;&nbsp;REIT Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576067 |
| &nbsp;&nbsp;&nbsp;REIT Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16852741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16852741 |
| &nbsp;&nbsp;&nbsp;REIT Self-Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807672 |
| &nbsp;&nbsp;&nbsp;REIT Single Family | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622402 |
| &nbsp;&nbsp;&nbsp;REIT Specialty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045107 |
| &nbsp;&nbsp;&nbsp;REIT Telecom Tower | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735688 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136535 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$85693776 | &nbsp;&nbsp;&nbsp;&nbsp;$2850978 | &nbsp;&nbsp;&nbsp;&nbsp;$88544754 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Science and Technology Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$6663303291 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13686075 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$6676989366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;96

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

As a result of utilizing international fair value pricing at September 30, 2025, a portion of the common stock in the portfolio for Macquarie Asset Strategy Fund, Macquarie Climate Solutions Fund, Macquarie Natural Resources Fund, and Macquarie Real Estate Securities Fund were categorized as Level 2.

During the six months ended September 30, 2025, there were no transfers into or out of Level 3 investments for any of the Funds. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to 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 Macquarie Asset Strategy Fund, Macquarie Balanced Fund, and Macquarie Natural Resources Fund's net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Macquarie Asset Strategy Fund, Macquarie Balanced Fund, and Macquarie Natural Resources Fund's net assets at the end of the period. As of September 30, 2025, Macquarie Climate Solutions Fund, Macquarie Real Estate Securities Fund, and Macquarie Science and Technology Fund had no Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;97

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Ivy Funds

4. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie Asset<br> Strategy Fund | Macquarie Asset<br> Strategy Fund | Macquarie<br> Balanced Fund | Macquarie<br> Balanced Fund | Macquarie Climate<br> Solutions Fund | Macquarie Climate<br> Solutions Fund |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;643571 | &nbsp;&nbsp;&nbsp;1506903 | &nbsp;&nbsp;&nbsp;4080637 | &nbsp;&nbsp;&nbsp;3099764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57429 | &nbsp;&nbsp;&nbsp;&nbsp;208631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;101376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24220 | &nbsp;&nbsp;&nbsp;&nbsp;160499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;1218683 | &nbsp;&nbsp;&nbsp;2566624 | &nbsp;&nbsp;&nbsp;1904681 | &nbsp;&nbsp;&nbsp;2912526 | &nbsp;&nbsp;&nbsp;&nbsp;187238 | &nbsp;&nbsp;&nbsp;&nbsp;707795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31004 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12707881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;138970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3726415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;407503 | &nbsp;&nbsp;&nbsp;4143547 | &nbsp;&nbsp;&nbsp;&nbsp;341159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;126441 | &nbsp;&nbsp;&nbsp;1098023 | &nbsp;&nbsp;&nbsp;&nbsp;123712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 |
|  | &nbsp;&nbsp;2685376 | &nbsp;&nbsp;10434513 | 23245758 | &nbsp;&nbsp;&nbsp;7056641 | &nbsp;&nbsp;&nbsp;&nbsp;295909 | &nbsp;&nbsp;1285353 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (4136234) | &nbsp;&nbsp;&nbsp;(9426654) | &nbsp;&nbsp;(4720038) | &nbsp;&nbsp;&nbsp;(8809378) | &nbsp;&nbsp;&nbsp;(574910) | (2118137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(236712) | &nbsp;&nbsp;&nbsp;&nbsp;(608623) | &nbsp;&nbsp;&nbsp;&nbsp;(306414) | &nbsp;&nbsp;&nbsp;&nbsp;(714473) | &nbsp;&nbsp;&nbsp;&nbsp;(67519) | &nbsp;&nbsp;&nbsp;(189153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(91562) | &nbsp;&nbsp;&nbsp;&nbsp;(222536) | &nbsp;&nbsp;&nbsp;&nbsp;(30358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58355) | &nbsp;&nbsp;&nbsp;(190969) | &nbsp;&nbsp;&nbsp;(674294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (1850947) | &nbsp;&nbsp;&nbsp;(4342111) | &nbsp;&nbsp;(2190309) | &nbsp;&nbsp;&nbsp;(6005029) | &nbsp;&nbsp;&nbsp;(839359) | (2410244) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(53718) | &nbsp;&nbsp;&nbsp;&nbsp;(410310) | &nbsp;&nbsp;&nbsp;&nbsp;(52498) | &nbsp;&nbsp;&nbsp;&nbsp;(129549) | &nbsp;&nbsp;&nbsp;&nbsp;(19619) | &nbsp;&nbsp;&nbsp;(173563) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(337319) | &nbsp;&nbsp;&nbsp;&nbsp;(662234) | &nbsp;&nbsp;&nbsp;&nbsp;(81792) | &nbsp;&nbsp;&nbsp;&nbsp;(131735) | &nbsp;&nbsp;&nbsp;&nbsp;(48166) | &nbsp;&nbsp;&nbsp;(233141) |
|  | (6706492) | (15672468) | &nbsp;&nbsp;(7381409) | (15848519) | (1740542) | (5798532) |
| Net increase (decrease) | (4021116) | &nbsp;&nbsp;&nbsp;(5237955) | 15864349 | &nbsp;&nbsp;&nbsp;(8791878) | (1444633) | (4513179) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 5.

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie Natural<br> Resources Fund | Macquarie Natural<br> Resources Fund | Macquarie<br> Real Estate<br> Securities Fund | Macquarie<br> Real Estate<br> Securities Fund | Macquarie<br> Science and<br> Technology Fund | Macquarie<br> Science and<br> Technology Fund |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;106668 | &nbsp;&nbsp;&nbsp;&nbsp;625309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44197 | &nbsp;&nbsp;&nbsp;&nbsp;139576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966659 | &nbsp;&nbsp;&nbsp;1875271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153930 | &nbsp;&nbsp;&nbsp;&nbsp;438522 | &nbsp;&nbsp;&nbsp;&nbsp;110330 | &nbsp;&nbsp;&nbsp;&nbsp;410917 | &nbsp;&nbsp;&nbsp;1504807 | &nbsp;&nbsp;&nbsp;3102959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79143 | &nbsp;&nbsp;&nbsp;&nbsp;143715 | &nbsp;&nbsp;&nbsp;&nbsp;118094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798706 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;375991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42601 | &nbsp;&nbsp;&nbsp;&nbsp;551664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11001581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1003961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;137992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19208 | &nbsp;&nbsp;&nbsp;&nbsp;275554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2344371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;337137 | &nbsp;&nbsp;1877351 | &nbsp;&nbsp;&nbsp;&nbsp;387782 | &nbsp;&nbsp;1585007 | &nbsp;&nbsp;&nbsp;3358834 | &nbsp;&nbsp;22520200 |
| Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1803432)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(560164) | (1815390) | &nbsp;&nbsp;&nbsp;(394135) | (1143890) | &nbsp;&nbsp;(6310029) | (13734044) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(27355) | &nbsp;&nbsp;&nbsp;&nbsp;(61289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5887) | &nbsp;&nbsp;&nbsp;&nbsp;(18254) | &nbsp;&nbsp;&nbsp;&nbsp;(583419) | &nbsp;&nbsp;&nbsp;(1261094) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(47895) | &nbsp;&nbsp;&nbsp;(220151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8416) | &nbsp;&nbsp;&nbsp;&nbsp;(12476) | &nbsp;&nbsp;&nbsp;&nbsp;(312811) | &nbsp;&nbsp;&nbsp;&nbsp;(828317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(368359) | &nbsp;&nbsp;&nbsp;(972242) | &nbsp;&nbsp;&nbsp;(595430) | (1289782) | &nbsp;&nbsp;(3068790) | &nbsp;&nbsp;&nbsp;(5948400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(71848) | &nbsp;&nbsp;&nbsp;(113738) | &nbsp;&nbsp;&nbsp;&nbsp;(67352) | &nbsp;&nbsp;&nbsp;&nbsp;(35757) | &nbsp;&nbsp;&nbsp;&nbsp;(327938) | &nbsp;&nbsp;&nbsp;&nbsp;(791530) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(101157) | &nbsp;&nbsp;&nbsp;(160383) | &nbsp;&nbsp;&nbsp;&nbsp;(17122) | &nbsp;&nbsp;&nbsp;&nbsp;(69260) | &nbsp;&nbsp;&nbsp;&nbsp;(702857) | &nbsp;&nbsp;&nbsp;(1380971) |
|  | (1176778) | (3343193) | (1088342) | (2569419) | (11305844) | (23944356) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(839641) | (1465842) | &nbsp;&nbsp;&nbsp;(700560) | &nbsp;&nbsp;&nbsp;(984412) | &nbsp;&nbsp;(9750442) | &nbsp;&nbsp;&nbsp;(1424156) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>3</sup> Updated to reflect the effect of a 3 for 1 reverse stock split on September 26, 2025.

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Ivy Funds

4. Capital Shares (continued)

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 on the previous pages and on the "Statements of changes in net assets." For the six months ended September 30, 2025 and the year ended March 31, 2025, each Fund had the following exchange transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| Macquarie Asset Strategy Fund |  |  | &nbsp;&nbsp;&nbsp;$1422866 |  |  | &nbsp;&nbsp;&nbsp;$5344270 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;30332 | &nbsp;&nbsp;&nbsp;30830 |  | &nbsp;&nbsp;&nbsp;173332 | &nbsp;&nbsp;&nbsp;&nbsp;65744 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;33295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;69080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;28506 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;167571 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3328 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Balanced Fund |  |  | &nbsp;&nbsp;&nbsp;$1140129 |  |  | &nbsp;&nbsp;&nbsp;$2350509 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;23003 |  | &nbsp;&nbsp;&nbsp;&nbsp;39944 | &nbsp;&nbsp;&nbsp;&nbsp;51729 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;42078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;63979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;21218 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49708 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2948 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |  |
| Macquarie Climate Solutions Fund |  |  | &nbsp;&nbsp;&nbsp;$78339 |  |  | &nbsp;&nbsp;&nbsp;$77286 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;5954 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;5284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3744 | &nbsp;&nbsp;&nbsp;&nbsp;2908 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047 |  |
| Macquarie Natural Resources Fund |  |  | &nbsp;&nbsp;&nbsp;$55741 |  |  | &nbsp;&nbsp;&nbsp;$137910 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;3125 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |  |
| Macquarie Real Estate Securities Fund |  |  | &nbsp;&nbsp;&nbsp;$20558 |  |  | &nbsp;&nbsp;&nbsp;$68694 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019 |  |
| Macquarie Science and Technology Fund |  |  | &nbsp;&nbsp;&nbsp;$1179257 |  |  | &nbsp;&nbsp;&nbsp;$7080679 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;14254 | &nbsp;&nbsp;&nbsp;&nbsp;8650 |  | &nbsp;&nbsp;&nbsp;&nbsp;94551 | &nbsp;&nbsp;&nbsp;&nbsp;21159 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;34394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;1102 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;77996 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7865 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1399 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

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5. Reorganization

The following reorganizations occurred during the reporting period, as noted within the "Consolidated statement of changes in net assets." On February 11-13, 2025, the Board approved proposals to reorganize the following acquired funds (Acquired Funds), each a series of the Trust, with and into the following acquiring fund (Acquiring Fund), each a series of the Trust, set forth in the table below (each a "Reorganization" and together the "Reorganizations").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Macquarie Multi-Asset Income Fund (Acquired Fund I), a series of the Trust | &nbsp;&nbsp;Macquarie Balanced Fund (Acquiring Fund), a series of the Trust |
| &nbsp;&nbsp;Macquarie Global Allocation Fund (Acquired Fund II), a series of the Trust | &nbsp;&nbsp;Macquarie Balanced Fund (Acquiring Fund), a series of the Trust |

---

In approving the Reorganizations, the Board considered various factors, including that the applicable Acquiring Fund and the applicable Acquired Fund shared similar investment objectives, principal investment strategies and principal risks, and materially similar fundamental investment restrictions and that the applicable Acquiring Fund's overall total expense ratio was equal to or lower than the corresponding Acquired Fund's total expense ratio following the applicable Reorganization taking into account applicable expense limitation arrangements.

Acquired Fund II shareholders approved the Reorganization on July 21, 2025. No shareholder approval was required for the Acquired Fund I reorganization.

Pursuant to an Agreement and Plan of Reorganization (the "Plan"): (i) all of the property and assets of the Acquired Funds were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Funds in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganizations. The Reorganizations were accomplished by a tax-free exchange of shares on the following dates.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Reorganization Date** |
| &nbsp;&nbsp;Acquired Fund I | &nbsp;&nbsp;April 25, 2025 |
| &nbsp;&nbsp;Acquired Fund II | &nbsp;&nbsp;August 22, 2025 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Acquired Fund I, and the Acquiring Fund Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund I Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$29708724 | &nbsp;&nbsp;&nbsp;3300969 | &nbsp;&nbsp;&nbsp;1298458 | &nbsp;&nbsp;&nbsp;$1060390907 | &nbsp;&nbsp;&nbsp;0.3934 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;1927180 | &nbsp;&nbsp;&nbsp;&nbsp;213656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33153968 | &nbsp;&nbsp;&nbsp;0.4030 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9621754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;24464851 | &nbsp;&nbsp;&nbsp;2712289 | &nbsp;&nbsp;&nbsp;1067868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324714272 | &nbsp;&nbsp;&nbsp;0.3937 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475399 | &nbsp;&nbsp;&nbsp;0.3916 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8887627 | &nbsp;&nbsp;&nbsp;0.3941 |

---

The share transactions associated with the Acquired Fund II, and the Acquiring Fund Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund II Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$288658398 | &nbsp;&nbsp;&nbsp;41895268 | &nbsp;&nbsp;&nbsp;11409423 | &nbsp;&nbsp;&nbsp;$1225736072 | &nbsp;&nbsp;&nbsp;0.2723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;101

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[**Table of Contents**](#JOB_Ivy_D_3068890b-aee2-4204-b3b5-7d9d67d39c14_TOC_AltSty1)

Ivy Funds

5. Reorganization (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund II Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35306018 | &nbsp;&nbsp;&nbsp;0.2519 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10130222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;67367579 | &nbsp;&nbsp;&nbsp;&nbsp;9569258 | &nbsp;&nbsp;&nbsp;&nbsp;2658547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385641113 | &nbsp;&nbsp;&nbsp;0.2778 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10641591 | &nbsp;&nbsp;&nbsp;0.2712 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The net assets of the Acquired Fund I and Acquired Fund II before the Reorganizations were $57,034,367 and $357,712,445, respectively. The Acquired Fund I and Acquired Fund II net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Reorganizations. The net assets of the Acquiring Fund immediately following the Acquired Fund I and Acquired Fund II Reorganizations were $1,502,210,872 and 2,034,083,455, respectively.

Assuming the Reorganizations had been completed on April 1, 2025, the Acquiring Funds' pro forma results of operations for the six months ended September 30, 2025, would have been as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Acquiring Fund I | &nbsp;&nbsp;&nbsp;&nbsp;Acquiring Fund II |
| Net investment income | &nbsp;&nbsp;$12224115 | &nbsp;&nbsp;&nbsp;$5206853 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3685194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59135872 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188281777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134757983 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$196820698 | &nbsp;&nbsp;&nbsp;$199100708 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund I and Acquired Fund II that have been included in the Acquiring Fund's "Consolidated statement of operations" since the Reorganizations were consummated on April 25, 2025 for Acquired Fund I and August 22, 2025 for Acquired Fund II.

6. Line of Credit

Each Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 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 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 Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.

Each Fund had no amounts outstanding as of September 30, 2025, or at any time during the period then ended.

7. 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 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2025.

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8. 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 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 six months ended September 30, 2025, Macquarie Asset Strategy Fund used forward foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date. Macquarie Asset Strategy Fund also used forward foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures 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 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 September 30, 2025, Macquarie Asset Strategy Fund posted $561,875 and Macquarie Balanced Fund posted $1,136,797 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Consolidated statements of assets and liabilities." Open futures contracts, if any, are disclosed on the "Consolidated schedules of investments."**

During the six months ended September 30, 2025, Macquarie Asset Strategy Fund and Macquarie 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.

**Swap Contracts — Macquarie Asset Strategy Fund and Macquarie 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. 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**

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Ivy Funds

8. Derivatives (continued)

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 six months ended September 30, 2025, Macquarie Balanced Fund entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. Macquarie Balanced Fund did not enter into CDS contracts as a purchaser of protection.

As disclosed in the footnotes to the "Consolidated schedule of investments," at September 30, 2025, the notional value of the protection sold was $7,900,000, which reflects the maximum potential amount Macquarie Balanced Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At September 30, 2025, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Fund and other third parties which the Fund can obtain in the occurrence of a credit event. At September 30, 2025, net unrealized appreciation of the protection sold was $173,319.

CDS contracts may involve greater risks than if Macquarie 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 six months ended September 30, 2025, Macquarie Balanced Fund used CDS contracts to gain exposure to certain securities or markets.

During the six months ended September 30, 2025, Macquarie Balanced Fund posted $510,148 in cash as collateral for certain centrally cleared derivatives, which is included in "Cash collateral due from brokers" on the "Consolidated statements of assets and liabilities."

Fair values of derivative instruments as of September 30, 2025 were as follows:

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset Strategy Fund |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$189522 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset Strategy Fund |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(256935) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Macquarie Balanced Fund |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$1069045 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1069045 |
| Variation margin due to broker on centrally cleared credit default swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173319 |
| Total | &nbsp;&nbsp;$1069045 | &nbsp;&nbsp;$173319 | &nbsp;&nbsp;$1242364 |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through September 30, 2025. Only current day variation margin is reported on each Fund's "Consolidated statements of assets and liabilities."

The effect of derivative instruments on the "Consolidated statements of operations" for the six months ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;Macquarie Asset Strategy Fund |
|  | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$(2406) | &nbsp;&nbsp;$(184991) | &nbsp;&nbsp;$(187397) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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Ivy Funds

8. Derivatives (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts |
| Interest rate contracts | &nbsp;&nbsp;$(89756) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Macquarie Balanced Fund |
|  | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(2711238) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2711238) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;134776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134776 |
| Total | &nbsp;&nbsp;$(2711238) | &nbsp;&nbsp;$134776 | &nbsp;&nbsp;$(2576462) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$1426252 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1426252 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;221461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221461 |
| Total | &nbsp;&nbsp;$1426252 | &nbsp;&nbsp;$221461 | &nbsp;&nbsp;$1647713 |

---

The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Futures contracts (average notional amount) | &nbsp;&nbsp;27784185 | &nbsp;&nbsp;179113361 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Futures contracts (average notional amount) | &nbsp;&nbsp;15810072 | &nbsp;&nbsp;79811781 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7776563 |

---

\*Long represents buying protection and short represents selling protection.

**9. Securities Lending**

Each Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required

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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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund's cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the six months ended September 30, 2025, each Fund had no securities out on loan.

10. Credit and Market Risks

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact the Funds' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on the Funds' investments, even beyond any direct investment exposure a Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

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.

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Ivy Funds

10. Credit and Market Risks (continued)

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. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Funds invest a portion of their assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and lower than Baa3 by Moody's Investors Service, 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.

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 a 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

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other direct indebtedness acquired by the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Funds 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 the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds' rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds.

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 six months ended September 30, 2025. 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 and restricted securities have been identified on the "Consolidated schedules of investments" and "Schedules of investments."

11. 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.

12. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The

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Ivy Funds

12. Recent Accounting Pronouncements (continued)

amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on each Fund's financial statements.

13. Subsequent Events

Effective October 1, 2025, Van Eck Associates Corporation became a sub-advisor to Macquarie Climate Solutions and Macquarie Natural Resources Funds.

On October 27, 2025, 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 in Note 6. 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 26, 2026.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2025, that would require recognition or disclosure in the Funds' financial statements.

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## Other Fund information (Unaudited)
Ivy Funds

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At special shareholder meetings held on the dates listed below, shareholders of certain Funds approved a new investment advisory agreement. The results of the voting at these meetings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Special Shareholder Meeting Date** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** |
| &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;November 10, 2025 | &nbsp;&nbsp;31833543 | &nbsp;&nbsp;1168017 | &nbsp;&nbsp;6076409 |
| &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;October 24, 2025 | &nbsp;&nbsp;27698750 | &nbsp;&nbsp;867220 | &nbsp;&nbsp;3623699 |
| &nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;October 23, 2025 | &nbsp;&nbsp;4605823 | &nbsp;&nbsp;174749 | &nbsp;&nbsp;574905 |
| &nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;November 14, 2025 | &nbsp;&nbsp;4156375 | &nbsp;&nbsp;460337 | &nbsp;&nbsp;619451 |
| &nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;2672891 | &nbsp;&nbsp;105995 | &nbsp;&nbsp;379920 |
| &nbsp;&nbsp;Macquarie Science and Technology Fund | &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;40232926 | &nbsp;&nbsp;1904809 | &nbsp;&nbsp;6590029 |

---

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
At a meeting held on August 12-14, 2025 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Macquarie Climate Solutions Fund, Macquarie Asset Strategy Fund, Macquarie Balanced Fund, Macquarie Natural Resources Fund, Macquarie Science and Technology Fund, and Macquarie Real Estate Securities Fund (each, a "Fund" and together, the "Funds") Investment Management Agreement with Delaware Management Company ("DMC) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK") and Macquarie Investment Management Europe Limited ("MIMEL") (together, the "Affiliated Sub-Advisers").

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2025, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an "Investment Committee" and together, the "Investment Committees"), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

of the Funds' Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (JDL).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund's portfolio managers. The Board met with DMC's senior management and investment personnel. The Board reviewed the materials provided by the Funds' portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board's review included consideration of DMC's investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals.** 

The Board also considered information regarding DMC's programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and individuals, and enhancements to existing processes and testing as discussed further below). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd., the parent company of DMC, regarding its U.S. mutual fund business.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC's responsibility for overseeing: the preparation of the Funds' prospectus, summary prospectus, statement of additional information, shareholder reports, and other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.

The Board took into account the proposed acquisition by Nomura Holding America, Inc. (Nomura) of the US and European public investments business of Macquarie Asset Management, including DMC (the "MAM Business"). The Board considered information from DMC and Nomura regarding the transaction, as well as the approvals made by the Board, at a special board meeting held on June 18, 2025 that, among other things, authorized management to seek shareholder approval of the new advisory agreements for the Fund complex with DMC that if approved by shareholders, would become effective upon the closing of the transaction. The Board noted the anticipated benefits to shareholders of the change in ownership of the MAM Business, including the resources available to DMC when it becomes part of Nomura's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of Affiliated Sub-Advisers who provide these services, including the Macquarie Asset Strategy Fund, Macquarie Balanced Fund, and Macquarie Real Estate Securities Fund's portfolio managers. The Board noted that two of the portfolio managers for the Macquarie Climate Solutions Fund and the Macquarie Natural Resources Fund who previously provided investment management services to the Fund through DMC were now providing those services to it as employees of Van Eck Associates Corporation through a sub-advisory agreement with DMC. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted the changes that would occur with respect to the Affiliated Sub-Advisers following the closing of the Transaction, including whether and how such sub-advisers would continue to provide investment services

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to the Funds. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

Based on this information, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided until the closing of the transaction) to the Funds by DMC and the Affiliated Sub-Advisers.

**Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (Broadridge), furnished for the Annual Contract Renewal Meeting, and reports provided by JDL throughout the year. The Broadridge reports prepared for each Fund's institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2024. For Funds acquired from complexes sponsored by other, predecessor investment managers, the Board considered that each Fund's performance prior to such acquisition is that of its predecessor investment manager and not DMC.**

*Macquarie Climate Solutions Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional specialty and miscellaneous funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 5-, and 10-year periods was in the third quartile of its Performance Universe and for the 3-year period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 5-, and 10-year periods was below the median of its Performance Universe and for the 3-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 5-, and 10-year periods and outperformed its benchmark index for the 3-year period. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.* 

*Macquarie Asset Strategy Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional alternative global macro funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the limited period of performance data available since the Fund changed its investment strategy effective on or around July 31, 2025 and would continue to evaluate the Fund's performance as such change was not reflected in the performance data. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the periods under review and any actions that DMC has taken to address performance concerns.* 

*Macquarie Balanced Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the first quartile of its Performance Universe and for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its primary benchmark, the S&P 500 Total Return USD index, during all of the periods under review, but outperformed its secondary benchmark, the Bloomberg US Aggregate Bond Total Return index, during all of the periods under review. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns. The Board also noted that the Fund changed its investment strategy in February 2024 and that it had approved reorganization of the Fund, which was expected to occur in 2025.*

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

*Macquarie Natural Resources Fund. The Performance Universe consists of the Fund and all retail and institutional global natural resources funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the third, second, fourth, and fourth quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 5-, and 10-year periods was below the median of its Performance Universe and for the 3-year period was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods, performed approximately equal to its benchmark index for the 5-year period, and underperformed its benchmark index for the 10-year period. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe for the various periods and any actions that DMC has taken to address performance concerns.*

*Macquarie Science and Technology Fund. The Performance Universe consists of the Fund and all retail and institutional science & technology funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the second, second, third, and fourth quartiles, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was above the median of its Performance Universe and for the 5- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.* 

*Macquarie Real Estate Securities Fund. The Performance Universe consists of the Fund and all retail and institutional real estate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the first quartile of its Performance Universe and for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 10-year periods and outperformed its benchmark index for the 5-year period. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

**Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses (reflecting any applicable fee waivers and/or expense reimbursements), for comparative consistency, were shown by Broadridge for Institutional Class shares. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the "Expense Universe"). Each Fund's total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Universe and all other similar funds with an institutional share class (i.e., funds without 12b-1 fees and non-12b-1 service fees) with assets equal to or greater than $100 million, excluding outliers. In reviewing comparative costs, each Fund's contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Universe were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with a Fund's Expense Universe.** 

Each Fund's total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

*Macquarie Climate Solutions Fund. The expense comparisons for the Fund showed that its actual management fee was equal to the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

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*Macquarie Asset Strategy Fund. The expense comparisons for the Fund showed that its actual management fee was equal to the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Balanced Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.* 

*Macquarie Natural Resources Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Science and Technology Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Real Estate Securities Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that, as of March 31, 2025, Macquarie Asset Strategy Fund and Macquarie Balanced Fund's net assets each exceeded their first breakpoint and Macquarie Science and Technology Fund's net assets exceeded its third breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.** 

**Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC's profit, if any, can vary significantly depending on the particular fund; and that DMC's support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.**

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

**Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations. These potentially include procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through "soft dollar" arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.** 

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the representations of DMC and Nomura, the Board did not find that any ancillary benefits received, or likely to be received in the near future, by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.

**Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.**

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#### Contact information

#### Shareholder assistance by phone 800 523-1918, weekdays from 8:30am to 6:00pm ET

#### For securities dealers and financial institutions representatives only 800 362-7500

#### Regular mail Macquarie Funds P.O. Box 534437 Pittsburgh, PA 15253-4437

#### Overnight courier service Macquarie Funds Attention: 534437 500 Ross Street, 154-0520 Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

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 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.

(4927925) **SEMIAN-IVYSPEC-1125**

This page is not part of the financial statements and other information.

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#### Equity funds
Macquarie Core Equity Fund

(formerly, Delaware Ivy Core Equity Fund)

Macquarie Large Cap Growth Fund

(formerly, Delaware Ivy Large Cap Growth Fund)

Macquarie Mid Cap Growth Fund

(formerly, Delaware Ivy Mid Cap Growth Fund)

Macquarie Mid Cap Income Opportunities Fund

(formerly, Delaware Ivy Mid Cap Income Opportunities Fund)

Macquarie Small Cap Growth Fund

(formerly, Delaware Ivy Small Cap Growth Fund)

Macquarie Smid Cap Core Fund

(formerly, Delaware Ivy Smid Cap Core Fund)

#### Fixed income funds
Macquarie Global Bond Fund

(formerly, Delaware Ivy Global Bond Fund)

Macquarie High Income Fund

(formerly, Delaware Ivy High Income Fund)

#### Global / international equity funds
Macquarie Global Growth Fund

(formerly, Delaware Ivy Global Growth Fund)

Macquarie International Core Equity Fund

(formerly, Delaware Ivy International Core Equity Fund)

Macquarie Systematic Emerging Markets Equity Fund

(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)

Financial statements and other information

For the six months ended September 30, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_79fb2943-88be-41ce-9dbe-8b9ae5c8469b_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_4bbb7c62-9dc3-4e39-82b4-a23064c93b47_1)<br>| &nbsp;&nbsp;&nbsp;**40** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_4bbb7c62-9dc3-4e39-82b4-a23064c93b47_7)<br>| &nbsp;&nbsp;&nbsp;**46** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_4bbb7c62-9dc3-4e39-82b4-a23064c93b47_11)<br>| &nbsp;&nbsp;&nbsp;**50** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_8ea24fdb-9e47-4300-b958-34dd91a46ced_1)<br>| &nbsp;&nbsp;&nbsp;**62** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_ac6d6768-b6f6-41a2-8bf6-626d2ff45070_1)<br>| &nbsp;&nbsp;&nbsp;**128** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund information](#xx_1dd29033-87eb-4201-b72d-81fc2abb11f0_1)<br>| &nbsp;&nbsp;&nbsp;**169** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

#### 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 Form 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 800 523-1918; 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 macquarie.com/mam/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 macquarie.com/mam/proxy; and (ii) on the SEC's website at sec.gov.

**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.**

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

## Schedules of investments
Macquarie Core Equity Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.39%♣** | &nbsp;&nbsp;**Common Stocks — 99.39%♣** | &nbsp;&nbsp;**Common Stocks — 99.39%♣** |
| &nbsp;&nbsp;Communication Services — 11.22% | &nbsp;&nbsp;Communication Services — 11.22% | &nbsp;&nbsp;Communication Services — 11.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;712373 | $173177876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 2973277 | &nbsp;&nbsp; 83965343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;202567 | &nbsp;&nbsp; 33099448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;145151 | &nbsp;&nbsp; 106595991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;34102 | &nbsp;&nbsp; 40885570 |
|  |  | &nbsp;&nbsp; 437724228 |
| &nbsp;&nbsp;Consumer Discretionary — 8.14% | &nbsp;&nbsp;Consumer Discretionary — 8.14% | &nbsp;&nbsp;Consumer Discretionary — 8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;627185 | &nbsp;&nbsp; 137711010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;21406 | &nbsp;&nbsp; 91836877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | &nbsp;&nbsp; 18076756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;172150 | &nbsp;&nbsp; 69753459 |
|  |  | &nbsp;&nbsp; 317378102 |
| &nbsp;&nbsp;Consumer Staples — 2.34% | &nbsp;&nbsp;Consumer Staples — 2.34% | &nbsp;&nbsp;Consumer Staples — 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;98681 | &nbsp;&nbsp; 91342094 |
|  |  | &nbsp;&nbsp; 91342094 |
| &nbsp;&nbsp;Financials — 21.66% | &nbsp;&nbsp;Financials — 21.66% | &nbsp;&nbsp;Financials — 21.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;313645 | &nbsp;&nbsp; 67323899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | 1368912 | &nbsp;&nbsp; 53661350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;216790 | &nbsp;&nbsp; 72008966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;124460 | &nbsp;&nbsp; 44379947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;325921 | &nbsp;&nbsp; 55683603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;365038 | &nbsp;&nbsp; 77599778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;313843 | &nbsp;&nbsp; 84797240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;471007 | &nbsp;&nbsp; 60726933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;250571 | &nbsp;&nbsp; 79037611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;444535 | &nbsp;&nbsp; 57767323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;118187 | &nbsp;&nbsp; 67225948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;402357 | &nbsp;&nbsp; 63958669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;246075 | &nbsp;&nbsp; 60768221 |
|  |  | &nbsp;&nbsp; 844939488 |
| &nbsp;&nbsp;Healthcare — 5.84% | &nbsp;&nbsp;Healthcare — 5.84% | &nbsp;&nbsp;Healthcare — 5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;642054 | &nbsp;&nbsp; 85996713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;84326 | &nbsp;&nbsp; 19524842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;203892 | &nbsp;&nbsp; 40423628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;114104 | &nbsp;&nbsp; 48631125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;85311 | &nbsp;&nbsp; 33411200 |
|  |  | &nbsp;&nbsp; 227987508 |
| &nbsp;&nbsp;Industrials — 11.11% | &nbsp;&nbsp;Industrials — 11.11% | &nbsp;&nbsp;Industrials — 11.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | 1537120 | &nbsp;&nbsp; 89491126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;634421 | &nbsp;&nbsp; 70877514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;146596 | &nbsp;&nbsp; 61917753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;196933 | &nbsp;&nbsp; 73702175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;699666 | &nbsp;&nbsp; 137295459 |
|  |  | &nbsp;&nbsp; 433284027 |
| &nbsp;&nbsp;Information Technology — 34.46% | &nbsp;&nbsp;Information Technology — 34.46% | &nbsp;&nbsp;Information Technology — 34.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;295129 | &nbsp;&nbsp; 47748921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;715914 | &nbsp;&nbsp; 182293182 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;307219 | $62900018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;298790 | &nbsp;&nbsp; 98573809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;571100 | &nbsp;&nbsp; 295801245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 1363219 | &nbsp;&nbsp; 254349401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;243098 | &nbsp;&nbsp; 57614226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;187098 | &nbsp;&nbsp; 49994456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;221612 | &nbsp;&nbsp; 52313729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;555089 | &nbsp;&nbsp; 155030807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;147213 | &nbsp;&nbsp; 32317670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;185194 | &nbsp;&nbsp; 55032249 |
|  |  | &nbsp;&nbsp;1343969713 |
| &nbsp;&nbsp;Materials — 3.75% | &nbsp;&nbsp;Materials — 3.75% | &nbsp;&nbsp;Materials — 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;438757 | &nbsp;&nbsp; 42379539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;93703 | &nbsp;&nbsp; 44508925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;84102 | &nbsp;&nbsp; 29121158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;98135 | &nbsp;&nbsp; 30188289 |
|  |  | &nbsp;&nbsp; 146197911 |
| &nbsp;&nbsp;Utilities — 0.87% | &nbsp;&nbsp;Utilities — 0.87% | &nbsp;&nbsp;Utilities — 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;449127 | &nbsp;&nbsp; 33904597 |
|  |  | &nbsp;&nbsp; 33904597 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,819,265,537)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,819,265,537)** | &nbsp;&nbsp;**3876727668** |
| &nbsp;&nbsp;**Short-Term Investments — 0.69%** | &nbsp;&nbsp;**Short-Term Investments — 0.69%** | &nbsp;&nbsp;**Short-Term Investments — 0.69%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.69% | &nbsp;&nbsp;Money Market Mutual Funds — 0.69% | &nbsp;&nbsp;Money Market Mutual Funds — 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 6797153 | &nbsp;&nbsp; 6797153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 6797153 | &nbsp;&nbsp; 6797153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 6797151 | &nbsp;&nbsp; 6797151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 6797154 | &nbsp;&nbsp; 6797154 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $27,188,611)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $27,188,611)** | &nbsp;&nbsp; **27188611** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.08%<br> (cost $1,846,454,148)** |  | **$3903916279** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Core Equity Fund

