# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001193125-25-135500
**Filing Date:** 2025-6
**Character Count:** 2566990
**Document Hash:** 6826b6fe6fba741d90a0c84dd8780e2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135500.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135500

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 121

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 251026067

**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:

#### March 31, 2025
 **Item 1. Report to Stockholders.**

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

![Macquarie Logo](g884606images_27603.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class A : WCEAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$103 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Core Equity Fund (Class A) returned 7.94% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%.

#### Top contributors to performance:
Stock selection within financials, healthcare, communication services, and industrials provided strong relative performance in the period.

Overweight to the outperforming financials sector added to relative performance in the period.

The top three contributors to relative performance in the portfolio for the trailing twelve months were Howmet Aerospace Inc., AT&T Inc., and Fiserv Inc.

#### Top detractors from performance:
Stock selection, particularly in the information technology sector, hurt performance.

An overweight to materials and an underweight to healthcare were the largest detractors to relative performance at the sector level.

The bottom three detractors from relative performance for the period were Applied Materials Inc., Apple Inc., and ConocoPhillips.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819697.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Core Equity Fund (Class A) – including sales charge | 1.76% | 17.43% | 10.84% |
| Macquarie Core Equity Fund (Class A) – excluding sales charge | 7.94% | 18.84% | 11.49% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3571013652 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $23446023 |
| Portfolio turnover rate | 24% |

---

**Fund holdings** (as of March 31, 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 | 25.18% |
| Financials | 24.35% |
| Industrials | 10.01% |
| Communication Services | 9.94% |
| Consumer Discretionary | 8.38% |
| Healthcare | 7.60% |
| Materials | 4.13% |
| Consumer Staples | 3.93% |
| Utilities | 1.35% |
| Energy | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| Apple | 4.40% |
| Amazon.com | 3.98% |
| Alphabet Class A | 3.87% |
| NVIDIA | 3.84% |
| Fiserv | 3.16% |
| Howmet Aerospace | 2.84% |
| Costco Wholesale | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.80% |
| AT&T | 2.56% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class A shares of 0.74% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Core Equity Fund to Macquarie Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class C : WTRCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$180 | &nbsp;&nbsp;1.74% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Core Equity Fund (Class C) returned 7.17% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%.

#### Top contributors to performance:
Stock selection within financials, healthcare, communication services, and industrials provided strong relative performance in the period.

Overweight to the outperforming financials sector added to relative performance in the period.

The top three contributors to relative performance in the portfolio for the trailing twelve months were Howmet Aerospace Inc., AT&T Inc., and Fiserv Inc.

#### Top detractors from performance:
Stock selection, particularly in the information technology sector, hurt performance.

An overweight to materials and an underweight to healthcare were the largest detractors to relative performance at the sector level.

The bottom three detractors from relative performance for the period were Applied Materials Inc., Apple Inc., and ConocoPhillips.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819736.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Core Equity Fund (Class C) – including sales charge | 6.26% | 17.89% | 10.76% |
| Macquarie Core Equity Fund (Class C) – excluding sales charge | 7.17% | 17.89% | 10.76% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3571013652 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $23446023 |
| Portfolio turnover rate | 24% |

---

**Fund holdings** (as of March 31, 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 | 25.18% |
| Financials | 24.35% |
| Industrials | 10.01% |
| Communication Services | 9.94% |
| Consumer Discretionary | 8.38% |
| Healthcare | 7.60% |
| Materials | 4.13% |
| Consumer Staples | 3.93% |
| Utilities | 1.35% |
| Energy | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| Apple | 4.40% |
| Amazon.com | 3.98% |
| Alphabet Class A | 3.87% |
| NVIDIA | 3.84% |
| Fiserv | 3.16% |
| Howmet Aerospace | 2.84% |
| Costco Wholesale | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.80% |
| AT&T | 2.56% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class C shares of 0.74% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Core Equity Fund to Macquarie Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class R : IYCEX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$129 | &nbsp;&nbsp;1.24% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Core Equity Fund (Class R) returned 7.67% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%.

#### Top contributors to performance:
Stock selection within financials, healthcare, communication services, and industrials provided strong relative performance in the period.

Overweight to the outperforming financials sector added to relative performance in the period.

The top three contributors to relative performance in the portfolio for the trailing twelve months were Howmet Aerospace Inc., AT&T Inc., and Fiserv Inc.

#### Top detractors from performance:
Stock selection, particularly in the information technology sector, hurt performance.

An overweight to materials and an underweight to healthcare were the largest detractors to relative performance at the sector level.

The bottom three detractors from relative performance for the period were Applied Materials Inc., Apple Inc., and ConocoPhillips.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819814.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Core Equity Fund (Class R) – including sales charge | 7.67% | 18.46% | 11.11% |
| Macquarie Core Equity Fund (Class R) – excluding sales charge | 7.67% | 18.46% | 11.11% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3571013652 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $23446023 |
| Portfolio turnover rate | 24% |

---

**Fund holdings** (as of March 31, 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 | 25.18% |
| Financials | 24.35% |
| Industrials | 10.01% |
| Communication Services | 9.94% |
| Consumer Discretionary | 8.38% |
| Healthcare | 7.60% |
| Materials | 4.13% |
| Consumer Staples | 3.93% |
| Utilities | 1.35% |
| Energy | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| Apple | 4.40% |
| Amazon.com | 3.98% |
| Alphabet Class A | 3.87% |
| NVIDIA | 3.84% |
| Fiserv | 3.16% |
| Howmet Aerospace | 2.84% |
| Costco Wholesale | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.80% |
| AT&T | 2.56% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R shares of 0.74% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Core Equity Fund to Macquarie Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Institutional Class : ICIEX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$77 | &nbsp;&nbsp;0.74% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Core Equity Fund (Institutional Class) returned 8.23% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%.

#### Top contributors to performance:
Stock selection within financials, healthcare, communication services, and industrials provided strong relative performance in the period.

Overweight to the outperforming financials sector added to relative performance in the period.

The top three contributors to relative performance in the portfolio for the trailing twelve months were Howmet Aerospace Inc., AT&T Inc., and Fiserv Inc.

#### Top detractors from performance:
Stock selection, particularly in the information technology sector, hurt performance.

An overweight to materials and an underweight to healthcare were the largest detractors to relative performance at the sector level.

The bottom three detractors from relative performance for the period were Applied Materials Inc., Apple Inc., and ConocoPhillips.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819775.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Core Equity Fund (Institutional Class) – including sales charge | 8.23% | 19.10% | 11.76% |
| Macquarie Core Equity Fund (Institutional Class) – excluding sales charge | 8.23% | 19.10% | 11.76% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3571013652 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $23446023 |
| Portfolio turnover rate | 24% |

---

**Fund holdings** (as of March 31, 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 | 25.18% |
| Financials | 24.35% |
| Industrials | 10.01% |
| Communication Services | 9.94% |
| Consumer Discretionary | 8.38% |
| Healthcare | 7.60% |
| Materials | 4.13% |
| Consumer Staples | 3.93% |
| Utilities | 1.35% |
| Energy | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| Apple | 4.40% |
| Amazon.com | 3.98% |
| Alphabet Class A | 3.87% |
| NVIDIA | 3.84% |
| Fiserv | 3.16% |
| Howmet Aerospace | 2.84% |
| Costco Wholesale | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.80% |
| AT&T | 2.56% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Institutional Class shares of 0.74% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Core Equity Fund to Macquarie Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class R6 : ICEQX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;0.67% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Core Equity Fund (Class R6) returned 8.31% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%.

#### Top contributors to performance:
Stock selection within financials, healthcare, communication services, and industrials provided strong relative performance in the period.

Overweight to the outperforming financials sector added to relative performance in the period.

The top three contributors to relative performance in the portfolio for the trailing twelve months were Howmet Aerospace Inc., AT&T Inc., and Fiserv Inc.

#### Top detractors from performance:
Stock selection, particularly in the information technology sector, hurt performance.

An overweight to materials and an underweight to healthcare were the largest detractors to relative performance at the sector level.

The bottom three detractors from relative performance for the period were Applied Materials Inc., Apple Inc., and ConocoPhillips.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819853.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Core Equity Fund (Class R6) – including sales charge | 8.31% | 19.23% | 11.89% |
| Macquarie Core Equity Fund (Class R6) – excluding sales charge | 8.31% | 19.23% | 11.89% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3571013652 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $23446023 |
| Portfolio turnover rate | 24% |

---

**Fund holdings** (as of March 31, 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 | 25.18% |
| Financials | 24.35% |
| Industrials | 10.01% |
| Communication Services | 9.94% |
| Consumer Discretionary | 8.38% |
| Healthcare | 7.60% |
| Materials | 4.13% |
| Consumer Staples | 3.93% |
| Utilities | 1.35% |
| Energy | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| Apple | 4.40% |
| Amazon.com | 3.98% |
| Alphabet Class A | 3.87% |
| NVIDIA | 3.84% |
| Fiserv | 3.16% |
| Howmet Aerospace | 2.84% |
| Costco Wholesale | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.80% |
| AT&T | 2.56% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Core Equity Fund to Macquarie Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Core Equity Fund

*(formerly, Delaware Ivy Core Equity Fund)*

**Class Y : WCEYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$103 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Core Equity Fund (Class Y) returned 7.99% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%.

#### Top contributors to performance:
Stock selection within financials, healthcare, communication services, and industrials provided strong relative performance in the period.

Overweight to the outperforming financials sector added to relative performance in the period.

The top three contributors to relative performance in the portfolio for the trailing twelve months were Howmet Aerospace Inc., AT&T Inc., and Fiserv Inc.

#### Top detractors from performance:
Stock selection, particularly in the information technology sector, hurt performance.

An overweight to materials and an underweight to healthcare were the largest detractors to relative performance at the sector level.

The bottom three detractors from relative performance for the period were Applied Materials Inc., Apple Inc., and ConocoPhillips.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819892.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Core Equity Fund (Class Y) – including sales charge | 7.99% | 18.91% | 11.67% |
| Macquarie Core Equity Fund (Class Y) – excluding sales charge | 7.99% | 18.91% | 11.67% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $3571013652 |
| Total number of portfolio holdings | 49 |
| Total advisory fees paid | $23446023 |
| Portfolio turnover rate | 24% |

---

**Fund holdings** (as of March 31, 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 | 25.18% |
| Financials | 24.35% |
| Industrials | 10.01% |
| Communication Services | 9.94% |
| Consumer Discretionary | 8.38% |
| Healthcare | 7.60% |
| Materials | 4.13% |
| Consumer Staples | 3.93% |
| Utilities | 1.35% |
| Energy | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| Apple | 4.40% |
| Amazon.com | 3.98% |
| Alphabet Class A | 3.87% |
| NVIDIA | 3.84% |
| Fiserv | 3.16% |
| Howmet Aerospace | 2.84% |
| Costco Wholesale | 2.84% |
| Taiwan Semiconductor Manufacturing ADR | 2.80% |
| AT&T | 2.56% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class Y shares of 0.74% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Core Equity Fund to Macquarie Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class A : IVSAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$98 | &nbsp;&nbsp;0.96% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.95% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Bond Fund (Class A) returned 3.82% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 3.05%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 4.59%.

#### Top contributors to performance:
Sector overweights to investment grade credit, and an overweight (on a beta-adjusted basis) to emerging markets credits were additive to performance, as these sectors drove the majority of the excess yield of the portfolio.

Interest rate curve positioning was a contributor, as the portfolio was positioned with a significant curve steepened position.

Security selection within investment grade credit, with a relative preference for non-USD credit markets making up most of the sector overweight

#### Top detractors from performance:
Significant underweight to Chinese government bonds, which performed well as the Chinese economy continued to experience slow growth and very low inflation

Security selection in high yield was a modest detractor from performance, with positions that were added in market volatility during March, detracting from year-to-date returns.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820165.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Bond Fund (Class A) – including sales charge | -0.84% | 1.69% | 1.72% |
| Macquarie Global Bond Fund (Class A) – excluding sales charge | 3.82% | 2.89% | 2.33% |
| Bloomberg Global Aggregate Index | 3.05% | -1.63% | 0.60% |
| Bloomberg Global Aggregate Index, Hedged to USD | 4.59% | 0.42% | 1.94% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its subadvisers as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg Global Aggregate Index. Although the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Bloomberg Global Aggregate Index, Hedged to USD for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $484204903 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $2288878 |
| Portfolio turnover rate | 226% |

---

**Fund holdings** (as of March 31, 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 | 46.85% |
| Australia | 10.49% |
| Spain | 6.25% |
| Japan | 3.95% |
| Netherlands | 3.79% |
| United Kingdom | 3.70% |
| Belgium | 2.76% |
| France | 2.12% |
| Switzerland | 1.78% |
| Germany | 1.32% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.82% |
| Energy | 2.93% |
| Consumer Non-Cyclical | 2.47% |
| Finance Companies | 2.07% |
| Technology | 2.05% |
| Transportation | 1.77% |
| Electric | 1.72% |
| Communications | 1.68% |
| Capital Goods | 1.47% |
| Real Estate Investment Trusts | 1.39% |

---

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class A shares of 0.70% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Bond Fund to Macquarie Global Bond Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class C : IVSCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$174 | &nbsp;&nbsp;1.71% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.70% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Bond Fund (Class C) returned 3.01% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 3.05%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 4.59%.

#### Top contributors to performance:
Sector overweights to investment grade credit, and an overweight (on a beta-adjusted basis) to emerging markets credits were additive to performance, as these sectors drove the majority of the excess yield of the portfolio.

Interest rate curve positioning was a contributor, as the portfolio was positioned with a significant curve steepened position.

Security selection within investment grade credit, with a relative preference for non-USD credit markets making up most of the sector overweight

#### Top detractors from performance:
Significant underweight to Chinese government bonds, which performed well as the Chinese economy continued to experience slow growth and very low inflation

Security selection in high yield was a modest detractor from performance, with positions that were added in market volatility during March, detracting from year-to-date returns.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820204.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Bond Fund (Class C) – including sales charge | 2.01% | 2.11% | 1.72% |
| Macquarie Global Bond Fund (Class C) – excluding sales charge | 3.01% | 2.11% | 1.72% |
| Bloomberg Global Aggregate Index | 3.05% | -1.63% | 0.60% |
| Bloomberg Global Aggregate Index, Hedged to USD | 4.59% | 0.42% | 1.94% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its subadvisers as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg Global Aggregate Index. Although the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Bloomberg Global Aggregate Index, Hedged to USD for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $484204903 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $2288878 |
| Portfolio turnover rate | 226% |

---

**Fund holdings** (as of March 31, 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 | 46.85% |
| Australia | 10.49% |
| Spain | 6.25% |
| Japan | 3.95% |
| Netherlands | 3.79% |
| United Kingdom | 3.70% |
| Belgium | 2.76% |
| France | 2.12% |
| Switzerland | 1.78% |
| Germany | 1.32% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.82% |
| Energy | 2.93% |
| Consumer Non-Cyclical | 2.47% |
| Finance Companies | 2.07% |
| Technology | 2.05% |
| Transportation | 1.77% |
| Electric | 1.72% |
| Communications | 1.68% |
| Capital Goods | 1.47% |
| Real Estate Investment Trusts | 1.39% |

---

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class C shares of 0.70% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Bond Fund to Macquarie Global Bond Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class R : IYGOX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$123 | &nbsp;&nbsp;1.21% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.20% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Bond Fund (Class R) returned 3.50% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 3.05%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 4.59%.

#### Top contributors to performance:
Sector overweights to investment grade credit, and an overweight (on a beta-adjusted basis) to emerging markets credits were additive to performance, as these sectors drove the majority of the excess yield of the portfolio.

Interest rate curve positioning was a contributor, as the portfolio was positioned with a significant curve steepened position.

Security selection within investment grade credit, with a relative preference for non-USD credit markets making up most of the sector overweight

#### Top detractors from performance:
Significant underweight to Chinese government bonds, which performed well as the Chinese economy continued to experience slow growth and very low inflation

Security selection in high yield was a modest detractor from performance, with positions that were added in market volatility during March, detracting from year-to-date returns.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820282.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Bond Fund (Class R) – including sales charge | 3.50% | 2.52% | 1.90% |
| Macquarie Global Bond Fund (Class R) – excluding sales charge | 3.50% | 2.52% | 1.90% |
| Bloomberg Global Aggregate Index | 3.05% | -1.63% | 0.60% |
| Bloomberg Global Aggregate Index, Hedged to USD | 4.59% | 0.42% | 1.94% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its subadvisers as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg Global Aggregate Index. Although the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Bloomberg Global Aggregate Index, Hedged to USD for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $484204903 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $2288878 |
| Portfolio turnover rate | 226% |

---

**Fund holdings** (as of March 31, 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 | 46.85% |
| Australia | 10.49% |
| Spain | 6.25% |
| Japan | 3.95% |
| Netherlands | 3.79% |
| United Kingdom | 3.70% |
| Belgium | 2.76% |
| France | 2.12% |
| Switzerland | 1.78% |
| Germany | 1.32% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.82% |
| Energy | 2.93% |
| Consumer Non-Cyclical | 2.47% |
| Finance Companies | 2.07% |
| Technology | 2.05% |
| Transportation | 1.77% |
| Electric | 1.72% |
| Communications | 1.68% |
| Capital Goods | 1.47% |
| Real Estate Investment Trusts | 1.39% |

---

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R shares of 0.70% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Bond Fund to Macquarie Global Bond Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Institutional Class : IVSIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$72 | &nbsp;&nbsp;0.71% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.70% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Bond Fund (Institutional Class) returned 3.97% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 3.05%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 4.59%.

#### Top contributors to performance:
Sector overweights to investment grade credit, and an overweight (on a beta-adjusted basis) to emerging markets credits were additive to performance, as these sectors drove the majority of the excess yield of the portfolio.

Interest rate curve positioning was a contributor, as the portfolio was positioned with a significant curve steepened position.

Security selection within investment grade credit, with a relative preference for non-USD credit markets making up most of the sector overweight

#### Top detractors from performance:
Significant underweight to Chinese government bonds, which performed well as the Chinese economy continued to experience slow growth and very low inflation

Security selection in high yield was a modest detractor from performance, with positions that were added in market volatility during March, detracting from year-to-date returns.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820243.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Bond Fund (Institutional Class) – including sales charge | 3.97% | 3.11% | 2.57% |
| Macquarie Global Bond Fund (Institutional Class) – excluding sales charge | 3.97% | 3.11% | 2.57% |
| Bloomberg Global Aggregate Index | 3.05% | -1.63% | 0.60% |
| Bloomberg Global Aggregate Index, Hedged to USD | 4.59% | 0.42% | 1.94% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its subadvisers as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg Global Aggregate Index. Although the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Bloomberg Global Aggregate Index, Hedged to USD for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $484204903 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $2288878 |
| Portfolio turnover rate | 226% |

---

**Fund holdings** (as of March 31, 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 | 46.85% |
| Australia | 10.49% |
| Spain | 6.25% |
| Japan | 3.95% |
| Netherlands | 3.79% |
| United Kingdom | 3.70% |
| Belgium | 2.76% |
| France | 2.12% |
| Switzerland | 1.78% |
| Germany | 1.32% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.82% |
| Energy | 2.93% |
| Consumer Non-Cyclical | 2.47% |
| Finance Companies | 2.07% |
| Technology | 2.05% |
| Transportation | 1.77% |
| Electric | 1.72% |
| Communications | 1.68% |
| Capital Goods | 1.47% |
| Real Estate Investment Trusts | 1.39% |

---

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Institutional Class shares of 0.70% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Bond Fund to Macquarie Global Bond Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class R6 : IVBDX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$59 | &nbsp;&nbsp;0.58% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.57% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Bond Fund (Class R6) returned 4.22% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 3.05%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 4.59%.

#### Top contributors to performance:
Sector overweights to investment grade credit, and an overweight (on a beta-adjusted basis) to emerging markets credits were additive to performance, as these sectors drove the majority of the excess yield of the portfolio.

Interest rate curve positioning was a contributor, as the portfolio was positioned with a significant curve steepened position.

Security selection within investment grade credit, with a relative preference for non-USD credit markets making up most of the sector overweight

#### Top detractors from performance:
Significant underweight to Chinese government bonds, which performed well as the Chinese economy continued to experience slow growth and very low inflation

Security selection in high yield was a modest detractor from performance, with positions that were added in market volatility during March, detracting from year-to-date returns.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820321.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Bond Fund (Class R6) – including sales charge | 4.22% | 3.18% | 2.61% |
| Macquarie Global Bond Fund (Class R6) – excluding sales charge | 4.22% | 3.18% | 2.61% |
| Bloomberg Global Aggregate Index | 3.05% | -1.63% | 0.60% |
| Bloomberg Global Aggregate Index, Hedged to USD | 4.59% | 0.42% | 1.94% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its subadvisers as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg Global Aggregate Index. Although the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Bloomberg Global Aggregate Index, Hedged to USD for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $484204903 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $2288878 |
| Portfolio turnover rate | 226% |

---

**Fund holdings** (as of March 31, 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 | 46.85% |
| Australia | 10.49% |
| Spain | 6.25% |
| Japan | 3.95% |
| Netherlands | 3.79% |
| United Kingdom | 3.70% |
| Belgium | 2.76% |
| France | 2.12% |
| Switzerland | 1.78% |
| Germany | 1.32% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.82% |
| Energy | 2.93% |
| Consumer Non-Cyclical | 2.47% |
| Finance Companies | 2.07% |
| Technology | 2.05% |
| Transportation | 1.77% |
| Electric | 1.72% |
| Communications | 1.68% |
| Capital Goods | 1.47% |
| Real Estate Investment Trusts | 1.39% |

---

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.57% (excluding certain items), which resulted in a decrease in the net annual operating expenses for Class R6 from 0.64% to 0.58%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Bond Fund to Macquarie Global Bond Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Bond Fund

*(formerly, Delaware Ivy Global Bond Fund)*

**Class Y : IVSYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Bond Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$98 | &nbsp;&nbsp;0.96% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.95% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Bond Fund (Class Y) returned 3.84% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 3.05%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 4.59%.

#### Top contributors to performance:
Sector overweights to investment grade credit, and an overweight (on a beta-adjusted basis) to emerging markets credits were additive to performance, as these sectors drove the majority of the excess yield of the portfolio.

Interest rate curve positioning was a contributor, as the portfolio was positioned with a significant curve steepened position.

Security selection within investment grade credit, with a relative preference for non-USD credit markets making up most of the sector overweight

#### Top detractors from performance:
Significant underweight to Chinese government bonds, which performed well as the Chinese economy continued to experience slow growth and very low inflation

Security selection in high yield was a modest detractor from performance, with positions that were added in market volatility during March, detracting from year-to-date returns.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820360.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Bond Fund (Class Y) – including sales charge | 3.84% | 2.91% | 2.34% |
| Macquarie Global Bond Fund (Class Y) – excluding sales charge | 3.84% | 2.91% | 2.34% |
| Bloomberg Global Aggregate Index | 3.05% | -1.63% | 0.60% |
| Bloomberg Global Aggregate Index, Hedged to USD | 4.59% | 0.42% | 1.94% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its subadvisers as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg Global Aggregate Index. Although the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Bloomberg Global Aggregate Index, Hedged to USD for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $484204903 |
| Total number of portfolio holdings | 321 |
| Total advisory fees paid | $2288878 |
| Portfolio turnover rate | 226% |

---

**Fund holdings** (as of March 31, 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 | 46.85% |
| Australia | 10.49% |
| Spain | 6.25% |
| Japan | 3.95% |
| Netherlands | 3.79% |
| United Kingdom | 3.70% |
| Belgium | 2.76% |
| France | 2.12% |
| Switzerland | 1.78% |
| Germany | 1.32% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.82% |
| Energy | 2.93% |
| Consumer Non-Cyclical | 2.47% |
| Finance Companies | 2.07% |
| Technology | 2.05% |
| Transportation | 1.77% |
| Electric | 1.72% |
| Communications | 1.68% |
| Capital Goods | 1.47% |
| Real Estate Investment Trusts | 1.39% |

---

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class Y shares of 0.70% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Bond Fund to Macquarie Global Bond Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class A : IVINX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$116 | &nbsp;&nbsp;1.13% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.11% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Growth Fund (Class A) returned 4.96% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within consumer staples also added value due to holdings in BJ's Wholesale Club Inc. and Casey's General Stores Inc. (US).

At the country level, Germany, Singapore, and Spain contributed most.

#### Top detractors from performance:
Stocks within consumer discretionary detracted from performance due to an underweight to Tesla Inc. and exposure to DraftKings Inc. (US) which have been volatile over the period.

Stock selection within information technology also detracted due to Broadcom Inc. and Salesforce Inc. (US) as artificial-intelligence optimism waned.