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities—13.91%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—13.91%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—13.91%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—13.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 20 yr<br> 4.00% 8/1/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452465 | $442289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947860 | &nbsp;&nbsp; 2384805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258157 | &nbsp;&nbsp; 1905345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302892 | &nbsp;&nbsp; 2024243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728373 | &nbsp;&nbsp; 2586924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948652 | &nbsp;&nbsp; 1783523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463142 | &nbsp;&nbsp; 2358936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458102 | &nbsp;&nbsp; 1379197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69290 | &nbsp;&nbsp; 69215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765323 | &nbsp;&nbsp; 755339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274911 | &nbsp;&nbsp; 268088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891028 | &nbsp;&nbsp; 888056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857819 | &nbsp;&nbsp; 854781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974694 | &nbsp;&nbsp; 1999955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354511 | &nbsp;&nbsp; 359673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 7/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378053 | &nbsp;&nbsp; 1391628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8478829 | &nbsp;&nbsp; 8551884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790117 | &nbsp;&nbsp; 3883020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr<br> 5.00% 6/1/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648554 | &nbsp;&nbsp; 1667750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 20 yr<br> 5.50% 6/1/43 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250588 | &nbsp;&nbsp; 1280656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122236 | &nbsp;&nbsp; 104171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301958 | &nbsp;&nbsp; 1176583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089973 | &nbsp;&nbsp; 1032499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334609 | &nbsp;&nbsp; 1305617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308553 | &nbsp;&nbsp; 2249587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426742 | &nbsp;&nbsp; 2419784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165296 | &nbsp;&nbsp; 2207366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857754 | &nbsp;&nbsp; 8936959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766904 | &nbsp;&nbsp; 787414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171777 | &nbsp;&nbsp; 1201765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392493 | &nbsp;&nbsp; 402089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr<br> 3.00% 12/20/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295577 | &nbsp;&nbsp; 1158689 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $59,232,181)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $59,232,181)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $59,232,181)** | &nbsp;&nbsp; **59817830** |
| &nbsp;&nbsp;**Corporate Bonds — 38.39%Δ** | &nbsp;&nbsp;**Corporate Bonds — 38.39%Δ** | &nbsp;&nbsp;**Corporate Bonds — 38.39%Δ** | &nbsp;&nbsp;**Corporate Bonds — 38.39%Δ** |
| &nbsp;&nbsp;Australia — 7.68% | &nbsp;&nbsp;Australia — 7.68% | &nbsp;&nbsp;Australia — 7.68% | &nbsp;&nbsp;Australia — 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ampol |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.948% 12/2/81 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090000 | &nbsp;&nbsp; 1417499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.182% 12/9/80 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp; 2103656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Infrastructure 2.00%<br> 7/15/30 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1115967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Hall LWR Pty<br> 2.086% 3/3/28 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | &nbsp;&nbsp; 2394132 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Australia (continued) | &nbsp;&nbsp;Australia (continued) | &nbsp;&nbsp;Australia (continued) | &nbsp;&nbsp;Australia (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of<br> Australia 6.86% 11/9/32 μ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900000 | $4087051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPIF Finance Pty 2.485%<br> 10/28/30 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp; 2117228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A<br> 6.125% 4/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 263697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% 2/9/34 μ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949000 | &nbsp;&nbsp; 3376533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.322% 8/3/32 μ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992000 | &nbsp;&nbsp; 5465729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSW Electricity Networks<br> Finance Pty 2.543% 9/23/30 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 886069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QIC Finance Town Centre<br> Fund Pty 5.80% 5/21/31 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 2752725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestConnex Finance<br> 3.15% 3/31/31 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp; 1625350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking 5.754%<br> 4/3/34 μ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp; 2665688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70%<br> 5/19/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 519439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolworths Group 2.75%<br> 11/15/31 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 874824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worley Financial Services<br> Pty 5.95% 10/13/28 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1361514 |
|  |  |  | &nbsp;&nbsp; 33027101 |
| &nbsp;&nbsp;Brazil — 0.10% | &nbsp;&nbsp;Brazil — 0.10% | &nbsp;&nbsp;Brazil — 0.10% | &nbsp;&nbsp;Brazil — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LD Celulose International<br> 144A 7.95% 1/26/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 423159 |
|  |  |  | &nbsp;&nbsp; 423159 |
| &nbsp;&nbsp;Canada — 0.77% | &nbsp;&nbsp;Canada — 0.77% | &nbsp;&nbsp;Canada — 0.77% | &nbsp;&nbsp;Canada — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/1/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 261608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 265321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33%<br> 1/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp; 1071035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 312069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp; 490161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 222492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A<br> 4.70% 10/7/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp; 694237 |
|  |  |  | &nbsp;&nbsp; 3316923 |
| &nbsp;&nbsp;Chile — 0.22% | &nbsp;&nbsp;Chile — 0.22% | &nbsp;&nbsp;Chile — 0.22% | &nbsp;&nbsp;Chile — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATP Tower Holdings 144A<br> 7.875% 2/3/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 309507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colbun 144A 5.375%<br> 9/11/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 200180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Chile (continued) | &nbsp;&nbsp;Chile (continued) | &nbsp;&nbsp;Chile (continued) | &nbsp;&nbsp;Chile (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engie Energia Chile 144A<br> 6.375% 4/17/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | $448681 |
|  |  |  | &nbsp;&nbsp; 958368 |
| &nbsp;&nbsp;El Salvador — 0.05% | &nbsp;&nbsp;El Salvador — 0.05% | &nbsp;&nbsp;El Salvador — 0.05% | &nbsp;&nbsp;El Salvador — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Ejecutiva<br> Hidroelectrica del Rio Lempa 144A 8.65% 1/24/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 209380 |
|  |  |  | &nbsp;&nbsp; 209380 |
| &nbsp;&nbsp;Finland — 0.07% | &nbsp;&nbsp;Finland — 0.07% | &nbsp;&nbsp;Finland — 0.07% | &nbsp;&nbsp;Finland — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75%<br> 11/10/33 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 319893 |
|  |  |  | &nbsp;&nbsp; 319893 |
| &nbsp;&nbsp;France — 0.88% | &nbsp;&nbsp;France — 0.88% | &nbsp;&nbsp;France — 0.88% | &nbsp;&nbsp;France — 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 3/2/32 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 581887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/25/28 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1200612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A<br> 4.818% 9/25/33 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 715810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred 3.625%<br> 6/13/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 712625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A<br> 5.439% 10/3/36 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 579063 |
|  |  |  | &nbsp;&nbsp; 3789997 |
| &nbsp;&nbsp;Germany — 1.65% | &nbsp;&nbsp;Germany — 1.65% | &nbsp;&nbsp;Germany — 1.65% | &nbsp;&nbsp;Germany — 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/24/32 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp; 1665456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp; 1443831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 450812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 470737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 367737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% 10/30/31 μ, ψ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1266204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen International<br> Finance 3.875% 3/29/26 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1419243 |
|  |  |  | &nbsp;&nbsp; 7084020 |
| &nbsp;&nbsp;Hong Kong — 0.15% | &nbsp;&nbsp;Hong Kong — 0.15% | &nbsp;&nbsp;Hong Kong — 0.15% | &nbsp;&nbsp;Hong Kong — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group 144A 5.375%<br> 4/5/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 623317 |
|  |  |  | &nbsp;&nbsp; 623317 |
| &nbsp;&nbsp;Ireland — 0.68% | &nbsp;&nbsp;Ireland — 0.68% | &nbsp;&nbsp;Ireland — 0.68% | &nbsp;&nbsp;Ireland — 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital<br> DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 10/29/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp; 1074855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 9/10/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp; 582672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 306803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 568478 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding<br> 144A 4.95% 1/15/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | $383949 |
|  |  |  | &nbsp;&nbsp; 2916757 |
| &nbsp;&nbsp;Italy — 0.57% | &nbsp;&nbsp;Italy — 0.57% | &nbsp;&nbsp;Italy — 0.57% | &nbsp;&nbsp;Italy — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeroporti di Roma 1.75%<br> 7/30/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1086000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autostrade per l'Italia<br> 2.00% 1/15/30 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1347762 |
|  |  |  | &nbsp;&nbsp; 2433762 |
| &nbsp;&nbsp;Jamaica — 0.15% | &nbsp;&nbsp;Jamaica — 0.15% | &nbsp;&nbsp;Jamaica — 0.15% | &nbsp;&nbsp;Jamaica — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingston Airport Revenue<br> Finance 144A 6.75% 12/15/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 409850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montego Bay Airport<br> Revenue Finance 144A 6.60% 6/15/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 245550 |
|  |  |  | &nbsp;&nbsp; 655400 |
| &nbsp;&nbsp;Japan — 0.63% | &nbsp;&nbsp;Japan — 0.63% | &nbsp;&nbsp;Japan — 0.63% | &nbsp;&nbsp;Japan — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 857250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp; 1034423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Life Insurance<br> 144A 5.875% 9/10/55 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp; 830302 |
|  |  |  | &nbsp;&nbsp; 2721975 |
| &nbsp;&nbsp;Kuwait — 0.17% | &nbsp;&nbsp;Kuwait — 0.17% | &nbsp;&nbsp;Kuwait — 0.17% | &nbsp;&nbsp;Kuwait — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK SPC 144A 5.50%<br> 6/6/30 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 725904 |
|  |  |  | &nbsp;&nbsp; 725904 |
| &nbsp;&nbsp;Madagascar — 0.05% | &nbsp;&nbsp;Madagascar — 0.05% | &nbsp;&nbsp;Madagascar — 0.05% | &nbsp;&nbsp;Madagascar — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axian Telecom Holding &<br> Management 144A 7.25% 7/11/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205152 |
|  |  |  | &nbsp;&nbsp; 205152 |
| &nbsp;&nbsp;Mexico — 0.14% | &nbsp;&nbsp;Mexico — 0.14% | &nbsp;&nbsp;Mexico — 0.14% | &nbsp;&nbsp;Mexico — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Mexico<br> Institucion de Banca Multiple Grupo Financiero Santand 144A 5.621% 12/10/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 219032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBVA Mexico SA<br> Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A 5.875% 9/13/34 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 200562 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Mexico (continued) | &nbsp;&nbsp;Mexico (continued) | &nbsp;&nbsp;Mexico (continued) | &nbsp;&nbsp;Mexico (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta<br> 144A 5.50% 1/30/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $202350 |
|  |  |  | &nbsp;&nbsp; 621944 |
| &nbsp;&nbsp;Netherlands — 1.21% | &nbsp;&nbsp;Netherlands — 1.21% | &nbsp;&nbsp;Netherlands — 1.21% | &nbsp;&nbsp;Netherlands — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% 5/26/31 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp; 3046669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/14/27 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 965347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 5/5/33 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 221728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 5/31/32 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 961504 |
|  |  |  | &nbsp;&nbsp; 5195248 |
| &nbsp;&nbsp;Nigeria — 0.05% | &nbsp;&nbsp;Nigeria — 0.05% | &nbsp;&nbsp;Nigeria — 0.05% | &nbsp;&nbsp;Nigeria — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding 144A 8.25%<br> 11/29/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 226660 |
|  |  |  | &nbsp;&nbsp; 226660 |
| &nbsp;&nbsp;Spain — 1.15% | &nbsp;&nbsp;Spain — 1.15% | &nbsp;&nbsp;Spain — 1.15% | &nbsp;&nbsp;Spain — 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/9/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1191806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/18/27 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp; 1681168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.444% 7/17/34 μ, ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 2069943 |
|  |  |  | &nbsp;&nbsp; 4942917 |
| &nbsp;&nbsp;Switzerland — 1.94% | &nbsp;&nbsp;Switzerland — 1.94% | &nbsp;&nbsp;Switzerland — 1.94% | &nbsp;&nbsp;Switzerland — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim Finance<br> Luxembourg 0.50% 4/23/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp; 1424625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% 1/14/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660000 | &nbsp;&nbsp; 3050820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 1/11/31 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 989577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.398% 9/23/31 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 274128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.751% 5/12/28 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 807023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 577436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.58% 5/9/36 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 562343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 315657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 323721 |
|  |  |  | &nbsp;&nbsp; 8325330 |
| &nbsp;&nbsp;Türkiye — 0.09% | &nbsp;&nbsp;Türkiye — 0.09% | &nbsp;&nbsp;Türkiye — 0.09% | &nbsp;&nbsp;Türkiye — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri<br> 144A 7.45% 1/24/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 365552 |
|  |  |  | &nbsp;&nbsp; 365552 |
| &nbsp;&nbsp;Ukraine — 0.06% | &nbsp;&nbsp;Ukraine — 0.06% | &nbsp;&nbsp;Ukraine — 0.06% | &nbsp;&nbsp;Ukraine — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHP Lux 6.95% 4/3/26 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 261464 |
|  |  |  | &nbsp;&nbsp; 261464 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United Arab Emirates — 0.03% | &nbsp;&nbsp;United Arab Emirates — 0.03% | &nbsp;&nbsp;United Arab Emirates — 0.03% | &nbsp;&nbsp;United Arab Emirates — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets<br> Bidco 2.16% 3/31/34 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147430 | $134206 |
|  |  |  | &nbsp;&nbsp; 134206 |
| &nbsp;&nbsp;United Kingdom — 0.95% | &nbsp;&nbsp;United Kingdom — 0.95% | &nbsp;&nbsp;United Kingdom — 0.95% | &nbsp;&nbsp;United Kingdom — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 4.973%<br> 5/31/36 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1487217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gatwick Funding 3.625%<br> 10/16/33 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp; 1291809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid 0.25%<br> 9/1/28 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1317591 |
|  |  |  | &nbsp;&nbsp; 4096617 |
| &nbsp;&nbsp;United States — 18.95% | &nbsp;&nbsp;United States — 18.95% | &nbsp;&nbsp;United States — 18.95% | &nbsp;&nbsp;United States — 18.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.40% 6/1/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 185211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp; 791877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 578953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A<br> 7.25% 8/1/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 514385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power<br> 5.80% 3/15/56 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 389608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions<br> 6.70% 7/29/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp; 1070893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50%<br> 8/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp; 294323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10%<br> 1/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 764649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 8/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 247275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 331868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 331379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 125218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding<br> 4.76% 4/21/27 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 2652226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875%<br> 6/28/55 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 461439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/1/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp; 1184225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 10/24/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp; 1244392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 517507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.662% 4/25/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1392066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.648% 3/31/29 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1801842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 707042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp; 1203905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp; 1251891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 364565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 335201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit<br> Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | $326258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 346140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 144A 6.00%<br> 8/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp; 275650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829000 | &nbsp;&nbsp; 840970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 432798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 4.20% 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 444354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance<br> 4.20% 9/17/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 648083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global 4.50%<br> 11/29/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 1128192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp; 2088153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp; 27199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp; 227181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications<br> Operating 6.70% 12/1/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 339222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 5.438% 4/30/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 347381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp; 645497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174% 9/11/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp; 480005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp; 450669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 324969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 335039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A<br> 7.00% 3/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 500551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH SMW Finance DAC<br> 4.00% 7/11/27 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 722939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate<br> HoldCo 144A 6.50% 10/1/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964000 | &nbsp;&nbsp; 968752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 308853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp; 524303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 473770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75%<br> 7/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp; 301355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy 6.20%<br> 2/15/56 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 292166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 11/15/26 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 730300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp; 856812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75%<br> 4/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp; 1781524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources 5.00%<br> 7/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944000 | &nbsp;&nbsp; 966220 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares<br> 5.60% 9/5/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | $124713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.798% 11/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 208878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp; 493400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A<br> 6.10% 1/25/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 584984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 227180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 2/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp; 995268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response<br> 144A 7.375% 10/1/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp; 342968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016% 10/23/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 780528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp; 718849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 103954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 78352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 251371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 240010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares<br> 6.25% 10/15/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 389382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 1/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865000 | &nbsp;&nbsp; 2674057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 3/1/56 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp; 497920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp; 1112281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 7/21/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 140588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.638% 5/18/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp; 1275010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% 5/1/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132000 | &nbsp;&nbsp; 2114175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp; 614831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 511058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576% 7/23/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp; 482394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp; 234795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 285814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 590936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 417404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications<br> 144A 8.00% 8/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp; 531250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.406% 10/29/27 μ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1150694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% 5/7/32 μ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp; 1507884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 67141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp; 1320854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151000 | &nbsp;&nbsp; 3283937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp; 401822 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private<br> Bank 4.734% 7/18/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | $304625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125%<br> 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp; 501630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 325928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 205170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 578385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Insurance<br> 144A 5.95% 9/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 460339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial<br> Services 144A 6.875% 5/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 487382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services<br> Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 301343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 365323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services 4.30%<br> 8/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 678435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products<br> 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 119358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A<br> 6.50% 7/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 194969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375%<br> 8/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp; 66135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 551512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 364369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875%<br> 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | &nbsp;&nbsp; 2216238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building<br> Solutions 144A 6.25% 8/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp; 132874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street 4.993%<br> 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp; 573919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 335254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners<br> 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp; 2032365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55%<br> 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1561026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 214659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II<br> 5.375% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 702120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.625%<br> 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 257699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167000 | &nbsp;&nbsp; 1180109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp; 538615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp; 817560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 256728 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | $524682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu<br> Pass 144A 3.875% 11/1/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 504974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications<br> 5.25% 4/2/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 284840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/31/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 289258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 2/15/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp; 68092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.078% 9/15/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 329016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.892% 9/15/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 863608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 408771 |
|  |  |  | &nbsp;&nbsp; 81481547 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $158,475,179)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $158,475,179)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $158,475,179)** | &nbsp;&nbsp;**165062593** |
| &nbsp;&nbsp;**Government Agency Obligations — 1.05%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 1.05%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 1.05%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 1.05%Δ** |
| &nbsp;&nbsp;France — 0.29% | &nbsp;&nbsp;France — 0.29% | &nbsp;&nbsp;France — 0.29% | &nbsp;&nbsp;France — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 6/17/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 858664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 1/25/32 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 370222 |
|  |  |  | &nbsp;&nbsp; 1228886 |
| &nbsp;&nbsp;Georgia — 0.23% | &nbsp;&nbsp;Georgia — 0.23% | &nbsp;&nbsp;Georgia — 0.23% | &nbsp;&nbsp;Georgia — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC<br> 4.00% 6/17/28 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp; 976608 |
|  |  |  | &nbsp;&nbsp; 976608 |
| &nbsp;&nbsp;Kazakhstan — 0.18% | &nbsp;&nbsp;Kazakhstan — 0.18% | &nbsp;&nbsp;Kazakhstan — 0.18% | &nbsp;&nbsp;Kazakhstan — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baiterek National<br> Managing Holding JSC 144A 4.65% 10/1/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp; 353035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Bank of<br> Kazakhstan JSC 144A 13.489% 5/23/28 # | KZT | &nbsp;&nbsp;&nbsp;&nbsp;270000000 | &nbsp;&nbsp; 442537 |
|  |  |  | &nbsp;&nbsp; 795572 |
| &nbsp;&nbsp;Oman — 0.20% | &nbsp;&nbsp;Oman — 0.20% | &nbsp;&nbsp;Oman — 0.20% | &nbsp;&nbsp;Oman — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mazoon Assets 144A<br> 5.25% 10/9/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 866864 |
|  |  |  | &nbsp;&nbsp; 866864 |
| &nbsp;&nbsp;Serbia — 0.05% | &nbsp;&nbsp;Serbia — 0.05% | &nbsp;&nbsp;Serbia — 0.05% | &nbsp;&nbsp;Serbia — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications<br> Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 218752 |
|  |  |  | &nbsp;&nbsp; 218752 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** | &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** | &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** | &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** |
| &nbsp;&nbsp;South Korea — 0.10% | &nbsp;&nbsp;South Korea — 0.10% | &nbsp;&nbsp;South Korea — 0.10% | &nbsp;&nbsp;South Korea — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Development Bank<br> 4.875% 2/3/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $414213 |
|  |  |  | &nbsp;&nbsp; 414213 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $4,439,860)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $4,439,860)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $4,439,860)** | &nbsp;&nbsp; **4500895** |
| &nbsp;&nbsp;**Municipal Bonds — 0.20%** | &nbsp;&nbsp;**Municipal Bonds — 0.20%** | &nbsp;&nbsp;**Municipal Bonds — 0.20%** | &nbsp;&nbsp;**Municipal Bonds — 0.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development<br> Board Revenue 4.75%10/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 856511 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $850,000)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $850,000)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $850,000)** | &nbsp;&nbsp; **856511** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.58%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.58%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.58%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Trust<br> Series 2023-1 A 4.84% (BBSW1M + 1.30%) 12/16/54 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735031 | &nbsp;&nbsp; 5175748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Trust<br> Series 2023-1 A 4.99% (BBSW1M + 1.45%) 5/16/54 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899979 | &nbsp;&nbsp; 3294615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee For Lion<br> Series Trust Series 2022-1 A1 4.785% (BBSW1M + 1.25%) 5/22/53 • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906520 | &nbsp;&nbsp; 2616817 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $10,474,501)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $10,474,501)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $10,474,501)** | &nbsp;&nbsp; **11087180** |
| &nbsp;&nbsp;**Sovereign Bonds — 30.10%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 30.10%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 30.10%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 30.10%Δ** |
| &nbsp;&nbsp;Albania — 0.31% | &nbsp;&nbsp;Albania — 0.31% | &nbsp;&nbsp;Albania — 0.31% | &nbsp;&nbsp;Albania — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albania Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/23/31 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896000 | &nbsp;&nbsp; 1033985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/14/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 296413 |
|  |  |  | &nbsp;&nbsp; 1330398 |
| &nbsp;&nbsp;Armenia — 0.09% | &nbsp;&nbsp;Armenia — 0.09% | &nbsp;&nbsp;Armenia — 0.09% | &nbsp;&nbsp;Armenia — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Armenia<br> International Bond 3.60% 2/2/31 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 397471 |
|  |  |  | &nbsp;&nbsp; 397471 |
| &nbsp;&nbsp;Austria — 0.79% | &nbsp;&nbsp;Austria — 0.79% | &nbsp;&nbsp;Austria — 0.79% | &nbsp;&nbsp;Austria — 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Austria<br> Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 6/20/44 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp; 1184257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 10/20/53 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp; 2225394 |
|  |  |  | &nbsp;&nbsp; 3409651 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Belgium — 0.07% | &nbsp;&nbsp;Belgium — 0.07% | &nbsp;&nbsp;Belgium — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Belgium<br> Government Bond 144A 3.45% 6/22/42 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | $302642 |
|  |  | &nbsp;&nbsp; 302642 |
| &nbsp;&nbsp;Benin — 0.14% | &nbsp;&nbsp;Benin — 0.14% | &nbsp;&nbsp;Benin — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government<br> International Bond 144A 7.96% 2/13/38 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 584286 |
|  |  | &nbsp;&nbsp; 584286 |
| &nbsp;&nbsp;Bermuda — 0.19% | &nbsp;&nbsp;Bermuda — 0.19% | &nbsp;&nbsp;Bermuda — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda Government<br> International Bond 3.375% 8/20/50 ■ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149000 | &nbsp;&nbsp; 814296 |
|  |  | &nbsp;&nbsp; 814296 |
| &nbsp;&nbsp;Brazil — 0.35% | &nbsp;&nbsp;Brazil — 0.35% | &nbsp;&nbsp;Brazil — 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government<br> International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp; 304094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% 1/12/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1215120 |
|  |  | &nbsp;&nbsp; 1519214 |
| &nbsp;&nbsp;Chile — 0.31% | &nbsp;&nbsp;Chile — 0.31% | &nbsp;&nbsp;Chile — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government<br> International Bond 4.34% 3/7/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519000 | &nbsp;&nbsp; 1346745 |
|  |  | &nbsp;&nbsp; 1346745 |
| &nbsp;&nbsp;Colombia — 0.22% | &nbsp;&nbsp;Colombia — 0.22% | &nbsp;&nbsp;Colombia — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government<br> International Bond 8.75% 11/14/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp; 941972 |
|  |  | &nbsp;&nbsp; 941972 |
| &nbsp;&nbsp;Dominican Republic — 0.43% | &nbsp;&nbsp;Dominican Republic — 0.43% | &nbsp;&nbsp;Dominican Republic — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic<br> International Bond 144A 4.875% 9/23/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp; 1829398 |
|  |  | &nbsp;&nbsp; 1829398 |
| &nbsp;&nbsp;Egypt — 0.18% | &nbsp;&nbsp;Egypt — 0.18% | &nbsp;&nbsp;Egypt — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government<br> International Bond 5.875% 2/16/31 ■ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823000 | &nbsp;&nbsp; 767702 |
|  |  | &nbsp;&nbsp; 767702 |
| &nbsp;&nbsp;Finland — 1.10% | &nbsp;&nbsp;Finland — 1.10% | &nbsp;&nbsp;Finland — 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland Government<br> Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.00% 9/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp; 1894481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.00% 9/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451000 | &nbsp;&nbsp; 2857424 |
|  |  | &nbsp;&nbsp; 4751905 |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;France — 0.59% | &nbsp;&nbsp;France — 0.59% | &nbsp;&nbsp;France — 0.59% | &nbsp;&nbsp;France — 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French Republic<br> Government Bond 144A 3.00% 5/25/54 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760000 | $2542579 |
|  |  |  | &nbsp;&nbsp; 2542579 |
| &nbsp;&nbsp;Germany — 0.92% | &nbsp;&nbsp;Germany — 0.92% | &nbsp;&nbsp;Germany — 0.92% | &nbsp;&nbsp;Germany — 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesrepublik<br> Deutschland Bundesanleihe 2.60% 8/15/35 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp; 3978031 |
|  |  |  | &nbsp;&nbsp; 3978031 |
| &nbsp;&nbsp;Guatemala — 0.16% | &nbsp;&nbsp;Guatemala — 0.16% | &nbsp;&nbsp;Guatemala — 0.16% | &nbsp;&nbsp;Guatemala — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government<br> Bond 144A 6.55% 2/6/37 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp; 685284 |
|  |  |  | &nbsp;&nbsp; 685284 |
| &nbsp;&nbsp;Honduras — 0.11% | &nbsp;&nbsp;Honduras — 0.11% | &nbsp;&nbsp;Honduras — 0.11% | &nbsp;&nbsp;Honduras — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government<br> International Bond 144A 8.625% 11/27/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 494438 |
|  |  |  | &nbsp;&nbsp; 494438 |
| &nbsp;&nbsp;Ireland — 0.53% | &nbsp;&nbsp;Ireland — 0.53% | &nbsp;&nbsp;Ireland — 0.53% | &nbsp;&nbsp;Ireland — 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland Government Bond<br> 0.55% 4/22/41 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930000 | &nbsp;&nbsp; 2274654 |
|  |  |  | &nbsp;&nbsp; 2274654 |
| &nbsp;&nbsp;Italy — 1.56% | &nbsp;&nbsp;Italy — 1.56% | &nbsp;&nbsp;Italy — 1.56% | &nbsp;&nbsp;Italy — 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del<br> Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 7/15/27 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp; 2639199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.30% 10/1/54 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520000 | &nbsp;&nbsp; 4060557 |
|  |  |  | &nbsp;&nbsp; 6699756 |
| &nbsp;&nbsp;Ivory Coast — 0.56% | &nbsp;&nbsp;Ivory Coast — 0.56% | &nbsp;&nbsp;Ivory Coast — 0.56% | &nbsp;&nbsp;Ivory Coast — 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 10/17/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 409998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 6/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074000 | &nbsp;&nbsp; 1996189 |
|  |  |  | &nbsp;&nbsp; 2406187 |
| &nbsp;&nbsp;Japan — 4.75% | &nbsp;&nbsp;Japan — 4.75% | &nbsp;&nbsp;Japan — 4.75% | &nbsp;&nbsp;Japan — 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Thirty<br> Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% 3/20/50 | JPY | 1713250000 | &nbsp;&nbsp; 6571846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% 6/20/53 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;203000000 | &nbsp;&nbsp; 902686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% 3/20/55 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;351200000 | &nbsp;&nbsp; 2071578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 9/20/37 | JPY | 1508250000 | &nbsp;&nbsp; 10871887 |
|  |  |  | &nbsp;&nbsp; 20417997 |
| &nbsp;&nbsp;Mexico — 0.20% | &nbsp;&nbsp;Mexico — 0.20% | &nbsp;&nbsp;Mexico — 0.20% | &nbsp;&nbsp;Mexico — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% 1/15/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp; 480930 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Mexico (continued) | &nbsp;&nbsp;Mexico (continued) | &nbsp;&nbsp;Mexico (continued) | &nbsp;&nbsp;Mexico (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 3/22/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $400200 |
|  |  |  | &nbsp;&nbsp; 881130 |
| &nbsp;&nbsp;Montenegro — 0.07% | &nbsp;&nbsp;Montenegro — 0.07% | &nbsp;&nbsp;Montenegro — 0.07% | &nbsp;&nbsp;Montenegro — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montenegro Government<br> International Bond 144A 4.875% 4/1/32 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 295253 |
|  |  |  | &nbsp;&nbsp; 295253 |
| &nbsp;&nbsp;Morocco — 0.10% | &nbsp;&nbsp;Morocco — 0.10% | &nbsp;&nbsp;Morocco — 0.10% | &nbsp;&nbsp;Morocco — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government<br> International Bond 4.00% 12/15/50 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 441656 |
|  |  |  | &nbsp;&nbsp; 441656 |
| &nbsp;&nbsp;Netherlands — 1.75% | &nbsp;&nbsp;Netherlands — 1.75% | &nbsp;&nbsp;Netherlands — 1.75% | &nbsp;&nbsp;Netherlands — 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands Government<br> Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.50% 7/15/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073000 | &nbsp;&nbsp; 5773688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 1/15/56 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp; 1757625 |
|  |  |  | &nbsp;&nbsp; 7531313 |
| &nbsp;&nbsp;New Zealand — 2.54% | &nbsp;&nbsp;New Zealand — 2.54% | &nbsp;&nbsp;New Zealand — 2.54% | &nbsp;&nbsp;New Zealand — 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Government<br> Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% 5/15/31 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 1296781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/15/35 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;16190000 | &nbsp;&nbsp; 9614182 |
|  |  |  | &nbsp;&nbsp; 10910963 |
| &nbsp;&nbsp;Nigeria — 0.19% | &nbsp;&nbsp;Nigeria — 0.19% | &nbsp;&nbsp;Nigeria — 0.19% | &nbsp;&nbsp;Nigeria — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government<br> International Bond 7.375% 9/28/33 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849000 | &nbsp;&nbsp; 805490 |
|  |  |  | &nbsp;&nbsp; 805490 |
| &nbsp;&nbsp;Paraguay — 0.43% | &nbsp;&nbsp;Paraguay — 0.43% | &nbsp;&nbsp;Paraguay — 0.43% | &nbsp;&nbsp;Paraguay — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.739% 1/29/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887000 | &nbsp;&nbsp; 1671957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/30/50 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 184544 |
|  |  |  | &nbsp;&nbsp; 1856501 |
| &nbsp;&nbsp;Poland — 0.20% | &nbsp;&nbsp;Poland — 0.20% | &nbsp;&nbsp;Poland — 0.20% | &nbsp;&nbsp;Poland — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Gospodarstwa<br> Krajowego 144A 5.75% 7/9/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 844392 |
|  |  |  | &nbsp;&nbsp; 844392 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Republic of North Macedonia — 0.34% | &nbsp;&nbsp;Republic of North Macedonia — 0.34% | &nbsp;&nbsp;Republic of North Macedonia — 0.34% | &nbsp;&nbsp;Republic of North Macedonia — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Macedonia<br> Government International Bond 144A 1.625% 3/10/28 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326000 | $1469551 |
|  |  |  | &nbsp;&nbsp; 1469551 |
| &nbsp;&nbsp;Serbia — 0.45% | &nbsp;&nbsp;Serbia — 0.45% | &nbsp;&nbsp;Serbia — 0.45% | &nbsp;&nbsp;Serbia — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond<br> 1.00% 9/23/28 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764000 | &nbsp;&nbsp; 1930497 |
|  |  |  | &nbsp;&nbsp; 1930497 |
| &nbsp;&nbsp;South Africa — 0.25% | &nbsp;&nbsp;South Africa — 0.25% | &nbsp;&nbsp;South Africa — 0.25% | &nbsp;&nbsp;South Africa — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa<br> Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% 9/27/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931000 | &nbsp;&nbsp; 749843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.95% 11/19/54 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 305549 |
|  |  |  | &nbsp;&nbsp; 1055392 |
| &nbsp;&nbsp;Spain — 6.92% | &nbsp;&nbsp;Spain — 6.92% | &nbsp;&nbsp;Spain — 6.92% | &nbsp;&nbsp;Spain — 6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.90% 10/31/52 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120000 | &nbsp;&nbsp; 5473778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 4/30/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;17038000 | &nbsp;&nbsp; 19927151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.25% 4/30/34 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669000 | &nbsp;&nbsp; 4358428 |
|  |  |  | &nbsp;&nbsp; 29759357 |
| &nbsp;&nbsp;United Kingdom — 3.00% | &nbsp;&nbsp;United Kingdom — 3.00% | &nbsp;&nbsp;United Kingdom — 3.00% | &nbsp;&nbsp;United Kingdom — 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% 10/22/61 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930000 | &nbsp;&nbsp; 2283077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 7/31/54 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640000 | &nbsp;&nbsp; 5222594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/7/42 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 10/22/35 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025000 | &nbsp;&nbsp; 5400772 |
|  |  |  | &nbsp;&nbsp; 12910126 |
| &nbsp;&nbsp;Uruguay — 0.30% | &nbsp;&nbsp;Uruguay — 0.30% | &nbsp;&nbsp;Uruguay — 0.30% | &nbsp;&nbsp;Uruguay — 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% 5/16/45 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;33317173 | &nbsp;&nbsp; 854555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% 5/21/31 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;16300000 | &nbsp;&nbsp; 414604 |
|  |  |  | &nbsp;&nbsp; 1269159 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $127,855,031)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $127,855,031)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $127,855,031)** | &nbsp;&nbsp;**129455386** |
| &nbsp;&nbsp;**Supranational Banks — 1.17%** | &nbsp;&nbsp;**Supranational Banks — 1.17%** | &nbsp;&nbsp;**Supranational Banks — 1.17%** | &nbsp;&nbsp;**Supranational Banks — 1.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Africa Finance 144A<br> 5.55% 10/8/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 358655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bank for<br> Economic Integration 144A 4.75% 1/24/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 508528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Andina de Fomento<br> 5.00% 1/24/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 308878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Union 1.00%<br> 7/6/32 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690000 | &nbsp;&nbsp; 3867384 |
| &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $4,743,499)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $4,743,499)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $4,743,499)** | &nbsp;&nbsp; **5043445** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**US Treasury Obligations — 8.36%** | &nbsp;&nbsp;**US Treasury Obligations — 8.36%** | &nbsp;&nbsp;**US Treasury Obligations — 8.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds 4.75%<br> 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345000 | $5363374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920000 | &nbsp;&nbsp; 5950062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;16840000 | &nbsp;&nbsp; 16944592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 284198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185000 | &nbsp;&nbsp; 3214859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160000 | &nbsp;&nbsp; 4194125 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $35,580,881)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $35,580,881)** | &nbsp;&nbsp; **35951210** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stock — 0.01%Δ** | &nbsp;&nbsp;**Common Stock — 0.01%Δ** | &nbsp;&nbsp;**Common Stock — 0.01%Δ** |
| &nbsp;&nbsp;United States — 0.01% | &nbsp;&nbsp;United States — 0.01% | &nbsp;&nbsp;United States — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54905 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,340)** | &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,340)** | **54905** |
| &nbsp;&nbsp;**Preferred Stock — 0.16%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.16%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.16%Δ** |
| &nbsp;&nbsp;United States — 0.16% | &nbsp;&nbsp;United States — 0.16% | &nbsp;&nbsp;United States — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/29 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691060 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $642,495)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $642,495)** | **691060** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Purchased — 0.02%** | &nbsp;&nbsp;**Options Purchased — 0.02%** | &nbsp;&nbsp;**Options Purchased — 0.02%** |
| &nbsp;&nbsp;Foreign Currency Call Option — 0.02% | &nbsp;&nbsp;Foreign Currency Call Option — 0.02% | &nbsp;&nbsp;Foreign Currency Call Option — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUD vs USD, strike price $0.675, expiration date 11/20/25, notional amount $11,080,279 (JPMCB) | &nbsp;&nbsp;&nbsp;&nbsp;24807660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79851 |
| &nbsp;&nbsp;&nbsp;**Total Options Purchased<br> (cost $192,396)** | &nbsp;&nbsp;&nbsp;**Total Options Purchased<br> (cost $192,396)** | **79851** |

---

---

| | |
|:---|:---|
|  | **Number of<br> shares** |
| &nbsp;&nbsp;**Short-Term Investments — 2.42%** | &nbsp;&nbsp;**Short-Term Investments — 2.42%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.42% | &nbsp;&nbsp;Money Market Mutual Funds — 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 |

---

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | $2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $10,400,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $10,400,000)** | &nbsp;&nbsp; **10400000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Options Written—98.37%<br> (cost $412,894,363)** |  | &nbsp;&nbsp;**423000866** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Written — (0.00%)** | &nbsp;&nbsp;**Options Written — (0.00%)** | &nbsp;&nbsp;**Options Written — (0.00%)** |
| &nbsp;&nbsp;Foreign Currency Call Option — (0.00%) | &nbsp;&nbsp;Foreign Currency Call Option — (0.00%) | &nbsp;&nbsp;Foreign Currency Call Option — (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUD vs USD, strike price $0.70, expiration date 11/20/25, notional amount $(11490659) (JPMCB) | &nbsp;&nbsp;&nbsp;&nbsp;(24807660) | &nbsp;&nbsp; (9233) |
| &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $72,986)** | &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $72,986)** | **$(9233)** |

---

---

| |
|:---|
| Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Securities have been classified by country of risk. |
| Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |

---

---

| | |
|:---|:---|
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2025. 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 September 30, 2025. Rate will reset at a future date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $93,193,997, which represents 21.67% of the Fund's net assets. See Note 11 in "Notes to financial statements." |
| ψ | Perpetual security. Maturity date represents next call date. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| † | Non-income producing security. |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund

The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at September 30, 2025:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |  |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| CITI | AUD | &nbsp;&nbsp;&nbsp;&nbsp;(73321918) | USD | &nbsp;&nbsp;47665846 | 11/14/25 | $— | $(881328) |
| CITI | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(506637) | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CITI | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | USD | &nbsp;&nbsp;&nbsp;(3947740) | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3879) |
| CITI | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;1075082 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) |
| JPMCB | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(426913) | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3162) |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;(5017700) | USD | &nbsp;&nbsp;&nbsp;&nbsp;5851928 | 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42801) |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;(89546659) | USD | 105024548 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396204) |
| JPMCB | JPY | (3116390000) | USD | &nbsp;&nbsp;21265418 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108914 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | EUR | &nbsp;&nbsp;&nbsp;&nbsp;(3200000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;3760003 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7266) |
| TD | GBP | &nbsp;&nbsp;&nbsp;&nbsp;(9071000) | USD | &nbsp;&nbsp;12267926 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | JPY | &nbsp;&nbsp;&nbsp;&nbsp;85500000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(586026) | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5089) |
| TD | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(735465) | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | NZD | &nbsp;&nbsp;&nbsp;&nbsp;(18450000) | USD | &nbsp;&nbsp;10944913 | 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | $410156 | $(1340748) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 148 | 3 Month SONIA | &nbsp;&nbsp;$47967405 | $48069700 | &nbsp;&nbsp;3/16/27 | $— | $(102295) | $(214) |
| (148) | 3 Month SONIA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47830562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47945199) | &nbsp;&nbsp;3/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| (76) | Australian 3 yr Treasury Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5372934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5393689) | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |
| 205 | Australian 10 yr Treasury Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15375981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15413052 | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) |
| 253 | Canadian Treasury 10 yr Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22262255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21776248 | 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348) |
| 900 | Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124483348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124631680 | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| (42) | Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5322286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5323916) | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| (101) | Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14210513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14116606) | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) |
| (256) | Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38642588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38612037) | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| (35) | Euro-Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4704183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4641555) | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) |
| 55 | Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7835903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7783079 | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) |
| (283) | Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35544763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35582398) | &nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
| (5) | Japanese Treasury 10 yr Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4591067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4633657) | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| (256) | Long 10 yr Gilt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31275703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31255161) | 12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336) |
| (187) | US Treasury 2 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38970508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38942885) | 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 569 | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62132133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62161889 | 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (332) | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37198726) | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (155) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17837109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17692131) | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 29 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319443 | 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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12&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| (7) | US Treasury Ultra Bonds | &nbsp;&nbsp;$(840438) | $(826989) | 12/19/25 | $— | $(13449) | $— |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $990142 |  | $817854 | $(862406) | $(1455) |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| **Over-The-Counter:** |  |  |  |  |  |  |
| **Protection Purchased/Moody's Ratings:** |  |  |  |  |  |  |
| JPMCB Republic of Brazil 1.00% 12/20/29 Ba2 12/20/29 - Quarterly | 2251000 | 1.000% | $7494 | $76775 | $— | $(69281) |
| JPMCB Republic of Brazil 1.00% 12/20/29 Ba2 12/20/29 - Quarterly | 2225000 | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48894) |
| Total CDS Contracts | Total CDS Contracts | Total CDS Contracts | $14901 | $133076 | $— | $(118175) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| IRS Contracts<sup>4</sup> |  |  |  |  |  |  |  |
| Reference Obligation/<br> Termination Date/<br> Payment Frequency<br> (Fixed Rate/<br> Floating Rate) | Notional Amount<sup>3</sup> | Fixed/<br> Floating<br> Interest<br> Rate<br> Paid<br> (Received) | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Unrealized<br> Depreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** | **Centrally Cleared:** | **Centrally Cleared:** | **Centrally Cleared:** | **Centrally Cleared:** | **Centrally Cleared:** | **Centrally Cleared:** | **Centrally Cleared:** |
| 2yr IRS<sup>5</sup> 5/16/27-<br> (Annually/At Maturity) | GBP 18,700,000 | (3.810)%/<br> 4.148% | $(25819) | $— | $— | $(25819) | $— |
| 2yr IRS<sup>6</sup> 9/11/27-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17770000 | (4.068)%/<br> 4.249% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358 |
| 4yr IRS<sup>6</sup> 4/23/29-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10650000 | (4.397)%/<br> 4.240% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 |
| 4yr IRS<sup>5</sup> 11/6/29-<br> (Annually/At Maturity) | GBP 37,400,000 | (4.123)%/<br> 4.464% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4073) |

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&nbsp;&nbsp;&nbsp;&nbsp;13

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

## Schedules of investments
Macquarie Global Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| IRS Contracts<sup>4</sup> |  |  |  |  |  |  |  |
| Reference Obligation/<br> Termination Date/<br> Payment Frequency<br> (Fixed Rate/<br> Floating Rate) | Notional Amount<sup>3</sup> | Fixed/<br> Floating<br> Interest<br> Rate<br> Paid<br> (Received) | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Unrealized<br> Depreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared (continued):** | **Centrally Cleared (continued):** | **Centrally Cleared (continued):** | **Centrally Cleared (continued):** | **Centrally Cleared (continued):** | **Centrally Cleared (continued):** | **Centrally Cleared (continued):** | **Centrally Cleared (continued):** |
| 5yr IRS<sup>5</sup> 7/1/30-<br> (Annually/At Maturity) | GBP 15,400,000 | (3.625)%/<br> 4.088% | $(208062) | $— | $— | $(208062) | $— |
| 9yr IRS<sup>5</sup> 11/6/34-<br> (Annually/At Maturity) | &nbsp;&nbsp;GBP 9,350,000 | 4.105%/<br> (4.464)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 |
| 12yr IRS<sup>5</sup> 9/7/37-<br> (Annually/At Maturity) | &nbsp;&nbsp;GBP 2,790,000 | (4.00)%/<br> 3.972% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1764) |
| 29yr IRS<sup>6</sup> 4/23/54-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330000 | 3.932%/<br> (4.362)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10850 |
| 29yr IRS<sup>5</sup> 10/16/54-<br> (Annually/At Maturity) | &nbsp;&nbsp;GBP 1,590,000 | 3.839%/<br> (4.505)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 |
| Total IRS Contracts |  |  | $1065962 | $(300417) | $1687339 | $(320960) | $25849 |

---

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.

<sup>1</sup> See Note 8 in "Notes to financial statements."

<sup>2</sup> 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.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> 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.

<sup>5</sup> Rates reset based on SONIA.

<sup>6</sup> Rates reset based on SOFR.

---

| |
|:---|
| **Summary of abbreviations:** |
| BBSW1M – Bank Bill Swap Rate 1 Month |
| BTP – Buoni del Tesoro Poliennali |
| CDS – Credit Default Swap |
| CITI – Citigroup |
| DAC – Designated Activity Company |
| GNMA – Government National Mortgage Association |
| JPMCB – JPMorgan Chase Bank |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

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---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| JSC – Joint Stock Company |
| 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 |
| CAD – Canadian Dollar |
| EUR – European Monetary Unit |
| GBP – British Pound Sterling |
| JPY – Japanese Yen |
| KZT – Kazakhstani Tenge |
| NOK – Norwegian Krone |
| NZD – New Zealand Dollar |
| USD – US Dollar |
| UYU – Uruguayan Peso |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;15

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Macquarie Global Growth Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.50%Δ** | &nbsp;&nbsp;**Common Stocks — 99.50%Δ** | &nbsp;&nbsp;**Common Stocks — 99.50%Δ** |
| &nbsp;&nbsp;Brazil — 2.63% | &nbsp;&nbsp;Brazil — 2.63% | &nbsp;&nbsp;Brazil — 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 1757520 | $13928732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | &nbsp;&nbsp;&nbsp;&nbsp;545442 | &nbsp;&nbsp; 10248855 |
|  |  | &nbsp;&nbsp; 24177587 |
| &nbsp;&nbsp;Canada — 2.75% | &nbsp;&nbsp;Canada — 2.75% | &nbsp;&nbsp;Canada — 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;340673 | &nbsp;&nbsp; 18175591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;222290 | &nbsp;&nbsp; 7104389 |
|  |  | &nbsp;&nbsp; 25279980 |
| &nbsp;&nbsp;China — 1.24% | &nbsp;&nbsp;China — 1.24% | &nbsp;&nbsp;China — 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1114800 | &nbsp;&nbsp; 11400089 |
|  |  | &nbsp;&nbsp; 11400089 |
| &nbsp;&nbsp;Finland — 1.60% | &nbsp;&nbsp;Finland — 1.60% | &nbsp;&nbsp;Finland — 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;421818 | &nbsp;&nbsp; 14658176 |
|  |  | &nbsp;&nbsp; 14658176 |
| &nbsp;&nbsp;France — 2.08% | &nbsp;&nbsp;France — 2.08% | &nbsp;&nbsp;France — 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;81651 | &nbsp;&nbsp; 19067630 |
|  |  | &nbsp;&nbsp; 19067630 |
| &nbsp;&nbsp;Germany — 6.35% | &nbsp;&nbsp;Germany — 6.35% | &nbsp;&nbsp;Germany — 6.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;226459 | &nbsp;&nbsp; 7715338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;308233 | &nbsp;&nbsp; 17225762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;65798 | &nbsp;&nbsp; 17618548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;58399 | &nbsp;&nbsp; 15766447 |
|  |  | &nbsp;&nbsp; 58326095 |
| &nbsp;&nbsp;India — 3.26% | &nbsp;&nbsp;India — 3.26% | &nbsp;&nbsp;India — 3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 1503868 | &nbsp;&nbsp; 16116512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 3609184 | &nbsp;&nbsp; 13840096 |
|  |  | &nbsp;&nbsp; 29956608 |
| &nbsp;&nbsp;Italy — 1.54% | &nbsp;&nbsp;Italy — 1.54% | &nbsp;&nbsp;Italy — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;29231 | &nbsp;&nbsp; 14168876 |
|  |  | &nbsp;&nbsp; 14168876 |
| &nbsp;&nbsp;Japan — 2.77% | &nbsp;&nbsp;Japan — 2.77% | &nbsp;&nbsp;Japan — 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;123600 | &nbsp;&nbsp; 17090216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;&nbsp;726700 | &nbsp;&nbsp; 8360824 |
|  |  | &nbsp;&nbsp; 25451040 |
| &nbsp;&nbsp;Netherlands — 1.89% | &nbsp;&nbsp;Netherlands — 1.89% | &nbsp;&nbsp;Netherlands — 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;662834 | &nbsp;&nbsp; 17376694 |
|  |  | &nbsp;&nbsp; 17376694 |
| &nbsp;&nbsp;Norway — 1.43% | &nbsp;&nbsp;Norway — 1.43% | &nbsp;&nbsp;Norway — 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 1259894 | &nbsp;&nbsp; 13171975 |
|  |  | &nbsp;&nbsp; 13171975 |
| &nbsp;&nbsp;Singapore — 2.01% | &nbsp;&nbsp;Singapore — 2.01% | &nbsp;&nbsp;Singapore — 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;103170 | &nbsp;&nbsp; 18439574 |
|  |  | &nbsp;&nbsp; 18439574 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Spain — 2.12% | &nbsp;&nbsp;Spain — 2.12% | &nbsp;&nbsp;Spain — 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1008826 | $19439707 |
|  |  | &nbsp;&nbsp; 19439707 |
| &nbsp;&nbsp;Taiwan — 3.96% | &nbsp;&nbsp;Taiwan — 3.96% | &nbsp;&nbsp;Taiwan — 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp; 36400899 |
|  |  | &nbsp;&nbsp; 36400899 |
| &nbsp;&nbsp;United Kingdom — 3.17% | &nbsp;&nbsp;United Kingdom — 3.17% | &nbsp;&nbsp;United Kingdom — 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;&nbsp;&nbsp;68488 | &nbsp;&nbsp; 10492438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;668476 | &nbsp;&nbsp; 18607986 |
|  |  | &nbsp;&nbsp; 29100424 |
| &nbsp;&nbsp;United States — 60.70% | &nbsp;&nbsp;United States — 60.70% | &nbsp;&nbsp;United States — 60.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;63539 | &nbsp;&nbsp; 13638646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;35042 | &nbsp;&nbsp; 8518710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;100675 | &nbsp;&nbsp; 22105210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;31504 | &nbsp;&nbsp; 11233696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;117411 | &nbsp;&nbsp; 29896363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;616130 | &nbsp;&nbsp; 17399511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;122401 | &nbsp;&nbsp; 11413893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;648115 | &nbsp;&nbsp; 10972587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;43053 | &nbsp;&nbsp; 14203615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;60970 | &nbsp;&nbsp; 12961003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;225596 | &nbsp;&nbsp; 13468081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;29951 | &nbsp;&nbsp; 16931899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;50866 | &nbsp;&nbsp; 8101937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;140080 | &nbsp;&nbsp; 9290106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;70879 | &nbsp;&nbsp; 6704445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | &nbsp;&nbsp;&nbsp;&nbsp;482778 | &nbsp;&nbsp; 17143447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;20825 | &nbsp;&nbsp; 15889475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;53495 | &nbsp;&nbsp; 13878743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;41879 | &nbsp;&nbsp; 16968952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;96811 | &nbsp;&nbsp; 18997223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;144042 | &nbsp;&nbsp; 11900750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;91741 | &nbsp;&nbsp; 15456524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;18769 | &nbsp;&nbsp; 20244243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;36640 | &nbsp;&nbsp; 20841198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;24614 | &nbsp;&nbsp; 18076029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;106752 | &nbsp;&nbsp; 55292198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;112708 | &nbsp;&nbsp; 17916064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;13426 | &nbsp;&nbsp; 16096700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;269431 | &nbsp;&nbsp; 50270436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;63247 | &nbsp;&nbsp; 14989539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;39717 | &nbsp;&nbsp; 13752409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;27009 | &nbsp;&nbsp; 13099905 |
|  |  | &nbsp;&nbsp;557653537 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $584,259,036)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $584,259,036)** | &nbsp;&nbsp;**914068891** |

---

&nbsp;&nbsp;&nbsp;&nbsp;16

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---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.44%** | &nbsp;&nbsp;**Short-Term Investments — 0.44%** | &nbsp;&nbsp;**Short-Term Investments — 0.44%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.44% | &nbsp;&nbsp;Money Market Mutual Funds — 0.44% | &nbsp;&nbsp;Money Market Mutual Funds — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 1021629 | $1021629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 1021630 | &nbsp;&nbsp; 1021630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 1021630 | &nbsp;&nbsp; 1021630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 1021630 | &nbsp;&nbsp; 1021630 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,086,519)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,086,519)** | &nbsp;&nbsp; **4086519** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.94%<br> (cost $588,345,555)** |  | **$918155410** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $13,928,732, which represents 1.52% of the Fund's net assets. See Note 11 in "Notes to financial statements." |
| Non-income producing security. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;17

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

## Schedules of investments<sup>φ</sup>
Macquarie High Income Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 6.54%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 6.54%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 6.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO Series 2022-1A ER 144A 10.225% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 2800000 | $2814924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund<br> CLO II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A DRR 144A 8.475% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp; 1002066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A ERR 144A 11.825% (TSFR03M + 7.50%, Floor 7.50%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp; 1963152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3<br> Series 2020-3A ER 144A 9.568% (TSFR03M + 5.25%, Floor 5.25%) 4/15/38 #, • | 2500000 | &nbsp;&nbsp; 2361255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 32<br> Series 2024-32A E 144A 10.075% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | 2000000 | &nbsp;&nbsp; 2007872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A ER 144A 8.922% (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, • | 2000000 | &nbsp;&nbsp; 1994974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 18<br> Series 2022-18A ER 144A 9.825% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 851863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 19<br> Series 2024-19A E 144A 9.325% (TSFR03M + 5.00%, Floor 5.00%) 10/20/37 #, • | 2100000 | &nbsp;&nbsp; 2078878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 23<br> Series 2020-23A D2R3 144A 9.222% (TSFR03M + 4.90%, Floor 4.90%) 7/17/38 #, • | 2000000 | &nbsp;&nbsp; 2035172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III Series 2022-ALF3A ER 144A 10.418% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | 1000000 | &nbsp;&nbsp; 999557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX Series 2022-20A D1R 144A 8.175% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1750000 | &nbsp;&nbsp; 1757506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO Series 2017-2A ER3 144A 11.658% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | 2000000 | &nbsp;&nbsp; 1996684 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18<br> Series 2021-18A DR 144A 10.068% (TSFR03M + 5.75%, Floor 5.75%) 4/15/38 #, • | 3000000 | $2944086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 25<br> Series 2023-25A DR 144A 9.118% (TSFR03M + 4.80%, Floor 4.80%) 1/25/38 #, • | 3000000 | &nbsp;&nbsp; 2998086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A ER 144A 11.218% (TSFR03M + 6.90%, Floor 6.90%) 7/15/36 #, • | 1800000 | &nbsp;&nbsp; 1794013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 10.218% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, • | 2100000 | &nbsp;&nbsp; 2094439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A D2 144A 8.418% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 2500000 | &nbsp;&nbsp; 2509605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A D 144A 12.918% (TSFR03M + 8.60%, Floor 8.60%) 10/15/38 #, • | 3550000 | &nbsp;&nbsp; 3536687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A DR 144A 9.142% (TSFR03M + 5.20%, Floor 5.20%) 10/15/38 #, • | 3550000 | &nbsp;&nbsp; 3550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Mountain Park CLO Series 2022-1A ER 144A 10.268% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, • | 1500000 | &nbsp;&nbsp; 1500488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Series 2015-6BR ER 144A 9.075% (TSFR03M + 4.75%, Floor 4.75%) 4/20/38 #, • | 2185000 | &nbsp;&nbsp; 2140120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XII-B Series 2017-12BRA E 144A 10.568% (TSFR03M + 6.25%, Floor 6.25%) 10/15/37 #, • | 2500000 | &nbsp;&nbsp; 2502235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Series 2024-1A E 144A 10.825% (TSFR03M + 6.50%, Floor 6.50%) 4/19/37 #, • | 3500000 | &nbsp;&nbsp; 3488317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11A ER 144A 10.818% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | 2000000 | &nbsp;&nbsp; 1995674 |

---

&nbsp;&nbsp;&nbsp;&nbsp;18

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A E 144A 11.238% (TSFR03M + 6.92%, Floor 6.92%) 4/15/37 #, • | 3100000 | $3105803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A E 144A 9.968% (TSFR03M + 5.65%, Floor 5.65%) 10/25/36 #, • | 1600000 | &nbsp;&nbsp; 1603541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR Series 2021-15A ER 144A 9.825% (TSFR03M + 5.50%, Floor 5.50%) 1/20/38 #, • | 3000000 | &nbsp;&nbsp; 2951673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A ER 144A 11.855% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp; 2020206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO Series 2021-3A ER 144A 9.218% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 2280000 | &nbsp;&nbsp; 2273427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden CLO 109<br> Series 2022-109A ER 144A 9.668% (TSFR03M + 5.35%, Floor 5.35%) 4/15/38 #, • | 3500000 | &nbsp;&nbsp; 3497728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 17<br> Series 2022-4A ER 144A 10.022% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | 2000000 | &nbsp;&nbsp; 2000744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO IX Series 2021-2A ER 144A 8.975% (TSFR03M + 4.65%, Floor 4.65%) 4/20/38 #, • | 2500000 | &nbsp;&nbsp; 2466035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO<br> Series 2022-1A ER 144A 10.225% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 2750000 | &nbsp;&nbsp; 2769536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 62B Series 2022-62A ER 144A 10.718% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | 1150000 | &nbsp;&nbsp; 1152413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 76 B Series 2024-76A E 144A 10.068% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | 1150000 | &nbsp;&nbsp; 1149024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A E 144A 12.339% (TSFR03M + 8.01%, Floor 8.01%) 1/18/37 #, • | 1200000 | &nbsp;&nbsp; 1204637 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.825% (TSFR03M + 6.50%, Floor 6.50%) 7/20/37 #, • | 3500000 | $3492220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27 Series 27A ER2 144A 10.568% (TSFR03M + 6.25%, Floor 6.25%) 1/15/35 #, • | 3450000 | &nbsp;&nbsp; 3327584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXX Series 2018-30A ER 144A 10.718% (TSFR03M + 6.40%, Floor 6.40%) 7/16/37 #, • | 2100000 | &nbsp;&nbsp; 2098055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XLV Series 2025-45A E 144A 8.785% (TSFR03M + 4.50%, Floor 4.50%) 4/15/38 #, • | 2500000 | &nbsp;&nbsp; 2488688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO Series 2025-21A E 144A 8.815% (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, • | 1090000 | &nbsp;&nbsp; 1080110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman CLO XX Series 2015-20A ER3 144A 9.068% (TSFR03M + 4.75%, Floor 4.75%) 4/15/39 #, • | 3250000 | &nbsp;&nbsp; 3241839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO Series 2024-59A D2 144A 8.119% (TSFR03M + 3.80%, Floor 3.80%) 1/23/39 #, • | 1100000 | &nbsp;&nbsp; 1101593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A ER2 144A 11.075% (TSFR03M + 6.75%, Floor 6.75%) 1/20/38 #, • | 3300000 | &nbsp;&nbsp; 3285239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A ERR 144A 9.318% (TSFR03M + 5.00%, Floor 5.00%) 1/15/38 #, • | 2800000 | &nbsp;&nbsp; 2798194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO Series 2019-17A ER2 144A 10.575% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 3200000 | &nbsp;&nbsp; 3235251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 12.065% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp; 1996618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9A ER 144A 9.825% (TSFR03M + 5.50%, Floor 5.50%) 10/19/37 #, • | 2550000 | &nbsp;&nbsp; 2589099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-11A ER 144A 9.725% (TSFR03M + 5.40%, Floor 5.40%) 7/19/37 #, • | 2200000 | $2225172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A DR 144A 11.269% (TSFR03M + 6.94%, Floor 6.94%) 4/18/37 #, • | 1000000 | &nbsp;&nbsp; 1001392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A D2 144A 8.675% (TSFR03M + 4.35%, Floor 4.35%) 7/20/37 #, • | 2500000 | &nbsp;&nbsp; 2507143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO<br> Series 2022-1A ER 144A 11.415% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | 2100000 | &nbsp;&nbsp; 2100019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR Series 2024-28RA DR 144A 11.318% (TSFR03M + 7.00%, Floor 7.00%) 4/15/37 #, • | 1800000 | &nbsp;&nbsp; 1796841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXXIII Series 33A D1A 144A 7.725% (TSFR03M + 3.40%, Floor 3.40%) 7/20/37 #, • | 1500000 | &nbsp;&nbsp; 1499160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point CLO 5<br> Series 2024-5A E 144A 10.725% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | 2700000 | &nbsp;&nbsp; 2703645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO Series 2025-1RA E 144A 11.784% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | 1600000 | &nbsp;&nbsp; 1598294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Series 2022-1A ER 144A 10.468% (TSFR03M + 6.15%, Floor 6.15%) 10/15/37 #, • | 2850000 | &nbsp;&nbsp; 2849715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 39 Series 2023-39A ER 144A 9.818% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 3750000 | &nbsp;&nbsp; 3747090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A ER 144A 10.825% (TSFR03M + 6.50%, Floor 6.50%) 1/20/38 #, • | 2000000 | &nbsp;&nbsp; 2004292 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 11.572% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | 2500000 | $2504460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.925% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | 2300000 | &nbsp;&nbsp; 2302617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO Series 2022-1A ER 144A 12.068% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | 2500000 | &nbsp;&nbsp; 2419408 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $142,150,722)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $142,150,722)** | &nbsp;&nbsp; **141106158** |
| &nbsp;&nbsp;**Convertible Bond — 1.37%** | &nbsp;&nbsp;**Convertible Bond — 1.37%** | &nbsp;&nbsp;**Convertible Bond — 1.37%** |
| &nbsp;&nbsp;Leisure — 1.37% | &nbsp;&nbsp;Leisure — 1.37% | &nbsp;&nbsp;Leisure — 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 <<, =, >>, π | 26049124 | &nbsp;&nbsp; 29468323 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $25,782,393)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $25,782,393)** | &nbsp;&nbsp; **29468323** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 80.67%** | &nbsp;&nbsp;**Corporate Bonds — 80.67%** | &nbsp;&nbsp;**Corporate Bonds — 80.67%** |
| &nbsp;&nbsp;Automotive — 3.85% | &nbsp;&nbsp;Automotive — 3.85% | &nbsp;&nbsp;Automotive — 3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 7.75% 10/15/33 # | 2390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 2/15/30 # | 9628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9953475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 9/15/32 # | 5555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 19248000 | &nbsp;&nbsp;&nbsp;&nbsp;20206608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire and Rubber 6.625% 7/15/30 | 8110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8235253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor 144A 8.125% 7/17/35 # | 4475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 6498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6702804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 13368000 | &nbsp;&nbsp;&nbsp;&nbsp;14095219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 7.50% 3/24/31 # | 10990000 | &nbsp;&nbsp;&nbsp;&nbsp;10922042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;83013785 |
| &nbsp;&nbsp;Banking — 2.95% | &nbsp;&nbsp;Banking — 2.95% | &nbsp;&nbsp;Banking — 2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 19200000 | &nbsp;&nbsp;&nbsp;&nbsp;21183667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 10435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11101421 |

---

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 18050000 | $20524149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | 11010000 | &nbsp;&nbsp; 10912924 |
|  |  | &nbsp;&nbsp; 63722161 |
| &nbsp;&nbsp;Basic Industry — 5.37% | &nbsp;&nbsp;Basic Industry — 5.37% | &nbsp;&nbsp;Basic Industry — 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate 144A 7.625% 8/15/33 # | 5690000 | &nbsp;&nbsp; 5927464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 10935000 | &nbsp;&nbsp; 11591614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 3/15/32 # | 8930000 | &nbsp;&nbsp; 9030150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 1/15/34 # | 6850000 | &nbsp;&nbsp; 7062761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 8.375% 10/1/33 # | 7665000 | &nbsp;&nbsp; 7863346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 3455000 | &nbsp;&nbsp; 3624499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 9.00% 2/15/30 # | 12770000 | &nbsp;&nbsp; 13707254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/31 # | 2640000 | &nbsp;&nbsp; 2678042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/33 # | 11290000 | &nbsp;&nbsp; 11308815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 11/15/28 # | 14735000 | &nbsp;&nbsp; 15473592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.75% 3/1/33 # | 12800000 | &nbsp;&nbsp; 13317743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 13825000 | &nbsp;&nbsp; 14198911 |
|  |  | &nbsp;&nbsp; 115784191 |
| &nbsp;&nbsp;Capital Goods — 7.22% | &nbsp;&nbsp;Capital Goods — 7.22% | &nbsp;&nbsp;Capital Goods — 7.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 10945000 | &nbsp;&nbsp; 11373617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 6865000 | &nbsp;&nbsp; 7176108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/1/32 # | 4945000 | &nbsp;&nbsp; 5174611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 6805000 | &nbsp;&nbsp; 7222026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 5590000 | &nbsp;&nbsp; 6035199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 10040000 | &nbsp;&nbsp; 10323058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 6220000 | &nbsp;&nbsp; 6381065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 6840000 | &nbsp;&nbsp; 7185164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/27 # | 9035000 | &nbsp;&nbsp; 9134864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/27 # | 8035000 | &nbsp;&nbsp; 8060174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 7/15/32 # | 5035000 | &nbsp;&nbsp; 5218873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 3565000 | &nbsp;&nbsp; 3745275 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 13020000 | $13274098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo 144A 9.50% 5/15/30 # | 6100000 | &nbsp;&nbsp; 5981233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | 10260000 | &nbsp;&nbsp; 10575957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | 24815000 | &nbsp;&nbsp; 25733899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | 2560000 | &nbsp;&nbsp; 2733053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | 9701000 | &nbsp;&nbsp; 10508958 |
|  |  | &nbsp;&nbsp; 155837232 |
| &nbsp;&nbsp;Consumer Goods — 1.47% | &nbsp;&nbsp;Consumer Goods — 1.47% | &nbsp;&nbsp;Consumer Goods — 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 13700000 | &nbsp;&nbsp; 14539125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 3/1/31 # | 6406000 | &nbsp;&nbsp; 6768759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 9560000 | &nbsp;&nbsp; 10344799 |
|  |  | &nbsp;&nbsp; 31652683 |
| &nbsp;&nbsp;Electric — 3.95% | &nbsp;&nbsp;Electric — 3.95% | &nbsp;&nbsp;Electric — 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power 144A 7.25% 8/15/32 # | 16700000 | &nbsp;&nbsp; 17692665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | 13570000 | &nbsp;&nbsp; 13918966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 32965000 | &nbsp;&nbsp; 33497078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 17255000 | &nbsp;&nbsp; 17662442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | 2270000 | &nbsp;&nbsp; 2380731 |
|  |  | &nbsp;&nbsp; 85151882 |
| &nbsp;&nbsp;Energy — 11.33% | &nbsp;&nbsp;Energy — 11.33% | &nbsp;&nbsp;Energy — 11.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 13235000 | &nbsp;&nbsp; 13586085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources 144A 9.625% 6/15/33 # | 10970000 | &nbsp;&nbsp; 11595368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Finance 144A 8.375% 1/15/34 # | 5154000 | &nbsp;&nbsp; 5226504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 6520000 | &nbsp;&nbsp; 6570915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | 3320000 | &nbsp;&nbsp; 3465263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 13705000 | &nbsp;&nbsp; 14081115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2330000 | &nbsp;&nbsp; 2252668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 10220000 | &nbsp;&nbsp; 9811595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/35 # | 11435000 | &nbsp;&nbsp; 11182992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | 9555000 | &nbsp;&nbsp; 9623786 |

---

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.875% 8/15/31 # | 2821000 | $2629369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 5178000 | &nbsp;&nbsp; 5389055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 13785000 | &nbsp;&nbsp; 14137289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 10295000 | &nbsp;&nbsp; 10663602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 10678000 | &nbsp;&nbsp; 10745101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 3697000 | &nbsp;&nbsp; 3831419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 1/15/32 # | 4495000 | &nbsp;&nbsp; 4665307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.875% 7/15/31 # | 2090000 | &nbsp;&nbsp; 2274992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SESI 144A 7.875% 9/30/30 # | 2175000 | &nbsp;&nbsp; 2177719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy 144A 7.00% 8/1/32 # | 6074000 | &nbsp;&nbsp; 6083117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 10/15/32 # | 2791000 | &nbsp;&nbsp; 2791000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 2/1/27 # | 8812000 | &nbsp;&nbsp; 8806490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 5610000 | &nbsp;&nbsp; 5502067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 9/1/27 | 8245000 | &nbsp;&nbsp; 8248298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 3/15/29 # | 5582000 | &nbsp;&nbsp; 5760758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 17015000 | &nbsp;&nbsp; 18535260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 7.75% 5/1/35 # | 7980000 | &nbsp;&nbsp; 9012080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy 144A 7.875% 4/15/32 # | 12905000 | &nbsp;&nbsp; 12536205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 22675000 | &nbsp;&nbsp; 23195527 |
|  |  | &nbsp;&nbsp; 244380946 |
| &nbsp;&nbsp;Financial Services — 6.79% | &nbsp;&nbsp;Financial Services — 6.79% | &nbsp;&nbsp;Financial Services — 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanticus Holdings 144A 9.75% 9/1/30 # | 2225000 | &nbsp;&nbsp; 2212765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 13970000 | &nbsp;&nbsp; 14744203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 6.50% 5/15/32 | 10420000 | &nbsp;&nbsp; 10792942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 9177000 | &nbsp;&nbsp; 9412399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 10900000 | &nbsp;&nbsp; 10953734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 13172000 | &nbsp;&nbsp; 13499364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Investors 144A 7.00% 6/15/32 # | 13995000 | &nbsp;&nbsp; 14658321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 13600000 | &nbsp;&nbsp; 13701302 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/29 | 9277000 | $9547155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 9/15/32 | 2849000 | &nbsp;&nbsp; 2946686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 5/15/32 # | 5840000 | &nbsp;&nbsp; 6055975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 2/15/33 # | 8960000 | &nbsp;&nbsp; 9263404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | 11555000 | &nbsp;&nbsp; 11940521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | 2775000 | &nbsp;&nbsp; 2871967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 9500000 | &nbsp;&nbsp; 9785009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | 4054000 | &nbsp;&nbsp; 4127634 |
|  |  | &nbsp;&nbsp; 146513381 |
| &nbsp;&nbsp;Healthcare — 3.88% | &nbsp;&nbsp;Healthcare — 3.88% | &nbsp;&nbsp;Healthcare — 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 5295000 | &nbsp;&nbsp; 5431833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 10920000 | &nbsp;&nbsp; 10839989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | 3563000 | &nbsp;&nbsp; 2587483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | 3555000 | &nbsp;&nbsp; 2829496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 1/15/34 # | 8175000 | &nbsp;&nbsp; 8385506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 6231000 | &nbsp;&nbsp; 6417525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 5395000 | &nbsp;&nbsp; 5952881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 11228000 | &nbsp;&nbsp; 9845204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent and Paradigm Parent CO-Issuer 144A 8.75% 4/17/32 # | 2400000 | &nbsp;&nbsp; 2334000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners 144A 8.50% 7/15/32 # | 3735000 | &nbsp;&nbsp; 3869782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 10235000 | &nbsp;&nbsp; 10543770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 14265000 | &nbsp;&nbsp; 14671496 |
|  |  | &nbsp;&nbsp; 83708965 |
| &nbsp;&nbsp;Insurance — 4.82% | &nbsp;&nbsp;Insurance — 4.82% | &nbsp;&nbsp;Insurance — 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 16665000 | &nbsp;&nbsp; 17451071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 9350000 | &nbsp;&nbsp; 9633782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 8375000 | &nbsp;&nbsp; 8696583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/30 # | 5860000 | &nbsp;&nbsp; 6115907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 13935000 | &nbsp;&nbsp; 14519768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 21010000 | &nbsp;&nbsp; 22090439 |

---

22&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 13925000 | $14493391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 10450000 | &nbsp;&nbsp; 10971752 |
|  |  | &nbsp;&nbsp; 103972693 |
| &nbsp;&nbsp;Leisure — 1.84% | &nbsp;&nbsp;Leisure — 1.84% | &nbsp;&nbsp;Leisure — 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | 6890000 | &nbsp;&nbsp; 7032024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 8210000 | &nbsp;&nbsp; 8450080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 6265000 | &nbsp;&nbsp; 6434443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | 2205000 | &nbsp;&nbsp; 2248913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 3226000 | &nbsp;&nbsp; 3354346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 6.625% 5/1/32 # | 8435000 | &nbsp;&nbsp; 8599213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent 144A 9.25% 7/1/32 # | 3500000 | &nbsp;&nbsp; 3703560 |
|  |  | &nbsp;&nbsp; 39822579 |
| &nbsp;&nbsp;Media — 8.97% | &nbsp;&nbsp;Media — 8.97% | &nbsp;&nbsp;Media — 8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 6684000 | &nbsp;&nbsp; 5759144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks 144A 10.25% 1/15/29 # | 5730000 | &nbsp;&nbsp; 6043001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 8394000 | &nbsp;&nbsp; 8236040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 6.375% 9/1/29 # | 24785000 | &nbsp;&nbsp; 25145894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 9505000 | &nbsp;&nbsp; 9483753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 # | 6155000 | &nbsp;&nbsp; 6439878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 14477000 | &nbsp;&nbsp; 13309575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 10380000 | &nbsp;&nbsp; 6758836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 10946000 | &nbsp;&nbsp; 3851624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 18686000 | &nbsp;&nbsp; 4857986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | 2530000 | &nbsp;&nbsp; 2511278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 10/15/30 # | 9010000 | &nbsp;&nbsp; 6926437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 23550000 | &nbsp;&nbsp; 17706833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 8/15/33 # | 4905000 | &nbsp;&nbsp; 4863689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 16282000 | &nbsp;&nbsp; 16930252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 13065000 | &nbsp;&nbsp; 13477240 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 12620000 | $12912829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 14375000 | &nbsp;&nbsp; 13976148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 6/30/30 # | 8345000 | &nbsp;&nbsp; 8391941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.375% 8/1/32 # | 5650000 | &nbsp;&nbsp; 6025765 |
|  |  | &nbsp;&nbsp; 193608143 |
| &nbsp;&nbsp;Non-Electric Utilities — 0.17% | &nbsp;&nbsp;Non-Electric Utilities — 0.17% | &nbsp;&nbsp;Non-Electric Utilities — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners 144A 9.50% 6/1/30 # | 3495000 | &nbsp;&nbsp; 3661846 |
|  |  | &nbsp;&nbsp; 3661846 |
| &nbsp;&nbsp;Real Estate — 0.66% | &nbsp;&nbsp;Real Estate — 0.66% | &nbsp;&nbsp;Real Estate — 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | 2265000 | &nbsp;&nbsp; 2460435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | 2335000 | &nbsp;&nbsp; 2465055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | 2390000 | &nbsp;&nbsp; 2467364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | 2500000 | &nbsp;&nbsp; 2516235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 4116000 | &nbsp;&nbsp; 4260629 |
|  |  | &nbsp;&nbsp; 14169718 |
| &nbsp;&nbsp;Retail — 3.89% | &nbsp;&nbsp;Retail — 3.89% | &nbsp;&nbsp;Retail — 3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 11/1/35 | 22735000 | &nbsp;&nbsp; 23683095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 3/1/33 | 1347000 | &nbsp;&nbsp; 1409857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco PIK, 144A 10.00% 7/15/33 #, « | 7705000 | &nbsp;&nbsp; 8330353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/30 #, > | 5122650 | &nbsp;&nbsp; 5363194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/31 #, >> | 5475942 | &nbsp;&nbsp; 6204067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | 2180000 | &nbsp;&nbsp; 2397555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 9545000 | &nbsp;&nbsp; 8988908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 9/15/32 # | 3350000 | &nbsp;&nbsp; 3363354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.00% 9/15/33 # | 2230000 | &nbsp;&nbsp; 2255998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 4520000 | &nbsp;&nbsp; 4904163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 16325000 | &nbsp;&nbsp; 17139259 |
|  |  | &nbsp;&nbsp; 84039803 |
| &nbsp;&nbsp;Services — 4.03% | &nbsp;&nbsp;Services — 4.03% | &nbsp;&nbsp;Services — 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | 5725000 | &nbsp;&nbsp; 5935680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Services (continued) | &nbsp;&nbsp;Services (continued) | &nbsp;&nbsp;Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | 3810000 | $3960651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | 2595000 | &nbsp;&nbsp; 2710989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | 2891000 | &nbsp;&nbsp; 3000558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 11765000 | &nbsp;&nbsp; 12072714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 9545000 | &nbsp;&nbsp; 9365973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 13525000 | &nbsp;&nbsp; 13440732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Pro USA 144A 7.00% 2/1/33 # | 6300000 | &nbsp;&nbsp; 6541271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 21190000 | &nbsp;&nbsp; 21146338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Scotsman 144A 6.625% 4/15/30 # | 8510000 | &nbsp;&nbsp; 8767257 |
|  |  | &nbsp;&nbsp; 86942163 |
| &nbsp;&nbsp;Technology & Electronics — 2.26% | &nbsp;&nbsp;Technology & Electronics — 2.26% | &nbsp;&nbsp;Technology & Electronics — 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | 4890000 | &nbsp;&nbsp; 5119786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 3/31/29 # | 6085000 | &nbsp;&nbsp; 6146582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 11640000 | &nbsp;&nbsp; 12086294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope 144A 8.25% 3/1/27 # | 2720000 | &nbsp;&nbsp; 2752040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave 144A 9.00% 2/1/31 # | 2230000 | &nbsp;&nbsp; 2288267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | 3700000 | &nbsp;&nbsp; 3675691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 12225000 | &nbsp;&nbsp; 12623413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies 144A 6.50% 6/1/32 # | 3950000 | &nbsp;&nbsp; 4060150 |
|  |  | &nbsp;&nbsp; 48752223 |
| &nbsp;&nbsp;Telecommunications — 6.55% | &nbsp;&nbsp;Telecommunications — 6.55% | &nbsp;&nbsp;Telecommunications — 6.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 14985000 | &nbsp;&nbsp; 15774032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # | 32991000 | &nbsp;&nbsp; 33527104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance 144A 8.625% 8/1/32 # | 5655000 | &nbsp;&nbsp; 5818250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings 144A 6.75% 5/1/29 # | 17150000 | &nbsp;&nbsp; 17335477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maya 144A 8.50% 4/15/31 # | 20110000 | &nbsp;&nbsp; 21584526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 10860000 | &nbsp;&nbsp; 11517851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 13695000 | &nbsp;&nbsp; 13916421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group 144A 10.50% 2/15/28 # | 3661000 | &nbsp;&nbsp; 3858053 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Telecommunications (continued) | &nbsp;&nbsp;Telecommunications (continued) | &nbsp;&nbsp;Telecommunications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 11765000 | $12375462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services 144A 7.50% 10/15/33 # | 5678000 | &nbsp;&nbsp; 5680016 |
|  |  | &nbsp;&nbsp; 141387192 |
| &nbsp;&nbsp;Transportation — 0.67% | &nbsp;&nbsp;Transportation — 0.67% | &nbsp;&nbsp;Transportation — 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming 144A 6.25% 4/15/32 # | 14280000 | &nbsp;&nbsp; 14528358 |
|  |  | &nbsp;&nbsp; 14528358 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $1,714,770,256)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $1,714,770,256)** | &nbsp;&nbsp;**1740649944** |
| &nbsp;&nbsp;**Loan Agreements — 8.50%** | &nbsp;&nbsp;**Loan Agreements — 8.50%** | &nbsp;&nbsp;**Loan Agreements — 8.50%** |
| &nbsp;&nbsp;Automotive — 0.51% | &nbsp;&nbsp;Automotive — 0.51% | &nbsp;&nbsp;Automotive — 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 6.913% (SOFR01M + 2.75%) 1/28/32 • | 4880000 | &nbsp;&nbsp; 4876950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 9.102% - 9.304% (SOFR03M + 5.10%) 11/17/28 • | 6295000 | &nbsp;&nbsp; 6183528 |
|  |  | &nbsp;&nbsp; 11060478 |
| &nbsp;&nbsp;Basic Industry — 1.11% | &nbsp;&nbsp;Basic Industry — 1.11% | &nbsp;&nbsp;Basic Industry — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 10.076% (SOFR03M + 5.75%) 7/19/30 • | 5855325 | &nbsp;&nbsp; 5211239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B-1 7.252% (SOFR03M + 3.25%) 1/17/32 • | 7507590 | &nbsp;&nbsp; 7515413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Tranche B 8.413% (SOFR01M + 4.25%) 10/7/31 • | 6497350 | &nbsp;&nbsp; 5685181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco 7.663% (SOFR01M + 3.50%) 9/30/31 • | 5628282 | &nbsp;&nbsp; 5624765 |
|  |  | &nbsp;&nbsp; 24036598 |
| &nbsp;&nbsp;Capital Goods — 1.11% | &nbsp;&nbsp;Capital Goods — 1.11% | &nbsp;&nbsp;Capital Goods — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.413% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tranche B 7.413% (SOFR01M + 3.25%) 4/1/32 • | 2528614 | &nbsp;&nbsp; 2527321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Crown US Commercial Bidco 7.664% (SOFR01M + 3.50%) 12/2/31 • | 7392472 | &nbsp;&nbsp; 7412491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 8.264% (SOFR01M + 4.10%) 3/25/31 • | 14065800 | &nbsp;&nbsp; 13992545 |
|  |  | &nbsp;&nbsp; 23933683 |

---

24&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Healthcare — 2.26% | &nbsp;&nbsp;Healthcare — 2.26% | &nbsp;&nbsp;Healthcare — 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 8.414% (SOFR01M + 4.25%) 1/15/31 • | 13788624 | $13823095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 14040000 | &nbsp;&nbsp; 14145300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.913% (SOFR01M + 3.75%) 8/25/32 • | 20759534 | &nbsp;&nbsp; 20751417 |
|  |  | &nbsp;&nbsp; 48719812 |
| &nbsp;&nbsp;Leisure — 0.84% | &nbsp;&nbsp;Leisure — 0.84% | &nbsp;&nbsp;Leisure — 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 7.286% (SOFR03M + 3.00%) 4/4/29 • | 18257781 | &nbsp;&nbsp; 18132259 |
|  |  | &nbsp;&nbsp; 18132259 |
| &nbsp;&nbsp;Media — 0.21% | &nbsp;&nbsp;Media — 0.21% | &nbsp;&nbsp;Media — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B 9.808% (SOFR03M + 5.50%) 2/17/31 • | 3489850 | &nbsp;&nbsp; 3421508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 8.251% (SOFR03M + 4.25%) 6/24/29 • | 1132190 | &nbsp;&nbsp; 1135021 |
|  |  | &nbsp;&nbsp; 4556529 |
| &nbsp;&nbsp;Retail — 0.33% | &nbsp;&nbsp;Retail — 0.33% | &nbsp;&nbsp;Retail — 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 7.913% (SOFR01M + 3.75%) 1/28/32 • | 7086390 | &nbsp;&nbsp; 7108535 |
|  |  | &nbsp;&nbsp; 7108535 |
| &nbsp;&nbsp;Technology & Electronics — 2.13% | &nbsp;&nbsp;Technology & Electronics — 2.13% | &nbsp;&nbsp;Technology & Electronics — 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.502% (SOFR03M + 4.50%) 2/23/32 • | 13310000 | &nbsp;&nbsp; 13659388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 7.75% 12/9/31 | 14807888 | &nbsp;&nbsp; 14965221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope 8.913% (SOFR01M + 4.75%) 12/17/29 • | 12315000 | &nbsp;&nbsp; 12475095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 9.205% (SOFR06M + 5.00%) 11/12/32 • | 4813000 | &nbsp;&nbsp; 4882187 |
|  |  | &nbsp;&nbsp; 45981891 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $183,411,697)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $183,411,697)** | &nbsp;&nbsp; **183529785** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 1.60%♣** | &nbsp;&nbsp;**Common Stocks — 1.60%♣** | &nbsp;&nbsp;**Common Stocks — 1.60%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 1.02% | &nbsp;&nbsp;Consumer Discretionary — 1.02% | &nbsp;&nbsp;Consumer Discretionary — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | 3872825 | &nbsp;&nbsp;&nbsp;&nbsp;15104017 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | 1795294 | $7001647 |
|  |  | &nbsp;&nbsp; 22105664 |
| &nbsp;&nbsp;Energy — 0.15% | &nbsp;&nbsp;Energy — 0.15% | &nbsp;&nbsp;Energy — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings <<, =, †, π | 19682813 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy <<, =, †, π | 1117414 | &nbsp;&nbsp; 2623128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maritime Finance =, † | 1750000 | &nbsp;&nbsp; 559624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 | &nbsp;&nbsp; 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp; 3179 |
|  |  | &nbsp;&nbsp; 3192602 |
| &nbsp;&nbsp;Financials — 0.43% | &nbsp;&nbsp;Financials — 0.43% | &nbsp;&nbsp;Financials — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai <<, =, †, π | 20316462 | &nbsp;&nbsp; 9193278 |
|  |  | &nbsp;&nbsp; 9193278 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $100,459,320)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $100,459,320)** | &nbsp;&nbsp; **34491544** |
| &nbsp;&nbsp;**Short-Term Investments — 1.16%** | &nbsp;&nbsp;**Short-Term Investments — 1.16%** | &nbsp;&nbsp;**Short-Term Investments — 1.16%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.16% | &nbsp;&nbsp;Money Market Mutual Funds — 1.16% | &nbsp;&nbsp;Money Market Mutual Funds — 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 6276526 | &nbsp;&nbsp; 6276526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 6276525 | &nbsp;&nbsp; 6276525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 6276525 | &nbsp;&nbsp; 6276525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 6276526 | &nbsp;&nbsp; 6276526 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $25,106,102)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $25,106,102)** | &nbsp;&nbsp; **25106102** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.84%<br> (cost $2,191,680,490)** |  | **$2154351856** |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated schedule of investments. |
| ° | 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 September 30, 2025, the aggregate value of Rule 144A securities was $1,712,063,436, which represents 79.35% of the Fund's net assets. See Note 11 in "Notes to financial statements." |

---

&nbsp;&nbsp;&nbsp;&nbsp;25

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund

---

| | |
|:---|:---|
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2025. 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. |
| = | 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." |
| >> | PIK. 100% of the income received was in the form of principal. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| « | PIK. The first payment of cash and/or principal will be made after September 30, 2025. |
| > | PIK. 100% of the income received was in the form of cash. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| << | Affiliated company. See Note 2 in "Notes to financial statements." |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2025, the aggregate value of restricted securities was $56,391,925, which represented 2.61% of the Fund's net assets. See Note 11 in "Notes to financial statements" and the table below for additional details on restricted securities. |
| X | This loan will settle after September 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| ASG Warrant | &nbsp;&nbsp;&nbsp;5/30/18 | $1206000 | $0 |
| BIS Industries Holdings | 12/22/17 | &nbsp;&nbsp;&nbsp;&nbsp;1852487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Foresight Energy | &nbsp;&nbsp;&nbsp;&nbsp;9/8/20 | &nbsp;&nbsp;&nbsp;21917364 | &nbsp;&nbsp;&nbsp;&nbsp;2623128 |
| New Cotai | &nbsp;&nbsp;&nbsp;9/29/20 | &nbsp;&nbsp;&nbsp;10955614 | &nbsp;&nbsp;&nbsp;&nbsp;9193278 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;25782393 | &nbsp;&nbsp;&nbsp;29468323 |
| Studio City International Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8/5/20 | &nbsp;&nbsp;&nbsp;23370959 | &nbsp;&nbsp;&nbsp;15104017 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 |
| Total |  | $85087996 | $56391925 |

---

#### Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| Clydesdale Acquisition Holdings TBD 4/1/32 X | $42988 | $42966 | $42988 | $(22) |
| Usalco TBD 9/30/31 X | &nbsp;&nbsp;&nbsp;584258 | &nbsp;&nbsp;&nbsp;583893 | &nbsp;&nbsp;&nbsp;584258 | &nbsp;&nbsp;&nbsp;(365) |
| Total | $627246 | $626859 | $627246 | $(387) |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |

---

26&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| TBD – To be determined |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;27

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

## Schedules of investments
Macquarie International Core Equity Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.21%Δ** | &nbsp;&nbsp;**Common Stocks — 96.21%Δ** | &nbsp;&nbsp;**Common Stocks — 96.21%Δ** |
| &nbsp;&nbsp;Austria — 1.47% | &nbsp;&nbsp;Austria — 1.47% | &nbsp;&nbsp;Austria — 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi | 1552433 | $21473394 |
|  |  | &nbsp;&nbsp; 21473394 |
| &nbsp;&nbsp;Brazil — 7.55% | &nbsp;&nbsp;Brazil — 7.55% | &nbsp;&nbsp;Brazil — 7.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 4802741 | &nbsp;&nbsp; 19852563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp; 50010516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale ADR | 1449823 | &nbsp;&nbsp; 15745078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | 1325822 | &nbsp;&nbsp; 24912195 |
|  |  | &nbsp;&nbsp; 110520352 |
| &nbsp;&nbsp;Canada — 3.32% | &nbsp;&nbsp;Canada — 3.32% | &nbsp;&nbsp;Canada — 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;541644 | &nbsp;&nbsp; 28897799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;209216 | &nbsp;&nbsp; 19699407 |
|  |  | &nbsp;&nbsp; 48597206 |
| &nbsp;&nbsp;China — 7.29% | &nbsp;&nbsp;China — 7.29% | &nbsp;&nbsp;China — 7.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | 4710500 | &nbsp;&nbsp; 28192229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;745651 | &nbsp;&nbsp; 31863618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1881194 | &nbsp;&nbsp; 19237333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;320800 | &nbsp;&nbsp; 27335240 |
|  |  | &nbsp;&nbsp; 106628420 |
| &nbsp;&nbsp;Denmark — 1.17% | &nbsp;&nbsp;Denmark — 1.17% | &nbsp;&nbsp;Denmark — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86259 | &nbsp;&nbsp; 17149152 |
|  |  | &nbsp;&nbsp; 17149152 |
| &nbsp;&nbsp;Finland — 0.65% | &nbsp;&nbsp;Finland — 0.65% | &nbsp;&nbsp;Finland — 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;272558 | &nbsp;&nbsp; 9471390 |
|  |  | &nbsp;&nbsp; 9471390 |
| &nbsp;&nbsp;France — 5.09% | &nbsp;&nbsp;France — 5.09% | &nbsp;&nbsp;France — 5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;151189 | &nbsp;&nbsp; 35306561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31332 | &nbsp;&nbsp; 13613350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | &nbsp;&nbsp;&nbsp;&nbsp;184099 | &nbsp;&nbsp; 25584599 |
|  |  | &nbsp;&nbsp; 74504510 |
| &nbsp;&nbsp;Germany — 9.66% | &nbsp;&nbsp;Germany — 9.66% | &nbsp;&nbsp;Germany — 9.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;129911 | &nbsp;&nbsp; 12811823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;431411 | &nbsp;&nbsp; 14697944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;262856 | &nbsp;&nbsp; 17833612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;139037 | &nbsp;&nbsp; 37229552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;128926 | &nbsp;&nbsp; 34807188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers 144A # | &nbsp;&nbsp;&nbsp;&nbsp;443884 | &nbsp;&nbsp; 24043507 |
|  |  | &nbsp;&nbsp; 141423626 |
| &nbsp;&nbsp;Hong Kong — 3.22% | &nbsp;&nbsp;Hong Kong — 3.22% | &nbsp;&nbsp;Hong Kong — 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development | 6015000 | &nbsp;&nbsp; 21187595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1856356 | &nbsp;&nbsp; 25988467 |
|  |  | &nbsp;&nbsp; 47176062 |
| &nbsp;&nbsp;India — 5.16% | &nbsp;&nbsp;India — 5.16% | &nbsp;&nbsp;India — 5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1844344 | &nbsp;&nbsp; 23495922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 1634163 | &nbsp;&nbsp; 34561715 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;India (continued) | &nbsp;&nbsp;India (continued) | &nbsp;&nbsp;India (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 1633217 | $17502707 |
|  |  | &nbsp;&nbsp; 75560344 |
| &nbsp;&nbsp;Ireland — 3.89% | &nbsp;&nbsp;Ireland — 3.89% | &nbsp;&nbsp;Ireland — 3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;685012 | &nbsp;&nbsp; 34406216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON † | &nbsp;&nbsp;&nbsp;&nbsp;128538 | &nbsp;&nbsp; 22494150 |
|  |  | &nbsp;&nbsp; 56900366 |
| &nbsp;&nbsp;Japan — 9.54% | &nbsp;&nbsp;Japan — 9.54% | &nbsp;&nbsp;Japan — 9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Makita | &nbsp;&nbsp;&nbsp;&nbsp;819900 | &nbsp;&nbsp; 26574114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni | 1248600 | &nbsp;&nbsp; 31155338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 2304000 | &nbsp;&nbsp; 37166696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo | &nbsp;&nbsp;&nbsp;&nbsp;340800 | &nbsp;&nbsp; 29485761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp; 15145519 |
|  |  | &nbsp;&nbsp; 139527428 |
| &nbsp;&nbsp;Luxembourg — 0.93% | &nbsp;&nbsp;Luxembourg — 0.93% | &nbsp;&nbsp;Luxembourg — 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific | &nbsp;&nbsp;&nbsp;&nbsp;186815 | &nbsp;&nbsp; 13623743 |
|  |  | &nbsp;&nbsp; 13623743 |
| &nbsp;&nbsp;Netherlands — 7.57% | &nbsp;&nbsp;Netherlands — 7.57% | &nbsp;&nbsp;Netherlands — 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18782 | &nbsp;&nbsp; 30221718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMCD | &nbsp;&nbsp;&nbsp;&nbsp;214428 | &nbsp;&nbsp; 22224915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 1587043 | &nbsp;&nbsp; 41605531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;464471 | &nbsp;&nbsp; 16659387 |
|  |  | &nbsp;&nbsp; 110711551 |
| &nbsp;&nbsp;Norway — 1.45% | &nbsp;&nbsp;Norway — 1.45% | &nbsp;&nbsp;Norway — 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 2033912 | &nbsp;&nbsp; 21264201 |
|  |  | &nbsp;&nbsp; 21264201 |
| &nbsp;&nbsp;Singapore — 4.02% | &nbsp;&nbsp;Singapore — 4.02% | &nbsp;&nbsp;Singapore — 4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 4224340 | &nbsp;&nbsp; 25430527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;186662 | &nbsp;&nbsp; 33362099 |
|  |  | &nbsp;&nbsp; 58792626 |
| &nbsp;&nbsp;South Korea — 3.83% | &nbsp;&nbsp;South Korea — 3.83% | &nbsp;&nbsp;South Korea — 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;176837 | &nbsp;&nbsp; 14595400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;271056 | &nbsp;&nbsp; 16249896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;101559 | &nbsp;&nbsp; 25176272 |
|  |  | &nbsp;&nbsp; 56021568 |
| &nbsp;&nbsp;Spain — 2.01% | &nbsp;&nbsp;Spain — 2.01% | &nbsp;&nbsp;Spain — 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1523958 | &nbsp;&nbsp; 29366112 |
|  |  | &nbsp;&nbsp; 29366112 |
| &nbsp;&nbsp;Switzerland — 2.30% | &nbsp;&nbsp;Switzerland — 2.30% | &nbsp;&nbsp;Switzerland — 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | &nbsp;&nbsp;&nbsp;&nbsp;249960 | &nbsp;&nbsp; 18624519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77955 | &nbsp;&nbsp; 14964742 |
|  |  | &nbsp;&nbsp; 33589261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;28