At the country level, France, China, and the US detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820399.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Growth Fund (Class A) – including sales charge | -1.09% | 14.00% | 7.76% |
| Macquarie Global Growth Fund (Class A) – excluding sales charge | 4.96% | 15.35% | 8.40% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $858325863 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $5523463 |
| Portfolio turnover rate | 55% |

---

**Fund holdings** (as of March 31, 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 | 60.26% |
| Germany | 7.11% |
| United Kingdom | 4.45% |
| India | 3.98% |
| France | 3.75% |
| Taiwan | 2.92% |
| Japan | 2.90% |
| South Korea | 1.98% |
| Singapore | 1.88% |
| Spain | 1.70% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 24.71% |
| Financials | 16.98% |
| Industrials | 12.63% |
| Consumer Discretionary | 11.94% |
| Healthcare | 10.32% |
| Communication Services | 8.67% |
| Consumer Staples | 8.36% |
| Utilities | 1.86% |
| Energy | 1.78% |
| Materials | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.98% |
| Apple | 3.48% |
| Amazon.com | 3.12% |
| NVIDIA | 3.00% |
| Taiwan Semiconductor Manufacturing | 2.92% |
| Mastercard Class A | 2.65% |
| SAP | 2.31% |
| Howmet Aerospace | 2.28% |
| Eli Lilly & Co. | 2.14% |
| HDFC Bank | 2.13% |

---

Material Fund changes

From May 3, 2024 to July 25, 2024, the Fund introduced a revised fee waiver for Class A of 0.91% (excluding certain items, such as distribution and service (12b-1) fees).

Effective July 26, 2024, the Fund introduced a revised fee waiver for Class A shares of 0.85% (excluding certain items, such as 12b-1 fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Growth Fund to Macquarie Global Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class C : IVNCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$193 | &nbsp;&nbsp;1.89% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.87% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Growth Fund (Class C) returned 4.17% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within consumer staples also added value due to holdings in BJ's Wholesale Club Inc. and Casey's General Stores Inc. (US).

At the country level, Germany, Singapore, and Spain contributed most.

#### Top detractors from performance:
Stocks within consumer discretionary detracted from performance due to an underweight to Tesla Inc. and exposure to DraftKings Inc. (US) which have been volatile over the period.

Stock selection within information technology also detracted due to Broadcom Inc. and Salesforce Inc. (US) as artificial-intelligence optimism waned.

At the country level, France, China, and the US detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820438.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Growth Fund (Class C) – including sales charge | 3.19% | 14.37% | 7.69% |
| Macquarie Global Growth Fund (Class C) – excluding sales charge | 4.17% | 14.37% | 7.69% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $858325863 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $5523463 |
| Portfolio turnover rate | 55% |

---

**Fund holdings** (as of March 31, 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 | 60.26% |
| Germany | 7.11% |
| United Kingdom | 4.45% |
| India | 3.98% |
| France | 3.75% |
| Taiwan | 2.92% |
| Japan | 2.90% |
| South Korea | 1.98% |
| Singapore | 1.88% |
| Spain | 1.70% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 24.71% |
| Financials | 16.98% |
| Industrials | 12.63% |
| Consumer Discretionary | 11.94% |
| Healthcare | 10.32% |
| Communication Services | 8.67% |
| Consumer Staples | 8.36% |
| Utilities | 1.86% |
| Energy | 1.78% |
| Materials | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.98% |
| Apple | 3.48% |
| Amazon.com | 3.12% |
| NVIDIA | 3.00% |
| Taiwan Semiconductor Manufacturing | 2.92% |
| Mastercard Class A | 2.65% |
| SAP | 2.31% |
| Howmet Aerospace | 2.28% |
| Eli Lilly & Co. | 2.14% |
| HDFC Bank | 2.13% |

---

Material Fund changes

From May 3, 2024 to July 25, 2024, the Fund introduced a revised fee waiver for Class C of 0.91% (excluding certain items, such as distribution and service (12b-1) fees).

Effective July 26, 2024, the Fund introduced a revised fee waiver for Class C shares of 0.85% (excluding certain items, such as 12b-1 fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Growth Fund to Macquarie Global Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class R : IYIGX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$142 | &nbsp;&nbsp;1.39% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.37% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Growth Fund (Class R) returned 4.69% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within consumer staples also added value due to holdings in BJ's Wholesale Club Inc. and Casey's General Stores Inc. (US).

At the country level, Germany, Singapore, and Spain contributed most.

#### Top detractors from performance:
Stocks within consumer discretionary detracted from performance due to an underweight to Tesla Inc. and exposure to DraftKings Inc. (US) which have been volatile over the period.

Stock selection within information technology also detracted due to Broadcom Inc. and Salesforce Inc. (US) as artificial-intelligence optimism waned.

At the country level, France, China, and the US detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820516.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Growth Fund (Class R) – including sales charge | 4.69% | 15.00% | 8.09% |
| Macquarie Global Growth Fund (Class R) – excluding sales charge | 4.69% | 15.00% | 8.09% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $858325863 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $5523463 |
| Portfolio turnover rate | 55% |

---

**Fund holdings** (as of March 31, 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 | 60.26% |
| Germany | 7.11% |
| United Kingdom | 4.45% |
| India | 3.98% |
| France | 3.75% |
| Taiwan | 2.92% |
| Japan | 2.90% |
| South Korea | 1.98% |
| Singapore | 1.88% |
| Spain | 1.70% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 24.71% |
| Financials | 16.98% |
| Industrials | 12.63% |
| Consumer Discretionary | 11.94% |
| Healthcare | 10.32% |
| Communication Services | 8.67% |
| Consumer Staples | 8.36% |
| Utilities | 1.86% |
| Energy | 1.78% |
| Materials | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.98% |
| Apple | 3.48% |
| Amazon.com | 3.12% |
| NVIDIA | 3.00% |
| Taiwan Semiconductor Manufacturing | 2.92% |
| Mastercard Class A | 2.65% |
| SAP | 2.31% |
| Howmet Aerospace | 2.28% |
| Eli Lilly & Co. | 2.14% |
| HDFC Bank | 2.13% |

---

Material Fund changes

From May 3, 2024 to July 25, 2024, the Fund introduced a revised fee waiver for Class R of 0.91% (excluding certain items, such as distribution and service (12b-1) fees).

Effective July 26, 2024, the Fund introduced a revised fee waiver for Class R shares of 0.85% (excluding certain items, such as 12b-1 fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Growth Fund to Macquarie Global Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Institutional Class : IGIIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$91 | &nbsp;&nbsp;0.89% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.87% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Growth Fund (Institutional Class) returned 5.17% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within consumer staples also added value due to holdings in BJ's Wholesale Club Inc. and Casey's General Stores Inc. (US).

At the country level, Germany, Singapore, and Spain contributed most.

#### Top detractors from performance:
Stocks within consumer discretionary detracted from performance due to an underweight to Tesla Inc. and exposure to DraftKings Inc. (US) which have been volatile over the period.

Stock selection within information technology also detracted due to Broadcom Inc. and Salesforce Inc. (US) as artificial-intelligence optimism waned.

At the country level, France, China, and the US detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820477.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Growth Fund (Institutional Class) – including sales charge | 5.17% | 15.63% | 8.71% |
| Macquarie Global Growth Fund (Institutional Class) – excluding sales charge | 5.17% | 15.63% | 8.71% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $858325863 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $5523463 |
| Portfolio turnover rate | 55% |

---

**Fund holdings** (as of March 31, 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 | 60.26% |
| Germany | 7.11% |
| United Kingdom | 4.45% |
| India | 3.98% |
| France | 3.75% |
| Taiwan | 2.92% |
| Japan | 2.90% |
| South Korea | 1.98% |
| Singapore | 1.88% |
| Spain | 1.70% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 24.71% |
| Financials | 16.98% |
| Industrials | 12.63% |
| Consumer Discretionary | 11.94% |
| Healthcare | 10.32% |
| Communication Services | 8.67% |
| Consumer Staples | 8.36% |
| Utilities | 1.86% |
| Energy | 1.78% |
| Materials | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.98% |
| Apple | 3.48% |
| Amazon.com | 3.12% |
| NVIDIA | 3.00% |
| Taiwan Semiconductor Manufacturing | 2.92% |
| Mastercard Class A | 2.65% |
| SAP | 2.31% |
| Howmet Aerospace | 2.28% |
| Eli Lilly & Co. | 2.14% |
| HDFC Bank | 2.13% |

---

Material Fund changes

From May 3, 2024 to July 25, 2024, the Fund introduced a revised fee waiver for Institutional Class of 0.91% (excluding certain items, such as distribution and service (12b-1) fees).

Effective July 26, 2024, the Fund introduced a revised fee waiver for Institutional Class shares of 0.85% (excluding certain items, such as 12b-1 fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Growth Fund to Macquarie Global Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class R6 : ITGRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$81 | &nbsp;&nbsp;0.79% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.77% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Growth Fund (Class R6) returned 5.28% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within consumer staples also added value due to holdings in BJ's Wholesale Club Inc. and Casey's General Stores Inc. (US).

At the country level, Germany, Singapore, and Spain contributed most.

#### Top detractors from performance:
Stocks within consumer discretionary detracted from performance due to an underweight to Tesla Inc. and exposure to DraftKings Inc. (US) which have been volatile over the period.

Stock selection within information technology also detracted due to Broadcom Inc. and Salesforce Inc. (US) as artificial-intelligence optimism waned.

At the country level, France, China, and the US detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820555.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Growth Fund (Class R6) – including sales charge | 5.28% | 15.74% | 8.85% |
| Macquarie Global Growth Fund (Class R6) – excluding sales charge | 5.28% | 15.74% | 8.85% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $858325863 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $5523463 |
| Portfolio turnover rate | 55% |

---

**Fund holdings** (as of March 31, 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 | 60.26% |
| Germany | 7.11% |
| United Kingdom | 4.45% |
| India | 3.98% |
| France | 3.75% |
| Taiwan | 2.92% |
| Japan | 2.90% |
| South Korea | 1.98% |
| Singapore | 1.88% |
| Spain | 1.70% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 24.71% |
| Financials | 16.98% |
| Industrials | 12.63% |
| Consumer Discretionary | 11.94% |
| Healthcare | 10.32% |
| Communication Services | 8.67% |
| Consumer Staples | 8.36% |
| Utilities | 1.86% |
| Energy | 1.78% |
| Materials | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.98% |
| Apple | 3.48% |
| Amazon.com | 3.12% |
| NVIDIA | 3.00% |
| Taiwan Semiconductor Manufacturing | 2.92% |
| Mastercard Class A | 2.65% |
| SAP | 2.31% |
| Howmet Aerospace | 2.28% |
| Eli Lilly & Co. | 2.14% |
| HDFC Bank | 2.13% |

---

Material Fund changes

From May 3, 2024 to July 25, 2024, the Fund introduced a revised fee waiver for Class R6 of 0.81% (excluding certain items).

Effective July 26, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.75% (excluding certain items).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Growth Fund to Macquarie Global Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Global Growth Fund

*(formerly, Delaware Ivy Global Growth Fund)*

**Class Y : IVIYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Global Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$117 | &nbsp;&nbsp;1.14% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.12% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Global Growth Fund (Class Y) returned 4.92% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within consumer staples also added value due to holdings in BJ's Wholesale Club Inc. and Casey's General Stores Inc. (US).

At the country level, Germany, Singapore, and Spain contributed most.

#### Top detractors from performance:
Stocks within consumer discretionary detracted from performance due to an underweight to Tesla Inc. and exposure to DraftKings Inc. (US) which have been volatile over the period.

Stock selection within information technology also detracted due to Broadcom Inc. and Salesforce Inc. (US) as artificial-intelligence optimism waned.

At the country level, France, China, and the US detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820594.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Global Growth Fund (Class Y) – including sales charge | 4.92% | 15.34% | 8.43% |
| Macquarie Global Growth Fund (Class Y) – excluding sales charge | 4.92% | 15.34% | 8.43% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $858325863 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $5523463 |
| Portfolio turnover rate | 55% |

---

**Fund holdings** (as of March 31, 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 | 60.26% |
| Germany | 7.11% |
| United Kingdom | 4.45% |
| India | 3.98% |
| France | 3.75% |
| Taiwan | 2.92% |
| Japan | 2.90% |
| South Korea | 1.98% |
| Singapore | 1.88% |
| Spain | 1.70% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 24.71% |
| Financials | 16.98% |
| Industrials | 12.63% |
| Consumer Discretionary | 11.94% |
| Healthcare | 10.32% |
| Communication Services | 8.67% |
| Consumer Staples | 8.36% |
| Utilities | 1.86% |
| Energy | 1.78% |
| Materials | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.98% |
| Apple | 3.48% |
| Amazon.com | 3.12% |
| NVIDIA | 3.00% |
| Taiwan Semiconductor Manufacturing | 2.92% |
| Mastercard Class A | 2.65% |
| SAP | 2.31% |
| Howmet Aerospace | 2.28% |
| Eli Lilly & Co. | 2.14% |
| HDFC Bank | 2.13% |

---

Material Fund changes

From May 3, 2024 to July 25, 2024, the Fund introduced a revised fee waiver for Class Y of 0.91% (excluding certain items, such as distribution and service (12b-1) fees).

Effective July 26, 2024, the Fund introduced a revised fee waiver for Class Y shares of 0.85% (excluding certain items, such as 12b-1 fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Global Growth Fund to Macquarie Global Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class A : WHIAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$101 | &nbsp;&nbsp;1.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.88% if tax and non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie High Income Fund (Class A) returned 2.26% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 7.60%.

#### Top contributors to performance:
Overweight and security selection within the insurance sector

Security selection within the utility sector

Security selection within the banking sector

#### Top detractors from performance:
Security selection within the gaming sector

Security selection and overweight within the media sector

Underweight to the real estate sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820633.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie High Income Fund (Class A) – including sales charge | -2.40% | 5.50% | 3.15% |
| Macquarie High Income Fund (Class A) – excluding sales charge | 2.26% | 6.75% | 3.76% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |
| ICE BofA US High Yield Constrained Index | 7.60% | 7.20% | 4.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US High Yield Constrained Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2372192579 |
| Total number of portfolio holdings | 278 |
| Total advisory fees paid | $12528034 |
| Portfolio turnover rate | 56% |

---

**Fund holdings** (as of March 31, 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 | 11.54% |
| Media | 9.81% |
| Basic Industry | 8.74% |
| Leisure | 7.01% |
| Capital Goods | 6.95% |
| Healthcare | 6.78% |
| Telecommunications | 6.76% |
| Financial Services | 5.47% |
| Technology & Electronics | 4.51% |
| Insurance | 4.30% |

---

Material Fund changes

Effective April 26, 2024, the Fund introduced a revised fee waiver for Class A shares of 0.63% (excluding certain items, such as distribution and service (12b-1) fees). Due to tax expense, for the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class A increased from 0.89% to 1.00%.

On December 31, 2024, the Fund changed its name from Delaware Ivy High Income Fund to Macquarie High Income Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class C : WRHIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$176 | &nbsp;&nbsp;1.75% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.63% if tax and non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie High Income Fund (Class C) returned 1.32% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 7.60%.

#### Top contributors to performance:
Overweight and security selection within the insurance sector

Security selection within the utility sector

Security selection within the banking sector

#### Top detractors from performance:
Security selection within the gaming sector

Security selection and overweight within the media sector

Underweight to the real estate sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820672.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie High Income Fund (Class C) – including sales charge | 0.36% | 5.95% | 3.17% |
| Macquarie High Income Fund (Class C) – excluding sales charge | 1.32% | 5.95% | 3.17% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |
| ICE BofA US High Yield Constrained Index | 7.60% | 7.20% | 4.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US High Yield Constrained Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2372192579 |
| Total number of portfolio holdings | 278 |
| Total advisory fees paid | $12528034 |
| Portfolio turnover rate | 56% |

---

**Fund holdings** (as of March 31, 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 | 11.54% |
| Media | 9.81% |
| Basic Industry | 8.74% |
| Leisure | 7.01% |
| Capital Goods | 6.95% |
| Healthcare | 6.78% |
| Telecommunications | 6.76% |
| Financial Services | 5.47% |
| Technology & Electronics | 4.51% |
| Insurance | 4.30% |

---

Material Fund changes

Effective April 26, 2024, the Fund introduced a revised fee waiver for Class C shares of 0.63% (excluding certain items, such as distribution and service (12b-1) fees). Due to tax expense, for the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class C increased from 1.64% to 1.75%.

On December 31, 2024, the Fund changed its name from Delaware Ivy High Income Fund to Macquarie High Income Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class R : IYHIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.25% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.13% if tax and non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie High Income Fund (Class R) returned 1.83% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 7.60%.

#### Top contributors to performance:
Overweight and security selection within the insurance sector

Security selection within the utility sector

Security selection within the banking sector

#### Top detractors from performance:
Security selection within the gaming sector

Security selection and overweight within the media sector

Underweight to the real estate sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820750.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie High Income Fund (Class R) – including sales charge | 1.83% | 6.39% | 3.40% |
| Macquarie High Income Fund (Class R) – excluding sales charge | 1.83% | 6.39% | 3.40% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |
| ICE BofA US High Yield Constrained Index | 7.60% | 7.20% | 4.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US High Yield Constrained Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2372192579 |
| Total number of portfolio holdings | 278 |
| Total advisory fees paid | $12528034 |
| Portfolio turnover rate | 56% |

---

**Fund holdings** (as of March 31, 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 | 11.54% |
| Media | 9.81% |
| Basic Industry | 8.74% |
| Leisure | 7.01% |
| Capital Goods | 6.95% |
| Healthcare | 6.78% |
| Telecommunications | 6.76% |
| Financial Services | 5.47% |
| Technology & Electronics | 4.51% |
| Insurance | 4.30% |

---

Material Fund changes

Effective April 26, 2024, the Fund introduced a revised fee waiver for Class R shares of 0.63% (excluding certain items, such as distribution and service (12b-1) fees). Due to tax expense, for the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R increased from 1.14% to 1.25%.

On December 31, 2024, the Fund changed its name from Delaware Ivy High Income Fund to Macquarie High Income Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Institutional Class : IVHIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$76 | &nbsp;&nbsp;0.75% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.63% if tax and non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie High Income Fund (Institutional Class) returned 2.34% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 7.60%.

#### Top contributors to performance:
Overweight and security selection within the insurance sector

Security selection within the utility sector

Security selection within the banking sector

#### Top detractors from performance:
Security selection within the gaming sector

Security selection and overweight within the media sector

Underweight to the real estate sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820711.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie High Income Fund (Institutional Class) – including sales charge | 2.34% | 6.97% | 3.99% |
| Macquarie High Income Fund (Institutional Class) – excluding sales charge | 2.34% | 6.97% | 3.99% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |
| ICE BofA US High Yield Constrained Index | 7.60% | 7.20% | 4.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US High Yield Constrained Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2372192579 |
| Total number of portfolio holdings | 278 |
| Total advisory fees paid | $12528034 |
| Portfolio turnover rate | 56% |

---

**Fund holdings** (as of March 31, 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 | 11.54% |
| Media | 9.81% |
| Basic Industry | 8.74% |
| Leisure | 7.01% |
| Capital Goods | 6.95% |
| Healthcare | 6.78% |
| Telecommunications | 6.76% |
| Financial Services | 5.47% |
| Technology & Electronics | 4.51% |
| Insurance | 4.30% |

---

Material Fund changes

Effective April 26, 2024, the Fund introduced a revised fee waiver for Institutional Class shares of 0.63% (excluding certain items, such as distribution and service (12b-1) fees). Due to tax expense, for the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Institutional Class increased from 0.64% to 0.75%.

On December 31, 2024, the Fund changed its name from Delaware Ivy High Income Fund to Macquarie High Income Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class R6 : IHIFX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$67 | &nbsp;&nbsp;0.66% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.54% if tax and non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie High Income Fund (Class R6) returned 2.60% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 7.60%.

#### Top contributors to performance:
Overweight and security selection within the insurance sector

Security selection within the utility sector

Security selection within the banking sector

#### Top detractors from performance:
Security selection within the gaming sector

Security selection and overweight within the media sector

Underweight to the real estate sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820789.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie High Income Fund (Class R6) – including sales charge | 2.60% | 7.11% | 4.14% |
| Macquarie High Income Fund (Class R6) – excluding sales charge | 2.60% | 7.11% | 4.14% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |
| ICE BofA US High Yield Constrained Index | 7.60% | 7.20% | 4.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US High Yield Constrained Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2372192579 |
| Total number of portfolio holdings | 278 |
| Total advisory fees paid | $12528034 |
| Portfolio turnover rate | 56% |

---

**Fund holdings** (as of March 31, 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 | 11.54% |
| Media | 9.81% |
| Basic Industry | 8.74% |
| Leisure | 7.01% |
| Capital Goods | 6.95% |
| Healthcare | 6.78% |
| Telecommunications | 6.76% |
| Financial Services | 5.47% |
| Technology & Electronics | 4.51% |
| Insurance | 4.30% |

---

Material Fund changes

Effective April 26, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.54% (excluding certain items). Due to tax expense, for the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R6 increased from 0.55% to 0.66%.

On December 31, 2024, the Fund changed its name from Delaware Ivy High Income Fund to Macquarie High Income Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie High Income Fund

*(formerly, Delaware Ivy High Income Fund)*

**Class Y : WHIYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie High Income Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$101 | &nbsp;&nbsp;1.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.88% if tax and non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie High Income Fund (Class Y) returned 2.08% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 7.60%.

#### Top contributors to performance:
Overweight and security selection within the insurance sector

Security selection within the utility sector

Security selection within the banking sector

#### Top detractors from performance:
Security selection within the gaming sector

Security selection and overweight within the media sector

Underweight to the real estate sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820828.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie High Income Fund (Class Y) – including sales charge | 2.08% | 6.72% | 3.74% |
| Macquarie High Income Fund (Class Y) – excluding sales charge | 2.08% | 6.72% | 3.74% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |
| ICE BofA US High Yield Constrained Index | 7.60% | 7.20% | 4.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US High Yield Constrained Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $2372192579 |
| Total number of portfolio holdings | 278 |
| Total advisory fees paid | $12528034 |
| Portfolio turnover rate | 56% |

---

**Fund holdings** (as of March 31, 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 | 11.54% |
| Media | 9.81% |
| Basic Industry | 8.74% |
| Leisure | 7.01% |
| Capital Goods | 6.95% |
| Healthcare | 6.78% |
| Telecommunications | 6.76% |
| Financial Services | 5.47% |
| Technology & Electronics | 4.51% |
| Insurance | 4.30% |

---

Material Fund changes

Effective April 26, 2024, the Fund introduced a revised fee waiver for Class Y shares of 0.63% (excluding certain items, such as distribution and service (12b-1) fees). Due to tax expense, for the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class Y increased from 0.89% to 1.00%.

On December 31, 2024, the Fund changed its name from Delaware Ivy High Income Fund to Macquarie High Income Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie International Core Equity Fund

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

**Class A : IVIAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$107 | &nbsp;&nbsp;1.05% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.02% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie International Core Equity Fund (Class A) returned 4.75% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 6.09% and 6.65%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within industrials also added value due to holdings in Heidelberg Materials AG, a Germany-based cement company.

At the country level, Singapore, Japan, and Germany contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance due to the weak performance of ICON PLC (Ireland) and Sartorius AG (Germany) amid continued weakness in the life science industry.

Stock selection and an underweight to European financials, notably insurers, also detracted from performance as they benefitted from a favorable environment of lower rates and strong underwriting.

At the country level, China, Italy, and France detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820867.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie International Core Equity Fund (Class A) – including sales charge | -1.27% | 10.80% | 3.68% |
| Macquarie International Core Equity Fund (Class A) – excluding sales charge | 4.75% | 12.12% | 4.29% |
| MSCI ACWI ex USA Index (net) | 6.09% | 10.92% | 4.98% |
| MSCI ACWI ex USA Index (gross) | 6.65% | 11.46% | 5.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1441389635 |
| Total number of portfolio holdings | 61 |
| Total advisory fees paid | $8536802 |
| Portfolio turnover rate | 84% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Japan | 12.20% |
| Germany | 11.93% |
| United Kingdom | 10.87% |
| China | 8.97% |
| India | 7.20% |
| Netherlands | 5.97% |
| Brazil | 5.91% |
| United States | 4.53% |
| France | 4.42% |
| Singapore | 4.31% |

---

Sector allocation

---

| | |
|:---|:---|
| Financials | 19.47% |
| Industrials | 17.55% |
| Information Technology | 13.63% |
| Consumer Discretionary | 13.46% |
| Healthcare | 10.30% |
| Communication Services | 9.97% |
| Consumer Staples | 6.31% |
| Materials | 4.17% |
| Energy | 1.28% |
| Utilities | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| MercadoLibre | 3.92% |
| Taiwan Semiconductor Manufacturing | 3.73% |
| Sea ADR | 2.46% |
| Heidelberg Materials | 2.43% |
| ING Groep | 2.33% |
| Makita | 2.29% |
| SAP | 2.28% |
| Midea Group Class A | 2.28% |
| Renesas Electronics | 2.24% |
| Nintendo | 2.23% |

---

Material Fund changes

Effective May 3, 2024, the Fund introduced a revised fee waiver for Class A shares of 0.77% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy International Core Equity Fund to Macquarie International Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie International Core Equity Fund

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

**Class C : IVIFX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$184 | &nbsp;&nbsp;1.80% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.77% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie International Core Equity Fund (Class C) returned 3.95% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 6.09% and 6.65%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within industrials also added value due to holdings in Heidelberg Materials AG, a Germany-based cement company.

At the country level, Singapore, Japan, and Germany contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance due to the weak performance of ICON PLC (Ireland) and Sartorius AG (Germany) amid continued weakness in the life science industry.

Stock selection and an underweight to European financials, notably insurers, also detracted from performance as they benefitted from a favorable environment of lower rates and strong underwriting.

At the country level, China, Italy, and France detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820906.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie International Core Equity Fund (Class C) – including sales charge | 2.95% | 11.31% | 3.73% |
| Macquarie International Core Equity Fund (Class C) – excluding sales charge | 3.95% | 11.31% | 3.73% |
| MSCI ACWI ex USA Index (net) | 6.09% | 10.92% | 4.98% |
| MSCI ACWI ex USA Index (gross) | 6.65% | 11.46% | 5.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1441389635 |
| Total number of portfolio holdings | 61 |
| Total advisory fees paid | $8536802 |
| Portfolio turnover rate | 84% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Japan | 12.20% |
| Germany | 11.93% |
| United Kingdom | 10.87% |
| China | 8.97% |
| India | 7.20% |
| Netherlands | 5.97% |
| Brazil | 5.91% |
| United States | 4.53% |
| France | 4.42% |
| Singapore | 4.31% |

---

Sector allocation

---

| | |
|:---|:---|
| Financials | 19.47% |
| Industrials | 17.55% |
| Information Technology | 13.63% |
| Consumer Discretionary | 13.46% |
| Healthcare | 10.30% |
| Communication Services | 9.97% |
| Consumer Staples | 6.31% |
| Materials | 4.17% |
| Energy | 1.28% |
| Utilities | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| MercadoLibre | 3.92% |
| Taiwan Semiconductor Manufacturing | 3.73% |
| Sea ADR | 2.46% |
| Heidelberg Materials | 2.43% |
| ING Groep | 2.33% |
| Makita | 2.29% |
| SAP | 2.28% |
| Midea Group Class A | 2.28% |
| Renesas Electronics | 2.24% |
| Nintendo | 2.23% |

---

Material Fund changes

Effective May 3, 2024, the Fund introduced a revised fee waiver for Class C shares of 0.77% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy International Core Equity Fund to Macquarie International Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie International Core Equity Fund

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

**Class R : IYITX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$133 | &nbsp;&nbsp;1.30% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.27% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie International Core Equity Fund (Class R) returned 4.44% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 6.09% and 6.65%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within industrials also added value due to holdings in Heidelberg Materials AG, a Germany-based cement company.

At the country level, Singapore, Japan, and Germany contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance due to the weak performance of ICON PLC (Ireland) and Sartorius AG (Germany) amid continued weakness in the life science industry.

Stock selection and an underweight to European financials, notably insurers, also detracted from performance as they benefitted from a favorable environment of lower rates and strong underwriting.

At the country level, China, Italy, and France detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820984.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie International Core Equity Fund (Class R) – including sales charge | 4.44% | 11.79% | 4.00% |
| Macquarie International Core Equity Fund (Class R) – excluding sales charge | 4.44% | 11.79% | 4.00% |
| MSCI ACWI ex USA Index (net) | 6.09% | 10.92% | 4.98% |
| MSCI ACWI ex USA Index (gross) | 6.65% | 11.46% | 5.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1441389635 |
| Total number of portfolio holdings | 61 |
| Total advisory fees paid | $8536802 |
| Portfolio turnover rate | 84% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Japan | 12.20% |
| Germany | 11.93% |
| United Kingdom | 10.87% |
| China | 8.97% |
| India | 7.20% |
| Netherlands | 5.97% |
| Brazil | 5.91% |
| United States | 4.53% |
| France | 4.42% |
| Singapore | 4.31% |

---

Sector allocation

---

| | |
|:---|:---|
| Financials | 19.47% |
| Industrials | 17.55% |
| Information Technology | 13.63% |
| Consumer Discretionary | 13.46% |
| Healthcare | 10.30% |
| Communication Services | 9.97% |
| Consumer Staples | 6.31% |
| Materials | 4.17% |
| Energy | 1.28% |
| Utilities | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| MercadoLibre | 3.92% |
| Taiwan Semiconductor Manufacturing | 3.73% |
| Sea ADR | 2.46% |
| Heidelberg Materials | 2.43% |
| ING Groep | 2.33% |
| Makita | 2.29% |
| SAP | 2.28% |
| Midea Group Class A | 2.28% |
| Renesas Electronics | 2.24% |
| Nintendo | 2.23% |

---

Material Fund changes

Effective May 3, 2024, the Fund introduced a revised fee waiver for Class R shares of 0.77% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy International Core Equity Fund to Macquarie International Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie International Core Equity Fund

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

**Institutional Class : ICEIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$82 | &nbsp;&nbsp;0.80% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.77% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie International Core Equity Fund (Institutional Class) returned 5.00% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 6.09% and 6.65%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within industrials also added value due to holdings in Heidelberg Materials AG, a Germany-based cement company.

At the country level, Singapore, Japan, and Germany contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance due to the weak performance of ICON PLC (Ireland) and Sartorius AG (Germany) amid continued weakness in the life science industry.

Stock selection and an underweight to European financials, notably insurers, also detracted from performance as they benefitted from a favorable environment of lower rates and strong underwriting.

At the country level, China, Italy, and France detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820945.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie International Core Equity Fund (Institutional Class) – including sales charge | 5.00% | 12.49% | 4.65% |
| Macquarie International Core Equity Fund (Institutional Class) – excluding sales charge | 5.00% | 12.49% | 4.65% |
| MSCI ACWI ex USA Index (net) | 6.09% | 10.92% | 4.98% |
| MSCI ACWI ex USA Index (gross) | 6.65% | 11.46% | 5.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1441389635 |
| Total number of portfolio holdings | 61 |
| Total advisory fees paid | $8536802 |
| Portfolio turnover rate | 84% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Japan | 12.20% |
| Germany | 11.93% |
| United Kingdom | 10.87% |
| China | 8.97% |
| India | 7.20% |
| Netherlands | 5.97% |
| Brazil | 5.91% |
| United States | 4.53% |
| France | 4.42% |
| Singapore | 4.31% |

---

Sector allocation

---

| | |
|:---|:---|
| Financials | 19.47% |
| Industrials | 17.55% |
| Information Technology | 13.63% |
| Consumer Discretionary | 13.46% |
| Healthcare | 10.30% |
| Communication Services | 9.97% |
| Consumer Staples | 6.31% |
| Materials | 4.17% |
| Energy | 1.28% |
| Utilities | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| MercadoLibre | 3.92% |
| Taiwan Semiconductor Manufacturing | 3.73% |
| Sea ADR | 2.46% |
| Heidelberg Materials | 2.43% |
| ING Groep | 2.33% |
| Makita | 2.29% |
| SAP | 2.28% |
| Midea Group Class A | 2.28% |
| Renesas Electronics | 2.24% |
| Nintendo | 2.23% |

---

Material Fund changes

Effective May 3, 2024, the Fund introduced a revised fee waiver for Institutional Class shares of 0.77% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy International Core Equity Fund to Macquarie International Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie International Core Equity Fund

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

**Class R6 : IINCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;0.68% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.65% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie International Core Equity Fund (Class R6) returned 5.14% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 6.09% and 6.65%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within industrials also added value due to holdings in Heidelberg Materials AG, a Germany-based cement company.

At the country level, Singapore, Japan, and Germany contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance due to the weak performance of ICON PLC (Ireland) and Sartorius AG (Germany) amid continued weakness in the life science industry.

Stock selection and an underweight to European financials, notably insurers, also detracted from performance as they benefitted from a favorable environment of lower rates and strong underwriting.

At the country level, China, Italy, and France detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie International Core Equity Fund (Class R6) – including sales charge | 5.14% | 12.52% | 4.73% |
| Macquarie International Core Equity Fund (Class R6) – excluding sales charge | 5.14% | 12.52% | 4.73% |
| MSCI ACWI ex USA Index (net) | 6.09% | 10.92% | 4.98% |
| MSCI ACWI ex USA Index (gross) | 6.65% | 11.46% | 5.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1441389635 |
| Total number of portfolio holdings | 61 |
| Total advisory fees paid | $8536802 |
| Portfolio turnover rate | 84% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Japan | 12.20% |
| Germany | 11.93% |
| United Kingdom | 10.87% |
| China | 8.97% |
| India | 7.20% |
| Netherlands | 5.97% |
| Brazil | 5.91% |
| United States | 4.53% |
| France | 4.42% |
| Singapore | 4.31% |

---

Sector allocation

---

| | |
|:---|:---|
| Financials | 19.47% |
| Industrials | 17.55% |
| Information Technology | 13.63% |
| Consumer Discretionary | 13.46% |
| Healthcare | 10.30% |
| Communication Services | 9.97% |
| Consumer Staples | 6.31% |
| Materials | 4.17% |
| Energy | 1.28% |
| Utilities | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| MercadoLibre | 3.92% |
| Taiwan Semiconductor Manufacturing | 3.73% |
| Sea ADR | 2.46% |
| Heidelberg Materials | 2.43% |
| ING Groep | 2.33% |
| Makita | 2.29% |
| SAP | 2.28% |
| Midea Group Class A | 2.28% |
| Renesas Electronics | 2.24% |
| Nintendo | 2.23% |

---

Material Fund changes

Effective May 3, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.65% (excluding certain items).

On December 31, 2024, the Fund changed its name from Delaware Ivy International Core Equity Fund to Macquarie International Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie International Core Equity Fund

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

**Class Y : IVVYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie International Core Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$107 | &nbsp;&nbsp;1.05% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.02% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie International Core Equity Fund (Class Y) returned 4.75% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 6.09% and 6.65%, respectively.

#### Top contributors to performance:
Stocks within communication services contributed to performance due to holdings in Sea Ltd. (Singapore) and Deutsche Telekom AG (Germany).

Selection within industrials also added value due to holdings in Heidelberg Materials AG, a Germany-based cement company.

At the country level, Singapore, Japan, and Germany contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance due to the weak performance of ICON PLC (Ireland) and Sartorius AG (Germany) amid continued weakness in the life science industry.

Stock selection and an underweight to European financials, notably insurers, also detracted from performance as they benefitted from a favorable environment of lower rates and strong underwriting.

At the country level, China, Italy, and France detracted most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821062.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie International Core Equity Fund (Class Y) – including sales charge | 4.75% | 12.14% | 4.33% |
| Macquarie International Core Equity Fund (Class Y) – excluding sales charge | 4.75% | 12.14% | 4.33% |
| MSCI ACWI ex USA Index (net) | 6.09% | 10.92% | 4.98% |
| MSCI ACWI ex USA Index (gross) | 6.65% | 11.46% | 5.48% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1441389635 |
| Total number of portfolio holdings | 61 |
| Total advisory fees paid | $8536802 |
| Portfolio turnover rate | 84% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Japan | 12.20% |
| Germany | 11.93% |
| United Kingdom | 10.87% |
| China | 8.97% |
| India | 7.20% |
| Netherlands | 5.97% |
| Brazil | 5.91% |
| United States | 4.53% |
| France | 4.42% |
| Singapore | 4.31% |

---

Sector allocation

---

| | |
|:---|:---|
| Financials | 19.47% |
| Industrials | 17.55% |
| Information Technology | 13.63% |
| Consumer Discretionary | 13.46% |
| Healthcare | 10.30% |
| Communication Services | 9.97% |
| Consumer Staples | 6.31% |
| Materials | 4.17% |
| Energy | 1.28% |
| Utilities | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| MercadoLibre | 3.92% |
| Taiwan Semiconductor Manufacturing | 3.73% |
| Sea ADR | 2.46% |
| Heidelberg Materials | 2.43% |
| ING Groep | 2.33% |
| Makita | 2.29% |
| SAP | 2.28% |
| Midea Group Class A | 2.28% |
| Renesas Electronics | 2.24% |
| Nintendo | 2.23% |

---

Material Fund changes

Effective May 3, 2024, the Fund introduced a revised fee waiver for Class Y shares of 0.77% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy International Core Equity Fund to Macquarie International Core Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Large Cap Growth Fund

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

**Class A : WLGAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$92 | &nbsp;&nbsp;0.90% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.89% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Large Cap Growth Fund (Class A) returned 5.29% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.82%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 7.76%.

#### Top contributors to performance:
Stock selection and an overweight allocation in financials contributed to performance. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

Financial sector holdings in Intercontinental Exchange Inc. and Visa Inc. contributed.

Stock selection in consumer staples and healthcare also contributed along with a zero weight in Advanced Micro Devices Inc., which declined sharply.

#### Top detractors from performance:
Consistent with the Fund philosophy, it was positioned with a lower risk profile than the Fund's benchmark. This posture detracted over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

Stock selection in communication services, consumer discretionary, and real estate detracted most from relative performance.

At an individual stock level, the largest detractor was CoStar Group Inc., a real estate data company. It was down due to company specific issues. The Fund's zero weight in Tesla Inc. and relative underweight position in Apple Inc. also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821101.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Large Cap Growth Fund (Class A) – including sales charge | -0.75% | 16.51% | 13.15% |
| Macquarie Large Cap Growth Fund (Class A) – excluding sales charge | 5.29% | 17.90% | 13.82% |
| Russell 1000 Index | 7.82% | 18.47% | 12.18% |
| Russell 1000 Growth Index | 7.76% | 20.09% | 15.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 1000 Index. Although the Russell 1000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 1000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $7706122610 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $40601039 |
| Portfolio turnover rate | 18% |

---

**Fund holdings** (as of March 31, 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 | 40.49% |
| Financials | 15.70% |
| Consumer Discretionary | 12.00% |
| Healthcare | 11.02% |
| Industrials | 8.54% |
| Communication Services | 5.95% |
| Real Estate | 3.46% |
| Consumer Staples | 2.69% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 12.35% |
| NVIDIA | 8.69% |
| Amazon.com | 7.56% |
| Apple | 7.22% |
| Alphabet Class A | 5.81% |
| Visa Class A | 5.30% |
| UnitedHealth Group | 3.88% |
| Intercontinental Exchange | 3.72% |
| Waste Connections | 2.88% |
| Coca-Cola | 2.69% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Large Cap Growth Fund to Macquarie Large Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Large Cap Growth Fund

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

**Class C : WLGCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$169 | &nbsp;&nbsp;1.65% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.64% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Large Cap Growth Fund (Class C) returned 4.50% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.82%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 7.76%.

#### Top contributors to performance:
Stock selection and an overweight allocation in financials contributed to performance. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

Financial sector holdings in Intercontinental Exchange Inc. and Visa Inc. contributed.

Stock selection in consumer staples and healthcare also contributed along with a zero weight in Advanced Micro Devices Inc., which declined sharply.

#### Top detractors from performance:
Consistent with the Fund philosophy, it was positioned with a lower risk profile than the Fund's benchmark. This posture detracted over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

Stock selection in communication services, consumer discretionary, and real estate detracted most from relative performance.

At an individual stock level, the largest detractor was CoStar Group Inc., a real estate data company. It was down due to company specific issues. The Fund's zero weight in Tesla Inc. and relative underweight position in Apple Inc. also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821140.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Large Cap Growth Fund (Class C) – including sales charge | 3.50% | 16.96% | 13.11% |
| Macquarie Large Cap Growth Fund (Class C) – excluding sales charge | 4.50% | 16.96% | 13.11% |
| Russell 1000 Index | 7.82% | 18.47% | 12.18% |
| Russell 1000 Growth Index | 7.76% | 20.09% | 15.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 1000 Index. Although the Russell 1000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 1000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $7706122610 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $40601039 |
| Portfolio turnover rate | 18% |

---

**Fund holdings** (as of March 31, 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 | 40.49% |
| Financials | 15.70% |
| Consumer Discretionary | 12.00% |
| Healthcare | 11.02% |
| Industrials | 8.54% |
| Communication Services | 5.95% |
| Real Estate | 3.46% |
| Consumer Staples | 2.69% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 12.35% |
| NVIDIA | 8.69% |
| Amazon.com | 7.56% |
| Apple | 7.22% |
| Alphabet Class A | 5.81% |
| Visa Class A | 5.30% |
| UnitedHealth Group | 3.88% |
| Intercontinental Exchange | 3.72% |
| Waste Connections | 2.88% |
| Coca-Cola | 2.69% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Large Cap Growth Fund to Macquarie Large Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Large Cap Growth Fund

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

**Class R : WLGRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$118 | &nbsp;&nbsp;1.15% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.14% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Large Cap Growth Fund (Class R) returned 5.06% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.82%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 7.76%.

#### Top contributors to performance:
Stock selection and an overweight allocation in financials contributed to performance. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

Financial sector holdings in Intercontinental Exchange Inc. and Visa Inc. contributed.

Stock selection in consumer staples and healthcare also contributed along with a zero weight in Advanced Micro Devices Inc., which declined sharply.

#### Top detractors from performance:
Consistent with the Fund philosophy, it was positioned with a lower risk profile than the Fund's benchmark. This posture detracted over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

Stock selection in communication services, consumer discretionary, and real estate detracted most from relative performance.

At an individual stock level, the largest detractor was CoStar Group Inc., a real estate data company. It was down due to company specific issues. The Fund's zero weight in Tesla Inc. and relative underweight position in Apple Inc. also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821218.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Large Cap Growth Fund (Class R) – including sales charge | 5.06% | 17.52% | 13.44% |
| Macquarie Large Cap Growth Fund (Class R) – excluding sales charge | 5.06% | 17.52% | 13.44% |
| Russell 1000 Index | 7.82% | 18.47% | 12.18% |
| Russell 1000 Growth Index | 7.76% | 20.09% | 15.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 1000 Index. Although the Russell 1000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 1000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $7706122610 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $40601039 |
| Portfolio turnover rate | 18% |

---

**Fund holdings** (as of March 31, 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 | 40.49% |
| Financials | 15.70% |
| Consumer Discretionary | 12.00% |
| Healthcare | 11.02% |
| Industrials | 8.54% |
| Communication Services | 5.95% |
| Real Estate | 3.46% |
| Consumer Staples | 2.69% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 12.35% |
| NVIDIA | 8.69% |
| Amazon.com | 7.56% |
| Apple | 7.22% |
| Alphabet Class A | 5.81% |
| Visa Class A | 5.30% |
| UnitedHealth Group | 3.88% |
| Intercontinental Exchange | 3.72% |
| Waste Connections | 2.88% |
| Coca-Cola | 2.69% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Large Cap Growth Fund to Macquarie Large Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Large Cap Growth Fund

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

**Institutional Class : IYGIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$67 | &nbsp;&nbsp;0.65% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.64% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Large Cap Growth Fund (Institutional Class) returned 5.57% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.82%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 7.76%.

#### Top contributors to performance:
Stock selection and an overweight allocation in financials contributed to performance. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

Financial sector holdings in Intercontinental Exchange Inc. and Visa Inc. contributed.

Stock selection in consumer staples and healthcare also contributed along with a zero weight in Advanced Micro Devices Inc., which declined sharply.

#### Top detractors from performance:
Consistent with the Fund philosophy, it was positioned with a lower risk profile than the Fund's benchmark. This posture detracted over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

Stock selection in communication services, consumer discretionary, and real estate detracted most from relative performance.

At an individual stock level, the largest detractor was CoStar Group Inc., a real estate data company. It was down due to company specific issues. The Fund's zero weight in Tesla Inc. and relative underweight position in Apple Inc. also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821179.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Large Cap Growth Fund (Institutional Class) – including sales charge | 5.57% | 18.23% | 14.14% |
| Macquarie Large Cap Growth Fund (Institutional Class) – excluding sales charge | 5.57% | 18.23% | 14.14% |
| Russell 1000 Index | 7.82% | 18.47% | 12.18% |
| Russell 1000 Growth Index | 7.76% | 20.09% | 15.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 1000 Index. Although the Russell 1000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 1000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $7706122610 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $40601039 |
| Portfolio turnover rate | 18% |

---

**Fund holdings** (as of March 31, 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 | 40.49% |
| Financials | 15.70% |
| Consumer Discretionary | 12.00% |
| Healthcare | 11.02% |
| Industrials | 8.54% |
| Communication Services | 5.95% |
| Real Estate | 3.46% |
| Consumer Staples | 2.69% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 12.35% |
| NVIDIA | 8.69% |
| Amazon.com | 7.56% |
| Apple | 7.22% |
| Alphabet Class A | 5.81% |
| Visa Class A | 5.30% |
| UnitedHealth Group | 3.88% |
| Intercontinental Exchange | 3.72% |
| Waste Connections | 2.88% |
| Coca-Cola | 2.69% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Large Cap Growth Fund to Macquarie Large Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Large Cap Growth Fund

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

**Class R6 : ILGRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$59 | &nbsp;&nbsp;0.57% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.56% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Large Cap Growth Fund (Class R6) returned 5.65% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.82%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 7.76%.

#### Top contributors to performance:
Stock selection and an overweight allocation in financials contributed to performance. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

Financial sector holdings in Intercontinental Exchange Inc. and Visa Inc. contributed.

Stock selection in consumer staples and healthcare also contributed along with a zero weight in Advanced Micro Devices Inc., which declined sharply.

#### Top detractors from performance:
Consistent with the Fund philosophy, it was positioned with a lower risk profile than the Fund's benchmark. This posture detracted over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

Stock selection in communication services, consumer discretionary, and real estate detracted most from relative performance.

At an individual stock level, the largest detractor was CoStar Group Inc., a real estate data company. It was down due to company specific issues. The Fund's zero weight in Tesla Inc. and relative underweight position in Apple Inc. also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821257.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Large Cap Growth Fund (Class R6) – including sales charge | 5.65% | 18.26% | 14.23% |
| Macquarie Large Cap Growth Fund (Class R6) – excluding sales charge | 5.65% | 18.26% | 14.23% |
| Russell 1000 Index | 7.82% | 18.47% | 12.18% |
| Russell 1000 Growth Index | 7.76% | 20.09% | 15.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 1000 Index. Although the Russell 1000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 1000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $7706122610 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $40601039 |
| Portfolio turnover rate | 18% |

---

**Fund holdings** (as of March 31, 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 | 40.49% |
| Financials | 15.70% |
| Consumer Discretionary | 12.00% |
| Healthcare | 11.02% |
| Industrials | 8.54% |
| Communication Services | 5.95% |
| Real Estate | 3.46% |
| Consumer Staples | 2.69% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 12.35% |
| NVIDIA | 8.69% |
| Amazon.com | 7.56% |
| Apple | 7.22% |
| Alphabet Class A | 5.81% |
| Visa Class A | 5.30% |
| UnitedHealth Group | 3.88% |
| Intercontinental Exchange | 3.72% |
| Waste Connections | 2.88% |
| Coca-Cola | 2.69% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Large Cap Growth Fund to Macquarie Large Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Large Cap Growth Fund

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

**Class Y : WLGYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Large Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$92 | &nbsp;&nbsp;0.90% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.89% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Large Cap Growth Fund (Class Y) returned 5.31% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.82%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 7.76%.

#### Top contributors to performance:
Stock selection and an overweight allocation in financials contributed to performance. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

Financial sector holdings in Intercontinental Exchange Inc. and Visa Inc. contributed.

Stock selection in consumer staples and healthcare also contributed along with a zero weight in Advanced Micro Devices Inc., which declined sharply.

#### Top detractors from performance:
Consistent with the Fund philosophy, it was positioned with a lower risk profile than the Fund's benchmark. This posture detracted over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

Stock selection in communication services, consumer discretionary, and real estate detracted most from relative performance.

At an individual stock level, the largest detractor was CoStar Group Inc., a real estate data company. It was down due to company specific issues. The Fund's zero weight in Tesla Inc. and relative underweight position in Apple Inc. also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821296.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Large Cap Growth Fund (Class Y) – including sales charge | 5.31% | 17.89% | 13.85% |
| Macquarie Large Cap Growth Fund (Class Y) – excluding sales charge | 5.31% | 17.89% | 13.85% |
| Russell 1000 Index | 7.82% | 18.47% | 12.18% |
| Russell 1000 Growth Index | 7.76% | 20.09% | 15.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 1000 Index. Although the Russell 1000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 1000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $7706122610 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $40601039 |
| Portfolio turnover rate | 18% |

---

**Fund holdings** (as of March 31, 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 | 40.49% |
| Financials | 15.70% |
| Consumer Discretionary | 12.00% |
| Healthcare | 11.02% |
| Industrials | 8.54% |
| Communication Services | 5.95% |
| Real Estate | 3.46% |
| Consumer Staples | 2.69% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 12.35% |
| NVIDIA | 8.69% |
| Amazon.com | 7.56% |
| Apple | 7.22% |
| Alphabet Class A | 5.81% |
| Visa Class A | 5.30% |
| UnitedHealth Group | 3.88% |
| Intercontinental Exchange | 3.72% |
| Waste Connections | 2.88% |
| Coca-Cola | 2.69% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Large Cap Growth Fund to Macquarie Large Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Growth Fund

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

**Class A : WMGAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$98 | &nbsp;&nbsp;1.05% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.04% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Growth Fund (Class A) returned -12.78% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Mid Cap Growth Index, the Fund's narrowly based securities market index (benchmark), returned 3.57%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with more reliable, durable earnings quality was a positive for the Fund's performance.