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Taiwan — 5.36% | &nbsp;&nbsp;Taiwan — 5.36% | &nbsp;&nbsp;Taiwan — 5.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1805000 | $78405278 |
|  |  | &nbsp;&nbsp; 78405278 |
| &nbsp;&nbsp;United Kingdom — 10.29% | &nbsp;&nbsp;United Kingdom — 10.29% | &nbsp;&nbsp;United Kingdom — 10.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca ADR | &nbsp;&nbsp;&nbsp;&nbsp;221049 | &nbsp;&nbsp; 16958879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 1019107 | &nbsp;&nbsp; 28368302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;810668 | &nbsp;&nbsp; 27632235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;114425 | &nbsp;&nbsp; 29063950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon | 6549564 | &nbsp;&nbsp; 29474227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 2321011 | &nbsp;&nbsp; 19108598 |
|  |  | &nbsp;&nbsp; 150606191 |
| &nbsp;&nbsp;United States — 0.44% | &nbsp;&nbsp;United States — 0.44% | &nbsp;&nbsp;United States — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | &nbsp;&nbsp;&nbsp;&nbsp;187682 | &nbsp;&nbsp; 6450630 |
|  |  | &nbsp;&nbsp; 6450630 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,071,256,823)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,071,256,823)** | &nbsp;&nbsp;**1407763411** |
| &nbsp;&nbsp;**Preferred Stock — 1.03%Δ** | &nbsp;&nbsp;**Preferred Stock — 1.03%Δ** | &nbsp;&nbsp;**Preferred Stock — 1.03%Δ** |
| &nbsp;&nbsp;Germany — 1.03% | &nbsp;&nbsp;Germany — 1.03% | &nbsp;&nbsp;Germany — 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henkel & Co. 2.93% ω | &nbsp;&nbsp;&nbsp;&nbsp;187458 | &nbsp;&nbsp; 15125298 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $15,609,819)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $15,609,819)** | &nbsp;&nbsp; **15125298** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments — 3.15%** | &nbsp;&nbsp;**Short-Term Investments — 3.15%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.15% | &nbsp;&nbsp;Money Market Mutual Funds — 3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 11542639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 11542640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 11542640 |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 11542640 | $11542640 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $46,170,559)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $46,170,559)** | &nbsp;&nbsp; **46170559** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.39%<br> (cost $1,133,037,201)** |  | **$1469059268** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $54,265,225, which represents 3.71% of the Fund's net assets. See Note 11 in "Notes to financial statements." |
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;29

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Large Cap Growth Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.78%♣** | &nbsp;&nbsp;**Common Stocks — 99.78%♣** | &nbsp;&nbsp;**Common Stocks — 99.78%♣** |
| &nbsp;&nbsp;Communication Services — 5.41% | &nbsp;&nbsp;Communication Services — 5.41% | &nbsp;&nbsp;Communication Services — 5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 1457650 | $354354715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;106899 | &nbsp;&nbsp; 78504488 |
|  |  | &nbsp;&nbsp; 432859203 |
| &nbsp;&nbsp;Consumer Discretionary — 9.13% | &nbsp;&nbsp;Consumer Discretionary — 9.13% | &nbsp;&nbsp;Consumer Discretionary — 9.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 2206704 | &nbsp;&nbsp; 484525997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;26655 | &nbsp;&nbsp; 143917542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;210676 | &nbsp;&nbsp; 102224209 |
|  |  | &nbsp;&nbsp; 730667748 |
| &nbsp;&nbsp;Consumer Staples — 1.40% | &nbsp;&nbsp;Consumer Staples — 1.40% | &nbsp;&nbsp;Consumer Staples — 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 1694975 | &nbsp;&nbsp; 112410742 |
|  |  | &nbsp;&nbsp; 112410742 |
| &nbsp;&nbsp;Financials — 13.23% | &nbsp;&nbsp;Financials — 13.23% | &nbsp;&nbsp;Financials — 13.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 1509720 | &nbsp;&nbsp; 254357626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;372821 | &nbsp;&nbsp; 212064313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI | &nbsp;&nbsp;&nbsp;&nbsp;133584 | &nbsp;&nbsp; 75796897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;324763 | &nbsp;&nbsp; 158065400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | 1051068 | &nbsp;&nbsp; 358813594 |
|  |  | &nbsp;&nbsp;1059097830 |
| &nbsp;&nbsp;Healthcare — 9.12% | &nbsp;&nbsp;Healthcare — 9.12% | &nbsp;&nbsp;Healthcare — 9.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper † | 1169136 | &nbsp;&nbsp; 80155964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;974157 | &nbsp;&nbsp; 193136367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;117547 | &nbsp;&nbsp; 75099603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;255772 | &nbsp;&nbsp;&nbsp; 114388911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;346604 | &nbsp;&nbsp; 119682361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;495845 | &nbsp;&nbsp; 147717184 |
|  |  | &nbsp;&nbsp; 730180390 |
| &nbsp;&nbsp;Industrials — 7.41% | &nbsp;&nbsp;Industrials — 7.41% | &nbsp;&nbsp;Industrials — 7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;451435 | &nbsp;&nbsp; 107518274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | &nbsp;&nbsp;&nbsp;&nbsp;603482 | &nbsp;&nbsp; 154811238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;573681 | &nbsp;&nbsp; 80762811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics | &nbsp;&nbsp;&nbsp;&nbsp;386157 | &nbsp;&nbsp; 97122347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections | &nbsp;&nbsp;&nbsp;&nbsp;871569 | &nbsp;&nbsp; 153221830 |
|  |  | &nbsp;&nbsp; 593436500 |
| &nbsp;&nbsp;Information Technology — 51.08% | &nbsp;&nbsp;Information Technology — 51.08% | &nbsp;&nbsp;Information Technology — 51.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;498598 | &nbsp;&nbsp; 80668170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 2542737 | &nbsp;&nbsp; 647457122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk † | &nbsp;&nbsp;&nbsp;&nbsp;307485 | &nbsp;&nbsp; 97678760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;456319 | &nbsp;&nbsp; 150544201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;483704 | &nbsp;&nbsp; 77044373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;325374 | &nbsp;&nbsp; 222201158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 2331750 | &nbsp;&nbsp;1207729913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;104495 | &nbsp;&nbsp; 47784519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 6126177 | &nbsp;&nbsp;1143022105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;514287 | &nbsp;&nbsp; 121886019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys † | &nbsp;&nbsp;&nbsp;&nbsp;260805 | &nbsp;&nbsp; 128678579 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;590423 | $164899240 |
|  |  | &nbsp;&nbsp;4089594159 |
| &nbsp;&nbsp;Materials — 1.40% | &nbsp;&nbsp;Materials — 1.40% | &nbsp;&nbsp;Materials — 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;363941 | &nbsp;&nbsp;&nbsp; 111955530 |
|  |  | &nbsp;&nbsp; 111955530 |
| &nbsp;&nbsp;Real Estate — 1.60% | &nbsp;&nbsp;Real Estate — 1.60% | &nbsp;&nbsp;Real Estate — 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 1514589 | &nbsp;&nbsp; 127785874 |
|  |  | &nbsp;&nbsp; 127785874 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,059,761,818)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,059,761,818)** | &nbsp;&nbsp;**7987987976** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.78%<br> (cost $3,059,761,818)** |  | **$7987987976** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's Financial Services LLC |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;30

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Mid Cap Growth Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.89%♣** | &nbsp;&nbsp;**Common Stocks — 99.89%♣** | &nbsp;&nbsp;**Common Stocks — 99.89%♣** |
| &nbsp;&nbsp;Communication Services — 1.23% | &nbsp;&nbsp;Communication Services — 1.23% | &nbsp;&nbsp;Communication Services — 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest Class A † | 1693720 | $54486972 |
|  |  | &nbsp;&nbsp; 54486972 |
| &nbsp;&nbsp;Consumer Discretionary — 20.37% | &nbsp;&nbsp;Consumer Discretionary — 20.37% | &nbsp;&nbsp;Consumer Discretionary — 20.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;967247 | &nbsp;&nbsp; 33611833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;378506 | &nbsp;&nbsp; 62726014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Class A † | &nbsp;&nbsp;&nbsp;&nbsp;764371 | &nbsp;&nbsp; 40007178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group | &nbsp;&nbsp;&nbsp;&nbsp;395021 | &nbsp;&nbsp; 84435739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Class A † | 1122382 | &nbsp;&nbsp; 82719554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding Class A † | 1457671 | &nbsp;&nbsp; 61732367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness Class A † | &nbsp;&nbsp;&nbsp;&nbsp;269027 | &nbsp;&nbsp; 27925003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | &nbsp;&nbsp;&nbsp;&nbsp;275957 | &nbsp;&nbsp; 85565987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | &nbsp;&nbsp;&nbsp;&nbsp;508125 | &nbsp;&nbsp; 164419088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;662100 | &nbsp;&nbsp; 68295615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stubhub Holdings Class A † | 2359599 | &nbsp;&nbsp; 39735647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | &nbsp;&nbsp;&nbsp;&nbsp;660065 | &nbsp;&nbsp; 74732559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | 1423651 | &nbsp;&nbsp; 80963032 |
|  |  | &nbsp;&nbsp; 906869616 |
| &nbsp;&nbsp;Consumer Staples — 1.35% | &nbsp;&nbsp;Consumer Staples — 1.35% | &nbsp;&nbsp;Consumer Staples — 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;106461 | &nbsp;&nbsp; 60184532 |
|  |  | &nbsp;&nbsp; 60184532 |
| &nbsp;&nbsp;Financials — 7.53% | &nbsp;&nbsp;Financials — 7.53% | &nbsp;&nbsp;Financials — 7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;627088 | &nbsp;&nbsp; 58814583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay † | &nbsp;&nbsp;&nbsp;&nbsp;192165 | &nbsp;&nbsp; 55355050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;140666 | &nbsp;&nbsp; 28881543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | &nbsp;&nbsp;&nbsp;&nbsp;129629 | &nbsp;&nbsp; 55126029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;260712 | &nbsp;&nbsp; 86736275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Class A † | 1376294 | &nbsp;&nbsp; 50248494 |
|  |  | &nbsp;&nbsp; 335161974 |
| &nbsp;&nbsp;Healthcare — 18.07% | &nbsp;&nbsp;Healthcare — 18.07% | &nbsp;&nbsp;Healthcare — 18.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology † | &nbsp;&nbsp;&nbsp;&nbsp;365027 | &nbsp;&nbsp; 45708681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;280194 | &nbsp;&nbsp; 127768464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;130067 | &nbsp;&nbsp; 25858620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | 1326849 | &nbsp;&nbsp; 73812610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences † | &nbsp;&nbsp;&nbsp;&nbsp;844247 | &nbsp;&nbsp; 65657089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;270468 | &nbsp;&nbsp; 172799301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;352063 | &nbsp;&nbsp; 108692410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;890009 | &nbsp;&nbsp; 58224389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;243461 | &nbsp;&nbsp; 72529466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding † | 1406950 | &nbsp;&nbsp; 53351544 |
|  |  | &nbsp;&nbsp; 804402574 |
| &nbsp;&nbsp;Industrials — 22.55% | &nbsp;&nbsp;Industrials — 22.55% | &nbsp;&nbsp;Industrials — 22.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | &nbsp;&nbsp;&nbsp;&nbsp;363241 | &nbsp;&nbsp; 66970743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | 1032783 | &nbsp;&nbsp; 46444252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group | &nbsp;&nbsp;&nbsp;&nbsp;81369 | &nbsp;&nbsp; 52852420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | 2441114 | &nbsp;&nbsp; 119712231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;483922 | &nbsp;&nbsp; 81008543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Class A | &nbsp;&nbsp;&nbsp;&nbsp;332974 | &nbsp;&nbsp; 84605364 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;489213 | $95998267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;539381 | &nbsp;&nbsp; 49283242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;359018 | &nbsp;&nbsp; 84667215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding † | &nbsp;&nbsp;&nbsp;&nbsp;337879 | &nbsp;&nbsp; 53813988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;158829 | &nbsp;&nbsp; 65821914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | 1213385 | &nbsp;&nbsp; 71274235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;382490 | &nbsp;&nbsp; 71441482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | 1161478 | &nbsp;&nbsp; 60013568 |
|  |  | &nbsp;&nbsp;1003907464 |
| &nbsp;&nbsp;Information Technology — 23.55% | &nbsp;&nbsp;Information Technology — 23.55% | &nbsp;&nbsp;Information Technology — 23.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Class A † | &nbsp;&nbsp;&nbsp;&nbsp;74411 | &nbsp;&nbsp; 53467280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Class B | &nbsp;&nbsp;&nbsp;&nbsp;917806 | &nbsp;&nbsp; 47248653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;323722 | &nbsp;&nbsp; 51562440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | 2178658 | &nbsp;&nbsp; 39259417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | &nbsp;&nbsp;&nbsp;&nbsp;623976 | &nbsp;&nbsp; 133899010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;592873 | &nbsp;&nbsp; 63864280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;767041 | &nbsp;&nbsp; 109226638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;131159 | &nbsp;&nbsp; 61356180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;407888 | &nbsp;&nbsp; 50806529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;443555 | &nbsp;&nbsp; 55218162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates † | &nbsp;&nbsp;&nbsp;&nbsp;292754 | &nbsp;&nbsp; 60008715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;125990 | &nbsp;&nbsp; 115991434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta † | &nbsp;&nbsp;&nbsp;&nbsp;578800 | &nbsp;&nbsp; 57966820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;411132 | &nbsp;&nbsp; 92730823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;106370 | &nbsp;&nbsp; 55648529 |
|  |  | &nbsp;&nbsp;1048254910 |
| &nbsp;&nbsp;Materials — 1.96% | &nbsp;&nbsp;Materials — 1.96% | &nbsp;&nbsp;Materials — 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;&nbsp;138124 | &nbsp;&nbsp; 87056795 |
|  |  | &nbsp;&nbsp; 87056795 |
| &nbsp;&nbsp;Real Estate — 3.28% | &nbsp;&nbsp;Real Estate — 3.28% | &nbsp;&nbsp;Real Estate — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 1731679 | &nbsp;&nbsp; 146101757 |
|  |  | &nbsp;&nbsp; 146101757 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,233,250,635)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,233,250,635)** | &nbsp;&nbsp;**4446426594** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.89%<br> (cost $3,233,250,635)** |  | **$4446426594** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;31

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Mid Cap Growth Fund

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

32&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Mid Cap Income Opportunities Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.20%♣** | &nbsp;&nbsp;**Common Stocks — 99.20%♣** | &nbsp;&nbsp;**Common Stocks — 99.20%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 22.67% | &nbsp;&nbsp;Consumer Discretionary — 22.67% | &nbsp;&nbsp;Consumer Discretionary — 22.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT | 2942434 | $25628600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;135446 | &nbsp;&nbsp; 25783501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin | &nbsp;&nbsp;&nbsp;&nbsp;106900 | &nbsp;&nbsp; 26320918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | 1088992 | &nbsp;&nbsp; 25373514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;311812 | &nbsp;&nbsp; 25948995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;440724 | &nbsp;&nbsp; 25063974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure | &nbsp;&nbsp;&nbsp;&nbsp;418607 | &nbsp;&nbsp; 24902930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;165557 | &nbsp;&nbsp; 24762360 |
|  |  | &nbsp;&nbsp;203784792 |
| &nbsp;&nbsp;Consumer Staples — 5.64% | &nbsp;&nbsp;Consumer Staples — 5.64% | &nbsp;&nbsp;Consumer Staples — 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | &nbsp;&nbsp;&nbsp;&nbsp;132409 | &nbsp;&nbsp; 24767103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. | &nbsp;&nbsp;&nbsp;&nbsp;387661 | &nbsp;&nbsp; 25938398 |
|  |  | &nbsp;&nbsp; 50705501 |
| &nbsp;&nbsp;Financials — 8.30% | &nbsp;&nbsp;Financials — 8.30% | &nbsp;&nbsp;Financials — 8.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Class A | &nbsp;&nbsp;&nbsp;&nbsp;150244 | &nbsp;&nbsp; 24022513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;82993 | &nbsp;&nbsp; 25706252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | &nbsp;&nbsp;&nbsp;&nbsp;387305 | &nbsp;&nbsp; 24880473 |
|  |  | &nbsp;&nbsp; 74609238 |
| &nbsp;&nbsp;Healthcare — 8.53% | &nbsp;&nbsp;Healthcare — 8.53% | &nbsp;&nbsp;Healthcare — 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;163511 | &nbsp;&nbsp; 25664687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;136733 | &nbsp;&nbsp; 26058575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma Class A | &nbsp;&nbsp;&nbsp;&nbsp;706612 | &nbsp;&nbsp; 24929271 |
|  |  | &nbsp;&nbsp; 76652533 |
| &nbsp;&nbsp;Industrials — 23.14% | &nbsp;&nbsp;Industrials — 23.14% | &nbsp;&nbsp;Industrials — 23.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;107095 | &nbsp;&nbsp; 25506816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;531668 | &nbsp;&nbsp; 26072999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies | &nbsp;&nbsp;&nbsp;&nbsp;88998 | &nbsp;&nbsp; 27180879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;262613 | &nbsp;&nbsp; 25904146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;&nbsp;197049 | &nbsp;&nbsp; 24977931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;450463 | &nbsp;&nbsp; 26460197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on | &nbsp;&nbsp;&nbsp;&nbsp;74456 | &nbsp;&nbsp; 25801238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | &nbsp;&nbsp;&nbsp;&nbsp;64701 | &nbsp;&nbsp; 26158614 |
|  |  | &nbsp;&nbsp;208062820 |
| &nbsp;&nbsp;Information Technology — 11.29% | &nbsp;&nbsp;Information Technology — 11.29% | &nbsp;&nbsp;Information Technology — 11.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;&nbsp;383835 | &nbsp;&nbsp; 24649884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | &nbsp;&nbsp;&nbsp;&nbsp;203621 | &nbsp;&nbsp; 24120944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;114190 | &nbsp;&nbsp; 26955691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;117255 | &nbsp;&nbsp; 25740990 |
|  |  | &nbsp;&nbsp;101467509 |
| &nbsp;&nbsp;Materials — 14.03% | &nbsp;&nbsp;Materials — 14.03% | &nbsp;&nbsp;Materials — 14.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | &nbsp;&nbsp;&nbsp;&nbsp;192209 | &nbsp;&nbsp; 25690655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;155810 | &nbsp;&nbsp; 25267708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;118635 | &nbsp;&nbsp; 25854126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;&nbsp;213656 | &nbsp;&nbsp; 25185769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;&nbsp;560681 | &nbsp;&nbsp; 24159744 |
|  |  | &nbsp;&nbsp;126158002 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Real Estate — 5.60% | &nbsp;&nbsp;Real Estate — 5.60% | &nbsp;&nbsp;Real Estate — 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;183608 | $25877712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;&nbsp;578652 | &nbsp;&nbsp; 24448047 |
|  |  | &nbsp;&nbsp; 50325759 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $562,963,597)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $562,963,597)** | &nbsp;&nbsp;**891766154** |
| &nbsp;&nbsp;**Short-Term Investments — 0.88%** | &nbsp;&nbsp;**Short-Term Investments — 0.88%** | &nbsp;&nbsp;**Short-Term Investments — 0.88%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.88% | &nbsp;&nbsp;Money Market Mutual Funds — 0.88% | &nbsp;&nbsp;Money Market Mutual Funds — 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 1975198 | &nbsp;&nbsp; 1975198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 1975198 | &nbsp;&nbsp; 1975198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 1975197 | &nbsp;&nbsp; 1975197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 1975198 | &nbsp;&nbsp; 1975198 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,900,791)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,900,791)** | &nbsp;&nbsp; **7900791** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.08%<br> (cost $570,864,388)** |  | **$899666945** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Small Cap Growth Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.64%♣** | &nbsp;&nbsp;**Common Stocks — 99.64%♣** | &nbsp;&nbsp;**Common Stocks — 99.64%♣** |
| &nbsp;&nbsp;Communication Services — 2.53% | &nbsp;&nbsp;Communication Services — 2.53% | &nbsp;&nbsp;Communication Services — 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;850675 | $27859606 |
|  |  | &nbsp;&nbsp; 27859606 |
| &nbsp;&nbsp;Consumer Discretionary — 12.13% | &nbsp;&nbsp;Consumer Discretionary — 12.13% | &nbsp;&nbsp;Consumer Discretionary — 12.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;64014 | &nbsp;&nbsp; 10608400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;41666 | &nbsp;&nbsp; 5278249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | &nbsp;&nbsp;&nbsp;&nbsp;132683 | &nbsp;&nbsp; 20682626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports † | &nbsp;&nbsp;&nbsp;&nbsp;640509 | &nbsp;&nbsp; 7929501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | &nbsp;&nbsp;&nbsp;&nbsp;106733 | &nbsp;&nbsp; 15173163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;170137 | &nbsp;&nbsp; 21845591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | &nbsp;&nbsp;&nbsp;&nbsp;557818 | &nbsp;&nbsp; 11792273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;449883 | &nbsp;&nbsp; 12101853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | &nbsp;&nbsp;&nbsp;&nbsp;866991 | &nbsp;&nbsp; 28220557 |
|  |  | &nbsp;&nbsp; 133632213 |
| &nbsp;&nbsp;Consumer Staples — 3.53% | &nbsp;&nbsp;Consumer Staples — 3.53% | &nbsp;&nbsp;Consumer Staples — 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | &nbsp;&nbsp;&nbsp;&nbsp;271536 | &nbsp;&nbsp; 15838695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | &nbsp;&nbsp;&nbsp;&nbsp;114030 | &nbsp;&nbsp; 13819296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Farms † | &nbsp;&nbsp;&nbsp;&nbsp;224815 | &nbsp;&nbsp; 9251137 |
|  |  | &nbsp;&nbsp; 38909128 |
| &nbsp;&nbsp;Energy — 0.96% | &nbsp;&nbsp;Energy — 0.96% | &nbsp;&nbsp;Energy — 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;&nbsp;433474 | &nbsp;&nbsp; 10524749 |
|  |  | &nbsp;&nbsp; 10524749 |
| &nbsp;&nbsp;Financials — 8.30% | &nbsp;&nbsp;Financials — 8.30% | &nbsp;&nbsp;Financials — 8.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings | &nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp; 8380418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;79950 | &nbsp;&nbsp; 10776460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;91436 | &nbsp;&nbsp; 18773639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remitly Global † | &nbsp;&nbsp;&nbsp;&nbsp;366982 | &nbsp;&nbsp; 5981807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | &nbsp;&nbsp;&nbsp;&nbsp;503979 | &nbsp;&nbsp; 15336081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;170666 | &nbsp;&nbsp; 14800156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 1252276 | &nbsp;&nbsp; 17406636 |
|  |  | &nbsp;&nbsp; 91455197 |
| &nbsp;&nbsp;Healthcare — 23.51% | &nbsp;&nbsp;Healthcare — 23.51% | &nbsp;&nbsp;Healthcare — 23.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies † | 1117897 | &nbsp;&nbsp; 16723739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | &nbsp;&nbsp;&nbsp;&nbsp;849805 | &nbsp;&nbsp; 12458141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;526505 | &nbsp;&nbsp; 7655383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;193011 | &nbsp;&nbsp; 17679808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;116065 | &nbsp;&nbsp; 14096094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx † | &nbsp;&nbsp;&nbsp;&nbsp;302277 | &nbsp;&nbsp; 4395107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;518821 | &nbsp;&nbsp; 10220774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;168711 | &nbsp;&nbsp; 21429671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;152354 | &nbsp;&nbsp; 16414620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | &nbsp;&nbsp;&nbsp;&nbsp;190326 | &nbsp;&nbsp; 11891568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | &nbsp;&nbsp;&nbsp;&nbsp;105593 | &nbsp;&nbsp; 10007049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health † | &nbsp;&nbsp;&nbsp;&nbsp;77389 | &nbsp;&nbsp; 4389504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;164533 | &nbsp;&nbsp; 17001195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;255961 | &nbsp;&nbsp; 18764501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia † | &nbsp;&nbsp;&nbsp;&nbsp;470652 | &nbsp;&nbsp; 11069735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics † | &nbsp;&nbsp;&nbsp;&nbsp;95329 | &nbsp;&nbsp; 3402292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;469583 | &nbsp;&nbsp; 27907318 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;46985 | $5271717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;625085 | &nbsp;&nbsp; 14939531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | &nbsp;&nbsp;&nbsp;&nbsp;420253 | &nbsp;&nbsp; 13225362 |
|  |  | &nbsp;&nbsp; 258943109 |
| &nbsp;&nbsp;Industrials — 23.47% | &nbsp;&nbsp;Industrials — 23.47% | &nbsp;&nbsp;Industrials — 23.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | &nbsp;&nbsp;&nbsp;&nbsp;221317 | &nbsp;&nbsp; 19845495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;25825 | &nbsp;&nbsp; 8132034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | &nbsp;&nbsp;&nbsp;&nbsp;315834 | &nbsp;&nbsp; 18757381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;159676 | &nbsp;&nbsp; 12988046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;52334 | &nbsp;&nbsp; 4425886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | &nbsp;&nbsp;&nbsp;&nbsp;265875 | &nbsp;&nbsp; 14080740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;58481 | &nbsp;&nbsp; 13580458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;147151 | &nbsp;&nbsp; 18688177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | &nbsp;&nbsp;&nbsp;&nbsp;285108 | &nbsp;&nbsp; 24448011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;290858 | &nbsp;&nbsp; 12806478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;34066 | &nbsp;&nbsp; 4053513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;&nbsp;260812 | &nbsp;&nbsp; 13859550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;87626 | &nbsp;&nbsp; 14621274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | &nbsp;&nbsp;&nbsp;&nbsp;96381 | &nbsp;&nbsp; 14145839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;34757 | &nbsp;&nbsp; 2900472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;37484 | &nbsp;&nbsp; 3424913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Class A † | &nbsp;&nbsp;&nbsp;&nbsp;106091 | &nbsp;&nbsp; 3268664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | &nbsp;&nbsp;&nbsp;&nbsp;308689 | &nbsp;&nbsp; 14014481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | &nbsp;&nbsp;&nbsp;&nbsp;99101 | &nbsp;&nbsp; 7670418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | &nbsp;&nbsp;&nbsp;&nbsp;67394 | &nbsp;&nbsp; 6781184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;75385 | &nbsp;&nbsp; 14080410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International | &nbsp;&nbsp;&nbsp;&nbsp;26488 | &nbsp;&nbsp; 5612807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | &nbsp;&nbsp;&nbsp;&nbsp;123055 | &nbsp;&nbsp; 6358252 |
|  |  | &nbsp;&nbsp; 258544483 |
| &nbsp;&nbsp;Information Technology — 23.98% | &nbsp;&nbsp;Information Technology — 23.98% | &nbsp;&nbsp;Information Technology — 23.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | &nbsp;&nbsp;&nbsp;&nbsp;118154 | &nbsp;&nbsp; 20102722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | &nbsp;&nbsp;&nbsp;&nbsp;140182 | &nbsp;&nbsp; 14754155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 1161598 | &nbsp;&nbsp; 17435586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;241860 | &nbsp;&nbsp; 4358317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;130934 | &nbsp;&nbsp; 12337911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ † | &nbsp;&nbsp;&nbsp;&nbsp;40932 | &nbsp;&nbsp; 2517318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;152119 | &nbsp;&nbsp; 18947943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;230199 | &nbsp;&nbsp; 37455679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;127043 | &nbsp;&nbsp; 15815583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | &nbsp;&nbsp;&nbsp;&nbsp;142387 | &nbsp;&nbsp; 35488536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;84966 | &nbsp;&nbsp; 6150689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;125990 | &nbsp;&nbsp; 13128158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;168137 | &nbsp;&nbsp; 13829268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | &nbsp;&nbsp;&nbsp;&nbsp;846944 | &nbsp;&nbsp; 18700524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;147026 | &nbsp;&nbsp; 19279519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI Class A † | &nbsp;&nbsp;&nbsp;&nbsp;92088 | &nbsp;&nbsp; 1480775 |

---

&nbsp;&nbsp;&nbsp;&nbsp;34

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---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | &nbsp;&nbsp;&nbsp;&nbsp;180944 | $12365713 |
|  |  | &nbsp;&nbsp; 264148396 |
| &nbsp;&nbsp;Materials — 1.23% | &nbsp;&nbsp;Materials — 1.23% | &nbsp;&nbsp;Materials — 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | &nbsp;&nbsp;&nbsp;&nbsp;175880 | &nbsp;&nbsp; 13519896 |
|  |  | &nbsp;&nbsp; 13519896 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $824,866,257)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $824,866,257)** | &nbsp;&nbsp;**1097536777** |
| &nbsp;&nbsp;**Short-Term Investments — 0.59%** | &nbsp;&nbsp;**Short-Term Investments — 0.59%** | &nbsp;&nbsp;**Short-Term Investments — 0.59%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.59% | &nbsp;&nbsp;Money Market Mutual Funds — 0.59% | &nbsp;&nbsp;Money Market Mutual Funds — 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 1628572 | &nbsp;&nbsp; 1628572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 1628573 | &nbsp;&nbsp; 1628573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 1628573 | &nbsp;&nbsp; 1628573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 1628573 | &nbsp;&nbsp; 1628573 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,514,291)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,514,291)** | &nbsp;&nbsp; **6514291** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.23%<br> (cost $831,380,548)** |  | **$1104051068** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;35

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Smid Cap Core Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.61%♣** | &nbsp;&nbsp;**Common Stocks — 98.61%♣** | &nbsp;&nbsp;**Common Stocks — 98.61%♣** |
| &nbsp;&nbsp;Communication Services — 2.67% | &nbsp;&nbsp;Communication Services — 2.67% | &nbsp;&nbsp;Communication Services — 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;103658 | $3394799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group | &nbsp;&nbsp;&nbsp;&nbsp;89282 | &nbsp;&nbsp; 2491861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988 | &nbsp;&nbsp; 1975027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | &nbsp;&nbsp;&nbsp;&nbsp;49814 | &nbsp;&nbsp; 1554197 |
|  |  | &nbsp;&nbsp; 9415884 |
| &nbsp;&nbsp;Consumer Discretionary — 9.07% | &nbsp;&nbsp;Consumer Discretionary — 9.07% | &nbsp;&nbsp;Consumer Discretionary — 9.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;77686 | &nbsp;&nbsp; 2983142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | &nbsp;&nbsp;&nbsp;&nbsp;62317 | &nbsp;&nbsp; 2739455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;15771 | &nbsp;&nbsp; 1997870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;&nbsp;&nbsp;23171 | &nbsp;&nbsp; 5149060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;24024 | &nbsp;&nbsp; 1528887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | &nbsp;&nbsp;&nbsp;&nbsp;43680 | &nbsp;&nbsp; 1499098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;95180 | &nbsp;&nbsp; 2626968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | &nbsp;&nbsp;&nbsp;&nbsp;35391 | &nbsp;&nbsp; 1148438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | &nbsp;&nbsp;&nbsp;&nbsp;58514 | &nbsp;&nbsp; 1959049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | &nbsp;&nbsp;&nbsp;&nbsp;25999 | &nbsp;&nbsp; 1716194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;&nbsp;&nbsp;20733 | &nbsp;&nbsp; 3444788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | &nbsp;&nbsp;&nbsp;&nbsp;20675 | &nbsp;&nbsp; 2856044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;72465 | &nbsp;&nbsp; 2404389 |
|  |  | &nbsp;&nbsp; 32053382 |
| &nbsp;&nbsp;Consumer Staples — 3.53% | &nbsp;&nbsp;Consumer Staples — 3.53% | &nbsp;&nbsp;Consumer Staples — 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;44022 | &nbsp;&nbsp; 4105051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;11833 | &nbsp;&nbsp; 6689432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods | &nbsp;&nbsp;&nbsp;&nbsp;17289 | &nbsp;&nbsp; 1661300 |
|  |  | &nbsp;&nbsp; 12455783 |
| &nbsp;&nbsp;Energy — 3.62% | &nbsp;&nbsp;Energy — 3.62% | &nbsp;&nbsp;Energy — 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;37865 | &nbsp;&nbsp; 4022778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | &nbsp;&nbsp;&nbsp;&nbsp;22292 | &nbsp;&nbsp; 1027215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | &nbsp;&nbsp;&nbsp;&nbsp;275600 | &nbsp;&nbsp; 3400904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;339665 | &nbsp;&nbsp; 4347712 |
|  |  | &nbsp;&nbsp; 12798609 |
| &nbsp;&nbsp;Financials — 16.88% | &nbsp;&nbsp;Financials — 16.88% | &nbsp;&nbsp;Financials — 16.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;62509 | &nbsp;&nbsp; 2450353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | &nbsp;&nbsp;&nbsp;&nbsp;62030 | &nbsp;&nbsp; 5942474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System | &nbsp;&nbsp;&nbsp;&nbsp;152187 | &nbsp;&nbsp; 3917293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;73033 | &nbsp;&nbsp; 7774363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | &nbsp;&nbsp;&nbsp;&nbsp;49042 | &nbsp;&nbsp;&nbsp; 3117110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;14919 | &nbsp;&nbsp; 2010932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;199885 | &nbsp;&nbsp; 4387476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | &nbsp;&nbsp;&nbsp;&nbsp;41011 | &nbsp;&nbsp; 3846422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | &nbsp;&nbsp;&nbsp;&nbsp;24569 | &nbsp;&nbsp; 4720442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank | &nbsp;&nbsp;&nbsp;&nbsp;50127 | &nbsp;&nbsp; 4956056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;&nbsp;41984 | &nbsp;&nbsp; 4763924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;&nbsp;109044 | &nbsp;&nbsp; 6481575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | &nbsp;&nbsp;&nbsp;&nbsp;61343 | &nbsp;&nbsp; 3308228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;34440 | &nbsp;&nbsp; 1948615 |
|  |  | &nbsp;&nbsp; 59625263 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare — 13.10% | &nbsp;&nbsp;Healthcare — 13.10% | &nbsp;&nbsp;Healthcare — 13.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;139632 | $1100300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;24463 | &nbsp;&nbsp; 2971031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;40193 | &nbsp;&nbsp; 2235937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines =, † | &nbsp;&nbsp;&nbsp;&nbsp;23060 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;32227 | &nbsp;&nbsp; 4093474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences † | &nbsp;&nbsp;&nbsp;&nbsp;46876 | &nbsp;&nbsp; 2564586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos † | &nbsp;&nbsp;&nbsp;&nbsp;21409 | &nbsp;&nbsp; 1745904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;50614 | &nbsp;&nbsp; 3712031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;44118 | &nbsp;&nbsp; 6353433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;12424 | &nbsp;&nbsp; 921861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;28238 | &nbsp;&nbsp; 1448327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;22364 | &nbsp;&nbsp; 3961559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | &nbsp;&nbsp;&nbsp;&nbsp;16135 | &nbsp;&nbsp; 2597251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | &nbsp;&nbsp;&nbsp;&nbsp;28075 | &nbsp;&nbsp; 3941168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 12.5 =, † | &nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 15 =, † | &nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;18573 | &nbsp;&nbsp; 2482653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;60633 | &nbsp;&nbsp; 2897651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;20460 | &nbsp;&nbsp; 2295612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | &nbsp;&nbsp;&nbsp;&nbsp;32476 | &nbsp;&nbsp; 976878 |
|  |  | &nbsp;&nbsp; 46299656 |
| &nbsp;&nbsp;Industrials — 22.89% | &nbsp;&nbsp;Industrials — 22.89% | &nbsp;&nbsp;Industrials — 22.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | &nbsp;&nbsp;&nbsp;&nbsp;53151 | &nbsp;&nbsp; 2451324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | &nbsp;&nbsp;&nbsp;&nbsp;54637 | &nbsp;&nbsp; 1877874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;11501 | &nbsp;&nbsp; 3002336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;36407 | &nbsp;&nbsp; 3411700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8498 | &nbsp;&nbsp; 533164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | &nbsp;&nbsp;&nbsp;&nbsp;29595 | &nbsp;&nbsp; 2288285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp; 1483610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;26887 | &nbsp;&nbsp; 2551039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;15055 | &nbsp;&nbsp; 3496072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;106857 | &nbsp;&nbsp; 4704914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;39608 | &nbsp;&nbsp; 4712956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724 | &nbsp;&nbsp; 1121967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | &nbsp;&nbsp;&nbsp;&nbsp;103958 | &nbsp;&nbsp; 2580238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | &nbsp;&nbsp;&nbsp;&nbsp;30624 | &nbsp;&nbsp; 2601815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699 | &nbsp;&nbsp; 2291068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | &nbsp;&nbsp;&nbsp;&nbsp;54651 | &nbsp;&nbsp; 2584446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;39349 | &nbsp;&nbsp; 3283674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | &nbsp;&nbsp;&nbsp;&nbsp;55745 | &nbsp;&nbsp; 2202485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;21072 | &nbsp;&nbsp; 4969410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp; 1860746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | &nbsp;&nbsp;&nbsp;&nbsp;16368 | &nbsp;&nbsp; 2347826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735 | &nbsp;&nbsp;&nbsp; 1118110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879 | &nbsp;&nbsp; 1471640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass | &nbsp;&nbsp;&nbsp;&nbsp;21344 | &nbsp;&nbsp; 1428127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | &nbsp;&nbsp;&nbsp;&nbsp;80587 | &nbsp;&nbsp; 2689994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | &nbsp;&nbsp;&nbsp;&nbsp;25853 | &nbsp;&nbsp; 1831944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;36

------

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---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | &nbsp;&nbsp;&nbsp;&nbsp;24171 | $5112166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | &nbsp;&nbsp;&nbsp;&nbsp;91341 | &nbsp;&nbsp; 1928208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;42546 | &nbsp;&nbsp; 3244983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | &nbsp;&nbsp;&nbsp;&nbsp;12831 | &nbsp;&nbsp; 1658663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | &nbsp;&nbsp;&nbsp;&nbsp;85849 | &nbsp;&nbsp; 4037478 |
|  |  | &nbsp;&nbsp; 80878262 |
| &nbsp;&nbsp;Information Technology — 14.73% | &nbsp;&nbsp;Information Technology — 14.73% | &nbsp;&nbsp;Information Technology — 14.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | &nbsp;&nbsp;&nbsp;&nbsp;30758 | &nbsp;&nbsp; 1456391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;19510 | &nbsp;&nbsp; 3820058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | &nbsp;&nbsp;&nbsp;&nbsp;54925 | &nbsp;&nbsp; 1772430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;45110 | &nbsp;&nbsp; 4859249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | &nbsp;&nbsp;&nbsp;&nbsp;55726 | &nbsp;&nbsp; 2699925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | &nbsp;&nbsp;&nbsp;&nbsp;27113 | &nbsp;&nbsp; 6232194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;31562 | &nbsp;&nbsp; 3929153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;34137 | &nbsp;&nbsp; 2489270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;10227 | &nbsp;&nbsp; 2076286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;41975 | &nbsp;&nbsp; 3038570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7 † | &nbsp;&nbsp;&nbsp;&nbsp;36212 | &nbsp;&nbsp; 678975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;16531 | &nbsp;&nbsp; 1359675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | &nbsp;&nbsp;&nbsp;&nbsp;106578 | &nbsp;&nbsp; 7614998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;20366 | &nbsp;&nbsp; 2670594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | &nbsp;&nbsp;&nbsp;&nbsp;12205 | &nbsp;&nbsp; 1271029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | &nbsp;&nbsp;&nbsp;&nbsp;75754 | &nbsp;&nbsp; 4353582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;19785 | &nbsp;&nbsp; 1703093 |
|  |  | &nbsp;&nbsp; 52025472 |
| &nbsp;&nbsp;Materials — 3.61% | &nbsp;&nbsp;Materials — 3.61% | &nbsp;&nbsp;Materials — 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp; 1872488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;30085 | &nbsp;&nbsp; 2321359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | &nbsp;&nbsp;&nbsp;&nbsp;63967 | &nbsp;&nbsp; 3973630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | &nbsp;&nbsp;&nbsp;&nbsp;16386 | &nbsp;&nbsp; 4601680 |
|  |  | &nbsp;&nbsp; 12769157 |
| &nbsp;&nbsp;Real Estate — 6.52% | &nbsp;&nbsp;Real Estate — 6.52% | &nbsp;&nbsp;Real Estate — 6.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | &nbsp;&nbsp;&nbsp;&nbsp;135447 | &nbsp;&nbsp; 3749173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;38931 | &nbsp;&nbsp; 4157052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;72487 | &nbsp;&nbsp; 3730906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | &nbsp;&nbsp;&nbsp;&nbsp;155236 | &nbsp;&nbsp; 2972769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | &nbsp;&nbsp;&nbsp;&nbsp;10946 | &nbsp;&nbsp; 3264973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;136438 | &nbsp;&nbsp; 3042568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty | &nbsp;&nbsp;&nbsp;&nbsp;37319 | &nbsp;&nbsp; 2117853 |
|  |  | &nbsp;&nbsp; 23035294 |
| &nbsp;&nbsp;Utilities — 1.99% | &nbsp;&nbsp;Utilities — 1.99% | &nbsp;&nbsp;Utilities — 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | &nbsp;&nbsp;&nbsp;&nbsp;50306 | &nbsp;&nbsp; 3098347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | &nbsp;&nbsp;&nbsp;&nbsp;48333 | &nbsp;&nbsp; 3940106 |
|  |  | &nbsp;&nbsp; 7038453 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $269,448,319)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $269,448,319)** | &nbsp;&nbsp;**348395215** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 1.49%** | &nbsp;&nbsp;**Short-Term Investments — 1.49%** | &nbsp;&nbsp;**Short-Term Investments — 1.49%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.49% | &nbsp;&nbsp;Money Market Mutual Funds — 1.49% | &nbsp;&nbsp;Money Market Mutual Funds — 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 1316161 | $1316161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 1316160 | &nbsp;&nbsp; 1316160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 1316161 | &nbsp;&nbsp; 1316161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 1316158 | &nbsp;&nbsp; 1316158 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,264,640)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,264,640)** | &nbsp;&nbsp; **5264640** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.10%<br> (cost $274,712,959)** |  | **$353659855** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| 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." |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;37