Stock selection within consumer staples and financials provided strong relative performance in the period.

Overweight to the outperforming information technology sector added to relative performance in the period.

#### Top detractors from performance:
Underweight in larger capitalization companies within the benchmark index was a key detractor as the stocks for those issuers outperformed within the broader index in the period.

A lack of exposure to benchmark index holdings data analytic company Palantir Technologies Inc. and an underweight in mobile advertising company AppLovin Corp. hurt relative performance, as these two issuers accounted for over a third of the benchmark index's entire return for the trailing twelve months.

Stock selection, particularly in the information technology, consumer discretionary, and healthcare sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821335.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Growth Fund (Class A) – including sales charge | -17.80% | 9.19% | 7.82% |
| Macquarie Mid Cap Growth Fund (Class A) – excluding sales charge | -12.78% | 10.49% | 8.46% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Mid Cap Growth Index | 3.57% | 14.86% | 10.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Mid Cap Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4966757436 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $38712004 |
| Portfolio turnover rate | 42% |

---

**Fund holdings** (as of March 31, 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 | 28.23% |
| Industrials | 20.21% |
| Healthcare | 18.09% |
| Consumer Discretionary | 12.82% |
| Financials | 10.85% |
| Real Estate | 4.32% |
| Communication Services | 2.59% |
| Materials | 1.61% |
| Consumer Staples | 1.27% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| CoStar Group | 4.32% |
| IDEXX Laboratories | 2.76% |
| Fastenal | 2.59% |
| Insulet | 2.56% |
| HEICO Class A | 2.34% |
| Veeva Systems Class A | 2.18% |
| Pool | 2.07% |
| Corpay | 2.06% |
| Howmet Aerospace | 2.01% |
| AppLovin Class A | 2.01% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Growth Fund to Macquarie Mid Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Growth Fund

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

**Class C : WMGCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$168 | &nbsp;&nbsp;1.80% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.79% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Growth Fund (Class C) returned -13.41% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Mid Cap Growth Index, the Fund's narrowly based securities market index (benchmark), returned 3.57%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with more reliable, durable earnings quality was a positive for the Fund's performance.

Stock selection within consumer staples and financials provided strong relative performance in the period.

Overweight to the outperforming information technology sector added to relative performance in the period.

#### Top detractors from performance:
Underweight in larger capitalization companies within the benchmark index was a key detractor as the stocks for those issuers outperformed within the broader index in the period.

A lack of exposure to benchmark index holdings data analytic company Palantir Technologies Inc. and an underweight in mobile advertising company AppLovin Corp. hurt relative performance, as these two issuers accounted for over a third of the benchmark index's entire return for the trailing twelve months.

Stock selection, particularly in the information technology, consumer discretionary, and healthcare sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821374.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Growth Fund (Class C) – including sales charge | -14.19% | 9.64% | 7.81% |
| Macquarie Mid Cap Growth Fund (Class C) – excluding sales charge | -13.41% | 9.64% | 7.81% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Mid Cap Growth Index | 3.57% | 14.86% | 10.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Mid Cap Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4966757436 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $38712004 |
| Portfolio turnover rate | 42% |

---

**Fund holdings** (as of March 31, 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 | 28.23% |
| Industrials | 20.21% |
| Healthcare | 18.09% |
| Consumer Discretionary | 12.82% |
| Financials | 10.85% |
| Real Estate | 4.32% |
| Communication Services | 2.59% |
| Materials | 1.61% |
| Consumer Staples | 1.27% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| CoStar Group | 4.32% |
| IDEXX Laboratories | 2.76% |
| Fastenal | 2.59% |
| Insulet | 2.56% |
| HEICO Class A | 2.34% |
| Veeva Systems Class A | 2.18% |
| Pool | 2.07% |
| Corpay | 2.06% |
| Howmet Aerospace | 2.01% |
| AppLovin Class A | 2.01% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Growth Fund to Macquarie Mid Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Growth Fund

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

**Class R : WMGRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$122 | &nbsp;&nbsp;1.30% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.29% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Growth Fund (Class R) returned -13.02% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Mid Cap Growth Index, the Fund's narrowly based securities market index (benchmark), returned 3.57%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with more reliable, durable earnings quality was a positive for the Fund's performance.

Stock selection within consumer staples and financials provided strong relative performance in the period.

Overweight to the outperforming information technology sector added to relative performance in the period.

#### Top detractors from performance:
Underweight in larger capitalization companies within the benchmark index was a key detractor as the stocks for those issuers outperformed within the broader index in the period.

A lack of exposure to benchmark index holdings data analytic company Palantir Technologies Inc. and an underweight in mobile advertising company AppLovin Corp. hurt relative performance, as these two issuers accounted for over a third of the benchmark index's entire return for the trailing twelve months.

Stock selection, particularly in the information technology, consumer discretionary, and healthcare sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Growth Fund (Class R) – including sales charge | -13.02% | 10.13% | 8.11% |
| Macquarie Mid Cap Growth Fund (Class R) – excluding sales charge | -13.02% | 10.13% | 8.11% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Mid Cap Growth Index | 3.57% | 14.86% | 10.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Mid Cap Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4966757436 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $38712004 |
| Portfolio turnover rate | 42% |

---

**Fund holdings** (as of March 31, 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 | 28.23% |
| Industrials | 20.21% |
| Healthcare | 18.09% |
| Consumer Discretionary | 12.82% |
| Financials | 10.85% |
| Real Estate | 4.32% |
| Communication Services | 2.59% |
| Materials | 1.61% |
| Consumer Staples | 1.27% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| CoStar Group | 4.32% |
| IDEXX Laboratories | 2.76% |
| Fastenal | 2.59% |
| Insulet | 2.56% |
| HEICO Class A | 2.34% |
| Veeva Systems Class A | 2.18% |
| Pool | 2.07% |
| Corpay | 2.06% |
| Howmet Aerospace | 2.01% |
| AppLovin Class A | 2.01% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Growth Fund to Macquarie Mid Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Growth Fund

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

**Institutional Class : IYMIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$75 | &nbsp;&nbsp;0.80% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.79% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Growth Fund (Institutional Class) returned -12.57% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Mid Cap Growth Index, the Fund's narrowly based securities market index (benchmark), returned 3.57%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with more reliable, durable earnings quality was a positive for the Fund's performance.

Stock selection within consumer staples and financials provided strong relative performance in the period.

Overweight to the outperforming information technology sector added to relative performance in the period.

#### Top detractors from performance:
Underweight in larger capitalization companies within the benchmark index was a key detractor as the stocks for those issuers outperformed within the broader index in the period.

A lack of exposure to benchmark index holdings data analytic company Palantir Technologies Inc. and an underweight in mobile advertising company AppLovin Corp. hurt relative performance, as these two issuers accounted for over a third of the benchmark index's entire return for the trailing twelve months.

Stock selection, particularly in the information technology, consumer discretionary, and healthcare sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821413.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Growth Fund (Institutional Class) – including sales charge | -12.57% | 10.82% | 8.80% |
| Macquarie Mid Cap Growth Fund (Institutional Class) – excluding sales charge | -12.57% | 10.82% | 8.80% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Mid Cap Growth Index | 3.57% | 14.86% | 10.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Mid Cap Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4966757436 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $38712004 |
| Portfolio turnover rate | 42% |

---

**Fund holdings** (as of March 31, 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 | 28.23% |
| Industrials | 20.21% |
| Healthcare | 18.09% |
| Consumer Discretionary | 12.82% |
| Financials | 10.85% |
| Real Estate | 4.32% |
| Communication Services | 2.59% |
| Materials | 1.61% |
| Consumer Staples | 1.27% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| CoStar Group | 4.32% |
| IDEXX Laboratories | 2.76% |
| Fastenal | 2.59% |
| Insulet | 2.56% |
| HEICO Class A | 2.34% |
| Veeva Systems Class A | 2.18% |
| Pool | 2.07% |
| Corpay | 2.06% |
| Howmet Aerospace | 2.01% |
| AppLovin Class A | 2.01% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Growth Fund to Macquarie Mid Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Growth Fund

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

**Class R6 : IGRFX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;0.69% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.68% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Growth Fund (Class R6) returned -12.49% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Mid Cap Growth Index, the Fund's narrowly based securities market index (benchmark), returned 3.57%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with more reliable, durable earnings quality was a positive for the Fund's performance.

Stock selection within consumer staples and financials provided strong relative performance in the period.

Overweight to the outperforming information technology sector added to relative performance in the period.

#### Top detractors from performance:
Underweight in larger capitalization companies within the benchmark index was a key detractor as the stocks for those issuers outperformed within the broader index in the period.

A lack of exposure to benchmark index holdings data analytic company Palantir Technologies Inc. and an underweight in mobile advertising company AppLovin Corp. hurt relative performance, as these two issuers accounted for over a third of the benchmark index's entire return for the trailing twelve months.

Stock selection, particularly in the information technology, consumer discretionary, and healthcare sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821491.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Growth Fund (Class R6) – including sales charge | -12.49% | 10.86% | 8.88% |
| Macquarie Mid Cap Growth Fund (Class R6) – excluding sales charge | -12.49% | 10.86% | 8.88% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Mid Cap Growth Index | 3.57% | 14.86% | 10.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Mid Cap Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4966757436 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $38712004 |
| Portfolio turnover rate | 42% |

---

**Fund holdings** (as of March 31, 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 | 28.23% |
| Industrials | 20.21% |
| Healthcare | 18.09% |
| Consumer Discretionary | 12.82% |
| Financials | 10.85% |
| Real Estate | 4.32% |
| Communication Services | 2.59% |
| Materials | 1.61% |
| Consumer Staples | 1.27% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| CoStar Group | 4.32% |
| IDEXX Laboratories | 2.76% |
| Fastenal | 2.59% |
| Insulet | 2.56% |
| HEICO Class A | 2.34% |
| Veeva Systems Class A | 2.18% |
| Pool | 2.07% |
| Corpay | 2.06% |
| Howmet Aerospace | 2.01% |
| AppLovin Class A | 2.01% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 26, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.68% (excluding certain items).

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Growth Fund to Macquarie Mid Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Growth Fund

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

**Class Y : WMGYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$98 | &nbsp;&nbsp;1.05% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.04% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Growth Fund (Class Y) returned -12.78% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Mid Cap Growth Index, the Fund's narrowly based securities market index (benchmark), returned 3.57%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with more reliable, durable earnings quality was a positive for the Fund's performance.

Stock selection within consumer staples and financials provided strong relative performance in the period.

Overweight to the outperforming information technology sector added to relative performance in the period.

#### Top detractors from performance:
Underweight in larger capitalization companies within the benchmark index was a key detractor as the stocks for those issuers outperformed within the broader index in the period.

A lack of exposure to benchmark index holdings data analytic company Palantir Technologies Inc. and an underweight in mobile advertising company AppLovin Corp. hurt relative performance, as these two issuers accounted for over a third of the benchmark index's entire return for the trailing twelve months.

Stock selection, particularly in the information technology, consumer discretionary, and healthcare sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821530.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Growth Fund (Class Y) – including sales charge | -12.78% | 10.48% | 8.48% |
| Macquarie Mid Cap Growth Fund (Class Y) – excluding sales charge | -12.78% | 10.48% | 8.48% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Mid Cap Growth Index | 3.57% | 14.86% | 10.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Mid Cap Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4966757436 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $38712004 |
| Portfolio turnover rate | 42% |

---

**Fund holdings** (as of March 31, 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 | 28.23% |
| Industrials | 20.21% |
| Healthcare | 18.09% |
| Consumer Discretionary | 12.82% |
| Financials | 10.85% |
| Real Estate | 4.32% |
| Communication Services | 2.59% |
| Materials | 1.61% |
| Consumer Staples | 1.27% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| CoStar Group | 4.32% |
| IDEXX Laboratories | 2.76% |
| Fastenal | 2.59% |
| Insulet | 2.56% |
| HEICO Class A | 2.34% |
| Veeva Systems Class A | 2.18% |
| Pool | 2.07% |
| Corpay | 2.06% |
| Howmet Aerospace | 2.01% |
| AppLovin Class A | 2.01% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Growth Fund to Macquarie Mid Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Income Opportunities Fund

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

**Class A : IVOAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$108 | &nbsp;&nbsp;1.08% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Income Opportunities Fund (Class A) returned 0.76% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Midcap Index, the Fund's narrowly based securities market index (benchmark), returned 2.59%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with a dividend yield, more reliable, durable earnings quality, and strong management was positive for the Fund's performance.

Stock selection within healthcare, consumer discretionary, and industrials provided strong relative performance in the period.

Underweight to the underperforming healthcare sector added to relative performance in the period.

#### Top detractors from performance:
Underweight to theme-oriented and larger capitalization names within the benchmark hurt relative performance for the period.

Overweight to the underperforming materials sector and no exposure to the strongest performing sector (utilities) was a drag on relative performance.

Stock selection, particularly in the information technology and real estate sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821569.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Income Opportunities Fund (Class A) – including sales charge | -5.04% | 14.31% | 7.82% |
| Macquarie Mid Cap Income Opportunities Fund (Class A) – excluding sales charge | 0.76% | 15.67% | 8.46% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Midcap Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $931539517 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $7157917 |
| Portfolio turnover rate | 27% |

---

**Fund holdings** (as of March 31, 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 | 28.48% |
| Consumer Discretionary | 19.75% |
| Materials | 14.21% |
| Information Technology | 11.16% |
| Healthcare | 8.49% |
| Financials | 8.45% |
| Real Estate | 5.64% |
| Consumer Staples | 2.82% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Snap-on | 2.90% |
| Paychex | 2.88% |
| Broadridge Financial Solutions | 2.87% |
| Tractor Supply | 2.87% |
| Rollins | 2.87% |
| Fastenal | 2.87% |
| Darden Restaurants | 2.86% |
| Garmin | 2.86% |
| Quest Diagnostics | 2.86% |
| AptarGroup | 2.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added new principal risks related to the risks of investing in the industrials sector and general industry and sector risk information.

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Income Opportunities Fund to Macquarie Mid Cap Income Opportunities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Income Opportunities Fund

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

**Class C : IVOCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$183 | &nbsp;&nbsp;1.83% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Income Opportunities Fund (Class C) returned -0.02% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Midcap Index, the Fund's narrowly based securities market index (benchmark), returned 2.59%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with a dividend yield, more reliable, durable earnings quality, and strong management was positive for the Fund's performance.

Stock selection within healthcare, consumer discretionary, and industrials provided strong relative performance in the period.

Underweight to the underperforming healthcare sector added to relative performance in the period.

#### Top detractors from performance:
Underweight to theme-oriented and larger capitalization names within the benchmark hurt relative performance for the period.

Overweight to the underperforming materials sector and no exposure to the strongest performing sector (utilities) was a drag on relative performance.

Stock selection, particularly in the information technology and real estate sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821608.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Income Opportunities Fund (Class C) – including sales charge | -0.93% | 14.82% | 7.82% |
| Macquarie Mid Cap Income Opportunities Fund (Class C) – excluding sales charge | -0.02% | 14.82% | 7.82% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Midcap Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $931539517 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $7157917 |
| Portfolio turnover rate | 27% |

---

**Fund holdings** (as of March 31, 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 | 28.48% |
| Consumer Discretionary | 19.75% |
| Materials | 14.21% |
| Information Technology | 11.16% |
| Healthcare | 8.49% |
| Financials | 8.45% |
| Real Estate | 5.64% |
| Consumer Staples | 2.82% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Snap-on | 2.90% |
| Paychex | 2.88% |
| Broadridge Financial Solutions | 2.87% |
| Tractor Supply | 2.87% |
| Rollins | 2.87% |
| Fastenal | 2.87% |
| Darden Restaurants | 2.86% |
| Garmin | 2.86% |
| Quest Diagnostics | 2.86% |
| AptarGroup | 2.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added new principal risks related to the risks of investing in the industrials sector and general industry and sector risk information.

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Income Opportunities Fund to Macquarie Mid Cap Income Opportunities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Income Opportunities Fund

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

**Class R : IVORX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$133 | &nbsp;&nbsp;1.33% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Income Opportunities Fund (Class R) returned 0.45% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Midcap Index, the Fund's narrowly based securities market index (benchmark), returned 2.59%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with a dividend yield, more reliable, durable earnings quality, and strong management was positive for the Fund's performance.

Stock selection within healthcare, consumer discretionary, and industrials provided strong relative performance in the period.

Underweight to the underperforming healthcare sector added to relative performance in the period.

#### Top detractors from performance:
Underweight to theme-oriented and larger capitalization names within the benchmark hurt relative performance for the period.

Overweight to the underperforming materials sector and no exposure to the strongest performing sector (utilities) was a drag on relative performance.

Stock selection, particularly in the information technology and real estate sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821686.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Income Opportunities Fund (Class R) – including sales charge | 0.45% | 15.33% | 8.10% |
| Macquarie Mid Cap Income Opportunities Fund (Class R) – excluding sales charge | 0.45% | 15.33% | 8.10% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Midcap Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $931539517 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $7157917 |
| Portfolio turnover rate | 27% |

---

**Fund holdings** (as of March 31, 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 | 28.48% |
| Consumer Discretionary | 19.75% |
| Materials | 14.21% |
| Information Technology | 11.16% |
| Healthcare | 8.49% |
| Financials | 8.45% |
| Real Estate | 5.64% |
| Consumer Staples | 2.82% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Snap-on | 2.90% |
| Paychex | 2.88% |
| Broadridge Financial Solutions | 2.87% |
| Tractor Supply | 2.87% |
| Rollins | 2.87% |
| Fastenal | 2.87% |
| Darden Restaurants | 2.86% |
| Garmin | 2.86% |
| Quest Diagnostics | 2.86% |
| AptarGroup | 2.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added new principal risks related to the risks of investing in the industrials sector and general industry and sector risk information.

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Income Opportunities Fund to Macquarie Mid Cap Income Opportunities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Income Opportunities Fund

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

**Institutional Class : IVOIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$83 | &nbsp;&nbsp;0.83% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Income Opportunities Fund (Institutional Class) returned 0.94% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Midcap Index, the Fund's narrowly based securities market index (benchmark), returned 2.59%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with a dividend yield, more reliable, durable earnings quality, and strong management was positive for the Fund's performance.

Stock selection within healthcare, consumer discretionary, and industrials provided strong relative performance in the period.

Underweight to the underperforming healthcare sector added to relative performance in the period.

#### Top detractors from performance:
Underweight to theme-oriented and larger capitalization names within the benchmark hurt relative performance for the period.

Overweight to the underperforming materials sector and no exposure to the strongest performing sector (utilities) was a drag on relative performance.

Stock selection, particularly in the information technology and real estate sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821647.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Income Opportunities Fund (Institutional Class) – including sales charge | 0.94% | 16.05% | 8.81% |
| Macquarie Mid Cap Income Opportunities Fund (Institutional Class) – excluding sales charge | 0.94% | 16.05% | 8.81% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Midcap Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $931539517 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $7157917 |
| Portfolio turnover rate | 27% |

---

**Fund holdings** (as of March 31, 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 | 28.48% |
| Consumer Discretionary | 19.75% |
| Materials | 14.21% |
| Information Technology | 11.16% |
| Healthcare | 8.49% |
| Financials | 8.45% |
| Real Estate | 5.64% |
| Consumer Staples | 2.82% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Snap-on | 2.90% |
| Paychex | 2.88% |
| Broadridge Financial Solutions | 2.87% |
| Tractor Supply | 2.87% |
| Rollins | 2.87% |
| Fastenal | 2.87% |
| Darden Restaurants | 2.86% |
| Garmin | 2.86% |
| Quest Diagnostics | 2.86% |
| AptarGroup | 2.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added new principal risks related to the risks of investing in the industrials sector and general industry and sector risk information.

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Income Opportunities Fund to Macquarie Mid Cap Income Opportunities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Income Opportunities Fund

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

**Class R6 : IVOSX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$73 | &nbsp;&nbsp;0.73% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Income Opportunities Fund (Class R6) returned 1.06% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Midcap Index, the Fund's narrowly based securities market index (benchmark), returned 2.59%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with a dividend yield, more reliable, durable earnings quality, and strong management was positive for the Fund's performance.

Stock selection within healthcare, consumer discretionary, and industrials provided strong relative performance in the period.

Underweight to the underperforming healthcare sector added to relative performance in the period.

#### Top detractors from performance:
Underweight to theme-oriented and larger capitalization names within the benchmark hurt relative performance for the period.

Overweight to the underperforming materials sector and no exposure to the strongest performing sector (utilities) was a drag on relative performance.

Stock selection, particularly in the information technology and real estate sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821725.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Income Opportunities Fund (Class R6) – including sales charge | 1.06% | 16.10% | 8.86% |
| Macquarie Mid Cap Income Opportunities Fund (Class R6) – excluding sales charge | 1.06% | 16.10% | 8.86% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Midcap Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $931539517 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $7157917 |
| Portfolio turnover rate | 27% |

---

**Fund holdings** (as of March 31, 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 | 28.48% |
| Consumer Discretionary | 19.75% |
| Materials | 14.21% |
| Information Technology | 11.16% |
| Healthcare | 8.49% |
| Financials | 8.45% |
| Real Estate | 5.64% |
| Consumer Staples | 2.82% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Snap-on | 2.90% |
| Paychex | 2.88% |
| Broadridge Financial Solutions | 2.87% |
| Tractor Supply | 2.87% |
| Rollins | 2.87% |
| Fastenal | 2.87% |
| Darden Restaurants | 2.86% |
| Garmin | 2.86% |
| Quest Diagnostics | 2.86% |
| AptarGroup | 2.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added new principal risks related to the risks of investing in the industrials sector and general industry and sector risk information.

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.73% (excluding certain items).

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Income Opportunities Fund to Macquarie Mid Cap Income Opportunities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Mid Cap Income Opportunities Fund

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

**Class Y : IVOYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$108 | &nbsp;&nbsp;1.08% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Mid Cap Income Opportunities Fund (Class Y) returned 0.70% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell Midcap Index, the Fund's narrowly based securities market index (benchmark), returned 2.59%.

#### Top contributors to performance:
Overweight relative to the Fund's benchmark to companies with a dividend yield, more reliable, durable earnings quality, and strong management was positive for the Fund's performance.

Stock selection within healthcare, consumer discretionary, and industrials provided strong relative performance in the period.

Underweight to the underperforming healthcare sector added to relative performance in the period.

#### Top detractors from performance:
Underweight to theme-oriented and larger capitalization names within the benchmark hurt relative performance for the period.

Overweight to the underperforming materials sector and no exposure to the strongest performing sector (utilities) was a drag on relative performance.

Stock selection, particularly in the information technology and real estate sectors, hurt performance as the strategy of owning companies which we believe have under-recognized earnings power did not recover as quickly as originally anticipated.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821764.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Mid Cap Income Opportunities Fund (Class Y) – including sales charge | 0.70% | 15.66% | 8.45% |
| Macquarie Mid Cap Income Opportunities Fund (Class Y) – excluding sales charge | 0.70% | 15.66% | 8.45% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell Midcap Index | 2.59% | 16.28% | 8.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell Midcap Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $931539517 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $7157917 |
| Portfolio turnover rate | 27% |

---

**Fund holdings** (as of March 31, 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 | 28.48% |
| Consumer Discretionary | 19.75% |
| Materials | 14.21% |
| Information Technology | 11.16% |
| Healthcare | 8.49% |
| Financials | 8.45% |
| Real Estate | 5.64% |
| Consumer Staples | 2.82% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Snap-on | 2.90% |
| Paychex | 2.88% |
| Broadridge Financial Solutions | 2.87% |
| Tractor Supply | 2.87% |
| Rollins | 2.87% |
| Fastenal | 2.87% |
| Darden Restaurants | 2.86% |
| Garmin | 2.86% |
| Quest Diagnostics | 2.86% |
| AptarGroup | 2.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added new principal risks related to the risks of investing in the industrials sector and general industry and sector risk information.

On December 31, 2024, the Fund changed its name from Delaware Ivy Mid Cap Income Opportunities Fund to Macquarie Mid Cap Income Opportunities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Small Cap Growth Fund

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

**Class A : WSGAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$110 | &nbsp;&nbsp;1.14% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.13% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Small Cap Growth Fund (Class A) returned -7.79% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned -4.86%.

#### Top contributors to performance:
Stock selection in healthcare, including positive absolute performance from biotechnology holdings

Strong performance in the communication services sector from IMAX Corp.

Favorable weighting and overall stock selection in energy

#### Top detractors from performance:
Industrial sector underperformance from stock selection in federal-spending sensitive areas

Overweight underperforming information technology sector, including software-related holdings struggling with negative artificial intelligence pressure perceptions

Stock selection in the consumer staples sector

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Small Cap Growth Fund (Class A) – including sales charge | -13.08% | 7.92% | 5.88% |
| Macquarie Small Cap Growth Fund (Class A) – excluding sales charge | -7.79% | 9.20% | 6.51% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2000 Growth Index | -4.86% | 10.78% | 6.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1040570674 |
| Total number of portfolio holdings | 79 |
| Total advisory fees paid | $8786603 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Healthcare | 25.11% |
| Information Technology | 25.08% |
| Industrials | 21.26% |
| Consumer Discretionary | 11.04% |
| Financials | 8.61% |
| Consumer Staples | 3.21% |
| Communication Services | 2.72% |
| Materials | 1.69% |
| Energy | 1.11% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.79% |
| Palomar Holdings | 2.77% |
| IMAX | 2.72% |
| CyberArk Software | 2.54% |
| Tarsus Pharmaceuticals | 2.46% |
| Universal Technical Institute | 2.34% |
| Descartes Systems Group | 2.25% |
| Construction Partners Class A | 2.21% |
| Encompass Health | 2.16% |
| CBIZ | 2.10% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class A shares of 0.88% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Small Cap Growth Fund to Macquarie Small Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Small Cap Growth Fund

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

**Class C : WRGCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$181 | &nbsp;&nbsp;1.89% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.88% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Small Cap Growth Fund (Class C) returned -8.53% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned -4.86%.

#### Top contributors to performance:
Stock selection in healthcare, including positive absolute performance from biotechnology holdings

Strong performance in the communication services sector from IMAX Corp.

Favorable weighting and overall stock selection in energy

#### Top detractors from performance:
Industrial sector underperformance from stock selection in federal-spending sensitive areas

Overweight underperforming information technology sector, including software-related holdings struggling with negative artificial intelligence pressure perceptions

Stock selection in the consumer staples sector

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822076.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Small Cap Growth Fund (Class C) – including sales charge | -9.35% | 8.34% | 5.90% |
| Macquarie Small Cap Growth Fund (Class C) – excluding sales charge | -8.53% | 8.34% | 5.90% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2000 Growth Index | -4.86% | 10.78% | 6.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1040570674 |
| Total number of portfolio holdings | 79 |
| Total advisory fees paid | $8786603 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Healthcare | 25.11% |
| Information Technology | 25.08% |
| Industrials | 21.26% |
| Consumer Discretionary | 11.04% |
| Financials | 8.61% |
| Consumer Staples | 3.21% |
| Communication Services | 2.72% |
| Materials | 1.69% |
| Energy | 1.11% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.79% |
| Palomar Holdings | 2.77% |
| IMAX | 2.72% |
| CyberArk Software | 2.54% |
| Tarsus Pharmaceuticals | 2.46% |
| Universal Technical Institute | 2.34% |
| Descartes Systems Group | 2.25% |
| Construction Partners Class A | 2.21% |
| Encompass Health | 2.16% |
| CBIZ | 2.10% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class C shares of 0.88% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Small Cap Growth Fund to Macquarie Small Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Small Cap Growth Fund

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

**Class R : WSGRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$133 | &nbsp;&nbsp;1.39% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.38% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Small Cap Growth Fund (Class R) returned -7.97% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned -4.86%.

#### Top contributors to performance:
Stock selection in healthcare, including positive absolute performance from biotechnology holdings

Strong performance in the communication services sector from IMAX Corp.

Favorable weighting and overall stock selection in energy

#### Top detractors from performance:
Industrial sector underperformance from stock selection in federal-spending sensitive areas

Overweight underperforming information technology sector, including software-related holdings struggling with negative artificial intelligence pressure perceptions

Stock selection in the consumer staples sector

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822154.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Small Cap Growth Fund (Class R) – including sales charge | -7.97% | 8.88% | 6.21% |
| Macquarie Small Cap Growth Fund (Class R) – excluding sales charge | -7.97% | 8.88% | 6.21% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2000 Growth Index | -4.86% | 10.78% | 6.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1040570674 |
| Total number of portfolio holdings | 79 |
| Total advisory fees paid | $8786603 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Healthcare | 25.11% |
| Information Technology | 25.08% |
| Industrials | 21.26% |
| Consumer Discretionary | 11.04% |
| Financials | 8.61% |
| Consumer Staples | 3.21% |
| Communication Services | 2.72% |
| Materials | 1.69% |
| Energy | 1.11% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.79% |
| Palomar Holdings | 2.77% |
| IMAX | 2.72% |
| CyberArk Software | 2.54% |
| Tarsus Pharmaceuticals | 2.46% |
| Universal Technical Institute | 2.34% |
| Descartes Systems Group | 2.25% |
| Construction Partners Class A | 2.21% |
| Encompass Health | 2.16% |
| CBIZ | 2.10% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R shares of 0.88% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Small Cap Growth Fund to Macquarie Small Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Small Cap Growth Fund

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

**Institutional Class : IYSIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$86 | &nbsp;&nbsp;0.89% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.88% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Small Cap Growth Fund (Institutional Class) returned -7.57% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned -4.86%.

#### Top contributors to performance:
Stock selection in healthcare, including positive absolute performance from biotechnology holdings

Strong performance in the communication services sector from IMAX Corp.

Favorable weighting and overall stock selection in energy

#### Top detractors from performance:
Industrial sector underperformance from stock selection in federal-spending sensitive areas

Overweight underperforming information technology sector, including software-related holdings struggling with negative artificial intelligence pressure perceptions

Stock selection in the consumer staples sector

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822115.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Small Cap Growth Fund (Institutional Class) – including sales charge | -7.57% | 9.53% | 6.86% |
| Macquarie Small Cap Growth Fund (Institutional Class) – excluding sales charge | -7.57% | 9.53% | 6.86% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2000 Growth Index | -4.86% | 10.78% | 6.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1040570674 |
| Total number of portfolio holdings | 79 |
| Total advisory fees paid | $8786603 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Healthcare | 25.11% |
| Information Technology | 25.08% |
| Industrials | 21.26% |
| Consumer Discretionary | 11.04% |
| Financials | 8.61% |
| Consumer Staples | 3.21% |
| Communication Services | 2.72% |
| Materials | 1.69% |
| Energy | 1.11% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.79% |
| Palomar Holdings | 2.77% |
| IMAX | 2.72% |
| CyberArk Software | 2.54% |
| Tarsus Pharmaceuticals | 2.46% |
| Universal Technical Institute | 2.34% |
| Descartes Systems Group | 2.25% |
| Construction Partners Class A | 2.21% |
| Encompass Health | 2.16% |
| CBIZ | 2.10% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Institutional Class shares of 0.88% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Small Cap Growth Fund to Macquarie Small Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Small Cap Growth Fund

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

**Class R6 : IRGFX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$74 | &nbsp;&nbsp;0.77% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 0.76% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Small Cap Growth Fund (Class R6) returned -7.44% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned -4.86%.

#### Top contributors to performance:
Stock selection in healthcare, including positive absolute performance from biotechnology holdings

Strong performance in the communication services sector from IMAX Corp.

Favorable weighting and overall stock selection in energy

#### Top detractors from performance:
Industrial sector underperformance from stock selection in federal-spending sensitive areas

Overweight underperforming information technology sector, including software-related holdings struggling with negative artificial intelligence pressure perceptions

Stock selection in the consumer staples sector

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822193.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Small Cap Growth Fund (Class R6) – including sales charge | -7.44% | 9.59% | 6.95% |
| Macquarie Small Cap Growth Fund (Class R6) – excluding sales charge | -7.44% | 9.59% | 6.95% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2000 Growth Index | -4.86% | 10.78% | 6.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1040570674 |
| Total number of portfolio holdings | 79 |
| Total advisory fees paid | $8786603 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Healthcare | 25.11% |
| Information Technology | 25.08% |
| Industrials | 21.26% |
| Consumer Discretionary | 11.04% |
| Financials | 8.61% |
| Consumer Staples | 3.21% |
| Communication Services | 2.72% |
| Materials | 1.69% |
| Energy | 1.11% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.79% |
| Palomar Holdings | 2.77% |
| IMAX | 2.72% |
| CyberArk Software | 2.54% |
| Tarsus Pharmaceuticals | 2.46% |
| Universal Technical Institute | 2.34% |
| Descartes Systems Group | 2.25% |
| Construction Partners Class A | 2.21% |
| Encompass Health | 2.16% |
| CBIZ | 2.10% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Small Cap Growth Fund to Macquarie Small Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Small Cap Growth Fund

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

**Class Y : WSCYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Small Cap Growth Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$110 | &nbsp;&nbsp;1.14% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup><sup>1</sup></sup> | Costs paid as a percentage of a $10,000 investment would have been 1.13% if non-recurring expenses were not included. |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Small Cap Growth Fund (Class Y) returned -7.77% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned -4.86%.

#### Top contributors to performance:
Stock selection in healthcare, including positive absolute performance from biotechnology holdings

Strong performance in the communication services sector from IMAX Corp.

Favorable weighting and overall stock selection in energy

#### Top detractors from performance:
Industrial sector underperformance from stock selection in federal-spending sensitive areas

Overweight underperforming information technology sector, including software-related holdings struggling with negative artificial intelligence pressure perceptions

Stock selection in the consumer staples sector

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822232.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Small Cap Growth Fund (Class Y) – including sales charge | -7.77% | 9.20% | 6.55% |
| Macquarie Small Cap Growth Fund (Class Y) – excluding sales charge | -7.77% | 9.20% | 6.55% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2000 Growth Index | -4.86% | 10.78% | 6.14% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Growth Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1040570674 |
| Total number of portfolio holdings | 79 |
| Total advisory fees paid | $8786603 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Healthcare | 25.11% |
| Information Technology | 25.08% |
| Industrials | 21.26% |
| Consumer Discretionary | 11.04% |
| Financials | 8.61% |
| Consumer Staples | 3.21% |
| Communication Services | 2.72% |
| Materials | 1.69% |
| Energy | 1.11% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.79% |
| Palomar Holdings | 2.77% |
| IMAX | 2.72% |
| CyberArk Software | 2.54% |
| Tarsus Pharmaceuticals | 2.46% |
| Universal Technical Institute | 2.34% |
| Descartes Systems Group | 2.25% |
| Construction Partners Class A | 2.21% |
| Encompass Health | 2.16% |
| CBIZ | 2.10% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class Y shares of 0.88% (excluding certain items, such as distribution and service (12b-1) fees).

On December 31, 2024, the Fund changed its name from Delaware Ivy Small Cap Growth Fund to Macquarie Small Cap Growth Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class A : IYSAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$114 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Smid Cap Core Fund (Class A) returned 0.29% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2500<sup>®</sup> Index, the Fund's narrowly based securities market index, returned -3.11%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on developing innovative therapeutics for rare pulmonary diseases, contributed most.

In the consumer services sector, Brinker International Inc., operator of Chili's and Maggiano's restaurants, contributed most.

The Fund's holdings in the technology sector outperformed. Within the sector, ExlService Holdings Inc. and Guidewire Software Inc. contributed most.

The Fund's holdings in the finance sector outperformed relative to the Fund's benchmark over the period.

#### Top detractors from performance:
The capital goods sector detracted most from performance. Lincoln Electric Holdings Inc. and Atkore Inc. detracted from relative performance.

The Fund's holdings in the business services sector underperformed. WillScot Holdings Corp. detracted most.

Stock selection in transportation underperformed relative to the Fund's benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821803.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Smid Cap Core Fund (Class A) – including sales charge | -5.50% | 12.78% | 6.78% |
| Macquarie Smid Cap Core Fund (Class A) – excluding sales charge | 0.29% | 14.13% | 7.41% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2500 Index | -3.11% | 14.91% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2500 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $323481870 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $2302518 |
| Portfolio turnover rate | 16% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Finance | 16.94% |
| Technology | 13.97% |
| Healthcare | 13.60% |
| Capital Goods | 11.12% |
| Basic Materials | 6.88% |
| Real Estate Investment Trusts | 6.77% |
| Energy | 5.29% |
| Business Services | 5.23% |
| Consumer Discretionary | 4.05% |
| Consumer Staples | 3.10% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Expand Energy | 2.63% |
| East West Bancorp | 1.92% |
| Axis Capital Holdings | 1.82% |
| Casey's General Stores | 1.73% |
| Beacon Roofing Supply | 1.70% |
| Webster Financial | 1.65% |
| ExlService Holdings | 1.56% |
| Dick's Sporting Goods | 1.55% |
| Guidewire Software | 1.49% |
| BJ's Wholesale Club Holdings | 1.47% |

---

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the industrials sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Smid Cap Core Fund to Macquarie Smid Cap Core Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class C : IYSCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$189 | &nbsp;&nbsp;1.89% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Smid Cap Core Fund (Class C) returned -0.49% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2500<sup>®</sup> Index, the Fund's narrowly based securities market index, returned -3.11%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on developing innovative therapeutics for rare pulmonary diseases, contributed most.

In the consumer services sector, Brinker International Inc., operator of Chili's and Maggiano's restaurants, contributed most.

The Fund's holdings in the technology sector outperformed. Within the sector, ExlService Holdings Inc. and Guidewire Software Inc. contributed most.

The Fund's holdings in the finance sector outperformed relative to the Fund's benchmark over the period.

#### Top detractors from performance:
The capital goods sector detracted most from performance. Lincoln Electric Holdings Inc. and Atkore Inc. detracted from relative performance.

The Fund's holdings in the business services sector underperformed. WillScot Holdings Corp. detracted most.

Stock selection in transportation underperformed relative to the Fund's benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821842.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Smid Cap Core Fund (Class C) – including sales charge | -1.49% | 13.26% | 6.82% |
| Macquarie Smid Cap Core Fund (Class C) – excluding sales charge | -0.49% | 13.26% | 6.82% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2500 Index | -3.11% | 14.91% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2500 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $323481870 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $2302518 |
| Portfolio turnover rate | 16% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Finance | 16.94% |
| Technology | 13.97% |
| Healthcare | 13.60% |
| Capital Goods | 11.12% |
| Basic Materials | 6.88% |
| Real Estate Investment Trusts | 6.77% |
| Energy | 5.29% |
| Business Services | 5.23% |
| Consumer Discretionary | 4.05% |
| Consumer Staples | 3.10% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Expand Energy | 2.63% |
| East West Bancorp | 1.92% |
| Axis Capital Holdings | 1.82% |
| Casey's General Stores | 1.73% |
| Beacon Roofing Supply | 1.70% |
| Webster Financial | 1.65% |
| ExlService Holdings | 1.56% |
| Dick's Sporting Goods | 1.55% |
| Guidewire Software | 1.49% |
| BJ's Wholesale Club Holdings | 1.47% |

---

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the industrials sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Smid Cap Core Fund to Macquarie Smid Cap Core Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class R : IYSMX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$139 | &nbsp;&nbsp;1.39% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Smid Cap Core Fund (Class R) returned 0.00% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2500<sup>®</sup> Index, the Fund's narrowly based securities market index, returned -3.11%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on developing innovative therapeutics for rare pulmonary diseases, contributed most.

In the consumer services sector, Brinker International Inc., operator of Chili's and Maggiano's restaurants, contributed most.

The Fund's holdings in the technology sector outperformed. Within the sector, ExlService Holdings Inc. and Guidewire Software Inc. contributed most.

The Fund's holdings in the finance sector outperformed relative to the Fund's benchmark over the period.

#### Top detractors from performance:
The capital goods sector detracted most from performance. Lincoln Electric Holdings Inc. and Atkore Inc. detracted from relative performance.

The Fund's holdings in the business services sector underperformed. WillScot Holdings Corp. detracted most.

Stock selection in transportation underperformed relative to the Fund's benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821920.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Smid Cap Core Fund (Class R) – including sales charge | 0.00% | 13.82% | 7.15% |
| Macquarie Smid Cap Core Fund (Class R) – excluding sales charge | 0.00% | 13.82% | 7.15% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2500 Index | -3.11% | 14.91% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2500 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $323481870 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $2302518 |
| Portfolio turnover rate | 16% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Finance | 16.94% |
| Technology | 13.97% |
| Healthcare | 13.60% |
| Capital Goods | 11.12% |
| Basic Materials | 6.88% |
| Real Estate Investment Trusts | 6.77% |
| Energy | 5.29% |
| Business Services | 5.23% |
| Consumer Discretionary | 4.05% |
| Consumer Staples | 3.10% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Expand Energy | 2.63% |
| East West Bancorp | 1.92% |
| Axis Capital Holdings | 1.82% |
| Casey's General Stores | 1.73% |
| Beacon Roofing Supply | 1.70% |
| Webster Financial | 1.65% |
| ExlService Holdings | 1.56% |
| Dick's Sporting Goods | 1.55% |
| Guidewire Software | 1.49% |
| BJ's Wholesale Club Holdings | 1.47% |

---

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the industrials sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Smid Cap Core Fund to Macquarie Smid Cap Core Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Institutional Class : IVVIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$89 | &nbsp;&nbsp;0.89% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Smid Cap Core Fund (Institutional Class) returned 0.50% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2500<sup>®</sup> Index, the Fund's narrowly based securities market index, returned -3.11%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on developing innovative therapeutics for rare pulmonary diseases, contributed most.

In the consumer services sector, Brinker International Inc., operator of Chili's and Maggiano's restaurants, contributed most.

The Fund's holdings in the technology sector outperformed. Within the sector, ExlService Holdings Inc. and Guidewire Software Inc. contributed most.

The Fund's holdings in the finance sector outperformed relative to the Fund's benchmark over the period.

#### Top detractors from performance:
The capital goods sector detracted most from performance. Lincoln Electric Holdings Inc. and Atkore Inc. detracted from relative performance.

The Fund's holdings in the business services sector underperformed. WillScot Holdings Corp. detracted most.

Stock selection in transportation underperformed relative to the Fund's benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821881.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Smid Cap Core Fund (Institutional Class) – including sales charge | 0.50% | 14.53% | 7.83% |
| Macquarie Smid Cap Core Fund (Institutional Class) – excluding sales charge | 0.50% | 14.53% | 7.83% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2500 Index | -3.11% | 14.91% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2500 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $323481870 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $2302518 |
| Portfolio turnover rate | 16% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Finance | 16.94% |
| Technology | 13.97% |
| Healthcare | 13.60% |
| Capital Goods | 11.12% |
| Basic Materials | 6.88% |
| Real Estate Investment Trusts | 6.77% |
| Energy | 5.29% |
| Business Services | 5.23% |
| Consumer Discretionary | 4.05% |
| Consumer Staples | 3.10% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Expand Energy | 2.63% |
| East West Bancorp | 1.92% |
| Axis Capital Holdings | 1.82% |
| Casey's General Stores | 1.73% |
| Beacon Roofing Supply | 1.70% |
| Webster Financial | 1.65% |
| ExlService Holdings | 1.56% |
| Dick's Sporting Goods | 1.55% |
| Guidewire Software | 1.49% |
| BJ's Wholesale Club Holdings | 1.47% |

---

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the industrials sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Smid Cap Core Fund to Macquarie Smid Cap Core Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class R6 : ISPVX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$77 | &nbsp;&nbsp;0.77% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Smid Cap Core Fund (Class R6) returned 0.62% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2500<sup>®</sup> Index, the Fund's narrowly based securities market index, returned -3.11%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on developing innovative therapeutics for rare pulmonary diseases, contributed most.

In the consumer services sector, Brinker International Inc., operator of Chili's and Maggiano's restaurants, contributed most.

The Fund's holdings in the technology sector outperformed. Within the sector, ExlService Holdings Inc. and Guidewire Software Inc. contributed most.

The Fund's holdings in the finance sector outperformed relative to the Fund's benchmark over the period.

#### Top detractors from performance:
The capital goods sector detracted most from performance. Lincoln Electric Holdings Inc. and Atkore Inc. detracted from relative performance.

The Fund's holdings in the business services sector underperformed. WillScot Holdings Corp. detracted most.

Stock selection in transportation underperformed relative to the Fund's benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821959.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Smid Cap Core Fund (Class R6) – including sales charge | 0.62% | 14.57% | 7.91% |
| Macquarie Smid Cap Core Fund (Class R6) – excluding sales charge | 0.62% | 14.57% | 7.91% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2500 Index | -3.11% | 14.91% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2500 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $323481870 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $2302518 |
| Portfolio turnover rate | 16% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Finance | 16.94% |
| Technology | 13.97% |
| Healthcare | 13.60% |
| Capital Goods | 11.12% |
| Basic Materials | 6.88% |
| Real Estate Investment Trusts | 6.77% |
| Energy | 5.29% |
| Business Services | 5.23% |
| Consumer Discretionary | 4.05% |
| Consumer Staples | 3.10% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Expand Energy | 2.63% |
| East West Bancorp | 1.92% |
| Axis Capital Holdings | 1.82% |
| Casey's General Stores | 1.73% |
| Beacon Roofing Supply | 1.70% |
| Webster Financial | 1.65% |
| ExlService Holdings | 1.56% |
| Dick's Sporting Goods | 1.55% |
| Guidewire Software | 1.49% |
| BJ's Wholesale Club Holdings | 1.47% |

---

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the industrials sector.

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.77% (excluding certain items).

On December 31, 2024, the Fund changed its name from Delaware Ivy Smid Cap Core Fund to Macquarie Smid Cap Core Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Smid Cap Core Fund

*(formerly, Delaware Ivy Smid Cap Core Fund)*

**Class Y : IYSYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Smid Cap Core Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$114 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Smid Cap Core Fund (Class Y) returned 0.25% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 7.22%, while the Russell 2500<sup>®</sup> Index, the Fund's narrowly based securities market index, returned -3.11%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on developing innovative therapeutics for rare pulmonary diseases, contributed most.

In the consumer services sector, Brinker International Inc., operator of Chili's and Maggiano's restaurants, contributed most.

The Fund's holdings in the technology sector outperformed. Within the sector, ExlService Holdings Inc. and Guidewire Software Inc. contributed most.

The Fund's holdings in the finance sector outperformed relative to the Fund's benchmark over the period.

#### Top detractors from performance:
The capital goods sector detracted most from performance. Lincoln Electric Holdings Inc. and Atkore Inc. detracted from relative performance.

The Fund's holdings in the business services sector underperformed. WillScot Holdings Corp. detracted most.

Stock selection in transportation underperformed relative to the Fund's benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9821998.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Smid Cap Core Fund (Class Y) – including sales charge | 0.25% | 14.15% | 7.49% |
| Macquarie Smid Cap Core Fund (Class Y) – excluding sales charge | 0.25% | 14.15% | 7.49% |
| Russell 3000 Index | 7.22% | 18.18% | 11.80% |
| Russell 2500 Index | -3.11% | 14.91% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2500 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $323481870 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $2302518 |
| Portfolio turnover rate | 16% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Finance | 16.94% |
| Technology | 13.97% |
| Healthcare | 13.60% |
| Capital Goods | 11.12% |
| Basic Materials | 6.88% |
| Real Estate Investment Trusts | 6.77% |
| Energy | 5.29% |
| Business Services | 5.23% |
| Consumer Discretionary | 4.05% |
| Consumer Staples | 3.10% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Expand Energy | 2.63% |
| East West Bancorp | 1.92% |
| Axis Capital Holdings | 1.82% |
| Casey's General Stores | 1.73% |
| Beacon Roofing Supply | 1.70% |
| Webster Financial | 1.65% |
| ExlService Holdings | 1.56% |
| Dick's Sporting Goods | 1.55% |
| Guidewire Software | 1.49% |
| BJ's Wholesale Club Holdings | 1.47% |

---

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the industrials sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Smid Cap Core Fund to Macquarie Smid Cap Core Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class A : IPOAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$107 | &nbsp;&nbsp;1.05% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Systematic Emerging Markets Equity Fund (Class A) returned 4.26% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 8.09% and 8.65%, respectively.

#### Top contributors to performance:
Holdings in Chinese stocks Bank of China Ltd., Pop Mart International Group Ltd., and Tencent Holdings Ltd., which outperformed relative to the Fund's broad-based index

An underweight allocation to the materials sector

An overweight allocation to the communication services sector, which outperformed relative to the Fund's broad-based index

Overweight allocation to Taiwan and Brazil

Not holding any names in the Philippines

#### Top detractors from performance:
An overweight allocation to the information technology sector

Overweight allocations to China and India

An underweight holding in Samsung Electronics Co. Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819931.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Systematic Emerging Markets Equity Fund (Class A) – including sales charge | -1.73% | 7.04% | 3.42% |
| Macquarie Systematic Emerging Markets Equity Fund (Class A) – excluding sales charge | 4.26% | 8.31% | 4.03% |
| MSCI Emerging Markets Index (net) | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Index (gross) | 8.65% | 8.38% | 4.11% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $660493989 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $3692757 |
| Portfolio turnover rate | 28% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| China | 33.33% |
| Taiwan | 20.52% |
| India | 18.74% |
| South Korea | 8.80% |
| Brazil | 4.90% |
| Indonesia | 3.25% |
| South Africa | 2.33% |
| Türkiye | 1.61% |
| Poland | 1.14% |
| China/Hong Kong | 1.02% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 26.51% |
| Financials | 21.31% |
| Consumer Discretionary | 15.20% |
| Communication Services | 13.17% |
| Industrials | 7.33% |
| Energy | 7.05% |
| Consumer Staples | 3.40% |
| Materials | 1.85% |
| Healthcare | 1.02% |
| Real Estate | 0.76% |
| Utilities | 0.26% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 9.82% |
| Tencent Holdings | 6.76% |
| ICICI Bank | 3.56% |
| Alibaba Group Holding | 3.32% |
| Samsung Electronics | 3.15% |
| Bank of China Class H | 2.97% |
| NetEase | 2.77% |
| Tata Consultancy Services | 2.49% |
| MediaTek | 2.30% |
| Infosys | 2.26% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the information technology sector and removed a principal risk related to investing in the consumer discretionary sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Systematic Emerging Markets Equity Fund to Macquarie Systematic Emerging Markets Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class C : IPOCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$183 | &nbsp;&nbsp;1.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Systematic Emerging Markets Equity Fund (Class C) returned 3.49% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 8.09% and 8.65%, respectively.