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 95.38%♣** | &nbsp;&nbsp;**Common Stocks — 95.38%♣** | &nbsp;&nbsp;**Common Stocks — 95.38%♣** |
| &nbsp;&nbsp;Communication Services — 14.52% | &nbsp;&nbsp;Communication Services — 14.52% | &nbsp;&nbsp;Communication Services — 14.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;154525 | $3268125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China United Network Communications Class A | 1392900 | &nbsp;&nbsp; 1078934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Uplus | &nbsp;&nbsp;&nbsp;&nbsp;632310 | &nbsp;&nbsp; 6916214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Group | &nbsp;&nbsp;&nbsp;&nbsp;776365 | &nbsp;&nbsp; 6533132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | &nbsp;&nbsp;&nbsp;&nbsp;670600 | &nbsp;&nbsp; 20367707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Telecom | &nbsp;&nbsp;&nbsp;&nbsp;236468 | &nbsp;&nbsp; 9166734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;549120 | &nbsp;&nbsp; 46790297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri | 2263001 | &nbsp;&nbsp; 5333215 |
|  |  | &nbsp;&nbsp; 99454358 |
| &nbsp;&nbsp;Consumer Discretionary — 13.05% | &nbsp;&nbsp;Consumer Discretionary — 13.05% | &nbsp;&nbsp;Consumer Discretionary — 13.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | 1224500 | &nbsp;&nbsp; 27384861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Auto | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22293 | &nbsp;&nbsp; 2179367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 4160000 | &nbsp;&nbsp; 10450851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp | &nbsp;&nbsp;&nbsp;&nbsp;160367 | &nbsp;&nbsp; 9888596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274 | &nbsp;&nbsp; 2341558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Class A | &nbsp;&nbsp;&nbsp;&nbsp;382161 | &nbsp;&nbsp; 6695656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia | &nbsp;&nbsp;&nbsp;&nbsp;109755 | &nbsp;&nbsp; 7877873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp; 4173306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;253412 | &nbsp;&nbsp; 3385272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naspers Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20406 | &nbsp;&nbsp; 7414962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group 144A # | &nbsp;&nbsp;&nbsp;&nbsp;153200 | &nbsp;&nbsp; 5247382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;119041 | &nbsp;&nbsp; 2337965 |
|  |  | &nbsp;&nbsp; 89377649 |
| &nbsp;&nbsp;Consumer Staples — 1.76% | &nbsp;&nbsp;Consumer Staples — 1.76% | &nbsp;&nbsp;Consumer Staples — 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev | 3131497 | &nbsp;&nbsp; 7101727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fix Price Group GDR 144A #, =, † | 1489220 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Unilever | &nbsp;&nbsp;&nbsp;&nbsp;101548 | &nbsp;&nbsp; 2876297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | &nbsp;&nbsp;&nbsp;&nbsp;122161 | &nbsp;&nbsp; 2088815 |
|  |  | &nbsp;&nbsp; 12067042 |
| &nbsp;&nbsp;Energy — 3.70% | &nbsp;&nbsp;Energy — 3.70% | &nbsp;&nbsp;Energy — 3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Petroleum | 1847021 | &nbsp;&nbsp; 7074586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal India | 2520034 | &nbsp;&nbsp; 11073102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC =, † | &nbsp;&nbsp;&nbsp;&nbsp;276569 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;965171 | &nbsp;&nbsp; 2601478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro | &nbsp;&nbsp;&nbsp;&nbsp;318171 | &nbsp;&nbsp; 2012239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Class A | &nbsp;&nbsp;&nbsp;&nbsp;424600 | &nbsp;&nbsp; 1194761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Tractors | &nbsp;&nbsp;&nbsp;&nbsp;879700 | &nbsp;&nbsp; 1414654 |
|  |  | &nbsp;&nbsp; 25370820 |
| &nbsp;&nbsp;Financials — 19.75% | &nbsp;&nbsp;Financials — 19.75% | &nbsp;&nbsp;Financials — 19.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | &nbsp;&nbsp;&nbsp;&nbsp;147558 | &nbsp;&nbsp; 1879807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | &nbsp;&nbsp;&nbsp;&nbsp;856225 | &nbsp;&nbsp; 3539283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class A | 6168879 | &nbsp;&nbsp; 4489352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class H | 23188000 | &nbsp;&nbsp; 12674722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 11247200 | &nbsp;&nbsp; 2636147 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 1293323 | $8077422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathay Financial Holding | 2118000 | &nbsp;&nbsp; 4575197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class A | 3020500 | &nbsp;&nbsp; 3656242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class H | 14375000 | &nbsp;&nbsp; 13788015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Everbright Bank Class H | 3141000 | &nbsp;&nbsp; 1307749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 1715200 | &nbsp;&nbsp; 3352764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;757491 | &nbsp;&nbsp; 1975650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 2648052 | &nbsp;&nbsp; 11906138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43441 | &nbsp;&nbsp; 2700942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;181862 | &nbsp;&nbsp; 1948962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | 1219543 | &nbsp;&nbsp; 18482477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Class H | 12798000 | &nbsp;&nbsp; 9423747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78074 | &nbsp;&nbsp; 6443907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PICC Property & Casualty Class H | 1244000 | &nbsp;&nbsp; 2806282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | &nbsp;&nbsp;&nbsp;&nbsp;387173 | &nbsp;&nbsp; 7523040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | &nbsp;&nbsp;&nbsp;&nbsp;565377 | &nbsp;&nbsp; 8466649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qfin Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81565 | &nbsp;&nbsp; 2347441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 1253693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC =, † | 4129544 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;135255628 |
| &nbsp;&nbsp;Healthcare — 0.32% | &nbsp;&nbsp;Healthcare — 0.32% | &nbsp;&nbsp;Healthcare — 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp; 2152426 |
|  |  | &nbsp;&nbsp; 2152426 |
| &nbsp;&nbsp;Industrials — 6.20% | &nbsp;&nbsp;Industrials — 6.20% | &nbsp;&nbsp;Industrials — 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics | &nbsp;&nbsp;&nbsp;&nbsp;297561 | &nbsp;&nbsp; 1354450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eva Airways | 5790000 | &nbsp;&nbsp; 7261677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40056 | &nbsp;&nbsp; 11737193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Aeronautics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33672 | &nbsp;&nbsp; 1799366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Glovis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 | &nbsp;&nbsp; 2314583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Logistics 144A #, † | 2507400 | &nbsp;&nbsp; 4212580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orient Overseas International | &nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp; 2763822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Class A | 2565394 | &nbsp;&nbsp; 5064808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus Class A | 1555800 | &nbsp;&nbsp; 5946985 |
|  |  | &nbsp;&nbsp; 42455464 |
| &nbsp;&nbsp;Information Technology — 29.72% | &nbsp;&nbsp;Information Technology — 29.72% | &nbsp;&nbsp;Information Technology — 29.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 5360087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 5743990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp; 4986109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies | &nbsp;&nbsp;&nbsp;&nbsp;322033 | &nbsp;&nbsp; 5027399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 1536000 | &nbsp;&nbsp; 10967261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys | &nbsp;&nbsp;&nbsp;&nbsp;813976 | &nbsp;&nbsp; 13238900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | &nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp; 764603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | &nbsp;&nbsp;&nbsp;&nbsp;362879 | &nbsp;&nbsp; 15737972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novatek Microelectronics | &nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp; 4674988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;38

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realtek Semiconductor | &nbsp;&nbsp;&nbsp;&nbsp;511000 | $9250905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;439711 | &nbsp;&nbsp; 26360819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 | &nbsp;&nbsp; 5696448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 2032404 | &nbsp;&nbsp; 88283214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97394 | &nbsp;&nbsp; 3170109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;618800 | &nbsp;&nbsp; 4300627 |
|  |  | &nbsp;&nbsp;203563431 |
| &nbsp;&nbsp;Materials — 2.41% | &nbsp;&nbsp;Materials — 2.41% | &nbsp;&nbsp;Materials — 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Gold Mining | &nbsp;&nbsp;&nbsp;&nbsp;220666 | &nbsp;&nbsp; 3986996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangxi Copper Class A | &nbsp;&nbsp;&nbsp;&nbsp;913500 | &nbsp;&nbsp; 4563153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Class A | 5799100 | &nbsp;&nbsp; 3233821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel | 1332556 | &nbsp;&nbsp; 2534261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale | &nbsp;&nbsp;&nbsp;&nbsp;204603 | &nbsp;&nbsp; 2213545 |
|  |  | &nbsp;&nbsp; 16531776 |
| &nbsp;&nbsp;Real Estate — 2.98% | &nbsp;&nbsp;Real Estate — 2.98% | &nbsp;&nbsp;Real Estate — 2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Development PJSC | 2562572 | &nbsp;&nbsp; 9390263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3106967 | &nbsp;&nbsp; 11038761 |
|  |  | &nbsp;&nbsp; 20429024 |
| &nbsp;&nbsp;Utilities — 0.97% | &nbsp;&nbsp;Utilities — 0.97% | &nbsp;&nbsp;Utilities — 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power | &nbsp;&nbsp;&nbsp;&nbsp;233178 | &nbsp;&nbsp; 6016172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna † | &nbsp;&nbsp;&nbsp;&nbsp;221501 | &nbsp;&nbsp; 654897 |
|  |  | &nbsp;&nbsp; 6671069 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $463,205,270)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $463,205,270)** | &nbsp;&nbsp;**653328687** |
| &nbsp;&nbsp;**Preferred Stock — 1.79%♣** | &nbsp;&nbsp;**Preferred Stock — 1.79%♣** | &nbsp;&nbsp;**Preferred Stock — 1.79%♣** |
| &nbsp;&nbsp;Energy — 1.79% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro 9.73% ω | 2088474 | &nbsp;&nbsp; 12301876 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $10,463,934)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $10,463,934)** | &nbsp;&nbsp; **12301876** |
| &nbsp;&nbsp;**Short-Term Investments — 3.09%** | &nbsp;&nbsp;**Short-Term Investments — 3.09%** | &nbsp;&nbsp;**Short-Term Investments — 3.09%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.09% | &nbsp;&nbsp;Money Market Mutual Funds — 3.09% | &nbsp;&nbsp;Money Market Mutual Funds — 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 5289305 | &nbsp;&nbsp; 5289305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 5289306 | &nbsp;&nbsp; 5289306 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 5289306 | $5289306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 5289307 | &nbsp;&nbsp; 5289307 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $21,157,224)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $21,157,224)** | &nbsp;&nbsp; **21157224** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.26%<br> (cost $494,826,428)** |  | **$686787787** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $17,145,861, which represents 2.50% of the Fund's net assets. See Note 11 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." |
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;39

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Funds

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund<sup>φ</sup> |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$3903916279 | &nbsp;&nbsp;$423000866 | &nbsp;&nbsp;$918155410 | &nbsp;&nbsp;$2113067127 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41284729 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570868 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24219509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666332 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773394 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36453872 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150005 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Upfront payments paid on over-the-counter credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due from broker on centrally cleared interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Due from brokers on centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58518 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;3934884840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436366023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923317999 | &nbsp;&nbsp;&nbsp;&nbsp;2202024845 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written, at value<sup>Σ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23442475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31513178 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10396354 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827395 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311764 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457283 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217823 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183361 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144696 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232916 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash collateral due to brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over-the-counter credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34271700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44285157 |
| **Total Net Assets** | &nbsp;&nbsp;$3900613140 | &nbsp;&nbsp;$430019256 | &nbsp;&nbsp;$918676656 | &nbsp;&nbsp;$2157739688 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1451163165 | &nbsp;&nbsp;$542536960 | &nbsp;&nbsp;$527867487 | &nbsp;&nbsp;$4378046057 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2449449975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112517704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390809169 | &nbsp;&nbsp;&nbsp;(2220306369) |
| **Total Net Assets** | &nbsp;&nbsp;$3900613140 | &nbsp;&nbsp;$430019256 | &nbsp;&nbsp;$918676656 | &nbsp;&nbsp;$2157739688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;40

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund<sup>φ</sup> |
| **Net Asset Value** |  |  |  |  |
| **Class A:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$2907442365 | &nbsp;&nbsp;$86694475 | &nbsp;&nbsp;$684395824 | &nbsp;&nbsp;$1138070450 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148375933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16694171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190379119 |
| Net asset value per share | &nbsp;&nbsp;$19.60 | &nbsp;&nbsp;$9.35 | &nbsp;&nbsp;$41.00 | &nbsp;&nbsp;$5.98 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$9.79 | &nbsp;&nbsp;$43.50 | &nbsp;&nbsp;$6.26 |
| **Class C:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$20288962 | &nbsp;&nbsp;$1118456 | &nbsp;&nbsp;$3302571 | &nbsp;&nbsp;$64730144 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10832003 |
| Net asset value per share | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$9.34 | &nbsp;&nbsp;$23.66 | &nbsp;&nbsp;$5.98 |
| **Class R:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$179590 | &nbsp;&nbsp;$907279 | &nbsp;&nbsp;$1102126 | &nbsp;&nbsp;$30594414 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117703 |
| Net asset value per share | &nbsp;&nbsp;$19.20 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$39.53 | &nbsp;&nbsp;$5.98 |
| **Institutional Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$914121901 | &nbsp;&nbsp;$204959602 | &nbsp;&nbsp;$208962049 | &nbsp;&nbsp;$843003575 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36954096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21964912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141002673 |
| Net asset value per share | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$43.52 | &nbsp;&nbsp;$5.98 |
| **Class R6:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$26708429 | &nbsp;&nbsp;$134080950 | &nbsp;&nbsp;$18248947 | &nbsp;&nbsp;$40745466 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14372783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812914 |
| Net asset value per share | &nbsp;&nbsp;$24.82 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$43.65 | &nbsp;&nbsp;$5.98 |
| **Class Y:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$31871893 | &nbsp;&nbsp;$2258494 | &nbsp;&nbsp;$2665139 | &nbsp;&nbsp;$40595639 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6793596 |
| Net asset value per share | &nbsp;&nbsp;$23.20 | &nbsp;&nbsp;$9.34 | &nbsp;&nbsp;$41.42 | &nbsp;&nbsp;$5.98 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1846454148 | &nbsp;&nbsp;$412894363 | &nbsp;&nbsp;$588345555 | &nbsp;&nbsp;$2131172632 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60507858 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>Σ</sup>Options written, premium received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| \*\*\*See Note 11 in "Notes to financial statements." |  |  |  |  |

---

<sup>φ</sup> Consolidated statement of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;41

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$1469059268 | &nbsp;&nbsp;$7987987976 | &nbsp;&nbsp;$4446426594 | &nbsp;&nbsp;$899666945 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12196895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13720359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9035866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20554 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397059 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663366 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163978 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20783450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20370520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;1493830857 | &nbsp;&nbsp;&nbsp;&nbsp;8035559684 | &nbsp;&nbsp;&nbsp;&nbsp;4475047636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901911902 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24214198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24016303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109650 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468659 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169664 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49138 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86787 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107691 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30547906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23678218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005203 |
| **Total Net Assets** | &nbsp;&nbsp;$1463282951 | &nbsp;&nbsp;$8005758886 | &nbsp;&nbsp;$4451369418 | &nbsp;&nbsp;$898906699 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1009055471 | &nbsp;&nbsp;$2436614527 | &nbsp;&nbsp;$3551313695 | &nbsp;&nbsp;$495368001 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454227480 | &nbsp;&nbsp;&nbsp;&nbsp;5569144359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900055723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403538698 |
| **Total Net Assets** | &nbsp;&nbsp;$1463282951 | &nbsp;&nbsp;$8005758886 | &nbsp;&nbsp;$4451369418 | &nbsp;&nbsp;$898906699 |

---

&nbsp;&nbsp;&nbsp;&nbsp;42

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund |
| **Net Asset Value** |  |  |  |  |
| **Class A:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$466253008 | &nbsp;&nbsp;$3241411222 | &nbsp;&nbsp;$1647997798 | &nbsp;&nbsp;$150552712 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18695283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82263091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62646445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7570021 |
| Net asset value per share | &nbsp;&nbsp;$24.94 | &nbsp;&nbsp;$39.40 | &nbsp;&nbsp;$26.31 | &nbsp;&nbsp;$19.89 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$26.46 | &nbsp;&nbsp;$41.80 | &nbsp;&nbsp;$27.92 | &nbsp;&nbsp;$21.10 |
| **Class C:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$12312336 | &nbsp;&nbsp;$61663039 | &nbsp;&nbsp;$56081084 | &nbsp;&nbsp;$12794114 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644600 |
| Net asset value per share | &nbsp;&nbsp;$21.57 | &nbsp;&nbsp;$26.23 | &nbsp;&nbsp;$17.88 | &nbsp;&nbsp;$19.85 |
| **Class R:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$39735853 | &nbsp;&nbsp;$32531827 | &nbsp;&nbsp;$46106093 | &nbsp;&nbsp;$11264618 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566950 |
| Net asset value per share | &nbsp;&nbsp;$24.92 | &nbsp;&nbsp;$36.03 | &nbsp;&nbsp;$24.49 | &nbsp;&nbsp;$19.87 |
| **Institutional Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$778192050 | &nbsp;&nbsp;$4442279090 | &nbsp;&nbsp;$1744470611 | &nbsp;&nbsp;$635710877 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30843217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102011359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56663077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31930984 |
| Net asset value per share | &nbsp;&nbsp;$25.23 | &nbsp;&nbsp;$43.55 | &nbsp;&nbsp;$30.79 | &nbsp;&nbsp;$19.91 |
| **Class R6:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$119324689 | &nbsp;&nbsp;$187964915 | &nbsp;&nbsp;$811962154 | &nbsp;&nbsp;$75036023 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25951703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769537 |
| Net asset value per share | &nbsp;&nbsp;$25.35 | &nbsp;&nbsp;$44.03 | &nbsp;&nbsp;$31.29 | &nbsp;&nbsp;$19.91 |
| **Class Y:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$47465015 | &nbsp;&nbsp;$39908793 | &nbsp;&nbsp;$144751678 | &nbsp;&nbsp;$13548355 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676691 |
| Net asset value per share | &nbsp;&nbsp;$25.14 | &nbsp;&nbsp;$41.15 | &nbsp;&nbsp;$28.51 | &nbsp;&nbsp;$20.02 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1133037201 | &nbsp;&nbsp;$3059761818 | &nbsp;&nbsp;$3233250635 | &nbsp;&nbsp;$570864388 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;43

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Ivy Funds

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Small Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap<br> Core Fund | &nbsp;&nbsp;Macquarie<br> Systematic<br> Emerging<br> Markets Equity<br> Fund |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$1104051068 | &nbsp;&nbsp;$353659855 | &nbsp;&nbsp;$686787787 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778266 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11598209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727365 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137115 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486601 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41255 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;1120179131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355321725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689959215 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14258091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395250 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293664 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172763 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50657 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37226 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73719 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67170 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119078 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767597 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18658487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977124 |
| **Total Net Assets** | &nbsp;&nbsp;$1101520644 | &nbsp;&nbsp;$353322814 | &nbsp;&nbsp;$684982091 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$710869050 | &nbsp;&nbsp;$270049817 | &nbsp;&nbsp;$452852304 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390651594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83272997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232129787 |
| **Total Net Assets** | &nbsp;&nbsp;$1101520644 | &nbsp;&nbsp;$353322814 | &nbsp;&nbsp;$684982091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;44

------

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Small Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap<br> Core Fund | &nbsp;&nbsp;Macquarie<br> Systematic<br> Emerging<br> Markets Equity<br> Fund |
| **Net Asset Value** |  |  |  |
| **Class A:** |  |  |  |
| Net assets | &nbsp;&nbsp;$558267108 | &nbsp;&nbsp;$106213296 | &nbsp;&nbsp;$145285572 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40510277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568129 |
| Net asset value per share | &nbsp;&nbsp;$13.78 | &nbsp;&nbsp;$17.35 | &nbsp;&nbsp;$22.12 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$14.62 | &nbsp;&nbsp;$18.41 | &nbsp;&nbsp;$23.47 |
| **Class C:** |  |  |  |
| Net assets | &nbsp;&nbsp;$14772692 | &nbsp;&nbsp;$7666185 | &nbsp;&nbsp;$12312421 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693767 |
| Net asset value per share | &nbsp;&nbsp;$21.15 | &nbsp;&nbsp;$12.70 | &nbsp;&nbsp;$17.75 |
| **Class R:** |  |  |  |
| Net assets | &nbsp;&nbsp;$42304776 | &nbsp;&nbsp;$22734525 | &nbsp;&nbsp;$11097405 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511394 |
| Net asset value per share | &nbsp;&nbsp;$12.85 | &nbsp;&nbsp;$17.06 | &nbsp;&nbsp;$21.70 |
| **Institutional Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$358916543 | &nbsp;&nbsp;$172206142 | &nbsp;&nbsp;$393223414 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14893338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16972394 |
| Net asset value per share | &nbsp;&nbsp;$24.10 | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$23.17 |
| **Class R6:** |  |  |  |
| Net assets | &nbsp;&nbsp;$97809916 | &nbsp;&nbsp;$38902130 | &nbsp;&nbsp;$92007295 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944232 |
| Net asset value per share | &nbsp;&nbsp;$24.42 | &nbsp;&nbsp;$20.47 | &nbsp;&nbsp;$23.33 |
| **Class Y:** |  |  |  |
| Net assets | &nbsp;&nbsp;$29449609 | &nbsp;&nbsp;$5600536 | &nbsp;&nbsp;$31055984 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370072 |
| Net asset value per share | &nbsp;&nbsp;$21.20 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$22.67 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$831380548 | &nbsp;&nbsp;$274712959 | &nbsp;&nbsp;$494826428 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779118 |

---

See accompanying notes, which are an integral part of the financial statements.

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## Statements of operations
Ivy Funds

Six months ended September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund<sup>φ</sup> |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$22319671 | &nbsp;&nbsp;$212889 | &nbsp;&nbsp;$7063235 | &nbsp;&nbsp;$984180 |
| &nbsp;&nbsp;&nbsp;Interest from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739715 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10464648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;81194312 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;137539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225866 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(575413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;21831970 | &nbsp;&nbsp;&nbsp;10677537 | &nbsp;&nbsp;&nbsp;6625361 | &nbsp;&nbsp;&nbsp;83144073 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;11912739 | &nbsp;&nbsp;&nbsp;&nbsp;1461546 | &nbsp;&nbsp;&nbsp;3822135 | &nbsp;&nbsp;&nbsp;&nbsp;6377090 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;3458828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109986 | &nbsp;&nbsp;&nbsp;&nbsp;814472 | &nbsp;&nbsp;&nbsp;&nbsp;1456315 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351592 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76849 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52947 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;1563116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225722 | &nbsp;&nbsp;&nbsp;&nbsp;521957 | &nbsp;&nbsp;&nbsp;&nbsp;1203826 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213356 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85863 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105459 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87442 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60671 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43547 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27506 |
| &nbsp;&nbsp;&nbsp;Excise tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53365 |
|  | &nbsp;&nbsp;&nbsp;17912989 | &nbsp;&nbsp;&nbsp;&nbsp;2076935 | &nbsp;&nbsp;&nbsp;5521835 | &nbsp;&nbsp;&nbsp;10196315 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417566) | &nbsp;&nbsp;&nbsp;&nbsp;(870399) | &nbsp;&nbsp;&nbsp;&nbsp;(1146133) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18810) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;17553679 | &nbsp;&nbsp;&nbsp;&nbsp;1638743 | &nbsp;&nbsp;&nbsp;4650126 | &nbsp;&nbsp;&nbsp;&nbsp;9031372 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;4278291 | &nbsp;&nbsp;&nbsp;&nbsp;9038794 | &nbsp;&nbsp;&nbsp;1975235 | &nbsp;&nbsp;&nbsp;74112701 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund<sup>φ</sup> |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;$192364041 | &nbsp;&nbsp;$1911839 | &nbsp;&nbsp;$29493306 | &nbsp;&nbsp;$(196822777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2220225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4174260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(17822772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1470260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1428702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;192364041 | &nbsp;&nbsp;&nbsp;(11934475) | &nbsp;&nbsp;&nbsp;&nbsp;29451479 | &nbsp;&nbsp;&nbsp;(199037632) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;467980401 | &nbsp;&nbsp;&nbsp;&nbsp;11869503 | &nbsp;&nbsp;&nbsp;107583240 | &nbsp;&nbsp;&nbsp;&nbsp;72002599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;183017169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5506013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;467980401 | &nbsp;&nbsp;&nbsp;&nbsp;16723998 | &nbsp;&nbsp;&nbsp;107764699 | &nbsp;&nbsp;&nbsp;&nbsp;255019768 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;660344442 | &nbsp;&nbsp;&nbsp;&nbsp;4789523 | &nbsp;&nbsp;&nbsp;137216178 | &nbsp;&nbsp;&nbsp;&nbsp;55982136 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$664622733 | &nbsp;&nbsp;$13828317 | &nbsp;&nbsp;$139191413 | &nbsp;&nbsp;$130094837 |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated statement of operations from July 7, 2025. |
| <sup>1</sup> | Includes $(130024) capital gains taxes paid for Macquarie Global Growth Fund. |
| <sup>2</sup> | See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Includes net change of $(1040756) on capital gains taxes accrued for Macquarie Global Growth Fund. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;47

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$17410324 | &nbsp;&nbsp;$27758210 | &nbsp;&nbsp;$9330754 | &nbsp;&nbsp;$11285449 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;(1613657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(728675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17592939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27029535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330754 | &nbsp;&nbsp;&nbsp;&nbsp;11285449 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23167547 | &nbsp;&nbsp;&nbsp;&nbsp;19392474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853664 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181417 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65907 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26949 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16166 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503159 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97759 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74159 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68962 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33793 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24081 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18040 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33223346 | &nbsp;&nbsp;&nbsp;&nbsp;26275040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992177 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(2053287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3598786) | &nbsp;&nbsp;&nbsp;&nbsp;(4964569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977862) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29580667 | &nbsp;&nbsp;&nbsp;&nbsp;21304816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013912 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;11082481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2551132) | &nbsp;&nbsp;&nbsp;&nbsp;(11974062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271537 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91252790 | &nbsp;&nbsp;&nbsp;&nbsp;449883763 | &nbsp;&nbsp;&nbsp;124771085 | &nbsp;&nbsp;&nbsp;&nbsp;30975068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;90441095 | &nbsp;&nbsp;&nbsp;&nbsp;449883763 | &nbsp;&nbsp;&nbsp;124771085 | &nbsp;&nbsp;&nbsp;&nbsp;30975068 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97334993 | &nbsp;&nbsp;&nbsp;&nbsp;752995789 | &nbsp;&nbsp;&nbsp;564989544 | &nbsp;&nbsp;&nbsp;&nbsp;66626514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;98146755 | &nbsp;&nbsp;&nbsp;&nbsp;752996714 | &nbsp;&nbsp;&nbsp;564989544 | &nbsp;&nbsp;&nbsp;&nbsp;66626514 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;188587850 | &nbsp;&nbsp;&nbsp;1202880477 | &nbsp;&nbsp;&nbsp;689760629 | &nbsp;&nbsp;&nbsp;&nbsp;97601582 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$199670331 | &nbsp;&nbsp;$1200329345 | &nbsp;&nbsp;$677786567 | &nbsp;&nbsp;$104873119 |

---

<sup>1</sup> Includes $(1342041) capital gains taxes paid for Macquarie International Core Equity Fund.

<sup>2</sup> Includes net change of $541,893 capital gains taxes accrued for Macquarie International Core Equity Fund.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;48

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Small Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap<br> Core Fund | &nbsp;&nbsp;Macquarie<br> Systematic<br> Emerging<br> Markets Equity<br> Fund |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$1262656 | &nbsp;&nbsp;$2366700 | &nbsp;&nbsp;$14903665 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1963936) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262656 | &nbsp;&nbsp;&nbsp;&nbsp;2366700 | &nbsp;&nbsp;&nbsp;&nbsp;12939729 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600099 | &nbsp;&nbsp;&nbsp;&nbsp;1467577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229514 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174930 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62839 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17275 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36487 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503029 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75038 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50127 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69243 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21079 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17608 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25476 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100848 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6584356 | &nbsp;&nbsp;&nbsp;&nbsp;2094213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404512 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347822) | &nbsp;&nbsp;&nbsp;&nbsp;(1500604) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600914 | &nbsp;&nbsp;&nbsp;&nbsp;1746181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902756 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;(4338258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620519 | &nbsp;&nbsp;&nbsp;&nbsp;10036973 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74171591 | &nbsp;&nbsp;&nbsp;&nbsp;7923573 | &nbsp;&nbsp;&nbsp;&nbsp;36998638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56482) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;74171591 | &nbsp;&nbsp;&nbsp;&nbsp;7923573 | &nbsp;&nbsp;&nbsp;&nbsp;36942156 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;145097102 | &nbsp;&nbsp;&nbsp;24075443 | &nbsp;&nbsp;&nbsp;&nbsp;64098526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25433 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;145097102 | &nbsp;&nbsp;&nbsp;24075443 | &nbsp;&nbsp;&nbsp;&nbsp;64123959 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;219268693 | &nbsp;&nbsp;&nbsp;31999016 | &nbsp;&nbsp;&nbsp;101066115 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$214930435 | &nbsp;&nbsp;$32619535 | &nbsp;&nbsp;$111103088 |

---

<sup>1</sup> Includes $(67244) capital gains taxes paid for Macquarie Systematic Emerging Markets Equity Fund.

<sup>2</sup> Includes net change of $(635947) on capital gains taxes accrued for Macquarie Systematic Emerging Markets Equity Fund.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;49

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

## Statements of changes in net assets
Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$4278291 | &nbsp;&nbsp;$9716356 | &nbsp;&nbsp;$9038794 | &nbsp;&nbsp;$18822938 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;192364041 | &nbsp;&nbsp;&nbsp;&nbsp;501398491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11934475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792485 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;467980401 | &nbsp;&nbsp;&nbsp;(212329494) | &nbsp;&nbsp;&nbsp;&nbsp;16723998 | &nbsp;&nbsp;&nbsp;&nbsp;(1685347) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;664622733 | &nbsp;&nbsp;&nbsp;&nbsp;298785353 | &nbsp;&nbsp;&nbsp;&nbsp;13828317 | &nbsp;&nbsp;&nbsp;&nbsp;19930076 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(321268286) | &nbsp;&nbsp;&nbsp;&nbsp;(1114516) | &nbsp;&nbsp;&nbsp;&nbsp;(3048524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2924978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(77561865) | &nbsp;&nbsp;&nbsp;&nbsp;(2835110) | &nbsp;&nbsp;&nbsp;&nbsp;(7288723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7803476) | &nbsp;&nbsp;&nbsp;&nbsp;(2478830) | &nbsp;&nbsp;&nbsp;&nbsp;(6488058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4172452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65205) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(413751139) | &nbsp;&nbsp;&nbsp;&nbsp;(6479950) | &nbsp;&nbsp;&nbsp;&nbsp;(16955536) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;27440981 | &nbsp;&nbsp;&nbsp;&nbsp;74931335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5416694 | &nbsp;&nbsp;&nbsp;&nbsp;10837017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83656317 | &nbsp;&nbsp;&nbsp;&nbsp;261385616 | &nbsp;&nbsp;&nbsp;&nbsp;51506372 | &nbsp;&nbsp;&nbsp;&nbsp;79371883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;84619968 | &nbsp;&nbsp;&nbsp;&nbsp;18416140 | &nbsp;&nbsp;&nbsp;&nbsp;23943364 | &nbsp;&nbsp;&nbsp;&nbsp;40382588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326377 | &nbsp;&nbsp;&nbsp;&nbsp;14322782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709523 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17233034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;318513474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;77450578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64732 |
|  | &nbsp;&nbsp;&nbsp;198354748 | &nbsp;&nbsp;&nbsp;&nbsp;784491164 | &nbsp;&nbsp;&nbsp;&nbsp;87587834 | &nbsp;&nbsp;&nbsp;172073353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;50

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Bond Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(233534551) | &nbsp;&nbsp;$(512467584) | &nbsp;&nbsp;$(12964676) | &nbsp;&nbsp;$(24362402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2714329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6906140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(131865242) | &nbsp;&nbsp;&nbsp;&nbsp;(272770584) | &nbsp;&nbsp;&nbsp;&nbsp;(60333808) | &nbsp;&nbsp;&nbsp;(107899953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(163119968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17792169) | &nbsp;&nbsp;&nbsp;&nbsp;(75163146) | &nbsp;&nbsp;&nbsp;&nbsp;(38919602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2117369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19668849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437668) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(533377993) | &nbsp;&nbsp;&nbsp;&nbsp;(829609481) | &nbsp;&nbsp;&nbsp;(149121848) | &nbsp;&nbsp;&nbsp;(172881111) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(335023245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45118317) | &nbsp;&nbsp;&nbsp;&nbsp;(61534014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807758) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;329599488 | &nbsp;&nbsp;&nbsp;&nbsp;(160084103) | &nbsp;&nbsp;&nbsp;&nbsp;(54185647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166782 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;3571013652 | &nbsp;&nbsp;&nbsp;3731097755 | &nbsp;&nbsp;&nbsp;&nbsp;484204903 | &nbsp;&nbsp;&nbsp;&nbsp;482038121 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$3900613140 | &nbsp;&nbsp;$3571013652 | &nbsp;&nbsp;$430019256 | &nbsp;&nbsp;$484204903 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;51

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>φ</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>φ</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1975235 | &nbsp;&nbsp;$1702851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74112701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169029694 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;29451479 | &nbsp;&nbsp;&nbsp;&nbsp;61668600<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199043002)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111541930)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225710 <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;107764699 | &nbsp;&nbsp;&nbsp;&nbsp;(19675834) | &nbsp;&nbsp;&nbsp;&nbsp;255019768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280219 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;139191413 | &nbsp;&nbsp;&nbsp;&nbsp;43697928 | &nbsp;&nbsp;&nbsp;&nbsp;130094837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71993693 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(24661694) | &nbsp;&nbsp;&nbsp;&nbsp;(36695165) | &nbsp;&nbsp;&nbsp;&nbsp;(84054737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1939440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5530714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2088530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7704434) | &nbsp;&nbsp;&nbsp;&nbsp;(29558072) | &nbsp;&nbsp;&nbsp;&nbsp;(70255033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1735389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6649197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1325824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3328822) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(33340071) | &nbsp;&nbsp;&nbsp;&nbsp;(72177199) | &nbsp;&nbsp;&nbsp;&nbsp;(171907033) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476233 | &nbsp;&nbsp;&nbsp;&nbsp;15220170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20528893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74002559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10890100 | &nbsp;&nbsp;&nbsp;&nbsp;34172803 | &nbsp;&nbsp;&nbsp;&nbsp;197971396 | &nbsp;&nbsp;&nbsp;&nbsp;226968018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072884 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;346631874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;305506943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;77820374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92964377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52245469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24452129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35399392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81188429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7688919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29455192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70005513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;19406955 | &nbsp;&nbsp;&nbsp;513334344 | &nbsp;&nbsp;&nbsp;&nbsp;298458332 | &nbsp;&nbsp;&nbsp;&nbsp;968110539 |

---

&nbsp;&nbsp;&nbsp;&nbsp;52

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund | &nbsp;&nbsp;Macquarie<br> High Income Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>φ</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<sup>φ</sup><br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(56882545) | &nbsp;&nbsp;$(107654648) | &nbsp;&nbsp;$(154832492) | &nbsp;&nbsp;$(314400416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16728227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45067607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3146354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6470054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(38254868) | &nbsp;&nbsp;&nbsp;&nbsp;(96588153) | &nbsp;&nbsp;&nbsp;&nbsp;(321210070) | &nbsp;&nbsp;&nbsp;&nbsp;(450501837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1782076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2351845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61450202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32381108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13461516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24781066) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(98247575) | &nbsp;&nbsp;&nbsp;(208580025) | &nbsp;&nbsp;&nbsp;&nbsp;(570828861) | &nbsp;&nbsp;&nbsp;&nbsp;(873602088) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(78840620) | &nbsp;&nbsp;&nbsp;&nbsp;304754319 | &nbsp;&nbsp;&nbsp;&nbsp;(272370529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94508451 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;60350793 | &nbsp;&nbsp;&nbsp;&nbsp;315112176 | &nbsp;&nbsp;&nbsp;&nbsp;(214452891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5404889) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;858325863 | &nbsp;&nbsp;&nbsp;&nbsp;543213687 | &nbsp;&nbsp;&nbsp;2372192579 | &nbsp;&nbsp;&nbsp;2377597468 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$918676656 | &nbsp;&nbsp;$858325863 | &nbsp;&nbsp;$2157739688 | &nbsp;&nbsp;$2372192579 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>4</sup> See Note 5 in "Notes to financial statements."

<sup>φ</sup> Consolidated statement of changes in net assets from July 7, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;53

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$11082481 | &nbsp;&nbsp;$21565633 | &nbsp;&nbsp;$(2551132) | &nbsp;&nbsp;$(10474145) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;90441095 | &nbsp;&nbsp;&nbsp;&nbsp;124363721<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;449883763 | &nbsp;&nbsp;&nbsp;&nbsp;555780822 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;98146755 | &nbsp;&nbsp;&nbsp;&nbsp;(68601714) | &nbsp;&nbsp;&nbsp;&nbsp;752996714 | &nbsp;&nbsp;&nbsp;&nbsp;(114096299) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;199670331 | &nbsp;&nbsp;&nbsp;&nbsp;77328665 | &nbsp;&nbsp;&nbsp;1200329345 | &nbsp;&nbsp;&nbsp;&nbsp;431210378 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2896018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55002005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6082082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70881552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1668996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3983025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667666) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11058426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(132771488) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;20434414 | &nbsp;&nbsp;&nbsp;&nbsp;31407534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40879744 | &nbsp;&nbsp;&nbsp;&nbsp;160674595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72621939 | &nbsp;&nbsp;&nbsp;132395879 | &nbsp;&nbsp;&nbsp;&nbsp;424376605 | &nbsp;&nbsp;&nbsp;1673648934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;10290098 | &nbsp;&nbsp;&nbsp;&nbsp;49807966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57229444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713960 | &nbsp;&nbsp;&nbsp;&nbsp;16624509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11111238 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;170156916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;681836868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;126336155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91304688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54560161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70312488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665924 |
|  | &nbsp;&nbsp;&nbsp;108749842 | &nbsp;&nbsp;&nbsp;547497178 | &nbsp;&nbsp;&nbsp;&nbsp;486655751 | &nbsp;&nbsp;&nbsp;2830397801 |

---

&nbsp;&nbsp;&nbsp;&nbsp;54

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Large Cap<br> Growth Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(46199795) | &nbsp;&nbsp;$(85350082) | &nbsp;&nbsp;$(276045446) | &nbsp;&nbsp;$(538892000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3798438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8873347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10569132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19396104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4725712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7150401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5123176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13603920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(110745699) | &nbsp;&nbsp;&nbsp;&nbsp;(276400641) | &nbsp;&nbsp;&nbsp;(1007679343) | &nbsp;&nbsp;&nbsp;(1485027187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(115671524) | &nbsp;&nbsp;&nbsp;&nbsp;(109140924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82574573) | &nbsp;&nbsp;&nbsp;&nbsp;(161363855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5385689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14733516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5357150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8765069) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(286526857) | &nbsp;&nbsp;&nbsp;&nbsp;(501648911) | &nbsp;&nbsp;&nbsp;(1387348820) | &nbsp;&nbsp;&nbsp;(2227048135) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(177777015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45848267 | &nbsp;&nbsp;&nbsp;&nbsp;(900693069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603349666 |
| **Net Increase in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21893316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112118506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299636276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901788556 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;1441389635 | &nbsp;&nbsp;&nbsp;1329271129 | &nbsp;&nbsp;&nbsp;&nbsp;7706122610 | &nbsp;&nbsp;&nbsp;&nbsp;6804334054 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$1463282951 | &nbsp;&nbsp;$1441389635 | &nbsp;&nbsp;$8005758886 | &nbsp;&nbsp;$7706122610 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>4</sup> See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;55

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(11974062) | &nbsp;&nbsp;$(26004192) | &nbsp;&nbsp;$7271537 | &nbsp;&nbsp;$17193217 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;124771085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742235343 | &nbsp;&nbsp;&nbsp;&nbsp;30975068 | &nbsp;&nbsp;&nbsp;&nbsp;127510840 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;564989544 | &nbsp;&nbsp;&nbsp;(1433147247) | &nbsp;&nbsp;&nbsp;&nbsp;66626514 | &nbsp;&nbsp;&nbsp;(132660067) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;677786567 | &nbsp;&nbsp;&nbsp;&nbsp;(716916096) | &nbsp;&nbsp;&nbsp;104873119 | &nbsp;&nbsp;&nbsp;&nbsp;12043990 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(135508942) | &nbsp;&nbsp;&nbsp;&nbsp;(1079715) | &nbsp;&nbsp;&nbsp;&nbsp;(15884639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7892680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1538512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3971070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(168850488) | &nbsp;&nbsp;&nbsp;&nbsp;(5443958) | &nbsp;&nbsp;&nbsp;&nbsp;(84563200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69127950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9471480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12173383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347151) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(397524513) | &nbsp;&nbsp;&nbsp;&nbsp;(7440012) | &nbsp;&nbsp;&nbsp;(113993733) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;19857322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62581778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527550 | &nbsp;&nbsp;&nbsp;&nbsp;10900284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;132802760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528665889 | &nbsp;&nbsp;&nbsp;&nbsp;41964585 | &nbsp;&nbsp;&nbsp;&nbsp;158489110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;58882547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217744473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127250 | &nbsp;&nbsp;&nbsp;&nbsp;12637834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30378092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174280 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643330310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32772506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353505893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36218815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134050398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078035 | &nbsp;&nbsp;&nbsp;&nbsp;15872330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7841295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166340845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309105 | &nbsp;&nbsp;&nbsp;&nbsp;82302094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68916553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9073487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344408 |
|  | &nbsp;&nbsp;&nbsp;219736211 | &nbsp;&nbsp;&nbsp;&nbsp;2316678942 | &nbsp;&nbsp;&nbsp;&nbsp;61697330 | &nbsp;&nbsp;&nbsp;&nbsp;296891656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;56

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(216071460) | &nbsp;&nbsp;$(423223872) | &nbsp;&nbsp;$(14197425) | &nbsp;&nbsp;$(34161411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14464997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36347914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2621210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5711716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6136170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16556152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4126890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(825578881) | &nbsp;&nbsp;&nbsp;(1461209081) | &nbsp;&nbsp;&nbsp;(152926808) | &nbsp;&nbsp;&nbsp;&nbsp;(359066701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(312287690) | &nbsp;&nbsp;&nbsp;&nbsp;(467442480) | &nbsp;&nbsp;&nbsp;&nbsp;(19413988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29060723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38371598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76614434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1175285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3708984) |
|  | &nbsp;&nbsp;&nbsp;(1412910796) | &nbsp;&nbsp;&nbsp;(2481393933) | &nbsp;&nbsp;&nbsp;(191763255) | &nbsp;&nbsp;&nbsp;&nbsp;(435836425) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(1193174585) | &nbsp;&nbsp;&nbsp;&nbsp;(164714991) | &nbsp;&nbsp;&nbsp;(130065925) | &nbsp;&nbsp;&nbsp;&nbsp;(138944769) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(515388018) | &nbsp;&nbsp;&nbsp;(1279155600) | &nbsp;&nbsp;&nbsp;&nbsp;(32632818) | &nbsp;&nbsp;&nbsp;&nbsp;(240894512) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;4966757436 | &nbsp;&nbsp;&nbsp;&nbsp;6245913036 | &nbsp;&nbsp;&nbsp;&nbsp;931539517 | &nbsp;&nbsp;&nbsp;1172434029 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$4451369418 | &nbsp;&nbsp;$4966757436 | &nbsp;&nbsp;$898906699 | &nbsp;&nbsp;$931539517 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;57

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Small Cap Growth Fund | &nbsp;&nbsp;Macquarie<br> Small Cap Growth Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap Core Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap Core Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(4338258) | &nbsp;&nbsp;$(10068177) | &nbsp;&nbsp;$620519 | &nbsp;&nbsp;$1028657 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;74171591 | &nbsp;&nbsp;&nbsp;&nbsp;131016248<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7923573 | &nbsp;&nbsp;&nbsp;&nbsp;4963432<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;145097102 | &nbsp;&nbsp;&nbsp;(206234091) | &nbsp;&nbsp;&nbsp;24075443 | &nbsp;&nbsp;&nbsp;&nbsp;(4423653) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;214930435 | &nbsp;&nbsp;&nbsp;&nbsp;(85285957) | &nbsp;&nbsp;&nbsp;32619535 | &nbsp;&nbsp;&nbsp;&nbsp;1568649 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(34271912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1929041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15359796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4161858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11043) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(59513234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635000) | &nbsp;&nbsp;&nbsp;&nbsp;(1027490) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8141596 | &nbsp;&nbsp;&nbsp;&nbsp;24676263 | &nbsp;&nbsp;&nbsp;&nbsp;3609475 | &nbsp;&nbsp;&nbsp;11497050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286245 | &nbsp;&nbsp;&nbsp;&nbsp;1076321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067937 | &nbsp;&nbsp;&nbsp;&nbsp;1964206 | &nbsp;&nbsp;&nbsp;&nbsp;3085234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40011820 | &nbsp;&nbsp;&nbsp;&nbsp;95499301 | &nbsp;&nbsp;&nbsp;59506052 | &nbsp;&nbsp;&nbsp;56516094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338165 | &nbsp;&nbsp;&nbsp;&nbsp;18567784 | &nbsp;&nbsp;&nbsp;&nbsp;3438926 | &nbsp;&nbsp;&nbsp;&nbsp;5782871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598916 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19820021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;64499652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34141794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15203093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;61050497 | &nbsp;&nbsp;&nbsp;&nbsp;295813745 | &nbsp;&nbsp;&nbsp;69922517 | &nbsp;&nbsp;&nbsp;79575462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;58

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Small Cap Growth Fund | &nbsp;&nbsp;Macquarie<br> Small Cap Growth Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap Core Fund | &nbsp;&nbsp;Macquarie<br> Smid Cap Core Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25 |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(67784685) | &nbsp;&nbsp;$(138037888) | &nbsp;&nbsp;$(10887073) | &nbsp;&nbsp;$(24290069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2806983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7475399) | &nbsp;&nbsp;&nbsp;&nbsp;(1863744) | &nbsp;&nbsp;&nbsp;&nbsp;(3693714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4647809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8441688) | &nbsp;&nbsp;&nbsp;&nbsp;(1564176) | &nbsp;&nbsp;&nbsp;&nbsp;(4422088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(113711639) | &nbsp;&nbsp;&nbsp;&nbsp;(239850442) | &nbsp;&nbsp;&nbsp;&nbsp;(52056749) | &nbsp;&nbsp;&nbsp;&nbsp;(52603419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21764713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91025463) | &nbsp;&nbsp;&nbsp;&nbsp;(4892322) | &nbsp;&nbsp;&nbsp;&nbsp;(10353142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4315133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12029542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802044) | &nbsp;&nbsp;&nbsp;&nbsp;(1000214) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(215030962) | &nbsp;&nbsp;&nbsp;&nbsp;(496860422) | &nbsp;&nbsp;&nbsp;&nbsp;(72066108) | &nbsp;&nbsp;&nbsp;&nbsp;(96362646) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(153980465) | &nbsp;&nbsp;&nbsp;&nbsp;(201046677) | &nbsp;&nbsp;&nbsp;&nbsp;(2143591) | &nbsp;&nbsp;&nbsp;&nbsp;(16787184) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60949970 | &nbsp;&nbsp;&nbsp;&nbsp;(345845868) | &nbsp;&nbsp;&nbsp;&nbsp;29840944 | &nbsp;&nbsp;&nbsp;&nbsp;(16246025) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;1040570674 | &nbsp;&nbsp;&nbsp;1386416542 | &nbsp;&nbsp;&nbsp;323481870 | &nbsp;&nbsp;&nbsp;339727895 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$1101520644 | &nbsp;&nbsp;$1040570674 | &nbsp;&nbsp;$353322814 | &nbsp;&nbsp;$323481870 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>4</sup> See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;59

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Ivy Funds

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25<sup>φ</sup> |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25<sup>φ</sup> |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$10036973 | &nbsp;&nbsp;$17971218 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;36942156 | &nbsp;&nbsp;&nbsp;&nbsp;34380248 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;64123959 | &nbsp;&nbsp;&nbsp;(19544652) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;111103088 | &nbsp;&nbsp;&nbsp;&nbsp;32806814 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4556758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12934228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3499420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826183) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(22588974) |
| **Capital Share Transactions (See Note 4):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384169 | &nbsp;&nbsp;&nbsp;&nbsp;12334270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22836742 | &nbsp;&nbsp;&nbsp;&nbsp;87322698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241228 | &nbsp;&nbsp;&nbsp;&nbsp;19299080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249361 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11831001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;44810198 | &nbsp;&nbsp;&nbsp;151504116 |

---

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---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25<sup>φ</sup> |
|  | &nbsp;&nbsp;Six months<br> ended<br> 9/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 3/31/25<sup>φ</sup> |
| **Capital Share Transactions (See Note 4) (continued):** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(17872167) | &nbsp;&nbsp;$(42664345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3997780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7621248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(77529185) | &nbsp;&nbsp;&nbsp;(153778389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(26869202) | &nbsp;&nbsp;&nbsp;&nbsp;(49372201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4245036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7519844) |
|  | &nbsp;&nbsp;&nbsp;(131425184) | &nbsp;&nbsp;&nbsp;(262255771) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(86614986) | &nbsp;&nbsp;&nbsp;(110751655) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;24488102 | &nbsp;&nbsp;&nbsp;(100533815) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;660493989 | &nbsp;&nbsp;&nbsp;&nbsp;761027804 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$684982091 | &nbsp;&nbsp;$660493989 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>φ</sup> Consolidated statements of changes in net assets through November 27, 2024.

See accompanying notes, which are an integral part of the financial statements.

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## Financial highlights
Macquarie Core Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$17.11 | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$18.10 | &nbsp;&nbsp;$18.01 | &nbsp;&nbsp;$11.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.60 | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$17.11 | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$18.10 | &nbsp;&nbsp;$18.01 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.00%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.18%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88% | &nbsp;&nbsp;&nbsp;57.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2907442 | &nbsp;&nbsp;$2633516 | &nbsp;&nbsp;$2846374 | &nbsp;&nbsp;$2574630 | &nbsp;&nbsp;$3424139 | &nbsp;&nbsp;$3411<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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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Macquarie Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$12.34 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$14.27 | &nbsp;&nbsp;$14.65 | &nbsp;&nbsp;$9.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$12.34 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$14.27 | &nbsp;&nbsp;$14.65 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;18.47%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.17%<sup>5</sup> | &nbsp;&nbsp;&nbsp;30.19%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.48%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;12.85% | &nbsp;&nbsp;&nbsp;56.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$20289 | &nbsp;&nbsp;$17523 | &nbsp;&nbsp;$18101 | &nbsp;&nbsp;$17253 | &nbsp;&nbsp;$27556 | &nbsp;&nbsp;$33<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return is based 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.

<sup>5</sup> 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> 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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Macquarie Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$17.88 | &nbsp;&nbsp;$17.82 | &nbsp;&nbsp;$11.62 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.59 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.20 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$17.88 | &nbsp;&nbsp;$17.82 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;18.81%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.67%<sup>6</sup> | &nbsp;&nbsp;&nbsp;30.84%<sup>6</sup> | &nbsp;&nbsp;&nbsp;(6.98%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;13.42% | &nbsp;&nbsp;&nbsp;56.93% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$180 | &nbsp;&nbsp;$172 | &nbsp;&nbsp;$161 | &nbsp;&nbsp;$231 | &nbsp;&nbsp;$212 | &nbsp;&nbsp;$1<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Amount is less than $(0.005) per share.

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> 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.

64&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Core Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$13.47 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$20.77 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;19.11%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.23%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31.50%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.46%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00% | &nbsp;&nbsp;&nbsp;57.92% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$914122 | &nbsp;&nbsp;$814243 | &nbsp;&nbsp;$764906 | &nbsp;&nbsp;$744911 | &nbsp;&nbsp;$1070912 | &nbsp;&nbsp;$1101<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;65

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Core Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.84 | &nbsp;&nbsp;$21.13 | &nbsp;&nbsp;$17.73 | &nbsp;&nbsp;$21.31 | &nbsp;&nbsp;$20.82 | &nbsp;&nbsp;$13.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.82 | &nbsp;&nbsp;$20.84 | &nbsp;&nbsp;$21.13 | &nbsp;&nbsp;$17.73 | &nbsp;&nbsp;$21.31 | &nbsp;&nbsp;$20.82 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;19.10%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.31%<sup>4</sup> | &nbsp;&nbsp;&nbsp;31.60%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.44%) | &nbsp;&nbsp;&nbsp;14.23% | &nbsp;&nbsp;&nbsp;58.14% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$26708 | &nbsp;&nbsp;$77069 | &nbsp;&nbsp;$70743 | &nbsp;&nbsp;$48677 | &nbsp;&nbsp;$91633 | &nbsp;&nbsp;$90<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

66&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Core Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$19.93 | &nbsp;&nbsp;$16.83 | &nbsp;&nbsp;$20.38 | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$13.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.20 | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$19.93 | &nbsp;&nbsp;$16.83 | &nbsp;&nbsp;$20.38 | &nbsp;&nbsp;$20.01 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;18.97%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.99%<sup>4</sup> | &nbsp;&nbsp;&nbsp;31.13% | &nbsp;&nbsp;&nbsp;(6.63%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;13.99%<sup>4</sup> | &nbsp;&nbsp;&nbsp;57.75%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$31872 | &nbsp;&nbsp;$28491 | &nbsp;&nbsp;$30813 | &nbsp;&nbsp;$25065 | &nbsp;&nbsp;$29855 | &nbsp;&nbsp;$26<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;67

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$9.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.35 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;3.82% | &nbsp;&nbsp;&nbsp;&nbsp;4.19% | &nbsp;&nbsp;&nbsp;&nbsp;(2.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.39%) | &nbsp;&nbsp;&nbsp;13.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$86694 | &nbsp;&nbsp;$91772 | &nbsp;&nbsp;$96400 | &nbsp;&nbsp;$111266 | &nbsp;&nbsp;$150133 | &nbsp;&nbsp;$178<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;3.18% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;2.94% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>7</sup> 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.

68&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 | &nbsp;&nbsp;$9.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.34 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;(2.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(5.04%) | &nbsp;&nbsp;&nbsp;12.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1118 | &nbsp;&nbsp;$1185 | &nbsp;&nbsp;$1729 | &nbsp;&nbsp;$2675 | &nbsp;&nbsp;$3499 | &nbsp;&nbsp;$4<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;1.71%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.72%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;1.88%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.84%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;2.45% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.21% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;69

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.17 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.07 | &nbsp;&nbsp;$9.55 | &nbsp;&nbsp;$10.23 | &nbsp;&nbsp;$9.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$9.17 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.07 | &nbsp;&nbsp;$9.55 | &nbsp;&nbsp;$10.23 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;2.82%<sup>4</sup> | &nbsp;&nbsp;&nbsp;3.50%<sup>4</sup> | &nbsp;&nbsp;&nbsp;3.98%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(2.31%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.77%) | &nbsp;&nbsp;&nbsp;13.13% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$907 | &nbsp;&nbsp;$1043 | &nbsp;&nbsp;$342 | &nbsp;&nbsp;$257 | &nbsp;&nbsp;$260 | &nbsp;&nbsp;$—<sup>5,6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.21%<sup>8</sup> | &nbsp;&nbsp;&nbsp;1.22%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.38%<sup>8</sup> | &nbsp;&nbsp;&nbsp;1.34%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.77% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.77% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Rounds to less than $500 thousands.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>9</sup> 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.

70&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 | &nbsp;&nbsp;$9.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;(1.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.08%) | &nbsp;&nbsp;&nbsp;13.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$204960 | &nbsp;&nbsp;$207714 | &nbsp;&nbsp;$210566 | &nbsp;&nbsp;$179446 | &nbsp;&nbsp;$198358 | &nbsp;&nbsp;$241<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.87% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;3.39% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;3.24% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;71

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$9.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.13%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.22%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.14%) | &nbsp;&nbsp;&nbsp;14.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$134081 | &nbsp;&nbsp;$180146 | &nbsp;&nbsp;$171002 | &nbsp;&nbsp;$132679 | &nbsp;&nbsp;$143870 | &nbsp;&nbsp;$62<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;3.95% | &nbsp;&nbsp;&nbsp;&nbsp;3.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;3.32% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.82% | &nbsp;&nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;3.81% | &nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;3.32% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>8</sup> 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.

72&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Bond Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$9.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.34 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$10.26 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;3.84% | &nbsp;&nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;&nbsp;(2.06%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.29%) | &nbsp;&nbsp;&nbsp;13.76% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2259 | &nbsp;&nbsp;$2345 | &nbsp;&nbsp;$1999 | &nbsp;&nbsp;$1879 | &nbsp;&nbsp;$881 | &nbsp;&nbsp;$1<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;0.96%<sup>6</sup> | &nbsp;&nbsp;&nbsp;0.97%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.13%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.09%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;3.18% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;3.02% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;73

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$35.09 | &nbsp;&nbsp;$34.68 | &nbsp;&nbsp;$29.35 | &nbsp;&nbsp;$54.30 | &nbsp;&nbsp;$56.56 | &nbsp;&nbsp;$37.75 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.67 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| **Net asset value, end of period** | &nbsp;&nbsp;$41.00 | &nbsp;&nbsp;$35.09 | &nbsp;&nbsp;$34.68 | &nbsp;&nbsp;$29.35 | &nbsp;&nbsp;$54.30 | &nbsp;&nbsp;$56.56 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;16.84%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.96%<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25.48%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.48%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;57.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$684396 | &nbsp;&nbsp;$631961 | &nbsp;&nbsp;$346465 | &nbsp;&nbsp;$333400 | &nbsp;&nbsp;$481991 | &nbsp;&nbsp;$531<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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."

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

74&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.33 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$18.40 | &nbsp;&nbsp;$43.16 | &nbsp;&nbsp;$45.65 | &nbsp;&nbsp;$31.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.77 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.36 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.66 | &nbsp;&nbsp;$20.33 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$18.40 | &nbsp;&nbsp;$43.16 | &nbsp;&nbsp;$45.65 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;16.38%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>5,7</sup> | &nbsp;&nbsp;&nbsp;24.49%<sup>4,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.30%)<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;56.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3303 | &nbsp;&nbsp;$3124 | &nbsp;&nbsp;$2164 | &nbsp;&nbsp;$2187 | &nbsp;&nbsp;$3530 | &nbsp;&nbsp;$5<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> 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."

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> 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.

<sup>8</sup> Net assets reported in millions.

<sup>9</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>10</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;75

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$33.88 | &nbsp;&nbsp;$33.53 | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;$53.50 | &nbsp;&nbsp;$55.69 | &nbsp;&nbsp;$37.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.40 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;(3.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.19 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| **Net asset value, end of period** | &nbsp;&nbsp;$39.53 | &nbsp;&nbsp;$33.88 | &nbsp;&nbsp;$33.53 | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;$53.50 | &nbsp;&nbsp;$55.69 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;16.68%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.69%<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;25.13%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;(4.74%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;57.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1102 | &nbsp;&nbsp;$959 | &nbsp;&nbsp;$772 | &nbsp;&nbsp;$716 | &nbsp;&nbsp;$835 | &nbsp;&nbsp;$1<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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."

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

76&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.21 | &nbsp;&nbsp;$36.64 | &nbsp;&nbsp;$30.86 | &nbsp;&nbsp;$55.82 | &nbsp;&nbsp;$58.10 | &nbsp;&nbsp;$38.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;22.20 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;22.30 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(21.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) |
| **Net asset value, end of period** | &nbsp;&nbsp;$43.52 | &nbsp;&nbsp;$37.21 | &nbsp;&nbsp;$36.64 | &nbsp;&nbsp;$30.86 | &nbsp;&nbsp;$55.82 | &nbsp;&nbsp;$58.10 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;16.96% | &nbsp;&nbsp;&nbsp;&nbsp;5.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25.81%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.25%) | &nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;58.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$208962 | &nbsp;&nbsp;$203757 | &nbsp;&nbsp;$177272 | &nbsp;&nbsp;$196155 | &nbsp;&nbsp;$379099 | &nbsp;&nbsp;$494<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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."

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;77

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.30 | &nbsp;&nbsp;$36.74 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$56.21 | &nbsp;&nbsp;$58.51 | &nbsp;&nbsp;$38.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;22.35 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;(21.78) | &nbsp;&nbsp;&nbsp;&nbsp;(4.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) |
| **Net asset value, end of period** | &nbsp;&nbsp;$43.65 | &nbsp;&nbsp;$37.30 | &nbsp;&nbsp;$36.74 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$56.21 | &nbsp;&nbsp;$58.51 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;17.03%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.28%<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;25.87%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;(4.20%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;58.50% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$18249 | &nbsp;&nbsp;$15739 | &nbsp;&nbsp;$14681 | &nbsp;&nbsp;$2908 | &nbsp;&nbsp;$2633 | &nbsp;&nbsp;$19<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.31% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.31% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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."

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Global Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$35.45 | &nbsp;&nbsp;$35.04 | &nbsp;&nbsp;$29.66 | &nbsp;&nbsp;$54.63 | &nbsp;&nbsp;$56.88 | &nbsp;&nbsp;$37.95 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.80 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.75 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) |
| **Net asset value, end of period** | &nbsp;&nbsp;$41.42 | &nbsp;&nbsp;$35.45 | &nbsp;&nbsp;$35.04 | &nbsp;&nbsp;$29.66 | &nbsp;&nbsp;$54.63 | &nbsp;&nbsp;$56.88 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;16.84% | &nbsp;&nbsp;&nbsp;&nbsp;4.92%<sup>4</sup> | &nbsp;&nbsp;&nbsp;25.48%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.50%) | &nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;57.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2665 | &nbsp;&nbsp;$2786 | &nbsp;&nbsp;$1860 | &nbsp;&nbsp;$1483 | &nbsp;&nbsp;$1962 | &nbsp;&nbsp;$3<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;(0.11%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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."

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie High Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 | &nbsp;&nbsp;$5.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.02%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>6</sup> | &nbsp;&nbsp;&nbsp;28.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1138070 | &nbsp;&nbsp;$1207774 | &nbsp;&nbsp;$1109865 | &nbsp;&nbsp;$1196375 | &nbsp;&nbsp;$1576813 | &nbsp;&nbsp;$1816<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44% | &nbsp;&nbsp;&nbsp;&nbsp;6.16% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44% | &nbsp;&nbsp;&nbsp;&nbsp;6.16% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based 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. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>9</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>10</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

80&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie High Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 | &nbsp;&nbsp;$5.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.61%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;10.53% | &nbsp;&nbsp;&nbsp;&nbsp;(6.70%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;27.28%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$64730 | &nbsp;&nbsp;$76913 | &nbsp;&nbsp;$111787 | &nbsp;&nbsp;$141497 | &nbsp;&nbsp;$221601 | &nbsp;&nbsp;$321<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;5.72% | &nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;5.58% | &nbsp;&nbsp;&nbsp;&nbsp;5.46% | &nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.54% | &nbsp;&nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;5.46% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based 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. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>9</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>10</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;81

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Macquarie High Income Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 | &nbsp;&nbsp;$5.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.87%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;11.08% | &nbsp;&nbsp;&nbsp;&nbsp;(6.29%) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>6</sup> | &nbsp;&nbsp;&nbsp;27.67% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$30594 | &nbsp;&nbsp;$31504 | &nbsp;&nbsp;$32778 | &nbsp;&nbsp;$34322 | &nbsp;&nbsp;$44613 | &nbsp;&nbsp;$48<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.18% | &nbsp;&nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;&nbsp;7.02% | &nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;&nbsp;5.79% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;5.99% | &nbsp;&nbsp;&nbsp;&nbsp;7.02% | &nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;&nbsp;5.79% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>9</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>10</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

82&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 | &nbsp;&nbsp;$5.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.14%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.34%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.79%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>6</sup> | &nbsp;&nbsp;&nbsp;28.44% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$843004 | &nbsp;&nbsp;$912237 | &nbsp;&nbsp;$1013680 | &nbsp;&nbsp;$1035891 | &nbsp;&nbsp;$1454150 | &nbsp;&nbsp;$1868<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;6.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% | &nbsp;&nbsp;&nbsp;&nbsp;6.38% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.58% | &nbsp;&nbsp;&nbsp;&nbsp;6.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% | &nbsp;&nbsp;&nbsp;&nbsp;6.38% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>6</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>9</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>10</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;83

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 | &nbsp;&nbsp;$5.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.00%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;11.64% | &nbsp;&nbsp;&nbsp;&nbsp;(5.68%) | &nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>6</sup> | &nbsp;&nbsp;&nbsp;28.63% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$40746 | &nbsp;&nbsp;$97070 | &nbsp;&nbsp;$53111 | &nbsp;&nbsp;$59659 | &nbsp;&nbsp;$64630 | &nbsp;&nbsp;$67<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.82% | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.57% | &nbsp;&nbsp;&nbsp;&nbsp;7.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.54% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.72% | &nbsp;&nbsp;&nbsp;&nbsp;6.60% | &nbsp;&nbsp;&nbsp;&nbsp;7.57% | &nbsp;&nbsp;&nbsp;&nbsp;7.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.54% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>6</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>9</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>10</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

84&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie High Income Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>φ,1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 | &nbsp;&nbsp;$5.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.98 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.01%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;11.35% | &nbsp;&nbsp;&nbsp;&nbsp;(6.02%) | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;28.17%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$40596 | &nbsp;&nbsp;$46695 | &nbsp;&nbsp;$56376 | &nbsp;&nbsp;$68758 | &nbsp;&nbsp;$99847 | &nbsp;&nbsp;$138<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>9,10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;6.37% | &nbsp;&nbsp;&nbsp;&nbsp;6.17% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.33% | &nbsp;&nbsp;&nbsp;&nbsp;6.24% | &nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;6.34% | &nbsp;&nbsp;&nbsp;&nbsp;6.14% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>5</sup> | 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. |
| <sup>6</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>9</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>10</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie International Core Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.99 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$19.09 | &nbsp;&nbsp;$19.82 | &nbsp;&nbsp;$13.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.94 | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.99 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$19.09 | &nbsp;&nbsp;$19.82 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;14.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.36%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28%) | &nbsp;&nbsp;&nbsp;50.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$466253 | &nbsp;&nbsp;$431680 | &nbsp;&nbsp;$293102 | &nbsp;&nbsp;$278607 | &nbsp;&nbsp;$329081 | &nbsp;&nbsp;$388<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02, $0.02 and $0.07 and total return by 0.09%, 0.10% and 0.37% for the six months ended September 30, 2025 and the years ended March 31, 2025, and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

86&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie International Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.96 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$16.39 | &nbsp;&nbsp;$16.62 | &nbsp;&nbsp;$17.33 | &nbsp;&nbsp;$11.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.57 | &nbsp;&nbsp;$18.96 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$16.39 | &nbsp;&nbsp;$16.62 | &nbsp;&nbsp;$17.33 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;13.77%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.95%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;13.47%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.97%) | &nbsp;&nbsp;&nbsp;49.63% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12312 | &nbsp;&nbsp;$13597 | &nbsp;&nbsp;$18338 | &nbsp;&nbsp;$28549 | &nbsp;&nbsp;$45987 | &nbsp;&nbsp;$67<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02, $0.02 and $0.06 and total return by 0.11%, 0.11% and 0.37% for the six months ended September 30, 2025 and the years ended March 31, 2025, and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;87

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Macquarie International Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.97 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$19.80 | &nbsp;&nbsp;$13.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.92 | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.97 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$19.80 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;14.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.44%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;14.06%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.78%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) | &nbsp;&nbsp;&nbsp;50.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$39736 | &nbsp;&nbsp;$38415 | &nbsp;&nbsp;$40627 | &nbsp;&nbsp;$41758 | &nbsp;&nbsp;$47807 | &nbsp;&nbsp;$55<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02, $0.02 and $0.07 and total return by 0.09%, 0.10% and 0.37% for the six months ended September 30, 2025 and the years ended March 31, 2025, and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

88&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie International Core Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$13.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.23 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;14.37%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.59%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88%) | &nbsp;&nbsp;&nbsp;51.27% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$778192 | &nbsp;&nbsp;$714048 | &nbsp;&nbsp;$693391 | &nbsp;&nbsp;$723002 | &nbsp;&nbsp;$1024716 | &nbsp;&nbsp;$1408<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02, $0.02 and $0.07 and total return by 0.09%, 0.09% and 0.37% for the six months ended September 30, 2025 and the years ended March 31, 2025, and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;89

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie International Core Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$19.05 | &nbsp;&nbsp;$19.30 | &nbsp;&nbsp;$20.03 | &nbsp;&nbsp;$13.43 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.35 | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$19.05 | &nbsp;&nbsp;$19.30 | &nbsp;&nbsp;$20.03 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;14.45%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.14%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.69%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;51.19% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$119325 | &nbsp;&nbsp;$200596 | &nbsp;&nbsp;$244996 | &nbsp;&nbsp;$243848 | &nbsp;&nbsp;$347008 | &nbsp;&nbsp;$497<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02, $0.02 and $0.07 and total return by 0.09%, 0.09% and 0.37% for the six months ended September 30, 2025 and the years ended March 31, 2025, and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

90&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie International Core Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.01 | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$13.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.14 | &nbsp;&nbsp;$22.01 | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;14.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;14.27%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26%) | &nbsp;&nbsp;&nbsp;50.76% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$47465 | &nbsp;&nbsp;$43054 | &nbsp;&nbsp;$38817 | &nbsp;&nbsp;$41120 | &nbsp;&nbsp;$49433 | &nbsp;&nbsp;$91<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 $0.02 and $0.07 and total return by 0.09%, 0.09% and 0.37% for the six months ended September 30, 2025 and the years ended March 31, 2025, and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Total return is based 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Large Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$33.86 | &nbsp;&nbsp;$32.68 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$31.11 | &nbsp;&nbsp;$29.35 | &nbsp;&nbsp;$20.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.80 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.73 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| **Net asset value, end of period** | &nbsp;&nbsp;$39.40 | &nbsp;&nbsp;$33.86 | &nbsp;&nbsp;$32.68 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$31.11 | &nbsp;&nbsp;$29.35 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.36%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.90%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.52% | &nbsp;&nbsp;&nbsp;52.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3241411 | &nbsp;&nbsp;$3002357 | &nbsp;&nbsp;$2532714 | &nbsp;&nbsp;$2127513 | &nbsp;&nbsp;$2834191 | &nbsp;&nbsp;$2740<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Large Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.62 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$17.46 | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$15.94 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| **Net asset value, end of period** | &nbsp;&nbsp;$26.23 | &nbsp;&nbsp;$22.62 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$17.46 | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;$22.15 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;15.96%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>4</sup> | &nbsp;&nbsp;&nbsp;32.90%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.97%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;15.55% | &nbsp;&nbsp;&nbsp;51.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$61663 | &nbsp;&nbsp;$59938 | &nbsp;&nbsp;$61156 | &nbsp;&nbsp;$44773 | &nbsp;&nbsp;$63666 | &nbsp;&nbsp;$69<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.96%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.20%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;93

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Macquarie Large Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$30.03 | &nbsp;&nbsp;$23.26 | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$27.57 | &nbsp;&nbsp;$19.43 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| **Net asset value, end of period** | &nbsp;&nbsp;$36.03 | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$30.03 | &nbsp;&nbsp;$23.26 | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$27.57 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;16.23%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>4</sup> | &nbsp;&nbsp;&nbsp;33.56%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.55%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;16.07% | &nbsp;&nbsp;&nbsp;52.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$32532 | &nbsp;&nbsp;$30489 | &nbsp;&nbsp;$34190 | &nbsp;&nbsp;$10598 | &nbsp;&nbsp;$12298 | &nbsp;&nbsp;$13<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Large Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.37 | &nbsp;&nbsp;$35.92 | &nbsp;&nbsp;$27.53 | &nbsp;&nbsp;$33.61 | &nbsp;&nbsp;$31.48 | &nbsp;&nbsp;$21.90 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) |
| **Net asset value, end of period** | &nbsp;&nbsp;$43.55 | &nbsp;&nbsp;$37.37 | &nbsp;&nbsp;$35.92 | &nbsp;&nbsp;$27.53 | &nbsp;&nbsp;$33.61 | &nbsp;&nbsp;$31.48 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.87% | &nbsp;&nbsp;&nbsp;53.25% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$4442279 | &nbsp;&nbsp;$4346255 | &nbsp;&nbsp;$3830418 | &nbsp;&nbsp;$2723101 | &nbsp;&nbsp;$2626992 | &nbsp;&nbsp;$2527<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Amount is less than $0.005 per share.

<sup>5</sup> Total return is based 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>9</sup> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;95

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Large Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.77 | &nbsp;&nbsp;$36.27 | &nbsp;&nbsp;$27.78 | &nbsp;&nbsp;$33.89 | &nbsp;&nbsp;$31.71 | &nbsp;&nbsp;$22.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.98) |
| **Net asset value, end of period** | &nbsp;&nbsp;$44.03 | &nbsp;&nbsp;$37.77 | &nbsp;&nbsp;$36.27 | &nbsp;&nbsp;$27.78 | &nbsp;&nbsp;$33.89 | &nbsp;&nbsp;$31.71 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;16.57%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34.29%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.01%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.90% | &nbsp;&nbsp;&nbsp;53.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$187965 | &nbsp;&nbsp;$230031 | &nbsp;&nbsp;$313272 | &nbsp;&nbsp;$185287 | &nbsp;&nbsp;$166623 | &nbsp;&nbsp;$164<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

96&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Large Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$35.36 | &nbsp;&nbsp;$34.10 | &nbsp;&nbsp;$26.24 | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$21.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.08 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) |
| **Net asset value, end of period** | &nbsp;&nbsp;$41.15 | &nbsp;&nbsp;$35.36 | &nbsp;&nbsp;$34.10 | &nbsp;&nbsp;$26.24 | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$30.36 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;16.38% | &nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;33.90% | &nbsp;&nbsp;&nbsp;&nbsp;(9.28%) | &nbsp;&nbsp;&nbsp;16.51% | &nbsp;&nbsp;&nbsp;52.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$39909 | &nbsp;&nbsp;$37053 | &nbsp;&nbsp;$32584 | &nbsp;&nbsp;$24849 | &nbsp;&nbsp;$35926 | &nbsp;&nbsp;$31<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.21%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;97

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Mid Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;$28.16 | &nbsp;&nbsp;$26.14 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;$37.42 | &nbsp;&nbsp;$22.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.80 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66) |
| **Net asset value, end of period** | &nbsp;&nbsp;$26.31 | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;$28.16 | &nbsp;&nbsp;$26.14 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;$37.42 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.69%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.78%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.44%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(10.07%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90%) | &nbsp;&nbsp;&nbsp;85.37%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1647998 | &nbsp;&nbsp;$1616500 | &nbsp;&nbsp;$1549167 | &nbsp;&nbsp;$1582726 | &nbsp;&nbsp;$2158678 | &nbsp;&nbsp;$2453<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Mid Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.65 | &nbsp;&nbsp;$19.94 | &nbsp;&nbsp;$19.16 | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$29.76 | &nbsp;&nbsp;$18.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.62) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.62) |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.88 | &nbsp;&nbsp;$15.65 | &nbsp;&nbsp;$19.94 | &nbsp;&nbsp;$19.16 | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$29.76 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;14.25%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(13.41%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;14.56%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(10.79%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.67%) | &nbsp;&nbsp;&nbsp;83.95%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$56081 | &nbsp;&nbsp;$61560 | &nbsp;&nbsp;$68708 | &nbsp;&nbsp;$75826 | &nbsp;&nbsp;$121668 | &nbsp;&nbsp;$170<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.41%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.43%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.43%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;99

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Macquarie Mid Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.38 | &nbsp;&nbsp;$26.44 | &nbsp;&nbsp;$24.71 | &nbsp;&nbsp;$30.81 | &nbsp;&nbsp;$35.92 | &nbsp;&nbsp;$21.54 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.64) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.64) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.49 | &nbsp;&nbsp;$21.38 | &nbsp;&nbsp;$26.44 | &nbsp;&nbsp;$24.71 | &nbsp;&nbsp;$30.81 | &nbsp;&nbsp;$35.92 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;14.55% | &nbsp;&nbsp;&nbsp;&nbsp;(13.02%) | &nbsp;&nbsp;&nbsp;15.15% | &nbsp;&nbsp;&nbsp;&nbsp;(10.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(2.30%) | &nbsp;&nbsp;&nbsp;84.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$46106 | &nbsp;&nbsp;$44288 | &nbsp;&nbsp;$54529 | &nbsp;&nbsp;$58839 | &nbsp;&nbsp;$74908 | &nbsp;&nbsp;$88<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.90%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Mid Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24<sup>1</sup>** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$26.81 | &nbsp;&nbsp;$32.52 | &nbsp;&nbsp;$29.84 | &nbsp;&nbsp;$36.32 | &nbsp;&nbsp;$41.48 | &nbsp;&nbsp;$24.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.89 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.77 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) |
| **Net asset value, end of period** | &nbsp;&nbsp;$30.79 | &nbsp;&nbsp;$26.81 | &nbsp;&nbsp;$32.52 | &nbsp;&nbsp;$29.84 | &nbsp;&nbsp;$36.32 | &nbsp;&nbsp;$41.48 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.85% | &nbsp;&nbsp;&nbsp;&nbsp;(12.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.80%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56%) | &nbsp;&nbsp;&nbsp;86.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1744470 | &nbsp;&nbsp;$2149899 | &nbsp;&nbsp;$3054252 | &nbsp;&nbsp;$2887695 | &nbsp;&nbsp;$3577939 | &nbsp;&nbsp;$3609<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Mid Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$32.97 | &nbsp;&nbsp;$30.21 | &nbsp;&nbsp;$36.73 | &nbsp;&nbsp;$41.89 | &nbsp;&nbsp;$24.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.09 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.96 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) |
| **Net asset value, end of period** | &nbsp;&nbsp;$31.29 | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$32.97 | &nbsp;&nbsp;$30.21 | &nbsp;&nbsp;$36.73 | &nbsp;&nbsp;$41.89 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;14.91% | &nbsp;&nbsp;&nbsp;&nbsp;(12.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54%) | &nbsp;&nbsp;&nbsp;86.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$811962 | &nbsp;&nbsp;$938480 | &nbsp;&nbsp;$1292279 | &nbsp;&nbsp;$1048374 | &nbsp;&nbsp;$980539 | &nbsp;&nbsp;$736<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Mid Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$24.86 | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$28.04 | &nbsp;&nbsp;$34.43 | &nbsp;&nbsp;$39.57 | &nbsp;&nbsp;$23.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.78 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66) |
| **Net asset value, end of period** | &nbsp;&nbsp;$28.51 | &nbsp;&nbsp;$24.86 | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$28.04 | &nbsp;&nbsp;$34.43 | &nbsp;&nbsp;$39.57 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;14.68% | &nbsp;&nbsp;&nbsp;&nbsp;(12.78%) | &nbsp;&nbsp;&nbsp;&nbsp;15.46% | &nbsp;&nbsp;&nbsp;&nbsp;(10.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.89%) | &nbsp;&nbsp;&nbsp;85.29% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$144752 | &nbsp;&nbsp;$156030 | &nbsp;&nbsp;$226978 | &nbsp;&nbsp;$223692 | &nbsp;&nbsp;$284480 | &nbsp;&nbsp;$363<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.77%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;103

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Macquarie Mid Cap Income Opportunities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.86 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.38 | &nbsp;&nbsp;$10.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.89 | &nbsp;&nbsp;$17.86 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.38 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;20.24% | &nbsp;&nbsp;&nbsp;&nbsp;(4.73%) | &nbsp;&nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;69.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$150553 | &nbsp;&nbsp;$142549 | &nbsp;&nbsp;$164478 | &nbsp;&nbsp;$171183 | &nbsp;&nbsp;$188631 | &nbsp;&nbsp;$178<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie Mid Cap Income Opportunities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.82 | &nbsp;&nbsp;$19.62 | &nbsp;&nbsp;$17.22 | &nbsp;&nbsp;$18.71 | &nbsp;&nbsp;$18.30 | &nbsp;&nbsp;$10.93 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.85 | &nbsp;&nbsp;$17.82 | &nbsp;&nbsp;$19.62 | &nbsp;&nbsp;$17.22 | &nbsp;&nbsp;$18.71 | &nbsp;&nbsp;$18.30 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;11.78% | &nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;19.36% | &nbsp;&nbsp;&nbsp;&nbsp;(5.42%) | &nbsp;&nbsp;&nbsp;&nbsp;4.85% | &nbsp;&nbsp;&nbsp;68.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12794 | &nbsp;&nbsp;$13847 | &nbsp;&nbsp;$18742 | &nbsp;&nbsp;$20280 | &nbsp;&nbsp;$27245 | &nbsp;&nbsp;$24<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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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Macquarie Mid Cap Income Opportunities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$19.65 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.77 | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;$10.96 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.87 | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$19.65 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.77 | &nbsp;&nbsp;$18.35 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.07% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;20.00% | &nbsp;&nbsp;&nbsp;&nbsp;(4.99%) | &nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;69.22% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$11265 | &nbsp;&nbsp;$10634 | &nbsp;&nbsp;$13117 | &nbsp;&nbsp;$1131 | &nbsp;&nbsp;$1205 | &nbsp;&nbsp;$1<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie Mid Cap Income Opportunities Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.27 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 | &nbsp;&nbsp;$10.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.91 | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.27 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;20.58% | &nbsp;&nbsp;&nbsp;&nbsp;(4.42%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;70.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$635711 | &nbsp;&nbsp;$672059 | &nbsp;&nbsp;$865423 | &nbsp;&nbsp;$996722 | &nbsp;&nbsp;$1399865 | &nbsp;&nbsp;$1224<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> 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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Macquarie Mid Cap Income Opportunities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.28 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 | &nbsp;&nbsp;$10.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.91 | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.28 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;12.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;20.63% | &nbsp;&nbsp;&nbsp;&nbsp;(4.37%) | &nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;70.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$75036 | &nbsp;&nbsp;$80036 | &nbsp;&nbsp;$95789 | &nbsp;&nbsp;$89010 | &nbsp;&nbsp;$112720 | &nbsp;&nbsp;$103<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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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Macquarie Mid Cap Income Opportunities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.97 | &nbsp;&nbsp;$19.78 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.39 | &nbsp;&nbsp;$10.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.02 | &nbsp;&nbsp;$17.97 | &nbsp;&nbsp;$19.78 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.39 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;12.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;20.21% | &nbsp;&nbsp;&nbsp;&nbsp;(4.68%) | &nbsp;&nbsp;&nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;69.84% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$13548 | &nbsp;&nbsp;$12415 | &nbsp;&nbsp;$14885 | &nbsp;&nbsp;$11656 | &nbsp;&nbsp;$27888 | &nbsp;&nbsp;$38<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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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Macquarie Small Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.30 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$22.28 | &nbsp;&nbsp;$13.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.97 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.78 | &nbsp;&nbsp;$11.30 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$22.28 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;21.95%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.79%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.98%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;(14.90%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.23%) | &nbsp;&nbsp;&nbsp;84.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$558267 | &nbsp;&nbsp;$510833 | &nbsp;&nbsp;$647245 | &nbsp;&nbsp;$681798 | &nbsp;&nbsp;$1030905 | &nbsp;&nbsp;$1318<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.90%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Small Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1,2</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1,2</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>1</sup>** | &nbsp;&nbsp;**3/31/24<sup>1</sup>** | &nbsp;&nbsp;**3/31/23<sup>1</sup>** | &nbsp;&nbsp;**3/31/22<sup>1</sup>** | &nbsp;&nbsp;**3/31/21<sup>1</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.40 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$25.98 | &nbsp;&nbsp;$47.88 | &nbsp;&nbsp;$29.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.72 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.00 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(17.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.88) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(18.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.88) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.15 | &nbsp;&nbsp;$17.40 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$25.98 | &nbsp;&nbsp;$47.88 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;21.55%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.53%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;16.04%<sup>6</sup> | &nbsp;&nbsp;&nbsp;(15.56%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.89%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;82.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$14773 | &nbsp;&nbsp;$14197 | &nbsp;&nbsp;$16724 | &nbsp;&nbsp;$20607 | &nbsp;&nbsp;$36063 | &nbsp;&nbsp;$57<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;2.05%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% |

---

<sup>1</sup> Updated to reflect the effect of a 3 for 1 reverse stock split on September 26, 2025. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>3</sup> Calculated using average shares outstanding.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Small Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;$12.18 | &nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$13.75 | &nbsp;&nbsp;$21.50 | &nbsp;&nbsp;$12.89 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.85 | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;$12.18 | &nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$13.75 | &nbsp;&nbsp;$21.50 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;21.80%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.97%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;16.70%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;(15.18%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.57%) | &nbsp;&nbsp;&nbsp;83.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$42305 | &nbsp;&nbsp;$37847 | &nbsp;&nbsp;$44935 | &nbsp;&nbsp;$43146 | &nbsp;&nbsp;$56050 | &nbsp;&nbsp;$70<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.33%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.16%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

112&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Small Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$19.39 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$32.06 | &nbsp;&nbsp;$18.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.66 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.51 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.10 | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$19.39 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$32.06 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;22.15% | &nbsp;&nbsp;&nbsp;&nbsp;(7.57%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.29%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(14.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(7.88%) | &nbsp;&nbsp;&nbsp;85.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$358916 | &nbsp;&nbsp;$360965 | &nbsp;&nbsp;$468025 | &nbsp;&nbsp;$560403 | &nbsp;&nbsp;$904112 | &nbsp;&nbsp;$1216<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;113

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Small Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$22.30 | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$23.70 | &nbsp;&nbsp;$32.30 | &nbsp;&nbsp;$18.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.78 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.63 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.42 | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$22.30 | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$23.70 | &nbsp;&nbsp;$32.30 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;22.22%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.44%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.38%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;(14.67%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.88%) | &nbsp;&nbsp;&nbsp;85.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$97810 | &nbsp;&nbsp;$93491 | &nbsp;&nbsp;$175469 | &nbsp;&nbsp;$157251 | &nbsp;&nbsp;$209855 | &nbsp;&nbsp;$252<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.71%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

114&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Small Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$21.10 | &nbsp;&nbsp;$29.47 | &nbsp;&nbsp;$17.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.26 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.20 | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$21.10 | &nbsp;&nbsp;$29.47 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;21.98%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.77%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;16.93%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;(14.91%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.19%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;84.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$29450 | &nbsp;&nbsp;$23238 | &nbsp;&nbsp;$34019 | &nbsp;&nbsp;$72634 | &nbsp;&nbsp;$99698 | &nbsp;&nbsp;$135<sup>7</sup> |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements 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%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> 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.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>9</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie Smid Cap Core Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$18.43 | &nbsp;&nbsp;$22.43 | &nbsp;&nbsp;$12.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.61 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.35 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$18.43 | &nbsp;&nbsp;$22.43 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.29%<sup>3</sup> | &nbsp;&nbsp;&nbsp;20.70% | &nbsp;&nbsp;&nbsp;&nbsp;(7.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.21%) | &nbsp;&nbsp;&nbsp;74.15% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$106213 | &nbsp;&nbsp;$103557 | &nbsp;&nbsp;$115867 | &nbsp;&nbsp;$111950 | &nbsp;&nbsp;$151380 | &nbsp;&nbsp;$176<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

116&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie Smid Cap Core Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.61 | &nbsp;&nbsp;$11.68 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$14.84 | &nbsp;&nbsp;$18.75 | &nbsp;&nbsp;$10.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.70 | &nbsp;&nbsp;$11.61 | &nbsp;&nbsp;$11.68 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$14.84 | &nbsp;&nbsp;$18.75 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.45% | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.77% | &nbsp;&nbsp;&nbsp;&nbsp;(7.71%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.93%) | &nbsp;&nbsp;&nbsp;72.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$7666 | &nbsp;&nbsp;$8533 | &nbsp;&nbsp;$11117 | &nbsp;&nbsp;$12188 | &nbsp;&nbsp;$17505 | &nbsp;&nbsp;$22<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;2.12% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.72%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;117

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Macquarie Smid Cap Core Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.55 | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.01 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$22.20 | &nbsp;&nbsp;$12.78 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.06 | &nbsp;&nbsp;$15.55 | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.01 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$22.20 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;20.38% | &nbsp;&nbsp;&nbsp;&nbsp;(7.21%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) | &nbsp;&nbsp;&nbsp;73.71% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$22735 | &nbsp;&nbsp;$20360 | &nbsp;&nbsp;$21641 | &nbsp;&nbsp;$18550 | &nbsp;&nbsp;$22950 | &nbsp;&nbsp;$25<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based 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.