#### Top contributors to performance:
Holdings in Chinese stocks Bank of China Ltd., Pop Mart International Group Ltd., and Tencent Holdings Ltd., which outperformed relative to the Fund's broad-based index

An underweight allocation to the materials sector

An overweight allocation to the communication services sector, which outperformed relative to the Fund's broad-based index

Overweight allocation to Taiwan and Brazil

Not holding any names in the Philippines

#### Top detractors from performance:
An overweight allocation to the information technology sector

Overweight allocations to China and India

An underweight holding in Samsung Electronics Co. Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9819970.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Systematic Emerging Markets Equity Fund (Class C) – including sales charge | 2.49% | 7.54% | 3.44% |
| Macquarie Systematic Emerging Markets Equity Fund (Class C) – excluding sales charge | 3.49% | 7.54% | 3.44% |
| MSCI Emerging Markets Index (net) | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Index (gross) | 8.65% | 8.38% | 4.11% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $660493989 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $3692757 |
| Portfolio turnover rate | 28% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| China | 33.33% |
| Taiwan | 20.52% |
| India | 18.74% |
| South Korea | 8.80% |
| Brazil | 4.90% |
| Indonesia | 3.25% |
| South Africa | 2.33% |
| Türkiye | 1.61% |
| Poland | 1.14% |
| China/Hong Kong | 1.02% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 26.51% |
| Financials | 21.31% |
| Consumer Discretionary | 15.20% |
| Communication Services | 13.17% |
| Industrials | 7.33% |
| Energy | 7.05% |
| Consumer Staples | 3.40% |
| Materials | 1.85% |
| Healthcare | 1.02% |
| Real Estate | 0.76% |
| Utilities | 0.26% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 9.82% |
| Tencent Holdings | 6.76% |
| ICICI Bank | 3.56% |
| Alibaba Group Holding | 3.32% |
| Samsung Electronics | 3.15% |
| Bank of China Class H | 2.97% |
| NetEase | 2.77% |
| Tata Consultancy Services | 2.49% |
| MediaTek | 2.30% |
| Infosys | 2.26% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the information technology sector and removed a principal risk related to investing in the consumer discretionary sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Systematic Emerging Markets Equity Fund to Macquarie Systematic Emerging Markets Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class R : IYPCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$133 | &nbsp;&nbsp;1.30% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Systematic Emerging Markets Equity Fund (Class R) returned 3.97% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 8.09% and 8.65%, respectively.

#### Top contributors to performance:
Holdings in Chinese stocks Bank of China Ltd., Pop Mart International Group Ltd., and Tencent Holdings Ltd., which outperformed relative to the Fund's broad-based index

An underweight allocation to the materials sector

An overweight allocation to the communication services sector, which outperformed relative to the Fund's broad-based index

Overweight allocation to Taiwan and Brazil

Not holding any names in the Philippines

#### Top detractors from performance:
An overweight allocation to the information technology sector

Overweight allocations to China and India

An underweight holding in Samsung Electronics Co. Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Systematic Emerging Markets Equity Fund (Class R) – including sales charge | 3.97% | 8.03% | 3.75% |
| Macquarie Systematic Emerging Markets Equity Fund (Class R) – excluding sales charge | 3.97% | 8.03% | 3.75% |
| MSCI Emerging Markets Index (net) | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Index (gross) | 8.65% | 8.38% | 4.11% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $660493989 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $3692757 |
| Portfolio turnover rate | 28% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| China | 33.33% |
| Taiwan | 20.52% |
| India | 18.74% |
| South Korea | 8.80% |
| Brazil | 4.90% |
| Indonesia | 3.25% |
| South Africa | 2.33% |
| Türkiye | 1.61% |
| Poland | 1.14% |
| China/Hong Kong | 1.02% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 26.51% |
| Financials | 21.31% |
| Consumer Discretionary | 15.20% |
| Communication Services | 13.17% |
| Industrials | 7.33% |
| Energy | 7.05% |
| Consumer Staples | 3.40% |
| Materials | 1.85% |
| Healthcare | 1.02% |
| Real Estate | 0.76% |
| Utilities | 0.26% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 9.82% |
| Tencent Holdings | 6.76% |
| ICICI Bank | 3.56% |
| Alibaba Group Holding | 3.32% |
| Samsung Electronics | 3.15% |
| Bank of China Class H | 2.97% |
| NetEase | 2.77% |
| Tata Consultancy Services | 2.49% |
| MediaTek | 2.30% |
| Infosys | 2.26% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the information technology sector and removed a principal risk related to investing in the consumer discretionary sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Systematic Emerging Markets Equity Fund to Macquarie Systematic Emerging Markets Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Institutional Class : IPOIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$82 | &nbsp;&nbsp;0.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Systematic Emerging Markets Equity Fund (Institutional Class) returned 4.53% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 8.09% and 8.65%, respectively.

#### Top contributors to performance:
Holdings in Chinese stocks Bank of China Ltd., Pop Mart International Group Ltd., and Tencent Holdings Ltd., which outperformed relative to the Fund's broad-based index

An underweight allocation to the materials sector

An overweight allocation to the communication services sector, which outperformed relative to the Fund's broad-based index

Overweight allocation to Taiwan and Brazil

Not holding any names in the Philippines

#### Top detractors from performance:
An overweight allocation to the information technology sector

Overweight allocations to China and India

An underweight holding in Samsung Electronics Co. Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Systematic Emerging Markets Equity Fund (Institutional Class) – including sales charge | 4.53% | 8.68% | 4.41% |
| Macquarie Systematic Emerging Markets Equity Fund (Institutional Class) – excluding sales charge | 4.53% | 8.68% | 4.41% |
| MSCI Emerging Markets Index (net) | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Index (gross) | 8.65% | 8.38% | 4.11% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $660493989 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $3692757 |
| Portfolio turnover rate | 28% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| China | 33.33% |
| Taiwan | 20.52% |
| India | 18.74% |
| South Korea | 8.80% |
| Brazil | 4.90% |
| Indonesia | 3.25% |
| South Africa | 2.33% |
| Türkiye | 1.61% |
| Poland | 1.14% |
| China/Hong Kong | 1.02% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 26.51% |
| Financials | 21.31% |
| Consumer Discretionary | 15.20% |
| Communication Services | 13.17% |
| Industrials | 7.33% |
| Energy | 7.05% |
| Consumer Staples | 3.40% |
| Materials | 1.85% |
| Healthcare | 1.02% |
| Real Estate | 0.76% |
| Utilities | 0.26% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 9.82% |
| Tencent Holdings | 6.76% |
| ICICI Bank | 3.56% |
| Alibaba Group Holding | 3.32% |
| Samsung Electronics | 3.15% |
| Bank of China Class H | 2.97% |
| NetEase | 2.77% |
| Tata Consultancy Services | 2.49% |
| MediaTek | 2.30% |
| Infosys | 2.26% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the information technology sector and removed a principal risk related to investing in the consumer discretionary sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Systematic Emerging Markets Equity Fund to Macquarie Systematic Emerging Markets Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class R6 : IMEGX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$67 | &nbsp;&nbsp;0.65% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Systematic Emerging Markets Equity Fund (Class R6) returned 4.65% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 8.09% and 8.65%, respectively.

#### Top contributors to performance:
Holdings in Chinese stocks Bank of China Ltd., Pop Mart International Group Ltd., and Tencent Holdings Ltd., which outperformed relative to the Fund's broad-based index

An underweight allocation to the materials sector

An overweight allocation to the communication services sector, which outperformed relative to the Fund's broad-based index

Overweight allocation to Taiwan and Brazil

Not holding any names in the Philippines

#### Top detractors from performance:
An overweight allocation to the information technology sector

Overweight allocations to China and India

An underweight holding in Samsung Electronics Co. Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820087.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Systematic Emerging Markets Equity Fund (Class R6) – including sales charge | 4.65% | 8.76% | 4.49% |
| Macquarie Systematic Emerging Markets Equity Fund (Class R6) – excluding sales charge | 4.65% | 8.76% | 4.49% |
| MSCI Emerging Markets Index (net) | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Index (gross) | 8.65% | 8.38% | 4.11% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $660493989 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $3692757 |
| Portfolio turnover rate | 28% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| China | 33.33% |
| Taiwan | 20.52% |
| India | 18.74% |
| South Korea | 8.80% |
| Brazil | 4.90% |
| Indonesia | 3.25% |
| South Africa | 2.33% |
| Türkiye | 1.61% |
| Poland | 1.14% |
| China/Hong Kong | 1.02% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 26.51% |
| Financials | 21.31% |
| Consumer Discretionary | 15.20% |
| Communication Services | 13.17% |
| Industrials | 7.33% |
| Energy | 7.05% |
| Consumer Staples | 3.40% |
| Materials | 1.85% |
| Healthcare | 1.02% |
| Real Estate | 0.76% |
| Utilities | 0.26% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 9.82% |
| Tencent Holdings | 6.76% |
| ICICI Bank | 3.56% |
| Alibaba Group Holding | 3.32% |
| Samsung Electronics | 3.15% |
| Bank of China Class H | 2.97% |
| NetEase | 2.77% |
| Tata Consultancy Services | 2.49% |
| MediaTek | 2.30% |
| Infosys | 2.26% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the information technology sector and removed a principal risk related to investing in the consumer discretionary sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Systematic Emerging Markets Equity Fund to Macquarie Systematic Emerging Markets Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Systematic Emerging Markets Equity Fund

*(formerly, Delaware Ivy Systematic Emerging Markets Equity Fund)*

**Class Y : IPOYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$107 | &nbsp;&nbsp;1.05% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Systematic Emerging Markets Equity Fund (Class Y) returned 4.26% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 8.09% and 8.65%, respectively.

#### Top contributors to performance:
Holdings in Chinese stocks Bank of China Ltd., Pop Mart International Group Ltd., and Tencent Holdings Ltd., which outperformed relative to the Fund's broad-based index

An underweight allocation to the materials sector

An overweight allocation to the communication services sector, which outperformed relative to the Fund's broad-based index

Overweight allocation to Taiwan and Brazil

Not holding any names in the Philippines

#### Top detractors from performance:
An overweight allocation to the information technology sector

Overweight allocations to China and India

An underweight holding in Samsung Electronics Co. Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9820126.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Systematic Emerging Markets Equity Fund (Class Y) – including sales charge | 4.26% | 8.34% | 4.08% |
| Macquarie Systematic Emerging Markets Equity Fund (Class Y) – excluding sales charge | 4.26% | 8.34% | 4.08% |
| MSCI Emerging Markets Index (net) | 8.09% | 7.94% | 3.71% |
| MSCI Emerging Markets Index (gross) | 8.65% | 8.38% | 4.11% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $660493989 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $3692757 |
| Portfolio turnover rate | 28% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| China | 33.33% |
| Taiwan | 20.52% |
| India | 18.74% |
| South Korea | 8.80% |
| Brazil | 4.90% |
| Indonesia | 3.25% |
| South Africa | 2.33% |
| Türkiye | 1.61% |
| Poland | 1.14% |
| China/Hong Kong | 1.02% |

---

Sector allocation

---

| | |
|:---|:---|
| Information Technology | 26.51% |
| Financials | 21.31% |
| Consumer Discretionary | 15.20% |
| Communication Services | 13.17% |
| Industrials | 7.33% |
| Energy | 7.05% |
| Consumer Staples | 3.40% |
| Materials | 1.85% |
| Healthcare | 1.02% |
| Real Estate | 0.76% |
| Utilities | 0.26% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 9.82% |
| Tencent Holdings | 6.76% |
| ICICI Bank | 3.56% |
| Alibaba Group Holding | 3.32% |
| Samsung Electronics | 3.15% |
| Bank of China Class H | 2.97% |
| NetEase | 2.77% |
| Tata Consultancy Services | 2.49% |
| MediaTek | 2.30% |
| Infosys | 2.26% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

During the fiscal year, the Fund added a new principal risk related to the risks of investing in the information technology sector and removed a principal risk related to investing in the consumer discretionary sector.

On December 31, 2024, the Fund changed its name from Delaware Ivy Systematic Emerging Markets Equity Fund to Macquarie Systematic Emerging Markets Equity Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4450187) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class A : WASAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$115 | &nbsp;&nbsp;1.11% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Asset Strategy Fund (Class A) returned 6.41% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal year despite facing volatility toward the end of the reporting period.

International equities drove outperformance relative to US equities during the fiscal year due to more attractive valuations and reduced exposure to US tariff risks.

Relative to the Fund's broad-based securities market index (benchmark):

Exposure to commodities like gold

Exposure to international equities like emerging markets

Security selection within the communication sector

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the Fund's benchmark.

Exposure to cash underperformed relative to the Fund's benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822271.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Asset Strategy Fund (Class A) – including sales charge | 0.30% | 11.79% | 4.98% |
| Macquarie Asset Strategy Fund (Class A) – excluding sales charge | 6.41% | 13.11% | 5.61% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1716838123 |
| Total number of portfolio holdings | 443 |
| Total advisory fees paid | $12252211 |
| Portfolio turnover rate | 67% |

---

**Fund holdings** (as of March 31, 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 | 59.11% |
| Corporate Bonds | 16.46% |
| Agency Mortgage-Backed Securities | 6.32% |
| Bullion | 5.98% |
| Exchange-Traded Funds | 4.27% |
| US Treasury Obligations | 2.34% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.57% |
| Short-Term Investments | 1.28% |
| Loan Agreements | 1.04% |
| Non-Agency Collateralized Mortgage Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 2.96% |
| Apple | 2.07% |
| Amazon.com | 1.86% |
| NVIDIA | 1.79% |
| Taiwan Semiconductor Manufacturing | 1.74% |
| Mastercard Class A | 1.57% |
| SAP | 1.37% |
| Howmet Aerospace | 1.36% |
| Intercontinental Exchange | 1.27% |
| HDFC Bank | 1.27% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class A shares increased from 1.05% to 1.11%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Asset Strategy Fund to Macquarie Asset Strategy Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class C : WASCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$191 | &nbsp;&nbsp;1.86% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Asset Strategy Fund (Class C) returned 5.65% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal year despite facing volatility toward the end of the reporting period.

International equities drove outperformance relative to US equities during the fiscal year due to more attractive valuations and reduced exposure to US tariff risks.

Relative to the Fund's broad-based securities market index (benchmark):

Exposure to commodities like gold

Exposure to international equities like emerging markets

Security selection within the communication sector

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the Fund's benchmark.

Exposure to cash underperformed relative to the Fund's benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822310.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Asset Strategy Fund (Class C) – including sales charge | 4.67% | 12.20% | 4.96% |
| Macquarie Asset Strategy Fund (Class C) – excluding sales charge | 5.65% | 12.20% | 4.96% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1716838123 |
| Total number of portfolio holdings | 443 |
| Total advisory fees paid | $12252211 |
| Portfolio turnover rate | 67% |

---

**Fund holdings** (as of March 31, 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 | 59.11% |
| Corporate Bonds | 16.46% |
| Agency Mortgage-Backed Securities | 6.32% |
| Bullion | 5.98% |
| Exchange-Traded Funds | 4.27% |
| US Treasury Obligations | 2.34% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.57% |
| Short-Term Investments | 1.28% |
| Loan Agreements | 1.04% |
| Non-Agency Collateralized Mortgage Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 2.96% |
| Apple | 2.07% |
| Amazon.com | 1.86% |
| NVIDIA | 1.79% |
| Taiwan Semiconductor Manufacturing | 1.74% |
| Mastercard Class A | 1.57% |
| SAP | 1.37% |
| Howmet Aerospace | 1.36% |
| Intercontinental Exchange | 1.27% |
| HDFC Bank | 1.27% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class C shares increased from 1.80% to 1.86%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Asset Strategy Fund to Macquarie Asset Strategy Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class R : IASRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$140 | &nbsp;&nbsp;1.36% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Asset Strategy Fund (Class R) returned 6.16% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal year despite facing volatility toward the end of the reporting period.

International equities drove outperformance relative to US equities during the fiscal year due to more attractive valuations and reduced exposure to US tariff risks.

Relative to the Fund's broad-based securities market index (benchmark):

Exposure to commodities like gold

Exposure to international equities like emerging markets

Security selection within the communication sector

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the Fund's benchmark.

Exposure to cash underperformed relative to the Fund's benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822427.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Asset Strategy Fund (Class R) – including sales charge | 6.16% | 12.78% | 5.29% |
| Macquarie Asset Strategy Fund (Class R) – excluding sales charge | 6.16% | 12.78% | 5.29% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1716838123 |
| Total number of portfolio holdings | 443 |
| Total advisory fees paid | $12252211 |
| Portfolio turnover rate | 67% |

---

**Fund holdings** (as of March 31, 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 | 59.11% |
| Corporate Bonds | 16.46% |
| Agency Mortgage-Backed Securities | 6.32% |
| Bullion | 5.98% |
| Exchange-Traded Funds | 4.27% |
| US Treasury Obligations | 2.34% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.57% |
| Short-Term Investments | 1.28% |
| Loan Agreements | 1.04% |
| Non-Agency Collateralized Mortgage Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 2.96% |
| Apple | 2.07% |
| Amazon.com | 1.86% |
| NVIDIA | 1.79% |
| Taiwan Semiconductor Manufacturing | 1.74% |
| Mastercard Class A | 1.57% |
| SAP | 1.37% |
| Howmet Aerospace | 1.36% |
| Intercontinental Exchange | 1.27% |
| HDFC Bank | 1.27% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R shares increased from 1.30% to 1.36%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Asset Strategy Fund to Macquarie Asset Strategy Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Institutional Class : IVAEX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$89 | &nbsp;&nbsp;0.86% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Asset Strategy Fund (Institutional Class) returned 6.69% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal year despite facing volatility toward the end of the reporting period.

International equities drove outperformance relative to US equities during the fiscal year due to more attractive valuations and reduced exposure to US tariff risks.

Relative to the Fund's broad-based securities market index (benchmark):

Exposure to commodities like gold

Exposure to international equities like emerging markets

Security selection within the communication sector

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the Fund's benchmark.

Exposure to cash underperformed relative to the Fund's benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822349.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Asset Strategy Fund (Institutional Class) – including sales charge | 6.69% | 13.40% | 5.89% |
| Macquarie Asset Strategy Fund (Institutional Class) – excluding sales charge | 6.69% | 13.40% | 5.89% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1716838123 |
| Total number of portfolio holdings | 443 |
| Total advisory fees paid | $12252211 |
| Portfolio turnover rate | 67% |

---

**Fund holdings** (as of March 31, 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 | 59.11% |
| Corporate Bonds | 16.46% |
| Agency Mortgage-Backed Securities | 6.32% |
| Bullion | 5.98% |
| Exchange-Traded Funds | 4.27% |
| US Treasury Obligations | 2.34% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.57% |
| Short-Term Investments | 1.28% |
| Loan Agreements | 1.04% |
| Non-Agency Collateralized Mortgage Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 2.96% |
| Apple | 2.07% |
| Amazon.com | 1.86% |
| NVIDIA | 1.79% |
| Taiwan Semiconductor Manufacturing | 1.74% |
| Mastercard Class A | 1.57% |
| SAP | 1.37% |
| Howmet Aerospace | 1.36% |
| Intercontinental Exchange | 1.27% |
| HDFC Bank | 1.27% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Institutional Class shares increased from 0.80% to 0.86%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Asset Strategy Fund to Macquarie Asset Strategy Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class R6 : IASTX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$79 | &nbsp;&nbsp;0.76% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Asset Strategy Fund (Class R6) returned 6.80% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal year despite facing volatility toward the end of the reporting period.

International equities drove outperformance relative to US equities during the fiscal year due to more attractive valuations and reduced exposure to US tariff risks.

Relative to the Fund's broad-based securities market index (benchmark):

Exposure to commodities like gold

Exposure to international equities like emerging markets

Security selection within the communication sector

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the Fund's benchmark.

Exposure to cash underperformed relative to the Fund's benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822388.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Asset Strategy Fund (Class R6) – including sales charge | 6.80% | 13.53% | 6.01% |
| Macquarie Asset Strategy Fund (Class R6) – excluding sales charge | 6.80% | 13.53% | 6.01% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1716838123 |
| Total number of portfolio holdings | 443 |
| Total advisory fees paid | $12252211 |
| Portfolio turnover rate | 67% |

---

**Fund holdings** (as of March 31, 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 | 59.11% |
| Corporate Bonds | 16.46% |
| Agency Mortgage-Backed Securities | 6.32% |
| Bullion | 5.98% |
| Exchange-Traded Funds | 4.27% |
| US Treasury Obligations | 2.34% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.57% |
| Short-Term Investments | 1.28% |
| Loan Agreements | 1.04% |
| Non-Agency Collateralized Mortgage Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 2.96% |
| Apple | 2.07% |
| Amazon.com | 1.86% |
| NVIDIA | 1.79% |
| Taiwan Semiconductor Manufacturing | 1.74% |
| Mastercard Class A | 1.57% |
| SAP | 1.37% |
| Howmet Aerospace | 1.36% |
| Intercontinental Exchange | 1.27% |
| HDFC Bank | 1.27% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Asset Strategy Fund to Macquarie Asset Strategy Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Asset Strategy Fund

*(formerly, Delaware Ivy Asset Strategy Fund)*

**Class Y : WASYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Asset Strategy Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$115 | &nbsp;&nbsp;1.11% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Asset Strategy Fund (Class Y) returned 6.42% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal year despite facing volatility toward the end of the reporting period.

International equities drove outperformance relative to US equities during the fiscal year due to more attractive valuations and reduced exposure to US tariff risks.

Relative to the Fund's broad-based securities market index (benchmark):

Exposure to commodities like gold

Exposure to international equities like emerging markets

Security selection within the communication sector

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the Fund's benchmark.

Exposure to cash underperformed relative to the Fund's benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822466.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Asset Strategy Fund (Class Y) – including sales charge | 6.42% | 13.13% | 5.64% |
| Macquarie Asset Strategy Fund (Class Y) – excluding sales charge | 6.42% | 13.13% | 5.64% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1716838123 |
| Total number of portfolio holdings | 443 |
| Total advisory fees paid | $12252211 |
| Portfolio turnover rate | 67% |

---

**Fund holdings** (as of March 31, 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 | 59.11% |
| Corporate Bonds | 16.46% |
| Agency Mortgage-Backed Securities | 6.32% |
| Bullion | 5.98% |
| Exchange-Traded Funds | 4.27% |
| US Treasury Obligations | 2.34% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.57% |
| Short-Term Investments | 1.28% |
| Loan Agreements | 1.04% |
| Non-Agency Collateralized Mortgage Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 2.96% |
| Apple | 2.07% |
| Amazon.com | 1.86% |
| NVIDIA | 1.79% |
| Taiwan Semiconductor Manufacturing | 1.74% |
| Mastercard Class A | 1.57% |
| SAP | 1.37% |
| Howmet Aerospace | 1.36% |
| Intercontinental Exchange | 1.27% |
| HDFC Bank | 1.27% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class Y shares increased from 1.05% to 1.11%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Asset Strategy Fund to Macquarie Asset Strategy Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class A : IBNAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$108 | &nbsp;&nbsp;1.05% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Balanced Fund (Class A) returned 6.48% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 8.25% and 4.88%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the reporting period.

Allocation and security selection effects drove outperformance relative to the Fund's benchmarks:

Allocation and security selection effects within equities relative to the S&P 500 Index

Security selection within financial and healthcare stocks relative to the S&P 500 Index

Security selection within fixed income relative to the Bloomberg US Aggregate Index

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed the Bloomberg US Aggregate Index.

Exposure to cash underperformed relative to the Fund's benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822505.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Balanced Fund (Class A) – including sales charge | 0.37% | 10.78% | 6.16% |
| Macquarie Balanced Fund (Class A) – excluding sales charge | 6.48% | 12.10% | 6.79% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1470642105 |
| Total number of portfolio holdings | 407 |
| Total advisory fees paid | $10064649 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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 | 53.90% |
| Corporate Bonds | 11.35% |
| Agency Mortgage-Backed Securities | 10.05% |
| Exchange-Traded Funds | 8.13% |
| US Treasury Obligations | 6.75% |
| Short-Term Investments | 3.75% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.11% |
| Non-Agency Asset-Backed Securities | 1.20% |
| Non-Agency Collateralized Mortgage Obligations | 0.86% |
| Agency Collateralized Mortgage Obligations | 0.56% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.32% |
| Apple | 2.49% |
| Amazon.com | 2.23% |
| NVIDIA | 2.16% |
| Fiserv | 1.78% |
| Howmet Aerospace | 1.60% |
| Costco Wholesale | 1.60% |
| Taiwan Semiconductor Manufacturing ADR | 1.58% |
| AT&T | 1.44% |
| Meta Platforms Class A | 1.43% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Balanced Fund to Macquarie Balanced Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class C : IBNCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$185 | &nbsp;&nbsp;1.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Balanced Fund (Class C) returned 5.66% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 8.25% and 4.88%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the reporting period.