<sup>6</sup> Total return is less than 0.005%.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> 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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Macquarie Smid Cap Core Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.38 | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;$15.28 | &nbsp;&nbsp;$20.60 | &nbsp;&nbsp;$24.68 | &nbsp;&nbsp;$14.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$18.38 | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;$15.28 | &nbsp;&nbsp;$20.60 | &nbsp;&nbsp;$24.68 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;10.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21.01% | &nbsp;&nbsp;&nbsp;&nbsp;(6.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) | &nbsp;&nbsp;&nbsp;75.04% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$172206 | &nbsp;&nbsp;$148920 | &nbsp;&nbsp;$144334 | &nbsp;&nbsp;$159794 | &nbsp;&nbsp;$316727 | &nbsp;&nbsp;$451<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;119

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Smid Cap Core Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.64 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$15.48 | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$24.88 | &nbsp;&nbsp;$14.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;10.64 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;10.66 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.47 | &nbsp;&nbsp;$18.64 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$15.48 | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$24.88 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;10.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>2</sup> | &nbsp;&nbsp;&nbsp;21.17% | &nbsp;&nbsp;&nbsp;&nbsp;(6.73%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) | &nbsp;&nbsp;&nbsp;74.96% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$38902 | &nbsp;&nbsp;$36722 | &nbsp;&nbsp;$40997 | &nbsp;&nbsp;$39951 | &nbsp;&nbsp;$82144 | &nbsp;&nbsp;$77<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% | &nbsp;&nbsp;&nbsp;&nbsp;127% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Smid Cap Core Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<br> (Unaudited)** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** | &nbsp;&nbsp;**3/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$17.30 | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$23.73 | &nbsp;&nbsp;$13.62 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$17.30 | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$23.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;9.88% | &nbsp;&nbsp;&nbsp;0.25%<sup>2</sup> | &nbsp;&nbsp;&nbsp;20.73% | &nbsp;&nbsp;&nbsp;&nbsp;(7.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) | &nbsp;&nbsp;&nbsp;74.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$5601 | &nbsp;&nbsp;$5390 | &nbsp;&nbsp;$5772 | &nbsp;&nbsp;$5348 | &nbsp;&nbsp;$8110 | &nbsp;&nbsp;$9<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;(0.20%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;121

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** | &nbsp;&nbsp;**3/31/21<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.73 | &nbsp;&nbsp;$18.55 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$22.54 | &nbsp;&nbsp;$28.07 | &nbsp;&nbsp;$15.61 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.67 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.12 | &nbsp;&nbsp;$18.73 | &nbsp;&nbsp;$18.55 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$22.54 | &nbsp;&nbsp;$28.07 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;18.10%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.26%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.31%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(11.42%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(19.25%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;81.21% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$145286 | &nbsp;&nbsp;$134588 | &nbsp;&nbsp;$158396 | &nbsp;&nbsp;$179755 | &nbsp;&nbsp;$263968 | &nbsp;&nbsp;$377<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;(0.03%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;(0.03%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Total return is based 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. |
| <sup>4</sup> | 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. |
| <sup>5</sup> | Net assets reported in millions. |
| <sup>6</sup> | 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&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** | &nbsp;&nbsp;**3/31/21<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.08 | &nbsp;&nbsp;$15.11 | &nbsp;&nbsp;$14.26 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$23.86 | &nbsp;&nbsp;$13.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.75 | &nbsp;&nbsp;$15.08 | &nbsp;&nbsp;$15.11 | &nbsp;&nbsp;$14.26 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$23.86 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;17.71%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.49%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.48%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(12.02%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(19.83%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;80.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12313 | &nbsp;&nbsp;$13481 | &nbsp;&nbsp;$16558 | &nbsp;&nbsp;$23136 | &nbsp;&nbsp;$39227 | &nbsp;&nbsp;$57<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Total return is based 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. |
| <sup>4</sup> | 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. |
| <sup>5</sup> | Net assets reported in millions. |
| <sup>6</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;123

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** | &nbsp;&nbsp;**3/31/21<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.39 | &nbsp;&nbsp;$18.25 | &nbsp;&nbsp;$17.12 | &nbsp;&nbsp;$22.26 | &nbsp;&nbsp;$27.75 | &nbsp;&nbsp;$15.44 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.70 | &nbsp;&nbsp;$18.39 | &nbsp;&nbsp;$18.25 | &nbsp;&nbsp;$17.12 | &nbsp;&nbsp;$22.26 | &nbsp;&nbsp;$27.75 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;18.00%<sup>4</sup> | &nbsp;&nbsp;&nbsp;3.97%<sup>4</sup> | &nbsp;&nbsp;&nbsp;9.99%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(11.57%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(19.51%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;80.73% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$11097 | &nbsp;&nbsp;$5808 | &nbsp;&nbsp;$5880 | &nbsp;&nbsp;$6070 | &nbsp;&nbsp;$7540 | &nbsp;&nbsp;$11<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | 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. |
| <sup>5</sup> | Net assets reported in millions. |
| <sup>6</sup> | 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&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_9853aa70-da43-4be8-b8fe-4d8e044ae249_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** | &nbsp;&nbsp;**3/31/21<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$19.37 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$23.33 | &nbsp;&nbsp;$29.05 | &nbsp;&nbsp;$16.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74) | &nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.48) | &nbsp;&nbsp;&nbsp;&nbsp;13.21 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.17 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$19.37 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$23.33 | &nbsp;&nbsp;$29.05 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;18.27% | &nbsp;&nbsp;&nbsp;&nbsp;4.53% | &nbsp;&nbsp;&nbsp;&nbsp;10.55% | &nbsp;&nbsp;&nbsp;&nbsp;(11.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(18.96%) | &nbsp;&nbsp;&nbsp;82.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$393223 | &nbsp;&nbsp;$384443 | &nbsp;&nbsp;$432708 | &nbsp;&nbsp;$532766 | &nbsp;&nbsp;$912326 | &nbsp;&nbsp;$1548<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Total return is based 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. |
| <sup>4</sup> | Net assets reported in millions. |
| <sup>5</sup> | 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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Macquarie Systematic Emerging Markets Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** | &nbsp;&nbsp;**3/31/21<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$23.46 | &nbsp;&nbsp;$29.21 | &nbsp;&nbsp;$16.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.77) | &nbsp;&nbsp;&nbsp;&nbsp;13.19 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;13.29 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.33 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$23.46 | &nbsp;&nbsp;$29.21 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;18.37%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.65%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.74%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(11.06%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(18.89%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;82.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$92007 | &nbsp;&nbsp;$95319 | &nbsp;&nbsp;$120493 | &nbsp;&nbsp;$144999 | &nbsp;&nbsp;$254340 | &nbsp;&nbsp;$353<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;3.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Net assets reported in millions. |
| <sup>6</sup> | 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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Macquarie Systematic Emerging Markets Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 9/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** | &nbsp;&nbsp;**3/31/21<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.19 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$23.01 | &nbsp;&nbsp;$28.65 | &nbsp;&nbsp;$15.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.65) | &nbsp;&nbsp;&nbsp;&nbsp;12.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;12.95 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.67 | &nbsp;&nbsp;$19.19 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$23.01 | &nbsp;&nbsp;$28.65 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;18.13%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.26%<sup>4</sup> | &nbsp;&nbsp;&nbsp;10.25%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(11.38%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(19.23%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;81.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$31056 | &nbsp;&nbsp;$26855 | &nbsp;&nbsp;$26993 | &nbsp;&nbsp;$27664 | &nbsp;&nbsp;$29380 | &nbsp;&nbsp;$40<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | 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. |
| <sup>5</sup> | Net assets reported in millions. |
| <sup>6</sup> | 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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## Notes to financial statements
Ivy Funds

September 30, 2025 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 17 series. These financial statements and the related notes pertain to 11 series: Macquarie Core Equity Fund (formerly, Delaware Ivy Core Equity Fund through December 30, 2024), Macquarie Global Bond Fund (formerly, Delaware Ivy Global Bond Fund through December 30, 2024), Macquarie Global Growth Fund, (formerly, Delaware Ivy Global Growth Fund through December 30, 2024), Macquarie High Income Fund (formerly, Delaware Ivy High Income Fund through December 30, 2024), Macquarie International Core Equity Fund (formerly, Delaware Ivy International Core Equity Fund through December 30, 2024), Macquarie Large Cap Growth Fund (formerly, Delaware Ivy Large Cap Growth Fund through December 30, 2024), Macquarie Mid Cap Growth Fund (formerly, Delaware Ivy Mid Cap Growth Fund through December 30, 2024), Macquarie Mid Cap Income Opportunities Fund (formerly, Delaware Ivy Mid Cap Income Opportunities Fund through December 30, 2024), Macquarie Small Cap Growth Fund (formerly, Delaware Ivy Small Cap Growth Fund through December 30, 2024), Macquarie Smid Cap Core Fund (formerly, Delaware Ivy Smid Cap Core Fund through December 30, 2024), and Macquarie Systematic Emerging Markets Equity Fund (formerly, Delaware Ivy Systematic Emerging Markets Equity Fund through December 30, 2024), (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Macquarie Large Cap Growth Fund, are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Macquarie Large Cap Growth Fund is considered nondiversified.

Each Fund offers Class A, Class C, Class R, Institutional Class (formerly, Class I), 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 R, Institutional Class, 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.

**Basis of Consolidation — Delaware Ivy EME, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Macquarie Systematic Emerging Markets Equity Fund (referred to as the Fund in this subsection). The Subsidiary acted 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 statement of additional information. The Fund's investment portfolio was consolidated and included the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements included the accounts of the Fund and its Subsidiary. All inter-company transactions and balances were 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 conferred upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and conferred 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. The date of incorporation of the Subsidiary was January 31, 2013. On August 22, 2023, the Subsidiary was dissolved. Activity associated with the dissolution of the Subsidiary was incurred through November 27, 2024 at which point the accounts of the Subsidiary were closed and no longer held by the Fund.**

NC Macau I Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Macquarie High Income 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 statement of additional information. 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 conferred upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and conferred upon the shareholder rights in a winding-up or repayment of capital and the right to participate

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in the profits or assets of the Subsidiary. The date of incorporation of the Subsidiary was July 7, 2025. As of September 30, 2025, the total net assets held by the Subsidiary is $9,223,278, or approximately 0.43%, of the Fund's net assets.

**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 (NYSE) 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, and interest rate swap (IRS) contracts 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 (Policy). Fixed income security, CDS contracts, and IRS contracts valuations are then reviewed by DMC as part of its duties as each Fund's valuation designee (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 certain 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. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor 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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Funds may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.** 

**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 six months ended September 30, 2025, and for all open tax years (years ended March 31, 2022–March 31, 2025), 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**

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Ivy Funds

1. Significant Accounting Policies (continued)

countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the six months ended September 30, 2025, the Funds did not incur any interest or tax penalties.

As a result of several court cases, in certain countries across the European Union, certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as "Foreign withholding tax claims" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Foreign withholding tax claims." 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 Macquarie Global Growth Fund and Macquarie International Core Equity Fund will enter into a closing agreement with the IRS. Macquarie Global Growth Fund's estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims" in the "Statements of assets and liabilities." Any fees associated with these closing agreements are included on the "Statements of operations" under "Audit and tax fees."

**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.**

**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 "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, forward 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 either use 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**

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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 such Fund. Other expenses common to various funds within the Macquarie 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, a Fund may pay an assignment fee. On an ongoing basis, a 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. Each Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Macquarie High Income Fund declares daily and pays dividends monthly. Macquarie Mid Cap Income Opportunities Fund and Macquarie Smid Cap Core Fund declare and pay dividends quarterly. Macquarie Core Equity Fund, Macquarie Systematic Emerging Markets Equity Fund, Macquarie Global Growth Fund, Macquarie International Core Equity Fund, Macquarie Large Cap Growth Fund, Macquarie Mid Cap Growth Fund, and Macquarie 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.**

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund's Chief Executive Officer and Chief Financial Officer act as each Fund's chief operating decision makers (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Adoption of the new standard impacted each Fund's financial statements note disclosures only, and did not affect any Fund's financial position or the results of its operations.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding

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Ivy Funds

1. Significant Accounting Policies (continued)

expenses offset included under "Less expenses paid indirectly." For the six months ended September 30, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$— |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;20492 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;16787 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;41810 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |

---

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, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended September 30, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$852 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1310 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1195 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2083 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5655 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |

---

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 (MIMBT) 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.525% of net assets over $5 billion and up to $6 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $6 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% of net assets over $10 billion. |

---

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---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $1.5 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% of net assets over $10 billion. |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.695% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% of net assets over $10 billion. |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $1.5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% of net assets over $10 billion and up to $20 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% of net assets over $20 billion. |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% of net assets over $10 billion. |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.545% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% of net assets over $10 billion. |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion and up to $15 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% of net assets over $15 billion. |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion and up to $15 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% of net assets over $15 billion. |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% of net assets over $10 billion. |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% of net assets over $10 billion. |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.755% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of net assets over $10 billion. |

---

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (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, 2025 (except as noted) through July 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> net assets<br> all share classes<br> other than<br> Class R6 | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets<br> Class R6 |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.67% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;0.69%\* | &nbsp;&nbsp;&nbsp;0.56%\* |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;0.76%\*\* |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.54% |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;0.66%\*\*\* |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.56% |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.68% |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.73% |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.76% |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.77% |

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| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> net assets<br> all share classes<br> other than<br> Class R6 | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets<br> Class R6 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.64%\*\*\* |

---

\* Effective July 31, 2025. Prior to July 31, 2025, these amounts for classes other than R6 and Class R6 were 0.70% and 0.57%, respectively.

\*\* Effective July 31, 2025. Prior to July 31, 2025, the amount for Class R6 was 0.75%.

\*\*\* Effective July 31, 2025. Prior to July 31, 2025, the amount for Class R6 was 0.65%.

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, 2025 (except as noted) through July 30, 2026, unless terminated by agreement of DMC and the Funds, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets |
| Fund | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;Class Y |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.99% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;0.94%\* | &nbsp;&nbsp;&nbsp;1.69%\* | &nbsp;&nbsp;&nbsp;1.19%\* | &nbsp;&nbsp;&nbsp;0.69%\* | &nbsp;&nbsp;&nbsp;0.56%\* | &nbsp;&nbsp;&nbsp;0.94%\* |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;0.76%\*\* | &nbsp;&nbsp;&nbsp;1.10% |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;0.88% |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;0.66%\*\*\* | &nbsp;&nbsp;&nbsp;1.02% |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;0.89% |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;1.04% |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;1.08% |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;1.13% |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;1.14% |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.64%\*\*\* | &nbsp;&nbsp;&nbsp;1.05% |

---

\* Effective July 31, 2025. Prior to July 31, 2025, these amounts for Class A, Class C, Class R, Institutional Class, Class R6, and Class Y were 0.95%, 1.70%, 1.20%, 0.70%, 0.57%, and 0.95%, respectively.

\*\* Effective July 31, 2025. Prior to July 31, 2025. the amount for Class R6 was 0.75%.

\*\*\* Effective July 31, 2025. Prior to July 31, 2025. the amount for Class R6 was 0.65%.

DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:

In connection with its management of Macquarie Global Bond Fund and Macquarie 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 Macquarie 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 Macquarie Core Equity Fund, Macquarie Global Growth Fund, Macquarie International Core Equity Fund, Macquarie Large Cap Growth Fund, Macquarie Mid Cap Growth Fund, Macquarie Mid Cap Income Opportunities Fund, Macquarie Small Cap Growth Fund, and Macquarie Smid Cap Core 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, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015%

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie 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 six months ended September 30, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Core Equity Fund | $88009 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;12631 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;22440 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;53695 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;36341 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;181596 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;111965 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;22608 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;26644 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;9852 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;17261 |

---

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. 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 Macquarie 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 Macquarie Funds on a relative NAV basis. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the six months ended September 30, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Core Equity Fund | $131572 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;16273 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;31266 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;79158 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;52542 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;274824 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;168329 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;31536 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;37702 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;12001 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;23344 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS 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, transfer agent and sub-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 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 Macquarie Global Growth Fund prior to January 1, 1992 are not subject to an ongoing 12b-1 fee. This arrangement may result in an effective 12b-1 fee rate that is lower than 0.25% of the net assets attributable to outstanding Class A shares of the Fund. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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

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included on the "Statements of operations" under "Legal fees." For the six months ended September 30, 2025, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Core Equity Fund | $35243 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;4494 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;8404 |
| Macquarie High Income Fund | &nbsp;&nbsp;28476 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;14247 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;74325 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;46559 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;8656 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;12947 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;3181 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;6298 |

---

For the six months ended September 30, 2025, DDLP earned commissions on sales of Class A shares for each Fund as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Class A |
| Macquarie Core Equity Fund | $54416 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;1893 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;11972 |
| Macquarie High Income Fund | &nbsp;&nbsp;17342 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;15511 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;89100 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;30581 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;9279 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;17068 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;3071 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;3568 |

---

For the six months ended September 30, 2025, 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 | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$3722 | &nbsp;&nbsp;&nbsp;$1725 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;4517 | &nbsp;&nbsp;&nbsp;&nbsp;1896 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;4381 | &nbsp;&nbsp;&nbsp;&nbsp;3491 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;1127 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |

---

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.

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

During the six months ended September 30, 2025, DMC reimbursed Macquarie High Income Fund $5,370 in connection with trade errors. These amounts are included in "Net increase from payment by affiliates" in the "Consolidated statement of operations." Payment by affiliates had no impact on total return.

During the year ended March 31, 2025, DMC reimbursed Macquarie Global Growth Fund $2,311, Macquarie High Income Fund $225,710, Macquarie International Core Equity Fund $1,025, Macquarie Small Cap Growth Fund $63, and Macquarie Smid Cap Core Fund $213 in connection with trade errors. These amounts are included in "Net increase from payment by affiliates" in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.

An affiliated issuer includes any company in which a Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies during the six months ended September 30, 2025 was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated <br> investments | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions |
| **Macquarie High Income Fund** | **Macquarie High Income Fund** | **Macquarie High Income Fund** | **Macquarie High Income Fund** | **Macquarie High Income Fund** | **Macquarie High Income Fund** | **Macquarie High Income Fund** | **Macquarie High Income Fund** |  |
| **Common Stocks—0.55%** | **Common Stocks—0.55%** | **Common Stocks—0.55%** |  |  |  |  |  |  |
| BIS Industries Holdings | BIS Industries Holdings | BIS Industries Holdings | BIS Industries Holdings | BIS Industries Holdings |  |  |  |  |
|  | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;19682813 | &nbsp;&nbsp;&nbsp;$— |
| Foresight Energy | Foresight Energy | Foresight Energy | Foresight Energy | Foresight Energy |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;5687636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3064508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623128 | &nbsp;&nbsp;&nbsp;&nbsp;1117414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Cotai | New Cotai | New Cotai | New Cotai | New Cotai |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;8725584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(183496363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;183964057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193278 | &nbsp;&nbsp;&nbsp;20316462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;14413220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(183496363)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;180899549 | &nbsp;&nbsp;&nbsp;&nbsp;11816406 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Convertible Bond—1.37%** | **Convertible Bond—1.37%** | **Convertible Bond—1.37%** |  |  |  |  |  |  |
| New Cotai PIK | New Cotai PIK | New Cotai PIK | New Cotai PIK | New Cotai PIK |  |  |  |  |
|  | &nbsp;&nbsp;27283296 | &nbsp;&nbsp;&nbsp;&nbsp;733475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451552 | &nbsp;&nbsp;&nbsp;&nbsp;29468323 | &nbsp;&nbsp;&nbsp;26049124 | &nbsp;&nbsp;&nbsp;&nbsp;739715 |
| **Loan Agreements—0.00%** | **Loan Agreements—0.00%** | **Loan Agreements—0.00%** |  |  |  |  |  |  |
| Foresight Energy Operating Tranche A | Foresight Energy Operating Tranche A | Foresight Energy Operating Tranche A | Foresight Energy Operating Tranche A | Foresight Energy Operating Tranche A |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;6734683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5180526)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2220225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $48431199 | &nbsp;&nbsp;&nbsp;$733475 | &nbsp;&nbsp;&nbsp;$(188676889) | &nbsp;&nbsp;&nbsp;$(2220225) | &nbsp;&nbsp;&nbsp;$183017169 | &nbsp;&nbsp;&nbsp;$41284729 |  | &nbsp;&nbsp;&nbsp;$739715 |

---

<sup>1</sup> The amount shown included return of capital.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about December 1, 2025. This is subject to change.

The closing of this transaction will result in the automatic termination of each Fund's investment advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation of the closing of the transaction, on June 18, 2025, the Board approved, and recommended shareholders approve, a new investment advisory agreement for each Fund that, pending shareholder approval, would go into effect at the closing of the transaction.

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Fund shareholders approved a new advisory agreement at a special shareholder meeting on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Shareholder Approval Date** |
| &nbsp;&nbsp;Macquarie Core Equity Fund | &nbsp;&nbsp;October 16, 2025 |
| &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;October 16, 2025 |
| &nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;October 16, 2025 |
| &nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;October 16, 2025 |
| &nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;October 16, 2025 |
| &nbsp;&nbsp;Macquarie Large Cap Growth Fund | &nbsp;&nbsp;October 23, 2025 |
| &nbsp;&nbsp;Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;October 24, 2025 |
| &nbsp;&nbsp;Macquarie Small Cap Growth Fund | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;October 31, 2025 |
| &nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;November 7, 2025 |
| &nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;November 13, 2025 |

---

At closing, each Fund will be renamed as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Current Name** | &nbsp;&nbsp;**Post-Closing Name** |
| &nbsp;&nbsp;Macquarie Core Equity Fund | &nbsp;&nbsp;Nomura Core Equity Fund |
| &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund |
| &nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;Nomura Global Growth Fund |
| &nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;Nomura High Income Fund |
| &nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;Nomura International Core Equity Fund |
| &nbsp;&nbsp;Macquarie Large Cap Growth Fund | &nbsp;&nbsp;Nomura Large Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;Nomura Mid Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;Nomura Mid Cap Income Opportunities Fund |
| &nbsp;&nbsp;Macquarie Small Cap Growth Fund | &nbsp;&nbsp;Nomura Small Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;Nomura Smid Cap Core Fund |
| &nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund |

---

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Ivy Funds

3. Investments

For the six months ended September 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$548019191 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$596823909 | &nbsp;&nbsp;&nbsp;$— |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164943842 | &nbsp;&nbsp;&nbsp;&nbsp;112794584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193467537 | &nbsp;&nbsp;&nbsp;&nbsp;154139461 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155621814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229242106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317620433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573013308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627286236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795960431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1039916264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1949638929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1181376598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2389639728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90845391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218675557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299223364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459764922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53396550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57523486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110730650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193264251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

At September 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$1846454148 | &nbsp;&nbsp;&nbsp;$2058300639 | &nbsp;&nbsp;&nbsp;$(838508) | &nbsp;&nbsp;&nbsp;$2057462131 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412821377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19597044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9153728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10443316 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588345555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342660052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12850197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329809855 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;2191680490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78760140 | &nbsp;&nbsp;&nbsp;&nbsp;(116088774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37328634) |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1133037201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375569218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39547151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336022067 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;3059761818 | &nbsp;&nbsp;&nbsp;&nbsp;4977851887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49625729) | &nbsp;&nbsp;&nbsp;&nbsp;4928226158 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;3233250635 | &nbsp;&nbsp;&nbsp;&nbsp;1368480959 | &nbsp;&nbsp;&nbsp;&nbsp;(155305000) | &nbsp;&nbsp;&nbsp;&nbsp;1213175959 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570864388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356338755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27536198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328802557 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831380548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293855315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21184795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272670520 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274712959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98094539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19147643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78946896 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494826428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258087228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66125869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191961359 |

---

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For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2025, certain Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Loss carryforward character | Loss carryforward character |  |
|  | Short-term | Long-term | Total |
| Macquarie Global Bond Fund\* | $61716052 | $59065848 | $120781900 |
| Macquarie High Income Fund\* | &nbsp;&nbsp;&nbsp;280868888 | &nbsp;&nbsp;&nbsp;1729749533 | &nbsp;&nbsp;&nbsp;2010618421 |
| Macquarie International Core Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18422267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27274760 |
| Macquarie Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;187116462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28979128 | &nbsp;&nbsp;&nbsp;&nbsp;216095590 |
| Macquarie Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;444171871 | &nbsp;&nbsp;&nbsp;&nbsp;315169630 | &nbsp;&nbsp;&nbsp;&nbsp;759341501 |
| Macquarie Small Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;48860979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55574197 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785013 |

---

\* A portion of the Fund's capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

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 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 September 30, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Equity Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$3876727668 |

---

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Ivy Funds

3. Investments (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Equity Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;$27188611 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$3903916279 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Bond Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$59817830 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$59817830 |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54905 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165062593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165062593 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500895 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856511 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11087180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11087180 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691060 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129455386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129455386 |
| Supranational Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043445 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35951210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35951210 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79851 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400000 |
| Total Value of Securities Before Options Written | &nbsp;&nbsp;&nbsp;&nbsp;$10479851 | &nbsp;&nbsp;&nbsp;&nbsp;$412466110 | &nbsp;&nbsp;&nbsp;&nbsp;$54905 | &nbsp;&nbsp;&nbsp;&nbsp;$423000866 |
| Liabilities: |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;$(9233) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(9233) |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1687339 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1687339 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410156 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817854 |
| Liabilities: |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(320960) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(320960) |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340748) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862406) |
| Over-The-Counter Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118175) |

---

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<sup>1</sup>Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Growth Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;$24177587 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$24177587 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25279980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25279980 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400089 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14658176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14658176 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19067630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19067630 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58326095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58326095 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29956608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29956608 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168876 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25451040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25451040 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17376694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17376694 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171975 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18439574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18439574 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19439707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19439707 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400899 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100424 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557653537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557653537 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086519 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$644295373 | &nbsp;&nbsp;&nbsp;&nbsp;$273860037 | &nbsp;&nbsp;&nbsp;&nbsp;$918155410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Income Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$141106158 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$141106158 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22105664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22105664 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192602<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192602 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193278 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29468323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29468323 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740649944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740649944 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183529785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183529785 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25106102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25106102 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$47211766 | &nbsp;&nbsp;&nbsp;&nbsp;$2065285887 | &nbsp;&nbsp;&nbsp;&nbsp;$41854203 | &nbsp;&nbsp;&nbsp;&nbsp;$2154351856 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Consolidated schedule of investments" is considered to be a Level 3 investment in this table.

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Ivy Funds

3. Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie International Core Equity Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$21473394 | &nbsp;&nbsp;&nbsp;&nbsp;$21473394 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110520352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110520352 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48597206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48597206 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106628420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106628420 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17149152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17149152 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9471390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9471390 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74504510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74504510 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128611803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141423626 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47176062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47176062 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75560344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75560344 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22494150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34406216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56900366 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139527428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139527428 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13623743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13623743 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110711551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110711551 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21264201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21264201 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58792626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58792626 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56021568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56021568 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29366112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29366112 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18624519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14964742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33589261 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78405278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78405278 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46022829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104583362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150606191 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450630 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15125298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15125298 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46170559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46170559 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$397105236 | &nbsp;&nbsp;&nbsp;&nbsp;$1071954032 | &nbsp;&nbsp;&nbsp;&nbsp;$1469059268 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Large Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$7987987976 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Mid Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$4446426594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$891766154 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900791 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$899666945 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Small Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$1097536777 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514291 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1104051068 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Smid Cap Core Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$9415884 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9415884 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32053382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32053382 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12455783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12455783 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12798609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12798609 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59625263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59625263 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46299656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46299656 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80878262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80878262 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52025472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52025472 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12769157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12769157 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23035294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23035294 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038453 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264640 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$353659855 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$353659855 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

&nbsp;&nbsp;&nbsp;&nbsp;

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Ivy Funds

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$99454358 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$99454358 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12788816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76588833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89377649 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12067042 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23358581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25370820 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16525588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118730040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135255628 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152426 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36508479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42455464 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203563431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203563431 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14318231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16531776 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11038761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20429024 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671069 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12301876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12301876 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21157224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21157224 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$91086761 | &nbsp;&nbsp;&nbsp;&nbsp;$595701026 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$686787787 |

---

---

| |
|:---|
| <sup>1</sup>The value represents valuations of Russian Common Stocks for which Management has determined include significant unobservable inputs as of September 30, 2025. |
| <sup>2</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table. |

---

As a result of utilizing international fair value pricing at September 30, 2025, a portion of the common stock in the portfolio for Macquarie Global Growth Fund, Macquarie International Core Equity Fund, and Macquarie Systematic Emerging Markets Equity Fund were categorized as Level 2.

During the six months ended September 30, 2025, the Funds (except for Macquarie High Income Fund) had no transfers into or out of Level 3 investments. During the six months ended September 30, 2025, Macquarie High Income Fund had transfers 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 period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to 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 Macquarie Global Bond Fund, Macquarie Smid Cap Core Fund and Macquarie Systematic Emerging Markets Equity Fund's net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Macquarie Global Bond Fund, Macquarie Smid Cap Core Fund and Macquarie Systematic Emerging Markets Equity Fund's net assets at the end of the period. As of September 30, 2025, Macquarie Core Equity Fund, Macquarie Global Growth Fund, Macquarie International Core Equity Fund, Macquarie Large Cap Growth Fund, Macquarie Mid Cap Growth Fund, Macquarie Mid Cap Income Opportunities Fund, and Macquarie Small Cap Growth Fund had no level 3 investments.

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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Macquarie High Income Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Convertible<br> Bond | &nbsp;&nbsp;&nbsp;Common<br> Stocks | &nbsp;&nbsp;&nbsp;Total |
| Balance as of 3/31/25 | $27283296 | &nbsp;&nbsp;&nbsp;$15701074 | &nbsp;&nbsp;&nbsp;$42984370 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638788 |
| Amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94687 |
| Corporate actions |  | &nbsp;&nbsp;&nbsp;&nbsp;(183496363) | &nbsp;&nbsp;&nbsp;&nbsp;(183496363) |
| Transfer out |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720970) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1451552 | &nbsp;&nbsp;&nbsp;&nbsp;180902139 | &nbsp;&nbsp;&nbsp;&nbsp;182353691 |
| Balance as of 9/30/25 | $29468323&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;$12385880 | &nbsp;&nbsp;&nbsp;$41854203 |
| Net change in unrealized appreciation (depreciation)<br> from Level 3 investments still held as of 9/30/25 | $1451552 | &nbsp;&nbsp;&nbsp;$180902139 | &nbsp;&nbsp;&nbsp;$182353691 |

---

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Macquarie High Income Fund is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Valuation<br> Techniques | &nbsp;&nbsp;&nbsp;Unobservable<br> Inputs | &nbsp;&nbsp;&nbsp;Input<br> Value |
| Common Stocks | $2623128 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;Sale price | &nbsp;&nbsp;&nbsp;$2.3475 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193278 | &nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;Financial statements | &nbsp;&nbsp;&nbsp;N/A |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559624 | &nbsp;&nbsp;&nbsp;Net asset value/liquidation | &nbsp;&nbsp;&nbsp;Adjusted net asset value | &nbsp;&nbsp;&nbsp;$9.2 million |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 | &nbsp;&nbsp;&nbsp;Net asset value/liquidation | &nbsp;&nbsp;&nbsp;Adjusted net asset value | &nbsp;&nbsp;&nbsp;$14.1 million |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;29468323 | &nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;Financial statements | &nbsp;&nbsp;&nbsp;N/A |

---

Fair valued securities currently priced at zero on the "Consolidated schedule of investments" are excluded from the table above.

Level 3 securities with a total value of $3,179 on the "Consolidated schedule of investments" have been valued using third party pricing information without adjustment and are excluded from the table above.

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.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund's pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;147

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Ivy Funds

4. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie<br> Core Equity Fund | Macquarie<br> Core Equity Fund | Macquarie Global<br> Bond Fund | Macquarie Global<br> Bond Fund | Macquarie Global<br> Growth Fund | Macquarie Global<br> Growth Fund |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;1543182 | &nbsp;&nbsp;&nbsp;4215531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583687 | &nbsp;&nbsp;&nbsp;1176955 | &nbsp;&nbsp;&nbsp;&nbsp;169399 | &nbsp;&nbsp;&nbsp;&nbsp;421300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;3707995 | &nbsp;&nbsp;11720259 | &nbsp;&nbsp;&nbsp;5585457 | &nbsp;&nbsp;&nbsp;8648216 | &nbsp;&nbsp;&nbsp;&nbsp;269248 | &nbsp;&nbsp;&nbsp;&nbsp;903912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;4222787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820369 | &nbsp;&nbsp;&nbsp;2599892 | &nbsp;&nbsp;&nbsp;4430623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9904101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1925479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2057656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32857 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18046089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;670656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3482490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;198989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063 |
|  | &nbsp;&nbsp;&nbsp;9677595 | &nbsp;&nbsp;40110918 | &nbsp;&nbsp;&nbsp;9499697 | &nbsp;&nbsp;18844095 | &nbsp;&nbsp;&nbsp;&nbsp;493708 | 14401764 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (13040587) | (28746723) | &nbsp;&nbsp;&nbsp;(1404339) | &nbsp;&nbsp;&nbsp;(2653001) | (1484912) | &nbsp;&nbsp;(2975422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(223865) | &nbsp;&nbsp;&nbsp;&nbsp;(549280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16652) | &nbsp;&nbsp;&nbsp;&nbsp;(108970) | &nbsp;&nbsp;&nbsp;&nbsp;(26057) | &nbsp;&nbsp;&nbsp;&nbsp;(63015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(5959132) | (12319800) | &nbsp;&nbsp;&nbsp;(6544025) | (11792955) | &nbsp;&nbsp;&nbsp;(944363) | &nbsp;&nbsp;(2522971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(6845665) | &nbsp;&nbsp;&nbsp;&nbsp;(801995) | &nbsp;&nbsp;&nbsp;(8117970) | &nbsp;&nbsp;&nbsp;(4249290) | &nbsp;&nbsp;&nbsp;&nbsp;(42334) | &nbsp;&nbsp;&nbsp;&nbsp;(61698) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(102452) | &nbsp;&nbsp;&nbsp;&nbsp;(938858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47794) | &nbsp;&nbsp;&nbsp;&nbsp;(18129) | &nbsp;&nbsp;&nbsp;&nbsp;(13455) |
|  | (26173172) | (43356897) | (16137951) | (18880331) | (2516973) | &nbsp;&nbsp;(5640942) |
| Net increase (decrease) | (16495577) | &nbsp;&nbsp;&nbsp;(3245979) | &nbsp;&nbsp;&nbsp;(6638254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36236) | (2023265) | &nbsp;&nbsp;&nbsp;8760822 |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie<br> High Income<br> Fund | Macquarie<br> High Income<br> Fund | Macquarie<br> International<br> Core Equity<br> Fund | Macquarie<br> International<br> Core Equity<br> Fund | Macquarie<br> Large Cap Growth<br> Fund | Macquarie<br> Large Cap Growth<br> Fund |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;3495249 | &nbsp;&nbsp;&nbsp;12286572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873054 | &nbsp;&nbsp;&nbsp;1482061 | &nbsp;&nbsp;&nbsp;1123220 | &nbsp;&nbsp;&nbsp;4664405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;33876688 | &nbsp;&nbsp;&nbsp;37481002 | &nbsp;&nbsp;&nbsp;3093989 | &nbsp;&nbsp;&nbsp;6143644 | &nbsp;&nbsp;10738603 | &nbsp;&nbsp;43833711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534575 | &nbsp;&nbsp;&nbsp;&nbsp;3505979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419227 | &nbsp;&nbsp;&nbsp;2381690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329822 | &nbsp;&nbsp;&nbsp;1475240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864384 | &nbsp;&nbsp;&nbsp;&nbsp;2325970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312256 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;50917870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8196383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20383763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15494063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6027488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2481780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8707578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;6004528 | &nbsp;&nbsp;&nbsp;13449120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1469040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;4995006 | &nbsp;&nbsp;&nbsp;&nbsp;11595320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1716195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237108 | &nbsp;&nbsp;&nbsp;&nbsp;1051884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17167 |
|  | &nbsp;&nbsp;50943960 | &nbsp;&nbsp;160711169 | &nbsp;&nbsp;&nbsp;4619178 | &nbsp;&nbsp;26012414 | &nbsp;&nbsp;12459363 | &nbsp;&nbsp;77424797 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (26331205) | &nbsp;&nbsp;&nbsp;(51992986) | &nbsp;&nbsp;(1947135) | &nbsp;&nbsp;&nbsp;(4010367) | &nbsp;&nbsp;&nbsp;(7542183) | (15347054) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(2851692) | &nbsp;&nbsp;&nbsp;&nbsp;(7451502) | &nbsp;&nbsp;&nbsp;&nbsp;(184722) | &nbsp;&nbsp;&nbsp;&nbsp;(479893) | &nbsp;&nbsp;&nbsp;&nbsp;(436307) | &nbsp;&nbsp;&nbsp;&nbsp;(825318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(537855) | &nbsp;&nbsp;&nbsp;&nbsp;(1071872) | &nbsp;&nbsp;&nbsp;&nbsp;(202696) | &nbsp;&nbsp;&nbsp;&nbsp;(335384) | &nbsp;&nbsp;&nbsp;&nbsp;(152411) | &nbsp;&nbsp;&nbsp;&nbsp;(420760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (54516663) | &nbsp;&nbsp;&nbsp;(74654313) | &nbsp;&nbsp;(4615322) | (12819600) | (25034795) | (38362081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (10620745) | &nbsp;&nbsp;&nbsp;&nbsp;(5338827) | &nbsp;&nbsp;(4766685) | &nbsp;&nbsp;&nbsp;(5072537) | &nbsp;&nbsp;&nbsp;(2151181) | &nbsp;&nbsp;&nbsp;(4110550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(2311998) | &nbsp;&nbsp;&nbsp;&nbsp;(4102713) | &nbsp;&nbsp;&nbsp;&nbsp;(223874) | &nbsp;&nbsp;&nbsp;&nbsp;(687091) | &nbsp;&nbsp;&nbsp;&nbsp;(136631) | &nbsp;&nbsp;&nbsp;&nbsp;(237029) |
|  | (97170158) | (144612213) | (11940434) | (23404872) | (35453508) | (59302792) |
| Net increase (decrease) | (46226198) | &nbsp;&nbsp;&nbsp;16098956 | &nbsp;&nbsp;(7321256) | &nbsp;&nbsp;&nbsp;2607542 | (22994145) | &nbsp;&nbsp;18122005 |

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Ivy Funds

4. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie<br> Mid Cap Growth<br> Fund | Macquarie<br> Mid Cap Growth<br> Fund | Macquarie<br> Mid Cap Income<br> Opportunities<br> Fund | Macquarie<br> Mid Cap Income<br> Opportunities<br> Fund | Macquarie<br> Small Cap<br> Growth Fund | Macquarie<br> Small Cap<br> Growth Fund |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811988 | &nbsp;&nbsp;&nbsp;2372056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651822 | &nbsp;&nbsp;&nbsp;1933784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;4676270 | &nbsp;&nbsp;17126787 | &nbsp;&nbsp;&nbsp;2285474 | &nbsp;&nbsp;&nbsp;8196695 | &nbsp;&nbsp;&nbsp;1832144 | &nbsp;&nbsp;&nbsp;4353861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;2022080 | &nbsp;&nbsp;&nbsp;6981096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208825 | &nbsp;&nbsp;&nbsp;1053883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163514 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;24121871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1624592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1737673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11473739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3106920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1159373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4928324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2616229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5237432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278410 | &nbsp;&nbsp;&nbsp;4275169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2136947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56009 |
|  | &nbsp;&nbsp;&nbsp;7849497 | &nbsp;&nbsp;80122317 | &nbsp;&nbsp;&nbsp;3346160 | &nbsp;&nbsp;15390398 | &nbsp;&nbsp;&nbsp;3227545 | &nbsp;&nbsp;17334622 |
| Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1401673)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(8643233) | (15958299) | &nbsp;&nbsp;&nbsp;&nbsp;(769202) | &nbsp;&nbsp;&nbsp;(1777782) | &nbsp;&nbsp;&nbsp;(5364754) | (10866377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(850414) | &nbsp;&nbsp;&nbsp;(1957372) | &nbsp;&nbsp;&nbsp;&nbsp;(142004) | &nbsp;&nbsp;&nbsp;&nbsp;(298666) | &nbsp;&nbsp;&nbsp;&nbsp;(436693) | &nbsp;&nbsp;&nbsp;(1109733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(266315) | &nbsp;&nbsp;&nbsp;&nbsp;(662636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78093) | &nbsp;&nbsp;&nbsp;&nbsp;(216218) | &nbsp;&nbsp;&nbsp;&nbsp;(387427) | &nbsp;&nbsp;&nbsp;&nbsp;(704928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (28205598) | (47570371) | &nbsp;&nbsp;&nbsp;(8237256) | (18850209) | &nbsp;&nbsp;&nbsp;(5235191) | (11050691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (10534752) | (15013343) | &nbsp;&nbsp;&nbsp;(1027131) | &nbsp;&nbsp;&nbsp;(1514329) | &nbsp;&nbsp;&nbsp;&nbsp;(961679) | &nbsp;&nbsp;&nbsp;(4206296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(1408515) | &nbsp;&nbsp;&nbsp;(2665483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64471) | &nbsp;&nbsp;&nbsp;&nbsp;(192830) | &nbsp;&nbsp;&nbsp;&nbsp;(223524) | &nbsp;&nbsp;&nbsp;&nbsp;(621157) |
|  | (49908827) | (83827504) | (10318157) | (22850034) | (12609268) | (28559182) |
| Net decrease | (42059330) | &nbsp;&nbsp;&nbsp;(3705187) | &nbsp;&nbsp;&nbsp;(6971997) | &nbsp;&nbsp;&nbsp;(7459636) | (10783396) | (11224560) |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Macquarie<br> Smid Cap<br> Core Fund | Macquarie<br> Smid Cap<br> Core Fund | Macquarie<br> Systematic Emerging<br> Markets Equity Fund | Macquarie<br> Systematic Emerging<br> Markets Equity Fund |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 9/30/25 | 3/31/25 | 9/30/25 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;221672 | &nbsp;&nbsp;&nbsp;&nbsp;689504 | &nbsp;&nbsp;&nbsp;&nbsp;266069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;120406 | &nbsp;&nbsp;&nbsp;&nbsp;191943 | &nbsp;&nbsp;&nbsp;&nbsp;241124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;3098902 | &nbsp;&nbsp;2980869 | &nbsp;&nbsp;1075812 | &nbsp;&nbsp;&nbsp;4389060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;176872 | &nbsp;&nbsp;&nbsp;&nbsp;295821 | &nbsp;&nbsp;&nbsp;&nbsp;341827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33535 | &nbsp;&nbsp;&nbsp;&nbsp;174084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320518 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42497 |
|  | &nbsp;&nbsp;3702577 | &nbsp;&nbsp;4337109 | &nbsp;&nbsp;2146605 | &nbsp;&nbsp;&nbsp;7712347 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(658224) | (1484452) | &nbsp;&nbsp;&nbsp;(884598) | &nbsp;&nbsp;&nbsp;(2237933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(155626) | &nbsp;&nbsp;&nbsp;(304949) | &nbsp;&nbsp;&nbsp;(247732) | &nbsp;&nbsp;&nbsp;&nbsp;(493633) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(97606) | &nbsp;&nbsp;&nbsp;(274180) | &nbsp;&nbsp;&nbsp;&nbsp;(45455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (2685346) | (2771055) | (3727186) | &nbsp;&nbsp;&nbsp;(7697932) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(251298) | &nbsp;&nbsp;&nbsp;(538301) | (1233662) | &nbsp;&nbsp;&nbsp;(2472031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(43963) | &nbsp;&nbsp;&nbsp;&nbsp;(56438) | &nbsp;&nbsp;&nbsp;(203337) | &nbsp;&nbsp;&nbsp;&nbsp;(384233) |
|  | (3892063) | (5429375) | (6341970) | (13355070) |
| Net decrease | &nbsp;&nbsp;&nbsp;(189486) | (1092266) | (4195365) | &nbsp;&nbsp;&nbsp;(5642723) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 5. <br> <sup>3</sup> Updated to reflect the effect of a 3 for 1 reverse stock split on September 26, 2025.