Allocation and security selection effects drove outperformance relative to the Fund's benchmarks:

Allocation and security selection effects within equities relative to the S&P 500 Index

Security selection within financial and healthcare stocks relative to the S&P 500 Index

Security selection within fixed income relative to the Bloomberg US Aggregate Index

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed the Bloomberg US Aggregate Index.

Exposure to cash underperformed relative to the Fund's benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Balanced Fund (Class C) – including sales charge | 4.66% | 11.24% | 6.16% |
| Macquarie Balanced Fund (Class C) – excluding sales charge | 5.66% | 11.24% | 6.16% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1470642105 |
| Total number of portfolio holdings | 407 |
| Total advisory fees paid | $10064649 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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 | 53.90% |
| Corporate Bonds | 11.35% |
| Agency Mortgage-Backed Securities | 10.05% |
| Exchange-Traded Funds | 8.13% |
| US Treasury Obligations | 6.75% |
| Short-Term Investments | 3.75% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.11% |
| Non-Agency Asset-Backed Securities | 1.20% |
| Non-Agency Collateralized Mortgage Obligations | 0.86% |
| Agency Collateralized Mortgage Obligations | 0.56% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.32% |
| Apple | 2.49% |
| Amazon.com | 2.23% |
| NVIDIA | 2.16% |
| Fiserv | 1.78% |
| Howmet Aerospace | 1.60% |
| Costco Wholesale | 1.60% |
| Taiwan Semiconductor Manufacturing ADR | 1.58% |
| AT&T | 1.44% |
| Meta Platforms Class A | 1.43% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Balanced Fund to Macquarie Balanced Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class R : IYBFX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$134 | &nbsp;&nbsp;1.30% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Balanced Fund (Class R) returned 6.23% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 8.25% and 4.88%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the reporting period.

Allocation and security selection effects drove outperformance relative to the Fund's benchmarks:

Allocation and security selection effects within equities relative to the S&P 500 Index

Security selection within financial and healthcare stocks relative to the S&P 500 Index

Security selection within fixed income relative to the Bloomberg US Aggregate Index

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed the Bloomberg US Aggregate Index.

Exposure to cash underperformed relative to the Fund's benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822661.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Balanced Fund (Class R) – including sales charge | 6.23% | 11.76% | 6.44% |
| Macquarie Balanced Fund (Class R) – excluding sales charge | 6.23% | 11.76% | 6.44% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1470642105 |
| Total number of portfolio holdings | 407 |
| Total advisory fees paid | $10064649 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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 | 53.90% |
| Corporate Bonds | 11.35% |
| Agency Mortgage-Backed Securities | 10.05% |
| Exchange-Traded Funds | 8.13% |
| US Treasury Obligations | 6.75% |
| Short-Term Investments | 3.75% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.11% |
| Non-Agency Asset-Backed Securities | 1.20% |
| Non-Agency Collateralized Mortgage Obligations | 0.86% |
| Agency Collateralized Mortgage Obligations | 0.56% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.32% |
| Apple | 2.49% |
| Amazon.com | 2.23% |
| NVIDIA | 2.16% |
| Fiserv | 1.78% |
| Howmet Aerospace | 1.60% |
| Costco Wholesale | 1.60% |
| Taiwan Semiconductor Manufacturing ADR | 1.58% |
| AT&T | 1.44% |
| Meta Platforms Class A | 1.43% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Balanced Fund to Macquarie Balanced Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Institutional Class : IYBIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$83 | &nbsp;&nbsp;0.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Balanced Fund (Institutional Class) returned 6.76% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 8.25% and 4.88%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the reporting period.

Allocation and security selection effects drove outperformance relative to the Fund's benchmarks:

Allocation and security selection effects within equities relative to the S&P 500 Index

Security selection within financial and healthcare stocks relative to the S&P 500 Index

Security selection within fixed income relative to the Bloomberg US Aggregate Index

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed the Bloomberg US Aggregate Index.

Exposure to cash underperformed relative to the Fund's benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822583.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Balanced Fund (Institutional Class) – including sales charge | 6.76% | 12.37% | 7.05% |
| Macquarie Balanced Fund (Institutional Class) – excluding sales charge | 6.76% | 12.37% | 7.05% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1470642105 |
| Total number of portfolio holdings | 407 |
| Total advisory fees paid | $10064649 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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 | 53.90% |
| Corporate Bonds | 11.35% |
| Agency Mortgage-Backed Securities | 10.05% |
| Exchange-Traded Funds | 8.13% |
| US Treasury Obligations | 6.75% |
| Short-Term Investments | 3.75% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.11% |
| Non-Agency Asset-Backed Securities | 1.20% |
| Non-Agency Collateralized Mortgage Obligations | 0.86% |
| Agency Collateralized Mortgage Obligations | 0.56% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.32% |
| Apple | 2.49% |
| Amazon.com | 2.23% |
| NVIDIA | 2.16% |
| Fiserv | 1.78% |
| Howmet Aerospace | 1.60% |
| Costco Wholesale | 1.60% |
| Taiwan Semiconductor Manufacturing ADR | 1.58% |
| AT&T | 1.44% |
| Meta Platforms Class A | 1.43% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Balanced Fund to Macquarie Balanced Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class R6 : IBARX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $73 | 0.71% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Balanced Fund (Class R6) returned 6.86% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 8.25% and 4.88%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the reporting period.

Allocation and security selection effects drove outperformance relative to the Fund's benchmarks:

Allocation and security selection effects within equities relative to the S&P 500 Index

Security selection within financial and healthcare stocks relative to the S&P 500 Index

Security selection within fixed income relative to the Bloomberg US Aggregate Index

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed the Bloomberg US Aggregate Index.

Exposure to cash underperformed relative to the Fund's benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822622.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Balanced Fund (Class R6) – including sales charge | 6.86% | 12.49% | 7.19% |
| Macquarie Balanced Fund (Class R6) – excluding sales charge | 6.86% | 12.49% | 7.19% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1470642105 |
| Total number of portfolio holdings | 407 |
| Total advisory fees paid | $10064649 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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 | 53.90% |
| Corporate Bonds | 11.35% |
| Agency Mortgage-Backed Securities | 10.05% |
| Exchange-Traded Funds | 8.13% |
| US Treasury Obligations | 6.75% |
| Short-Term Investments | 3.75% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.11% |
| Non-Agency Asset-Backed Securities | 1.20% |
| Non-Agency Collateralized Mortgage Obligations | 0.86% |
| Agency Collateralized Mortgage Obligations | 0.56% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.32% |
| Apple | 2.49% |
| Amazon.com | 2.23% |
| NVIDIA | 2.16% |
| Fiserv | 1.78% |
| Howmet Aerospace | 1.60% |
| Costco Wholesale | 1.60% |
| Taiwan Semiconductor Manufacturing ADR | 1.58% |
| AT&T | 1.44% |
| Meta Platforms Class A | 1.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R6 shares decreased from 0.76% to 0.71%.

On December 31, 2024, the Fund changed its name from Delaware Ivy Balanced Fund to Macquarie Balanced Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Balanced Fund

*(formerly, Delaware Ivy Balanced Fund)*

**Class Y : IBNYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Balanced Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$108 | &nbsp;&nbsp;1.05% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Balanced Fund (Class Y) returned 6.51% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 8.25% and 4.88%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the reporting period.

Allocation and security selection effects drove outperformance relative to the Fund's benchmarks:

Allocation and security selection effects within equities relative to the S&P 500 Index

Security selection within financial and healthcare stocks relative to the S&P 500 Index

Security selection within fixed income relative to the Bloomberg US Aggregate Index

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed the Bloomberg US Aggregate Index.

Exposure to cash underperformed relative to the Fund's benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822700.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Balanced Fund (Class Y) – including sales charge | 6.51% | 12.12% | 6.80% |
| Macquarie Balanced Fund (Class Y) – excluding sales charge | 6.51% | 12.12% | 6.80% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $1470642105 |
| Total number of portfolio holdings | 407 |
| Total advisory fees paid | $10064649 |
| Portfolio turnover rate | 76% |

---

**Fund holdings** (as of March 31, 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 | 53.90% |
| Corporate Bonds | 11.35% |
| Agency Mortgage-Backed Securities | 10.05% |
| Exchange-Traded Funds | 8.13% |
| US Treasury Obligations | 6.75% |
| Short-Term Investments | 3.75% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.11% |
| Non-Agency Asset-Backed Securities | 1.20% |
| Non-Agency Collateralized Mortgage Obligations | 0.86% |
| Agency Collateralized Mortgage Obligations | 0.56% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.32% |
| Apple | 2.49% |
| Amazon.com | 2.23% |
| NVIDIA | 2.16% |
| Fiserv | 1.78% |
| Howmet Aerospace | 1.60% |
| Costco Wholesale | 1.60% |
| Taiwan Semiconductor Manufacturing ADR | 1.58% |
| AT&T | 1.44% |
| Meta Platforms Class A | 1.43% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Balanced Fund to Macquarie Balanced Fund.

During the fiscal year, the Fund added a new principal investment strategy by adding a new tactical / completion sleeve that primarily holds derivatives and exchange-traded funds (ETFs) and a corresponding new principal risk related to the risks of investing in ETFs.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class A : IEYAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$121 | &nbsp;&nbsp;1.24% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Climate Solutions Fund (Class A) returned -5.52% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 6.30% and 6.78%, respectively.

#### Top contributors to performance:
Consistent with its philosophy, the Fund was positioned with an overweight to the utilities sector, which contributed the most to performance. As one of the Fund's four representative sectors that typically has the largest exposure, utilities is an area in which we believe meaningful opportunities to help close the emissions gap can be found. We see utilities' defensiveness as a boon to portfolio diversification and downside protection, relative to climate-focused funds in the market.

Ameren Corp. was the strongest-performing stock, with Xcel Energy Inc., and CMS Energy Corp. rounding out the top three. All are US utility companies contributing toward coal phaseout.

Security selection within materials, another of the Fund's representative sectors, was a key contributor, despite the sector at large down for the year. Holcim AG, which sells cement, aggregates, ready-mix concrete, and asphalt products, and Anglo American PLC, which mines precious base metals and ferrous metals, were the top materials contributors.

#### Top detractors from performance:
Overweight exposures and stock selection within the Fund's remaining two representative sectors, energy and industrials, were key detractors from performance. While energy stocks within the Fund's broad-based securities market index were, on average, roughly flat for the year, stock selection within traditional energy stocks in the Fund posed a challenge, as did the unfavorable environment for renewables. That is, the Trump administration has repealed major climate-focused legislation like provisions within the Inflation Reduction Act, reducing financial incentives for renewable-energy expansion, and has relaxed environmental regulations, further boosting fossil fuel industries at the expense of renewables.

At the stock level, the primary challenge followed the theme of exposure to renewable energy products, with Neste the largest individual detractor. Net Power Inc. and Sunrun Inc. were also key detractors. We maintain conviction in other renewable names at large, as we believe they can help meet the world's growing energy needs, including the potential growth spurred artificial intelligence data centers.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822739.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Climate Solutions Fund (Class A) – including sales charge | -10.91% | 22.35% | -4.40% |
| Macquarie Climate Solutions Fund (Class A) – excluding sales charge | -5.52% | 23.83% | -3.83% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |
| MSCI ACWI Investable Market Index (net) | 6.30% | 15.02% | 8.55% |
| MSCI ACWI Investable Market Index (gross) | 6.78% | 15.55% | 9.09% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the MSCI ACWI Index. Although the MSCI ACWI Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the MSCI ACWI Investable Market Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $98527511 |
| Total number of portfolio holdings | 29 |
| Total advisory fees paid | $743214 |
| Portfolio turnover rate | 20% |

---

**Fund holdings** (as of March 31, 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 | 35.97% |
| Materials | 23.78% |
| Industrials | 17.12% |
| Energy | 11.97% |
| Real Estate | 4.18% |
| Consumer Discretionary | 3.57% |
| Information Technology | 3.01% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Waste Management | 4.24% |
| CMS Energy | 4.23% |
| Xcel Energy | 4.19% |
| Weyerhaeuser | 4.18% |
| Ameren | 4.17% |
| Anglo American | 4.12% |
| Cummins | 4.04% |
| Holcim | 3.88% |
| Nutrien | 3.87% |
| CF Industries Holdings | 3.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Climate Solutions Fund to Macquarie Climate Solutions Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class C : IEYCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$193 | &nbsp;&nbsp;1.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Climate Solutions Fund (Class C) returned -6.29% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 6.30% and 6.78%, respectively.

#### Top contributors to performance:
Consistent with its philosophy, the Fund was positioned with an overweight to the utilities sector, which contributed the most to performance. As one of the Fund's four representative sectors that typically has the largest exposure, utilities is an area in which we believe meaningful opportunities to help close the emissions gap can be found. We see utilities' defensiveness as a boon to portfolio diversification and downside protection, relative to climate-focused funds in the market.

Ameren Corp. was the strongest-performing stock, with Xcel Energy Inc., and CMS Energy Corp. rounding out the top three. All are US utility companies contributing toward coal phaseout.

Security selection within materials, another of the Fund's representative sectors, was a key contributor, despite the sector at large down for the year. Holcim AG, which sells cement, aggregates, ready-mix concrete, and asphalt products, and Anglo American PLC, which mines precious base metals and ferrous metals, were the top materials contributors.

#### Top detractors from performance:
Overweight exposures and stock selection within the Fund's remaining two representative sectors, energy and industrials, were key detractors from performance. While energy stocks within the Fund's broad-based securities market index were, on average, roughly flat for the year, stock selection within traditional energy stocks in the Fund posed a challenge, as did the unfavorable environment for renewables. That is, the Trump administration has repealed major climate-focused legislation like provisions within the Inflation Reduction Act, reducing financial incentives for renewable-energy expansion, and has relaxed environmental regulations, further boosting fossil fuel industries at the expense of renewables.

At the stock level, the primary challenge followed the theme of exposure to renewable energy products, with Neste the largest individual detractor. Net Power Inc. and Sunrun Inc. were also key detractors. We maintain conviction in other renewable names at large, as we believe they can help meet the world's growing energy needs, including the potential growth spurred artificial intelligence data centers.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822778.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Climate Solutions Fund (Class C) – including sales charge | -7.22% | 22.92% | -4.38% |
| Macquarie Climate Solutions Fund (Class C) – excluding sales charge | -6.29% | 22.92% | -4.38% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |
| MSCI ACWI Investable Market Index (net) | 6.30% | 15.02% | 8.55% |
| MSCI ACWI Investable Market Index (gross) | 6.78% | 15.55% | 9.09% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the MSCI ACWI Index. Although the MSCI ACWI Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the MSCI ACWI Investable Market Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $98527511 |
| Total number of portfolio holdings | 29 |
| Total advisory fees paid | $743214 |
| Portfolio turnover rate | 20% |

---

**Fund holdings** (as of March 31, 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 | 35.97% |
| Materials | 23.78% |
| Industrials | 17.12% |
| Energy | 11.97% |
| Real Estate | 4.18% |
| Consumer Discretionary | 3.57% |
| Information Technology | 3.01% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Waste Management | 4.24% |
| CMS Energy | 4.23% |
| Xcel Energy | 4.19% |
| Weyerhaeuser | 4.18% |
| Ameren | 4.17% |
| Anglo American | 4.12% |
| Cummins | 4.04% |
| Holcim | 3.88% |
| Nutrien | 3.87% |
| CF Industries Holdings | 3.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Climate Solutions Fund to Macquarie Climate Solutions Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class R : IYEFX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$145 | &nbsp;&nbsp;1.49% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Climate Solutions Fund (Class R) returned -5.72% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 6.30% and 6.78%, respectively.

#### Top contributors to performance:
Consistent with its philosophy, the Fund was positioned with an overweight to the utilities sector, which contributed the most to performance. As one of the Fund's four representative sectors that typically has the largest exposure, utilities is an area in which we believe meaningful opportunities to help close the emissions gap can be found. We see utilities' defensiveness as a boon to portfolio diversification and downside protection, relative to climate-focused funds in the market.

Ameren Corp. was the strongest-performing stock, with Xcel Energy Inc., and CMS Energy Corp. rounding out the top three. All are US utility companies contributing toward coal phaseout.

Security selection within materials, another of the Fund's representative sectors, was a key contributor, despite the sector at large down for the year. Holcim AG, which sells cement, aggregates, ready-mix concrete, and asphalt products, and Anglo American PLC, which mines precious base metals and ferrous metals, were the top materials contributors.

#### Top detractors from performance:
Overweight exposures and stock selection within the Fund's remaining two representative sectors, energy and industrials, were key detractors from performance. While energy stocks within the Fund's broad-based securities market index were, on average, roughly flat for the year, stock selection within traditional energy stocks in the Fund posed a challenge, as did the unfavorable environment for renewables. That is, the Trump administration has repealed major climate-focused legislation like provisions within the Inflation Reduction Act, reducing financial incentives for renewable-energy expansion, and has relaxed environmental regulations, further boosting fossil fuel industries at the expense of renewables.

At the stock level, the primary challenge followed the theme of exposure to renewable energy products, with Neste the largest individual detractor. Net Power Inc. and Sunrun Inc. were also key detractors. We maintain conviction in other renewable names at large, as we believe they can help meet the world's growing energy needs, including the potential growth spurred artificial intelligence data centers.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822895.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Climate Solutions Fund (Class R) – including sales charge | -5.72% | 23.45% | -4.11% |
| Macquarie Climate Solutions Fund (Class R) – excluding sales charge | -5.72% | 23.45% | -4.11% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |
| MSCI ACWI Investable Market Index (net) | 6.30% | 15.02% | 8.55% |
| MSCI ACWI Investable Market Index (gross) | 6.78% | 15.55% | 9.09% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the MSCI ACWI Index. Although the MSCI ACWI Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the MSCI ACWI Investable Market Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $98527511 |
| Total number of portfolio holdings | 29 |
| Total advisory fees paid | $743214 |
| Portfolio turnover rate | 20% |

---

**Fund holdings** (as of March 31, 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 | 35.97% |
| Materials | 23.78% |
| Industrials | 17.12% |
| Energy | 11.97% |
| Real Estate | 4.18% |
| Consumer Discretionary | 3.57% |
| Information Technology | 3.01% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Waste Management | 4.24% |
| CMS Energy | 4.23% |
| Xcel Energy | 4.19% |
| Weyerhaeuser | 4.18% |
| Ameren | 4.17% |
| Anglo American | 4.12% |
| Cummins | 4.04% |
| Holcim | 3.88% |
| Nutrien | 3.87% |
| CF Industries Holdings | 3.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Climate Solutions Fund to Macquarie Climate Solutions Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Institutional Class : IVEIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$96 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Climate Solutions Fund (Institutional Class) returned -5.32% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 6.30% and 6.78%, respectively.

#### Top contributors to performance:
Consistent with its philosophy, the Fund was positioned with an overweight to the utilities sector, which contributed the most to performance. As one of the Fund's four representative sectors that typically has the largest exposure, utilities is an area in which we believe meaningful opportunities to help close the emissions gap can be found. We see utilities' defensiveness as a boon to portfolio diversification and downside protection, relative to climate-focused funds in the market.

Ameren Corp. was the strongest-performing stock, with Xcel Energy Inc., and CMS Energy Corp. rounding out the top three. All are US utility companies contributing toward coal phaseout.

Security selection within materials, another of the Fund's representative sectors, was a key contributor, despite the sector at large down for the year. Holcim AG, which sells cement, aggregates, ready-mix concrete, and asphalt products, and Anglo American PLC, which mines precious base metals and ferrous metals, were the top materials contributors.

#### Top detractors from performance:
Overweight exposures and stock selection within the Fund's remaining two representative sectors, energy and industrials, were key detractors from performance. While energy stocks within the Fund's broad-based securities market index were, on average, roughly flat for the year, stock selection within traditional energy stocks in the Fund posed a challenge, as did the unfavorable environment for renewables. That is, the Trump administration has repealed major climate-focused legislation like provisions within the Inflation Reduction Act, reducing financial incentives for renewable-energy expansion, and has relaxed environmental regulations, further boosting fossil fuel industries at the expense of renewables.

At the stock level, the primary challenge followed the theme of exposure to renewable energy products, with Neste the largest individual detractor. Net Power Inc. and Sunrun Inc. were also key detractors. We maintain conviction in other renewable names at large, as we believe they can help meet the world's growing energy needs, including the potential growth spurred artificial intelligence data centers.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822817.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Climate Solutions Fund (Institutional Class) – including sales charge | -5.32% | 24.22% | -3.50% |
| Macquarie Climate Solutions Fund (Institutional Class) – excluding sales charge | -5.32% | 24.22% | -3.50% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |
| MSCI ACWI Investable Market Index (net) | 6.30% | 15.02% | 8.55% |
| MSCI ACWI Investable Market Index (gross) | 6.78% | 15.55% | 9.09% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the MSCI ACWI Index. Although the MSCI ACWI Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the MSCI ACWI Investable Market Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $98527511 |
| Total number of portfolio holdings | 29 |
| Total advisory fees paid | $743214 |
| Portfolio turnover rate | 20% |

---

**Fund holdings** (as of March 31, 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 | 35.97% |
| Materials | 23.78% |
| Industrials | 17.12% |
| Energy | 11.97% |
| Real Estate | 4.18% |
| Consumer Discretionary | 3.57% |
| Information Technology | 3.01% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Waste Management | 4.24% |
| CMS Energy | 4.23% |
| Xcel Energy | 4.19% |
| Weyerhaeuser | 4.18% |
| Ameren | 4.17% |
| Anglo American | 4.12% |
| Cummins | 4.04% |
| Holcim | 3.88% |
| Nutrien | 3.87% |
| CF Industries Holdings | 3.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Climate Solutions Fund to Macquarie Climate Solutions Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class R6 : IENRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;0.82% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Climate Solutions Fund (Class R6) returned -5.17% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 6.30% and 6.78%, respectively.

#### Top contributors to performance:
Consistent with its philosophy, the Fund was positioned with an overweight to the utilities sector, which contributed the most to performance. As one of the Fund's four representative sectors that typically has the largest exposure, utilities is an area in which we believe meaningful opportunities to help close the emissions gap can be found. We see utilities' defensiveness as a boon to portfolio diversification and downside protection, relative to climate-focused funds in the market.

Ameren Corp. was the strongest-performing stock, with Xcel Energy Inc., and CMS Energy Corp. rounding out the top three. All are US utility companies contributing toward coal phaseout.

Security selection within materials, another of the Fund's representative sectors, was a key contributor, despite the sector at large down for the year. Holcim AG, which sells cement, aggregates, ready-mix concrete, and asphalt products, and Anglo American PLC, which mines precious base metals and ferrous metals, were the top materials contributors.

#### Top detractors from performance:
Overweight exposures and stock selection within the Fund's remaining two representative sectors, energy and industrials, were key detractors from performance. While energy stocks within the Fund's broad-based securities market index were, on average, roughly flat for the year, stock selection within traditional energy stocks in the Fund posed a challenge, as did the unfavorable environment for renewables. That is, the Trump administration has repealed major climate-focused legislation like provisions within the Inflation Reduction Act, reducing financial incentives for renewable-energy expansion, and has relaxed environmental regulations, further boosting fossil fuel industries at the expense of renewables.

At the stock level, the primary challenge followed the theme of exposure to renewable energy products, with Neste the largest individual detractor. Net Power Inc. and Sunrun Inc. were also key detractors. We maintain conviction in other renewable names at large, as we believe they can help meet the world's growing energy needs, including the potential growth spurred artificial intelligence data centers.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822856.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Climate Solutions Fund (Class R6) – including sales charge | -5.17% | 24.27% | -3.43% |
| Macquarie Climate Solutions Fund (Class R6) – excluding sales charge | -5.17% | 24.27% | -3.43% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |
| MSCI ACWI Investable Market Index (net) | 6.30% | 15.02% | 8.55% |
| MSCI ACWI Investable Market Index (gross) | 6.78% | 15.55% | 9.09% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the MSCI ACWI Index. Although the MSCI ACWI Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the MSCI ACWI Investable Market Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $98527511 |
| Total number of portfolio holdings | 29 |
| Total advisory fees paid | $743214 |
| Portfolio turnover rate | 20% |

---

**Fund holdings** (as of March 31, 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 | 35.97% |
| Materials | 23.78% |
| Industrials | 17.12% |
| Energy | 11.97% |
| Real Estate | 4.18% |
| Consumer Discretionary | 3.57% |
| Information Technology | 3.01% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Waste Management | 4.24% |
| CMS Energy | 4.23% |
| Xcel Energy | 4.19% |
| Weyerhaeuser | 4.18% |
| Ameren | 4.17% |
| Anglo American | 4.12% |
| Cummins | 4.04% |
| Holcim | 3.88% |
| Nutrien | 3.87% |
| CF Industries Holdings | 3.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

Effective July 31, 2024, the Fund introduced a revised fee waiver for Class R6 shares of 0.82% (excluding certain items), which resulted in a decrease in the net annual operating expenses for Class R6 from 0.88% to 0.82%.