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 six months ended September 30, 2025 and the year ended March 31, 2025, each Fund had the following exchange transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| Macquarie Core Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$480931 |  |  | &nbsp;&nbsp;&nbsp;$3523804 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;13084 | &nbsp;&nbsp;&nbsp;14398 |  | &nbsp;&nbsp;&nbsp;162253 | &nbsp;&nbsp;&nbsp;&nbsp;28925 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;15574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;41078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;8335 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 | &nbsp;&nbsp;&nbsp;112179 |  |

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Ivy Funds

4. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23894 |  |
| Macquarie Global Bond Fund |  |  | &nbsp;&nbsp;&nbsp;$666156 |  |  | &nbsp;&nbsp;&nbsp;$129102 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;70826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;70599 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Global Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$43410 |  |  | &nbsp;&nbsp;&nbsp;$415159 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |  |
| Macquarie High Income Fund |  |  | &nbsp;&nbsp;&nbsp;$681444 |  |  | &nbsp;&nbsp;&nbsp;$5720992 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;56881 | &nbsp;&nbsp;&nbsp;34810 |  | &nbsp;&nbsp;&nbsp;574939 | &nbsp;&nbsp;&nbsp;181699 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;45338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;221936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;13049 | &nbsp;&nbsp;&nbsp;75274 |  | &nbsp;&nbsp;&nbsp;&nbsp;20899 | &nbsp;&nbsp;&nbsp;761275 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5173 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;126422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie International Core Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$207046 |  |  | &nbsp;&nbsp;&nbsp;$967673 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;2368 |  | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9362 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;7763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;21278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;5317 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp;32915 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Large Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$1346536 |  |  | &nbsp;&nbsp;&nbsp;$7740731 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;15313 | &nbsp;&nbsp;&nbsp;&nbsp;8383 |  | &nbsp;&nbsp;&nbsp;168950 | &nbsp;&nbsp;&nbsp;&nbsp;47650 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;11951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;40670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;&nbsp;9591 |  | &nbsp;&nbsp;&nbsp;&nbsp;21346 | &nbsp;&nbsp;&nbsp;139392 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;6206 | &nbsp;&nbsp;&nbsp;15579 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;17290 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |  |
| Macquarie Mid Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$825652 |  |  | &nbsp;&nbsp;&nbsp;$5375176 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;&nbsp;14303 |  | &nbsp;&nbsp;&nbsp;&nbsp;73770 | &nbsp;&nbsp;&nbsp;&nbsp;39983 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;13411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;46799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;14994 | &nbsp;&nbsp;&nbsp;&nbsp;6238 |  | &nbsp;&nbsp;&nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;132521 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;10163 |  | &nbsp;&nbsp;&nbsp;&nbsp;60385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Mid Cap Income Opportunities Fund |  |  | &nbsp;&nbsp;&nbsp;$366980 |  |  | &nbsp;&nbsp;&nbsp;$3089872 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;17503 |  | &nbsp;&nbsp;&nbsp;&nbsp;72898 | &nbsp;&nbsp;&nbsp;&nbsp;43257 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;16667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;34873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |  | &nbsp;&nbsp;&nbsp;&nbsp;11424 | &nbsp;&nbsp;&nbsp;118843 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;43388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Small Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$95286 |  |  | &nbsp;&nbsp;&nbsp;$1637758 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp;2607 |  | &nbsp;&nbsp;&nbsp;&nbsp;91328 | &nbsp;&nbsp;&nbsp;&nbsp;18515 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;13831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;62376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2848 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;37991 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25165 |  |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;Six months ended September 30, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Smid Cap Core Fund |  |  | &nbsp;&nbsp;&nbsp;$244269 |  |  | &nbsp;&nbsp;&nbsp;$368109 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14286 |  | &nbsp;&nbsp;&nbsp;&nbsp;11911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;13633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;10858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;12262 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |  |
| Macquarie Systematic Emerging Markets Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$265324 |  |  | &nbsp;&nbsp;&nbsp;$1012462 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;3941 | &nbsp;&nbsp;&nbsp;&nbsp;7073 |  | &nbsp;&nbsp;&nbsp;&nbsp;18444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp;5270 |  | &nbsp;&nbsp;&nbsp;&nbsp;17640 | &nbsp;&nbsp;&nbsp;&nbsp;30913 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10203 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

5. Reorganizations

The following reorganizations occurred in a prior reporting period, as noted on the "Statements of changes in net assets." On January 16, 2024, the Board and the applicable corresponding board of trustees approved the reorganizations of the following acquired funds with and into the following acquiring funds (each a "Reorganization" and together the "Reorganizations"):

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Acquired Fund(s)** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Delaware Ivy High Yield Fund (Acquired<br> Fund I), a series of the Trust<br> Delaware High-Yield Opportunities Fund<br> (Acquired Fund II), a series of Delaware Group<br> Income Funds | &nbsp;&nbsp;Macquarie High Income Fund (Acquiring<br> Fund I), a series of the Trust |
| &nbsp;&nbsp;Delaware Ivy Total Return Bond Fund<br> (Acquired Fund III), a series of the Trust | &nbsp;&nbsp;Macquarie Global Bond Fund (Acquiring<br> Fund II), a series of the Trust |
| &nbsp;&nbsp;Delaware International Equity Fund<br> (Acquired Fund IV), a series of Delaware<br> Group Global & International Funds<br> Delaware International Equity Fund II<br> (Acquired Fund V), a series of the Trust | &nbsp;&nbsp;Macquarie International Core Equity<br> Fund (Acquiring Fund III), a series of the<br> Trust |
| &nbsp;&nbsp;Delaware Global Equity Fund (Acquired<br> Fund VI), a series of Delaware Global<br> Equity Funds IV<br> Delaware Global Equity Fund II (Acquired<br> Fund XI), a series of the Trust | &nbsp;&nbsp;Macquarie Global Growth Fund<br> (Acquiring Fund IV), a series of the Trust |

---

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Ivy Funds

5. Reorganizations (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Acquired Fund(s)** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Delaware Ivy Accumulative Fund (Acquired<br> Fund VII), a series of the Trust<br> Delaware Select Growth Fund (Acquired Fund VIII), a series of Voyageur Mutual Funds III | &nbsp;&nbsp;Macquarie Large Cap Growth Fund<br> (Acquiring Fund V), a series of the Trust |
| &nbsp;&nbsp;Delaware Mid Cap Growth Equity Fund<br> (Acquired Fund IX), a series of Delaware<br> Group Equity Funds IV | &nbsp;&nbsp;Macquarie Mid Cap Growth Fund<br> (Acquiring Fund VI), a series of the Trust |
| &nbsp;&nbsp;Delaware Small Cap Growth Fund<br> (Acquired Fund X), a series of Delaware<br> Group Equity Funds IV | &nbsp;&nbsp;Macquarie Small Cap Growth Fund<br> (Acquiring Fund VII), a series of the Trust |

---

In approving the Reorganizations, the Board and the applicable corresponding board of trustees considered various factors, including that the applicable Acquiring Fund and the applicable Acquired Fund shared substantially similar or identical investment objectives, similar principal investment strategies and principal risks, and materially similar or identical fundamental investment restrictions and that the applicable Acquiring Fund's overall total expense ratio was equal to or lower than the corresponding Acquired Fund's total expense ratio following the applicable Reorganization taking into account applicable expense limitation arrangements.

The applicable Acquired Fund shareholders approved each Reorganization on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Shareholder Approval Date** |
| &nbsp;&nbsp;Acquired Fund II<br> Acquired Fund IV<br> Acquired Fund V<br> Acquired Fund VI | &nbsp;&nbsp;March 25, 2024 |
| &nbsp;&nbsp;Acquired Fund VII<br> Acquired Fund VIII | &nbsp;&nbsp;April 30, 2024 |
| &nbsp;&nbsp;Acquired Fund IX<br> Acquired Fund X | &nbsp;&nbsp;May 6, 2024 |
| &nbsp;&nbsp;Acquired Fund XI | &nbsp;&nbsp;June 6, 2024 |

---

No shareholder approval was required for the Acquired Fund I Reorganization and Acquired Fund III Reorganization.

Pursuant to an Agreement and Plan of Reorganization (the Plan): (i) all of the property, and assets of each Acquired Fund were acquired by the applicable Acquiring Fund and (ii) the applicable trust, on behalf of the applicable Acquiring Fund, assumed the liabilities of the applicable Acquired Fund, in exchange for shares of the applicable Acquiring Fund. In accordance with the Plan, each Acquired Fund liquidated and

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dissolved following the applicable Reorganization. The Reorganizations were accomplished by a tax-free exchange of shares on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Reorganization Date** |
| &nbsp;&nbsp;Acquired Fund I<br> Acquired Fund II<br> Acquired Fund III | &nbsp;&nbsp;April 26, 2024 |
| &nbsp;&nbsp;Acquired Fund IV<br> Acquired Fund V<br> Acquired Fund VI | &nbsp;&nbsp;May 3, 2024 |
| &nbsp;&nbsp;Acquired Fund VII<br> Acquired Fund VIII<br> Acquired Fund IX<br> Acquired Fund X | &nbsp;&nbsp;June 7, 2024 |
| &nbsp;&nbsp;Acquired Fund XI | &nbsp;&nbsp;July 26, 2024 |

---

For financial reporting purposes, assets received and shares issued by each Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the applicable Acquired Funds was carried forward to align ongoing reporting of the applicable Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Acquired Fund I, the Acquired Fund II and the Acquiring Fund I Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund I Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund I | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$6548465 | &nbsp;&nbsp;&nbsp;&nbsp;776805 | &nbsp;&nbsp;&nbsp;1091411 | &nbsp;&nbsp;&nbsp;$1081506264 | &nbsp;&nbsp;&nbsp;1.4050 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106974966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;19011243 | &nbsp;&nbsp;&nbsp;2255189 | &nbsp;&nbsp;&nbsp;3168541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992606874 | &nbsp;&nbsp;&nbsp;1.4050 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32247080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52045106 | &nbsp;&nbsp;&nbsp;1.4148 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54109954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund II Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund I | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$298958478 | &nbsp;&nbsp;&nbsp;88188342 | &nbsp;&nbsp;&nbsp;49826459 | &nbsp;&nbsp;&nbsp;$1081506264 | &nbsp;&nbsp;&nbsp;0.5650 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106974966 | &nbsp;&nbsp;&nbsp;0.5650 |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;73953134 | &nbsp;&nbsp;&nbsp;21879625 | &nbsp;&nbsp;&nbsp;12325522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992606874 | &nbsp;&nbsp;&nbsp;0.5633 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32247080 | &nbsp;&nbsp;&nbsp;0.5667 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;52229524 | &nbsp;&nbsp;&nbsp;15452522 | &nbsp;&nbsp;&nbsp;&nbsp;8704921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52045106 | &nbsp;&nbsp;&nbsp;0.5633 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54109954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund II Institutional Class shares are named Class I for the Acquiring Fund I.

The net assets of the Acquired Fund I and Acquired Fund II before the Acquired Fund I and Acquired Fund II Reorganization were $25,666,340 and $430,065,117, respectively. The Acquired Fund I and Acquired Fund II net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund I and Acquired Fund II Reorganization. The net assets of the Acquiring Fund I immediately following the Acquired Fund I and Acquired Fund II Reorganization were $2,774,750,443.

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Ivy Funds

5. Reorganizations (continued)

The share transactions associated with the Acquired Fund III and the Acquiring Fund II Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund III<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund III Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund II | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$5241459 | &nbsp;&nbsp;&nbsp;&nbsp;636099 | &nbsp;&nbsp;&nbsp;&nbsp;584984 | &nbsp;&nbsp;&nbsp;$93345887 | &nbsp;&nbsp;&nbsp;0.9196 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666314 | &nbsp;&nbsp;&nbsp;0.9095 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;17233034 | &nbsp;&nbsp;&nbsp;2073771 | &nbsp;&nbsp;&nbsp;1925479 | &nbsp;&nbsp;&nbsp;&nbsp;210589902 | &nbsp;&nbsp;&nbsp;0.9285 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;163561879 | &nbsp;&nbsp;&nbsp;0.9485 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

The net assets of the Acquired Fund III before the Acquired Fund III Reorganization were $22,789,377. The Acquired Fund III net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund III Reorganization. The net assets of the Acquiring Fund II immediately following the Acquired Fund III Reorganization were $494,163,139.

The share transactions associated with the Acquired Fund IV, the Acquired Fund V and the Acquiring Fund III Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund IV<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund IV Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund III | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund III<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$135708949 | &nbsp;&nbsp;&nbsp;9728240 | &nbsp;&nbsp;&nbsp;6537040 | &nbsp;&nbsp;&nbsp;$291262715 | &nbsp;&nbsp;&nbsp;0.6720 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389837 | &nbsp;&nbsp;&nbsp;&nbsp;172054 | &nbsp;&nbsp;&nbsp;&nbsp;132548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357490 | &nbsp;&nbsp;&nbsp;0.7704 |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;108872439 | &nbsp;&nbsp;&nbsp;7765509 | &nbsp;&nbsp;&nbsp;5194296 | &nbsp;&nbsp;&nbsp;&nbsp;676850654 | &nbsp;&nbsp;&nbsp;0.6689 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39156771 | &nbsp;&nbsp;&nbsp;0.6741 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480656 | &nbsp;&nbsp;&nbsp;&nbsp;176559 | &nbsp;&nbsp;&nbsp;&nbsp;118014 | &nbsp;&nbsp;&nbsp;&nbsp;247563186 | &nbsp;&nbsp;&nbsp;0.6684 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38282983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund V<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund V Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund III | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund III<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$34447967 | &nbsp;&nbsp;&nbsp;2322857 | &nbsp;&nbsp;&nbsp;1659343 | &nbsp;&nbsp;&nbsp;$291262715 | &nbsp;&nbsp;&nbsp;0.7144 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357490 | &nbsp;&nbsp;&nbsp;0.7443 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;17463716 | &nbsp;&nbsp;&nbsp;1131070 | &nbsp;&nbsp;&nbsp;&nbsp;833192 | &nbsp;&nbsp;&nbsp;&nbsp;676850654 | &nbsp;&nbsp;&nbsp;0.7366 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39156771 | &nbsp;&nbsp;&nbsp;0.7044 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18961 | &nbsp;&nbsp;&nbsp;&nbsp;247563186 | &nbsp;&nbsp;&nbsp;0.7583 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38282983 | &nbsp;&nbsp;&nbsp;0.7240 |

---

\* Acquired Fund IV Institutional Class shares are named Class I for the Acquiring Fund III.

The net assets of the Acquired Fund IV and Acquired Fund V before the Acquired Fund IV and Acquired Fund V Reorganization were $250,915,360 and $55,086,825, respectively. The Acquired Fund IV and Acquired Fund V net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund IV and Acquired Fund V Reorganization. The net assets of the Acquiring Fund III immediately following the Acquired Fund IV and Acquired Fund V Reorganization were $1,614,258,117.

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The share transactions associated with the Acquired Fund VI and the Acquiring Fund IV Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund VI<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund VI Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund IV | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund IV<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$179284431 | &nbsp;&nbsp;&nbsp;27329944 | &nbsp;&nbsp;&nbsp;5236111 | &nbsp;&nbsp;&nbsp;$337173127 | &nbsp;&nbsp;&nbsp;0.1916 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84324 | &nbsp;&nbsp;&nbsp;&nbsp;175334869 | &nbsp;&nbsp;&nbsp;0.1943 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14386544 | &nbsp;&nbsp;&nbsp;0.1971 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund VI Institutional Class shares are named Class I for the Acquiring Fund IV.

The net assets of the Acquired Fund VI before the Acquired Fund VI Reorganization were $182,637,841. The Acquired Fund VI net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund VI Reorganization. The net assets of the Acquiring Fund IV immediately following the Acquired Fund VI Reorganization were $714,018,352.

The share transactions associated with the Acquired Fund VII, the Acquired Fund VIII and the Acquiring Fund V Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund VII<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund VII Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund V | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund V<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$496817294 | &nbsp;&nbsp;&nbsp;81445458 | &nbsp;&nbsp;&nbsp;14852535 | &nbsp;&nbsp;&nbsp;$2577336834 | &nbsp;&nbsp;&nbsp;0.1824 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60906353 | &nbsp;&nbsp;&nbsp;0.1575 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;64773215 | &nbsp;&nbsp;&nbsp;10281463 | &nbsp;&nbsp;&nbsp;&nbsp;1760620 | &nbsp;&nbsp;&nbsp;&nbsp;4211398600 | &nbsp;&nbsp;&nbsp;0.1712 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33923702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308859780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34960874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund VIII<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund VIII Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund V | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund V<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$185019574 | &nbsp;&nbsp;&nbsp;6755005 | &nbsp;&nbsp;&nbsp;5531228 | &nbsp;&nbsp;&nbsp;$2577336834 | &nbsp;&nbsp;&nbsp;0.8188 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758443 | &nbsp;&nbsp;&nbsp;&nbsp;254704 | &nbsp;&nbsp;&nbsp;&nbsp;121732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60906353 | &nbsp;&nbsp;&nbsp;0.4779 |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;26531473 | &nbsp;&nbsp;&nbsp;&nbsp;810369 | &nbsp;&nbsp;&nbsp;&nbsp;721160 | &nbsp;&nbsp;&nbsp;&nbsp;4211398600 | &nbsp;&nbsp;&nbsp;0.8899 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33923702 | &nbsp;&nbsp;&nbsp;0.7709 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308859780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34960874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund VIII Institutional Class shares are named Class I for the Acquiring Fund V.

The net assets of the Acquired Fund VII and Acquired Fund VIII before the Acquired Fund VII and Acquired Fund VIII Reorganizations were $563,069,889 and $215,107,483, respectively. The Acquired Fund VII and Acquired Fund VIII net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund VII and Acquired Fund VIII Reorganization. The net assets of the Acquiring Fund V immediately following the Acquired Fund VII and Acquired Fund VIII Reorganization were $8,005,467,198.

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Ivy Funds

5. Reorganizations (continued)

The share transactions associated with the Acquired Fund IX and the Acquiring Fund VI Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund IX<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund IX Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund VI | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VI<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$643330310 | &nbsp;&nbsp;&nbsp;40008104 | &nbsp;&nbsp;&nbsp;24121871 | &nbsp;&nbsp;&nbsp;$1420384857 | &nbsp;&nbsp;&nbsp;0.6029 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;32772506 | &nbsp;&nbsp;&nbsp;&nbsp;1713147 | &nbsp;&nbsp;&nbsp;&nbsp;1737673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62385230 | &nbsp;&nbsp;&nbsp;1.0143 |
| Class I/Institutional<br> Class\* | &nbsp;&nbsp;&nbsp;&nbsp;353505893 | &nbsp;&nbsp;&nbsp;12317278 | &nbsp;&nbsp;&nbsp;11473739 | &nbsp;&nbsp;&nbsp;&nbsp;2868013709 | &nbsp;&nbsp;&nbsp;0.9315 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50264343 | &nbsp;&nbsp;&nbsp;0.5174 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;36218815 | &nbsp;&nbsp;&nbsp;&nbsp;1252380 | &nbsp;&nbsp;&nbsp;&nbsp;1159373 | &nbsp;&nbsp;&nbsp;&nbsp;1185239557 | &nbsp;&nbsp;&nbsp;0.9257 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214893557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund IX Institutional Class shares are named Class I for the Acquiring Fund VI.

The net assets of the Acquired Fund IX before the Acquired Fund IX Reorganization were $1,074,266,205. The Acquired Fund IX net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund IX Reorganization. The net assets of the Acquiring Fund VI immediately following the Acquired Fund IX Reorganization were $6,874,658,055.

The share transactions associated with the Acquired Fund X and the Acquiring Fund VII Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund X<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund X Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund VII | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VII<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$19820021 | &nbsp;&nbsp;&nbsp;1939337 | &nbsp;&nbsp;&nbsp;1624592 | &nbsp;&nbsp;&nbsp;$585855428 | &nbsp;&nbsp;&nbsp;0.8377 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;4221604 | &nbsp;&nbsp;&nbsp;&nbsp;451026 | &nbsp;&nbsp;&nbsp;&nbsp;636743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14797607 | &nbsp;&nbsp;&nbsp;1.4118 |
| Class I/Institutional<br> Class\* | &nbsp;&nbsp;&nbsp;&nbsp;64499652 | &nbsp;&nbsp;&nbsp;6154547 | &nbsp;&nbsp;&nbsp;3106920 | &nbsp;&nbsp;&nbsp;&nbsp;404141184 | &nbsp;&nbsp;&nbsp;0.5048 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;1475192 | &nbsp;&nbsp;&nbsp;&nbsp;148859 | &nbsp;&nbsp;&nbsp;&nbsp;128838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41445732 | &nbsp;&nbsp;&nbsp;0.8655 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;161923550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31021579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund X Institutional Class shares are named Class I for the Acquiring Fund VII.

The net assets of the Acquired Fund X before the Acquired Fund X Reorganization were $90,069,019. The Acquired Fund X net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund X Reorganization. The net assets of the Acquiring Fund VII immediately following the Acquired Fund X Reorganization were $1,329,201,549.

The share transactions associated with the Acquired Fund XI and the Acquiring Fund IV Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund XI Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund XI Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund IV | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund IV<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$167347443 | &nbsp;&nbsp;&nbsp;18170189 | &nbsp;&nbsp;&nbsp;4667990 | &nbsp;&nbsp;&nbsp;$525834105 | &nbsp;&nbsp;&nbsp;0.2569 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039206 | &nbsp;&nbsp;&nbsp;0.4255 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;74769538 | &nbsp;&nbsp;&nbsp;&nbsp;8074464 | &nbsp;&nbsp;&nbsp;1973332 | &nbsp;&nbsp;&nbsp;&nbsp;177898628 | &nbsp;&nbsp;&nbsp;0.2444 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769281 | &nbsp;&nbsp;&nbsp;0.2654 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14928737 | &nbsp;&nbsp;&nbsp;0.2441 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884175 | &nbsp;&nbsp;&nbsp;0.2544 |

---

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The net assets of the Acquired Fund XI before the Acquired Fund XI Reorganization were $246,923,040. The Acquired Fund XI net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund XI Reorganization. The net assets of the Acquiring Fund IV immediately following the Acquired Fund XI Reorganization were $970,017,988.

Assuming the Reorganizations had been completed on April 1, 2024, the Acquiring Fund's pro forma results of operations for year ended March 31, 2025 would have been as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquiring Fund I | &nbsp;&nbsp;&nbsp;Acquiring Fund II | &nbsp;&nbsp;&nbsp;Acquiring Fund III | &nbsp;&nbsp;&nbsp;Acquiring Fund IV |
| Net investment income (loss) | &nbsp;&nbsp;$171370304 | &nbsp;&nbsp;&nbsp;$18886670 | &nbsp;&nbsp;&nbsp;$23215715 | &nbsp;&nbsp;&nbsp;$3455080 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(114829838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921068 | &nbsp;&nbsp;&nbsp;&nbsp;129259934 | &nbsp;&nbsp;&nbsp;&nbsp;64929118 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544909 | &nbsp;&nbsp;&nbsp;&nbsp;(2305694) | &nbsp;&nbsp;&nbsp;&nbsp;(81132449) | &nbsp;&nbsp;&nbsp;&nbsp;(17856386) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$67085375 | &nbsp;&nbsp;&nbsp;$19502044 | &nbsp;&nbsp;&nbsp;$71343200 | &nbsp;&nbsp;&nbsp;$50527812 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquiring<br> Fund V | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VI | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VII |
| Net investment income (loss) | $(11414350) | &nbsp;&nbsp;&nbsp;$(27148156) | &nbsp;&nbsp;&nbsp;$(10220129) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;568582796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770290790 | &nbsp;&nbsp;&nbsp;&nbsp;133771838 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(111271771) | &nbsp;&nbsp;&nbsp;&nbsp;(1527577513) | &nbsp;&nbsp;&nbsp;&nbsp;(214934225) |
| Net increase in net assets resulting from operations | $445896675 | &nbsp;&nbsp;&nbsp;$(784434879) | &nbsp;&nbsp;&nbsp;$(91382516) |

---

6. Line of Credit

Each Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 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 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 Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.

Each Fund had no amounts outstanding as of September 30, 2025, or at any time during the period then ended.

7. 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 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2025.

8. 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**

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Ivy Funds

8. Derivatives (continued)

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 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." At September 30, 2025, Macquarie Global Bond Fund posted $392,003 and received $440,000 in 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 six months ended September 30, 2025, Macquarie Global Bond 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 six months ended September 30, 2025, Macquarie Global Growth Fund used forward foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the six months ended September 30, 2025, Macquarie Global Growth Fund experienced net realized and unrealized gains or losses attributable to forward foreign currency exchange contracts, which are disclosed on the "Statements of operations."

**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 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 September 30, 2025, Macquarie Global Bond Fund posted $820,757 in cash as collateral 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 six months ended September 30, 2025, Macquarie Global Bond Fund invested in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

**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**

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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 six months ended September 30, 2025, Macquarie Global Bond Fund used options contracts to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions.

**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 contracts 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 six months ended September 30, 2025, Macquarie Global Bond Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. At September 30, 2025, Macquarie Global Bond Fund had no outstanding CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if Macquarie Global Bond 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 six months ended September 30, 2025, Macquarie Global Bond Fund 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 Macquarie 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, or (2) for cleared swaps, trading these instruments through a central counterparty.*

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Ivy Funds

8. Derivatives (continued)

During the six months ended September 30, 2025, Macquarie Global Bond Fund used IRS contracts to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates.

At September 30, 2025, Macquarie Global Bond Fund posted $2,123,248 in cash as collateral for open 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 September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Currency<br> Contracts | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Total |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;$410156 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$410156 |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817854 |
| Variation margin due from broker on centrally cleared interest rate swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1687339 | &nbsp;&nbsp;&nbsp;&nbsp;1687339 |
| Options purchased, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;79851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79851 |
| Total | &nbsp;&nbsp;$490007 | &nbsp;&nbsp;$2505193 | &nbsp;&nbsp;$2995200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Currency<br> Contracts | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;$(1340748) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1340748) |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862406) |
| Variation margin due from broker on centrally cleared interest rate swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320960) |
| Unrealized depreciation on over-the-counter credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(118175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118175) |
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9233) |
| Total | &nbsp;&nbsp;$(1349981) | &nbsp;&nbsp;$(1183366) | &nbsp;&nbsp;$(118175) | &nbsp;&nbsp;$(2651522) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared IRS contracts from the date the contracts were opened through September 30, 2025. Only current day variation margin is reported on the 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 six months ended September 30, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Macquarie Global Bond Fund |
|  | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Options<br> Purchased | &nbsp;&nbsp;Options<br> Written | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$(17822772) | &nbsp;&nbsp;$(352) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(17823124) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1469908) | &nbsp;&nbsp;&nbsp;&nbsp;(444601) | &nbsp;&nbsp;&nbsp;&nbsp;288357 | &nbsp;&nbsp;&nbsp;&nbsp;1280902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345250) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147800 |
| Total | &nbsp;&nbsp;$(17822772) | &nbsp;&nbsp;$(1470260) | &nbsp;&nbsp;$(444601) | &nbsp;&nbsp;$288357 | &nbsp;&nbsp;$1428702 | &nbsp;&nbsp;$(18020574) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Options<br> Purchased | &nbsp;&nbsp;Options<br> Written | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$5506013 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(112545) | &nbsp;&nbsp;$63753 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5457221 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(137951) | &nbsp;&nbsp;&nbsp;&nbsp;157882 | &nbsp;&nbsp;&nbsp;&nbsp;(83619) | &nbsp;&nbsp;&nbsp;&nbsp;(684813) | &nbsp;&nbsp;&nbsp;&nbsp;(748501) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;144769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144769 |
| Total | &nbsp;&nbsp;$5506013 | &nbsp;&nbsp;$(137951) | &nbsp;&nbsp;$45337 | &nbsp;&nbsp;$(19866) | &nbsp;&nbsp;$(540044) | &nbsp;&nbsp;$4853489 |

---

The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;236547623 | $&nbsp;&nbsp;1718 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;272218415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;4464906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;18750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;2438906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;90878359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;289062500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;157007813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;20625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;142312500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;34780156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> Global Growth Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;&nbsp;&nbsp;22708066 | $&nbsp;&nbsp;10513 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;245794823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;5267813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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Ivy Funds

8. Derivatives (continued)

\* Long represents purchased options and short represents written options.

\*\* Long represents buying protection and short represents selling protection.

9. 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 forward 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 September 30, 2025, certain Funds had the following assets and liabilities subject to offsetting provisions:

#### Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities
&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Macquarie Global Bond Fund | Macquarie Global Bond Fund | Macquarie Global Bond Fund | Macquarie Global Bond Fund |
| Counterparty | &nbsp;&nbsp;Gross Value of<br> Derivative Asset | &nbsp;&nbsp;Gross Value of<br> Derivative Liability | &nbsp;&nbsp;Net Position |
| Citigroup | &nbsp;&nbsp;$6498 | &nbsp;&nbsp;$(886226) | &nbsp;&nbsp;$(879728) |
| JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;154587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518300) |
| TD Bank | &nbsp;&nbsp;&nbsp;&nbsp;312824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300469 |
| Total | &nbsp;&nbsp;$473909 | &nbsp;&nbsp;$(1571468) | &nbsp;&nbsp;$(1097559) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | &nbsp;&nbsp;Net Position | &nbsp;&nbsp;Fair Value of<br> Non-Cash<br> Collateral Received | &nbsp;&nbsp;Cash Collateral<br> Received | &nbsp;&nbsp;Fair Value of<br> Non-Cash<br> Collateral Pledged | &nbsp;&nbsp;Cash Collateral<br> Pledged | &nbsp;&nbsp;Net Exposure<sup>(a)</sup> |
| Citigroup | &nbsp;&nbsp;$(879728) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$392003 | &nbsp;&nbsp;$(487725) |
| JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;(518300) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(518300) |
| TD Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300469 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;300469 |
| Total | &nbsp;&nbsp;$(1097559) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$392003 | &nbsp;&nbsp;$(705556) |

---

(a) Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. Securities Lending

Each Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). 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

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applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund's cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the six months ended September 30, 2025, each Fund had no securities out on loan.

11. Credit and Market Risks

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact the Funds' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on the Funds' investments, even beyond any direct investment exposure a Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

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.

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## Notes to financial statements
Ivy Funds

11. Credit and Market Risks (continued)

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. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Funds invest a portion of their 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 Investors Service, 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.

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

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decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a 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 the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Funds 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 the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds' rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds. Macquarie High Income Fund had unfunded loan commitments at the six months ended September 30, 2025.

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 six months ended September 30, 2025. 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 and restricted securities have been identified on the "Schedules of investments."

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Ivy Funds

12. 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.

13. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on each Fund's financial statements.

14. Subsequent Events

On October 27, 2025, 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 in Note 6. 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 26, 2026.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2025, that would require recognition or disclosure in the Funds' financial statements.

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## Other Fund information (Unaudited)
Ivy Funds

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At special shareholder meetings held on the dates listed below, shareholders of certain Funds approved a new investment advisory agreement. The results of the voting at these meetings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Special<br> Shareholder<br> Meeting Date** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** |
| &nbsp;&nbsp;Macquarie Core Equity Fund | &nbsp;&nbsp;October 16, 2025 | &nbsp;&nbsp;89599748 | &nbsp;&nbsp;3619821 | &nbsp;&nbsp;8705433 |
| &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;October 16, 2025 | &nbsp;&nbsp;29777703 | &nbsp;&nbsp;265004 | &nbsp;&nbsp;938602 |
| &nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;October 16, 2025 | &nbsp;&nbsp;9393452 | &nbsp;&nbsp;356780 | &nbsp;&nbsp;2110818 |
| &nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;October 16, 2025 | &nbsp;&nbsp;171789169 | &nbsp;&nbsp;5493209 | &nbsp;&nbsp;22788178 |
| &nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;October 16, 2025 | &nbsp;&nbsp;29703769 | &nbsp;&nbsp;518223 | &nbsp;&nbsp;3122324 |
| &nbsp;&nbsp;Macquarie Large Cap Growth Fund | &nbsp;&nbsp;October 23, 2025 | &nbsp;&nbsp;90139080 | &nbsp;&nbsp;2759192 | &nbsp;&nbsp;8856516 |
| &nbsp;&nbsp;Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;October 24, 2025 | &nbsp;&nbsp;77237402 | &nbsp;&nbsp;2461184 | &nbsp;&nbsp;8748747 |
| &nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;November 7, 2025 | &nbsp;&nbsp;20685494 | &nbsp;&nbsp;487304 | &nbsp;&nbsp;3218497 |
| &nbsp;&nbsp;Macquarie Small Cap Growth Fund | &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;30584377 | &nbsp;&nbsp;1045951 | &nbsp;&nbsp;4202712 |
| &nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;8780528 | &nbsp;&nbsp;159673 | &nbsp;&nbsp;997101 |
| &nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;November 13, 2025 | &nbsp;&nbsp;14121377 | &nbsp;&nbsp;282756 | &nbsp;&nbsp;1614426 |

---

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
At a meeting held on August 12-14, 2025 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Macquarie Core Equity Fund, Macquarie Global Bond Fund, Macquarie Global Growth Fund, Macquarie High Income Fund, Macquarie International Core Equity Fund, Macquarie Large Cap Growth Fund, Macquarie Mid Cap Growth Fund, Macquarie Mid

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

Cap Income Opportunities Fund, Macquarie Small Cap Growth Fund, Macquarie Smid Cap Core Fund, and Macquarie Systematic Emerging Markets Equity Fund (each, a "Fund" and together, the "Funds") Investment Management Agreement with Delaware Management Company (DMC) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK") and Macquarie Investment Management Europe Limited ("MIMEL") (together, the "Affiliated Sub-Advisers").

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2025, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an "Investment Committee" and together, the "Investment Committees"), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds' Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (JDL).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund's portfolio managers. The Board met with DMC's senior management and investment personnel. The Board reviewed the materials provided by the Funds' portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board's review included consideration of DMC's investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals.**

The Board also considered information regarding DMC's programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and individuals, and enhancements to existing processes and testing as discussed further below). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd., the parent company of DMC, regarding its U.S. mutual fund business.

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In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC's responsibility for overseeing: the preparation of the Funds' prospectus, summary prospectus, statement of additional information, shareholder reports, and other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.

The Board took into account the proposed acquisition by Nomura Holding America, Inc. (Nomura) of the US and European public investments business of Macquarie Asset Management, including DMC (the "MAM Business"). The Board considered information from DMC and Nomura regarding the transaction, as well as the approvals made by the Board, at a special board meeting held on June 18, 2025 that, among other things, authorized management to seek shareholder approval of the new advisory agreements for the Fund complex with DMC that if approved by shareholders, would become effective upon the closing of the transaction. The Board noted the anticipated benefits to shareholders of the change in ownership of the MAM Business, including the resources available to DMC when it becomes part of Nomura's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including the Macquarie Systematic Emerging Markets Equity Fund's portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted the changes that would occur with respect to the Affiliated Sub-Advisers following the closing of the Transaction, including whether and how such sub-advisers would continue to provide investment services to the Funds. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

Based on this information, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided until the closing of the transaction) to the Funds by DMC and the Affiliated Sub-Advisers.

**Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (Broadridge), furnished for the Annual Contract Renewal Meeting, and reports provided by JDL throughout the year The Broadridge reports prepared for each Fund's institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2024. For Funds acquired from complexes sponsored by other, predecessor investment managers, the Board considered that each Fund's performance prior to such acquisition is that of its predecessor investment manager and not DMC.**

*Macquarie Core Equity Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the first quartile of its Performance Universe, and for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 5-year periods, performed approximately equal to its benchmark index for the 3-year period, and underperformed its benchmark index for the 10-year period.*

*Macquarie Global Bond Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total*

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

return for the 1-year period was in the second quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-year period and outperformed its benchmark index for the 3-, 5-, and 10-year periods.

*Macquarie Global Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the first quartile of its Performance Universe and for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund performed approximately equal to its benchmark index (net of dividends) for the 1-year period, underperformed its benchmark index (net of dividends) for the 3-year period, and outperformed its benchmark index (net of dividends) for the 5- and 10-year periods.*

*Macquarie High Income Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the fourth quartile of its Performance Universe, for the 3-year period was in the third quartile of its Performance Universe, and for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was below the median of its Performance Universe and for the 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Macquarie International Core Equity Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional international large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 3- and 5-year periods was in the second quartile of its Performance Universe and for the 1- and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 3- and 5-year periods was above the median of its Performance Universe and for the 1- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index (both gross and net of dividends) for the 1- and 10-year periods, underperformed its benchmark index (gross of dividends) for the 3-year period, outperformed its benchmark index (net of dividends) for the 3-year period, and outperformed its benchmark index (both gross and net of dividends) for the 5-year period.*

*Macquarie Large Cap Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the fourth quartile of its Performance Universe, for the 3- and 5-year periods was in the second quartile of its Performance Universe, and for the 10-year period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for various periods and any actions that DMC has taken to address performance concerns.*

*Macquarie Mid Cap Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the fourth quartile of its Performance Universe, for the 5-year period was in the third quartile of its Performance Universe, and for the 10-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was below the median of its Performance Universe, and for the*

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10-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.

*Macquarie Mid Cap Income Opportunities Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the fourth, third, third, and second quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5- year periods was below the median of its Performance Universe and for the 10-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods.*

*Macquarie Small Cap Growth Fund. The Performance Universe consists of the Fund and all retail and institutional small-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the second, third, third, and third quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was above the median of its Performance Universe and for the 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year periods and outperformed its benchmark index for the 10-year period. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Macquarie Smid Cap Core Fund. The Performance Universe consists of the Fund and all retail and institutional small-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 10-year periods was in the first quartile of its Performance Universe and for the 5-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 10-year periods was above the median of its Performance Universe and for the 5-year period was slightly below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods and underperformed its benchmark index for the 5- and 10-year periods.*

*Macquarie Systematic Emerging Markets Equity Fund. The Performance Universe consists of the Fund and all retail and institutional emerging markets funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the second, third, second, and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 5-, and 10-year periods was above the median of its Performance Universe and for the 3-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index (net of dividends) for the 1-, 5-, and 10-year periods and underperformed its benchmark index (net of dividends) for the 3-year period.* 

**Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses (reflecting any applicable fee waivers and/or expense reimbursements), for comparative consistency, were shown by Broadridge for Institutional Class shares. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the "Expense Universe"). Each Fund's total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Universe and all other similar funds with an institutional share class (i.e., funds without 12b-1 fees and non-12b-1 service fees) with assets equal to or greater than $100 million, excluding outliers. In reviewing comparative costs, each Fund's contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Universe were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with a Fund's Expense Universe.**

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

*Macquarie Core Equity Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Global Bond Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Global Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie High Income Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie International Core Equity Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Large Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Mid Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Mid Cap Income Opportunities Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Small Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Smid Cap Core Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Macquarie Systematic Emerging Markets Equity Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;174

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Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that, as of March 31, 2025, Macquarie International Core Equity Fund's, Macquarie Mid Cap Income Opportunities Fund's, Macquarie Small Cap Growth Fund's and Macquarie Systematic Emerging Markets Equity Fund's net assets each exceeded their first breakpoint level; Macquarie Core Equity Fund's and Macquarie High Income Fund's net assets each exceeded their third breakpoint level and Macquarie Mid Cap Growth Fund's and Macquarie Large Cap Growth Fund's net assets each exceeded their fourth breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board considered whether the reorganization of assets from another Fund within the complex were expected to have economic benefits due to the increased assets under management represented by the combined Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.**

**Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC's profit, if any, can vary significantly depending on the particular fund; and that DMC's support for, and commitment to, a fund are not solely dependent on the profits realized as to that fund.**

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

**Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations. These potentially include procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through "soft dollar" arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.**

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the representations of DMC and Nomura, the Board did not find that any ancillary benefits received, or likely to be received in the near future, by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.

**Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.**

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#### Contact information

#### Shareholder assistance by phone 800 523-1918, weekdays from 8:30am to 6:00pm ET

#### For securities dealers and financial institutions representatives only 800 362-7500

#### Regular mail Macquarie Funds P.O. Box 534437 Pittsburgh, PA 15253-4437

#### Overnight courier service Macquarie Funds Attention: 534437 500 Ross Street, 154-0520 Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

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 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.

(4943458) **SEMIANN-IVYFUNDS-1125**

This page is not part of the financial statements and other information.

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The Financial Highlights are attached herewith.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is included as part of the material filed under Item 7 of this form.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is included as part of the material filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is included as part of the material filed under Item 7 of this form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) 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.

(b) 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

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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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit \[99.CERT\].](d73658dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.](d73658dex99906cert.htm) |

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------

#### 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.

---

| | |
|:---|:---|
| **Name of Registrant**: Ivy Funds | **Name of Registrant**: Ivy Funds |
| <u>/s/ SHAWN K. LYTLE</u> | <u>/s/ SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | November 26, 2025 |

---

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.

---

| | |
|:---|:---|
| <u>/s/ SHAWN K. LYTLE</u> | <u>/s/ SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | November 26, 2025 |

---

---

| | |
|:---|:---|
| <u>/s/ RICHARD SALUS</u> | <u>/s/ RICHARD SALUS</u> |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | November 26, 2025 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT** 

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: November 26, 2025

------

---

| | |
|:---|:---|
| <u>/s/ SHAWN K. LYTLE</u> | <u>/s/ SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

------

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: November 26, 2025

------

---

| | |
|:---|:---|
| <u>/s/ RICHARD SALUS</u> | <u>/s/ RICHARD SALUS</u> |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906CERT** 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934; and

2. The information contained in the Report fairly represents, in all material respects, the financial condition
and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: November 26, 2025

---

| | |
|:---|:---|
| <u>/s/ SHAWN K. LYTLE</u> | <u>/s/ SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| <u>/s/ RICHARD SALUS</u> | <u>/s/ RICHARD SALUS</u> |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.