On December 31, 2024, the Fund changed its name from Delaware Climate Solutions Fund to Macquarie Climate Solutions Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Climate Solutions Fund

*(formerly, Delaware Climate Solutions Fund)*

**Class Y : IEYYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Climate Solutions Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$121 | &nbsp;&nbsp;1.24% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Climate Solutions Fund (Class Y) returned -5.63% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 7.15% and 7.63%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 6.30% and 6.78%, respectively.

#### Top contributors to performance:
Consistent with its philosophy, the Fund was positioned with an overweight to the utilities sector, which contributed the most to performance. As one of the Fund's four representative sectors that typically has the largest exposure, utilities is an area in which we believe meaningful opportunities to help close the emissions gap can be found. We see utilities' defensiveness as a boon to portfolio diversification and downside protection, relative to climate-focused funds in the market.

Ameren Corp. was the strongest-performing stock, with Xcel Energy Inc., and CMS Energy Corp. rounding out the top three. All are US utility companies contributing toward coal phaseout.

Security selection within materials, another of the Fund's representative sectors, was a key contributor, despite the sector at large down for the year. Holcim AG, which sells cement, aggregates, ready-mix concrete, and asphalt products, and Anglo American PLC, which mines precious base metals and ferrous metals, were the top materials contributors.

#### Top detractors from performance:
Overweight exposures and stock selection within the Fund's remaining two representative sectors, energy and industrials, were key detractors from performance. While energy stocks within the Fund's broad-based securities market index were, on average, roughly flat for the year, stock selection within traditional energy stocks in the Fund posed a challenge, as did the unfavorable environment for renewables. That is, the Trump administration has repealed major climate-focused legislation like provisions within the Inflation Reduction Act, reducing financial incentives for renewable-energy expansion, and has relaxed environmental regulations, further boosting fossil fuel industries at the expense of renewables.

At the stock level, the primary challenge followed the theme of exposure to renewable energy products, with Neste the largest individual detractor. Net Power Inc. and Sunrun Inc. were also key detractors. We maintain conviction in other renewable names at large, as we believe they can help meet the world's growing energy needs, including the potential growth spurred artificial intelligence data centers.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822934.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Climate Solutions Fund (Class Y) – including sales charge | -5.63% | 23.82% | -3.79% |
| Macquarie Climate Solutions Fund (Class Y) – excluding sales charge | -5.63% | 23.82% | -3.79% |
| MSCI ACWI Index (net) | 7.15% | 15.18% | 8.84% |
| MSCI ACWI Index (gross) | 7.63% | 15.71% | 9.39% |
| MSCI ACWI Investable Market Index (net) | 6.30% | 15.02% | 8.55% |
| MSCI ACWI Investable Market Index (gross) | 6.78% | 15.55% | 9.09% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the MSCI ACWI Index. Although the MSCI ACWI Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the MSCI ACWI Investable Market Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $98527511 |
| Total number of portfolio holdings | 29 |
| Total advisory fees paid | $743214 |
| Portfolio turnover rate | 20% |

---

**Fund holdings** (as of March 31, 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 | 35.97% |
| Materials | 23.78% |
| Industrials | 17.12% |
| Energy | 11.97% |
| Real Estate | 4.18% |
| Consumer Discretionary | 3.57% |
| Information Technology | 3.01% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Waste Management | 4.24% |
| CMS Energy | 4.23% |
| Xcel Energy | 4.19% |
| Weyerhaeuser | 4.18% |
| Ameren | 4.17% |
| Anglo American | 4.12% |
| Cummins | 4.04% |
| Holcim | 3.88% |
| Nutrien | 3.87% |
| CF Industries Holdings | 3.85% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Climate Solutions Fund to Macquarie Climate Solutions Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class A : IGNAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$138 | &nbsp;&nbsp;1.39% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Natural Resources Fund (Class A) returned -1.80% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned -4.45%.

#### Top contributors to performance:
Hudbay Minerals Inc. benefited from strong copper prices, and the company improved operations and cost performance at its mines. Copper saw several periods of strength as electric vehicles and renewables continued their strong buildout globally.

Anglo American PLC rose as BHP offered to take over the company in the spring of 2024. Key among Anglo's attractions were its copper mines, which have shown significant growth and reserve life.

Newmont Corp. was also a top performer, with gold strengthening on the back of an increasing US deficit, a flight to safe havens, and increased central bank buying. Additionally, Newmont embarked on a program to rationalize its asset base and made significant progress over the past year.

Expand Energy Corp.'s shares rallied, helped by strength in natural gas and increased demand for power from artificial intelligence and data centers.

#### Top detractors from performance:
Glencore PLC saw coal prices weaken from elevated levels. With strong copper and increased volatility in many of its business lines, Glencore should have seen its opportunities on the trading side increase though the market failed to reward the company for the strength of this franchise.

Schlumberger NV was a detractor as crude oil prices drifted lower for most of the fiscal year. The company also saw expectations of slower international crude exploration weigh on its outlook.

Chord Energy Corp. saw weakness in crude oil weigh on its shares despite disciplined capital expenditures and robust free cash flow.

Despite a strong year for gold and ultimately for Kinross Gold Corp., the holding hurt the Fund's performance, as we sold down our position on a pullback.

Sunrun detracted from performance as solar shares continued to be pressured by higher interest rates.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9822973.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Natural Resources Fund (Class A) – including sales charge | -7.47% | 15.27% | 0.09% |
| Macquarie Natural Resources Fund (Class A) – excluding sales charge | -1.80% | 16.64% | 0.68% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P Global Natural Resources Index | -4.45% | 15.42% | 5.63% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P Global Natural Resources Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $166627567 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $1475399 |
| Portfolio turnover rate | 47% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 16.94% |
| Gold | 15.04% |
| Diversified Metals & Mining | 9.43% |
| Integrated Oil & Gas | 9.01% |
| Fertilizers & Agricultural Chemicals | 7.43% |
| Construction Materials | 6.13% |
| Oil & Gas Refining & Marketing | 4.74% |
| Forest Products | 4.09% |
| Steel | 3.95% |
| Paper Packaging | 3.35% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.29% |
| Wheaton Precious Metals | 4.97% |
| Newmont | 3.92% |
| CF Industries Holdings | 3.91% |
| Valero Energy | 3.75% |
| Expand Energy | 3.67% |
| Nutrien | 3.52% |
| CRH | 3.51% |
| Endeavour Mining | 3.48% |
| Hudbay Minerals | 3.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class A shares increased from 1.20% to 1.39%. In addition, effective July 31, 2024, the Fund terminated the fee waiver for Class A shares of 1.08% (excluding certain items, such as distribution and service (12b-1) fees) that had previously been in place.

On December 31, 2024, the Fund changed its name from Delaware Ivy Natural Resources Fund to Macquarie Natural Resources Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class C : IGNCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$211 | &nbsp;&nbsp;2.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Natural Resources Fund (Class C) returned -2.52% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned -4.45%.

#### Top contributors to performance:
Hudbay Minerals Inc. benefited from strong copper prices, and the company improved operations and cost performance at its mines. Copper saw several periods of strength as electric vehicles and renewables continued their strong buildout globally.

Anglo American PLC rose as BHP offered to take over the company in the spring of 2024. Key among Anglo's attractions were its copper mines, which have shown significant growth and reserve life.

Newmont Corp. was also a top performer, with gold strengthening on the back of an increasing US deficit, a flight to safe havens, and increased central bank buying. Additionally, Newmont embarked on a program to rationalize its asset base and made significant progress over the past year.

Expand Energy Corp.'s shares rallied, helped by strength in natural gas and increased demand for power from artificial intelligence and data centers.

#### Top detractors from performance:
Glencore PLC saw coal prices weaken from elevated levels. With strong copper and increased volatility in many of its business lines, Glencore should have seen its opportunities on the trading side increase though the market failed to reward the company for the strength of this franchise.

Schlumberger NV was a detractor as crude oil prices drifted lower for most of the fiscal year. The company also saw expectations of slower international crude exploration weigh on its outlook.

Chord Energy Corp. saw weakness in crude oil weigh on its shares despite disciplined capital expenditures and robust free cash flow.

Despite a strong year for gold and ultimately for Kinross Gold Corp., the holding hurt the Fund's performance, as we sold down our position on a pullback.

Sunrun detracted from performance as solar shares continued to be pressured by higher interest rates.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Natural Resources Fund (Class C) – including sales charge | -3.44% | 15.84% | 0.16% |
| Macquarie Natural Resources Fund (Class C) – excluding sales charge | -2.52% | 15.84% | 0.16% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P Global Natural Resources Index | -4.45% | 15.42% | 5.63% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P Global Natural Resources Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $166627567 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $1475399 |
| Portfolio turnover rate | 47% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 16.94% |
| Gold | 15.04% |
| Diversified Metals & Mining | 9.43% |
| Integrated Oil & Gas | 9.01% |
| Fertilizers & Agricultural Chemicals | 7.43% |
| Construction Materials | 6.13% |
| Oil & Gas Refining & Marketing | 4.74% |
| Forest Products | 4.09% |
| Steel | 3.95% |
| Paper Packaging | 3.35% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.29% |
| Wheaton Precious Metals | 4.97% |
| Newmont | 3.92% |
| CF Industries Holdings | 3.91% |
| Valero Energy | 3.75% |
| Expand Energy | 3.67% |
| Nutrien | 3.52% |
| CRH | 3.51% |
| Endeavour Mining | 3.48% |
| Hudbay Minerals | 3.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class C shares from 1.95% to 2.14%. In addition, effective July 31, 2024, the Fund terminated the fee waiver for Class C shares of 1.08% (excluding certain items, such as distribution and service (12b-1) fees) that had previously been in place.

On December 31, 2024, the Fund changed its name from Delaware Ivy Natural Resources Fund to Macquarie Natural Resources Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class R : IGNRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$162 | &nbsp;&nbsp;1.64% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Natural Resources Fund (Class R) returned -2.00% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned -4.45%.

#### Top contributors to performance:
Hudbay Minerals Inc. benefited from strong copper prices, and the company improved operations and cost performance at its mines. Copper saw several periods of strength as electric vehicles and renewables continued their strong buildout globally.

Anglo American PLC rose as BHP offered to take over the company in the spring of 2024. Key among Anglo's attractions were its copper mines, which have shown significant growth and reserve life.

Newmont Corp. was also a top performer, with gold strengthening on the back of an increasing US deficit, a flight to safe havens, and increased central bank buying. Additionally, Newmont embarked on a program to rationalize its asset base and made significant progress over the past year.

Expand Energy Corp.'s shares rallied, helped by strength in natural gas and increased demand for power from artificial intelligence and data centers.

#### Top detractors from performance:
Glencore PLC saw coal prices weaken from elevated levels. With strong copper and increased volatility in many of its business lines, Glencore should have seen its opportunities on the trading side increase though the market failed to reward the company for the strength of this franchise.

Schlumberger NV was a detractor as crude oil prices drifted lower for most of the fiscal year. The company also saw expectations of slower international crude exploration weigh on its outlook.

Chord Energy Corp. saw weakness in crude oil weigh on its shares despite disciplined capital expenditures and robust free cash flow.

Despite a strong year for gold and ultimately for Kinross Gold Corp., the holding hurt the Fund's performance, as we sold down our position on a pullback.

Sunrun detracted from performance as solar shares continued to be pressured by higher interest rates.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823129.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Natural Resources Fund (Class R) – including sales charge | -2.00% | 16.51% | 0.60% |
| Macquarie Natural Resources Fund (Class R) – excluding sales charge | -2.00% | 16.51% | 0.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P Global Natural Resources Index | -4.45% | 15.42% | 5.63% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P Global Natural Resources Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $166627567 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $1475399 |
| Portfolio turnover rate | 47% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 16.94% |
| Gold | 15.04% |
| Diversified Metals & Mining | 9.43% |
| Integrated Oil & Gas | 9.01% |
| Fertilizers & Agricultural Chemicals | 7.43% |
| Construction Materials | 6.13% |
| Oil & Gas Refining & Marketing | 4.74% |
| Forest Products | 4.09% |
| Steel | 3.95% |
| Paper Packaging | 3.35% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.29% |
| Wheaton Precious Metals | 4.97% |
| Newmont | 3.92% |
| CF Industries Holdings | 3.91% |
| Valero Energy | 3.75% |
| Expand Energy | 3.67% |
| Nutrien | 3.52% |
| CRH | 3.51% |
| Endeavour Mining | 3.48% |
| Hudbay Minerals | 3.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R shares increased from 1.45% to 1.64%. In addition, effective July 31, 2024, the Fund terminated the fee waiver for Class R shares of 1.08% (excluding certain items, such as distribution and service (12b-1) fees) that had previously been in place.

On December 31, 2024, the Fund changed its name from Delaware Ivy Natural Resources Fund to Macquarie Natural Resources Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Institutional Class : IGNIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$113 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Natural Resources Fund (Institutional Class) returned -1.57% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned -4.45%.

#### Top contributors to performance:
Hudbay Minerals Inc. benefited from strong copper prices, and the company improved operations and cost performance at its mines. Copper saw several periods of strength as electric vehicles and renewables continued their strong buildout globally.

Anglo American PLC rose as BHP offered to take over the company in the spring of 2024. Key among Anglo's attractions were its copper mines, which have shown significant growth and reserve life.

Newmont Corp. was also a top performer, with gold strengthening on the back of an increasing US deficit, a flight to safe havens, and increased central bank buying. Additionally, Newmont embarked on a program to rationalize its asset base and made significant progress over the past year.

Expand Energy Corp.'s shares rallied, helped by strength in natural gas and increased demand for power from artificial intelligence and data centers.

#### Top detractors from performance:
Glencore PLC saw coal prices weaken from elevated levels. With strong copper and increased volatility in many of its business lines, Glencore should have seen its opportunities on the trading side increase though the market failed to reward the company for the strength of this franchise.

Schlumberger NV was a detractor as crude oil prices drifted lower for most of the fiscal year. The company also saw expectations of slower international crude exploration weigh on its outlook.

Chord Energy Corp. saw weakness in crude oil weigh on its shares despite disciplined capital expenditures and robust free cash flow.

Despite a strong year for gold and ultimately for Kinross Gold Corp., the holding hurt the Fund's performance, as we sold down our position on a pullback.

Sunrun detracted from performance as solar shares continued to be pressured by higher interest rates.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Natural Resources Fund (Institutional Class) – including sales charge | -1.57% | 17.15% | 1.16% |
| Macquarie Natural Resources Fund (Institutional Class) – excluding sales charge | -1.57% | 17.15% | 1.16% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P Global Natural Resources Index | -4.45% | 15.42% | 5.63% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P Global Natural Resources Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $166627567 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $1475399 |
| Portfolio turnover rate | 47% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 16.94% |
| Gold | 15.04% |
| Diversified Metals & Mining | 9.43% |
| Integrated Oil & Gas | 9.01% |
| Fertilizers & Agricultural Chemicals | 7.43% |
| Construction Materials | 6.13% |
| Oil & Gas Refining & Marketing | 4.74% |
| Forest Products | 4.09% |
| Steel | 3.95% |
| Paper Packaging | 3.35% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.29% |
| Wheaton Precious Metals | 4.97% |
| Newmont | 3.92% |
| CF Industries Holdings | 3.91% |
| Valero Energy | 3.75% |
| Expand Energy | 3.67% |
| Nutrien | 3.52% |
| CRH | 3.51% |
| Endeavour Mining | 3.48% |
| Hudbay Minerals | 3.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Institutional Class shares increased from 0.95% to 1.14%. In addition, effective July 31, 2024, the Fund terminated the fee waiver for Institutional Class shares of 1.08% (excluding certain items, such as distribution and service (12b-1) fees) that had previously been in place.

On December 31, 2024, the Fund changed its name from Delaware Ivy Natural Resources Fund to Macquarie Natural Resources Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class R6 : INRSX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$97 | &nbsp;&nbsp;0.98% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Natural Resources Fund (Class R6) returned -1.41% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned -4.45%.

#### Top contributors to performance:
Hudbay Minerals Inc. benefited from strong copper prices, and the company improved operations and cost performance at its mines. Copper saw several periods of strength as electric vehicles and renewables continued their strong buildout globally.

Anglo American PLC rose as BHP offered to take over the company in the spring of 2024. Key among Anglo's attractions were its copper mines, which have shown significant growth and reserve life.

Newmont Corp. was also a top performer, with gold strengthening on the back of an increasing US deficit, a flight to safe havens, and increased central bank buying. Additionally, Newmont embarked on a program to rationalize its asset base and made significant progress over the past year.

Expand Energy Corp.'s shares rallied, helped by strength in natural gas and increased demand for power from artificial intelligence and data centers.

#### Top detractors from performance:
Glencore PLC saw coal prices weaken from elevated levels. With strong copper and increased volatility in many of its business lines, Glencore should have seen its opportunities on the trading side increase though the market failed to reward the company for the strength of this franchise.

Schlumberger NV was a detractor as crude oil prices drifted lower for most of the fiscal year. The company also saw expectations of slower international crude exploration weigh on its outlook.

Chord Energy Corp. saw weakness in crude oil weigh on its shares despite disciplined capital expenditures and robust free cash flow.

Despite a strong year for gold and ultimately for Kinross Gold Corp., the holding hurt the Fund's performance, as we sold down our position on a pullback.

Sunrun detracted from performance as solar shares continued to be pressured by higher interest rates.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823090.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Natural Resources Fund (Class R6) – including sales charge | -1.41% | 17.27% | 1.31% |
| Macquarie Natural Resources Fund (Class R6) – excluding sales charge | -1.41% | 17.27% | 1.31% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P Global Natural Resources Index | -4.45% | 15.42% | 5.63% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P Global Natural Resources Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $166627567 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $1475399 |
| Portfolio turnover rate | 47% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 16.94% |
| Gold | 15.04% |
| Diversified Metals & Mining | 9.43% |
| Integrated Oil & Gas | 9.01% |
| Fertilizers & Agricultural Chemicals | 7.43% |
| Construction Materials | 6.13% |
| Oil & Gas Refining & Marketing | 4.74% |
| Forest Products | 4.09% |
| Steel | 3.95% |
| Paper Packaging | 3.35% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.29% |
| Wheaton Precious Metals | 4.97% |
| Newmont | 3.92% |
| CF Industries Holdings | 3.91% |
| Valero Energy | 3.75% |
| Expand Energy | 3.67% |
| Nutrien | 3.52% |
| CRH | 3.51% |
| Endeavour Mining | 3.48% |
| Hudbay Minerals | 3.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R6 shares increased from 0.92% to 0.98%. In addition, effective July 31, 2024, the Fund terminated the fee waiver for Class R6 shares of 0.92% (excluding certain items) that had previously been in place.

On December 31, 2024, the Fund changed its name from Delaware Ivy Natural Resources Fund to Macquarie Natural Resources Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Natural Resources Fund

*(formerly, Delaware Ivy Natural Resources Fund)*

**Class Y : IGNYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Natural Resources Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$138 | &nbsp;&nbsp;1.39% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Natural Resources Fund (Class Y) returned -1.79% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned -4.45%.

#### Top contributors to performance:
Hudbay Minerals Inc. benefited from strong copper prices, and the company improved operations and cost performance at its mines. Copper saw several periods of strength as electric vehicles and renewables continued their strong buildout globally.

Anglo American PLC rose as BHP offered to take over the company in the spring of 2024. Key among Anglo's attractions were its copper mines, which have shown significant growth and reserve life.

Newmont Corp. was also a top performer, with gold strengthening on the back of an increasing US deficit, a flight to safe havens, and increased central bank buying. Additionally, Newmont embarked on a program to rationalize its asset base and made significant progress over the past year.

Expand Energy Corp.'s shares rallied, helped by strength in natural gas and increased demand for power from artificial intelligence and data centers.

#### Top detractors from performance:
Glencore PLC saw coal prices weaken from elevated levels. With strong copper and increased volatility in many of its business lines, Glencore should have seen its opportunities on the trading side increase though the market failed to reward the company for the strength of this franchise.

Schlumberger NV was a detractor as crude oil prices drifted lower for most of the fiscal year. The company also saw expectations of slower international crude exploration weigh on its outlook.

Chord Energy Corp. saw weakness in crude oil weigh on its shares despite disciplined capital expenditures and robust free cash flow.

Despite a strong year for gold and ultimately for Kinross Gold Corp., the holding hurt the Fund's performance, as we sold down our position on a pullback.

Sunrun detracted from performance as solar shares continued to be pressured by higher interest rates.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823168.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Natural Resources Fund (Class Y) – including sales charge | -1.79% | 16.86% | 0.92% |
| Macquarie Natural Resources Fund (Class Y) – excluding sales charge | -1.79% | 16.86% | 0.92% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P Global Natural Resources Index | -4.45% | 15.42% | 5.63% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P Global Natural Resources Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $166627567 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $1475399 |
| Portfolio turnover rate | 47% |

---

**Fund holdings** (as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 16.94% |
| Gold | 15.04% |
| Diversified Metals & Mining | 9.43% |
| Integrated Oil & Gas | 9.01% |
| Fertilizers & Agricultural Chemicals | 7.43% |
| Construction Materials | 6.13% |
| Oil & Gas Refining & Marketing | 4.74% |
| Forest Products | 4.09% |
| Steel | 3.95% |
| Paper Packaging | 3.35% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.29% |
| Wheaton Precious Metals | 4.97% |
| Newmont | 3.92% |
| CF Industries Holdings | 3.91% |
| Valero Energy | 3.75% |
| Expand Energy | 3.67% |
| Nutrien | 3.52% |
| CRH | 3.51% |
| Endeavour Mining | 3.48% |
| Hudbay Minerals | 3.43% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class Y shares increased from 1.20% to 1.39%. In addition, effective July 31, 2024, the Fund terminated the fee waiver for Class Y shares of 1.08% (excluding certain items, such as distribution and service (12b-1) fees) that had previously been in place.

On December 31, 2024, the Fund changed its name from Delaware Ivy Natural Resources Fund to Macquarie Natural Resources Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class A : IRSAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$125 | &nbsp;&nbsp;1.20% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Real Estate Securities Fund (Class A) returned 8.89% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500® Index, the Fund's broad-based securities market index, returned 8.25%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 9.94%.

#### Top contributors to performance:
Strong stock selection and sector allocation within healthcare, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the period and increased its investments.

The Fund's performance also benefited from strong stock selection in towers, net lease, hotels, and data centers.

#### Top detractors from performance:
Poor stock selection and sector allocation in an off-benchmark asset management business resulted in negative alpha over the reporting period. We have high conviction in what we believe is a deep value, underappreciated investment that is exposed to key secular investment themes.

Poor stock selection and sector allocation in multifamily investments also detracted from performance. A large privatization midyear drove stock valuations higher, predominantly in Sunbelt markets that are exposed to high levels of supply and weak fundamentals.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823441.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Real Estate Securities Fund (Class A) – including sales charge | 2.64% | 8.23% | 4.00% |
| Macquarie Real Estate Securities Fund (Class A) – excluding sales charge | 8.89% | 9.52% | 4.62% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| FTSE Nareit Equity REITs Index | 9.94% | 11.34% | 5.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the FTSE Nareit Equity REITs Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $95857817 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $594368 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 Healthcare | 19.75% |
| REIT Retail | 15.58% |
| REIT Data Center | 14.62% |
| REIT Industrial | 11.56% |
| REIT Multifamily | 10.65% |
| REIT Specialty | 4.94% |
| REIT Self-Storage | 4.92% |
| REIT Single Family | 4.64% |
| REIT Diversified | 2.51% |
| REIT Hotel | 2.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Welltower | 12.34% |
| Equinix | 11.64% |
| VICI Properties | 4.94% |
| Agree Realty | 4.42% |
| AvalonBay Communities | 4.30% |
| Ventas | 4.07% |
| Prologis | 4.07% |
| First Industrial Realty Trust | 3.98% |
| Public Storage | 3.93% |
| Simon Property Group | 3.86% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Real Estate Securities Fund to Macquarie Real Estate Securities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class C : IRSCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$203 | &nbsp;&nbsp;1.95% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Real Estate Securities Fund (Class C) returned 8.07% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 9.94%.

#### Top contributors to performance:
Strong stock selection and sector allocation within healthcare, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the period and increased its investments.

The Fund's performance also benefited from strong stock selection in towers, net lease, hotels, and data centers.

#### Top detractors from performance:
Poor stock selection and sector allocation in an off-benchmark asset management business resulted in negative alpha over the reporting period. We have high conviction in what we believe is a deep value, underappreciated investment that is exposed to key secular investment themes.

Poor stock selection and sector allocation in multifamily investments also detracted from performance. A large privatization midyear drove stock valuations higher, predominantly in Sunbelt markets that are exposed to high levels of supply and weak fundamentals.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823480.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Real Estate Securities Fund (Class C) – including sales charge | 7.14% | 8.60% | 3.95% |
| Macquarie Real Estate Securities Fund (Class C) – excluding sales charge | 8.07% | 8.60% | 3.95% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| FTSE Nareit Equity REITs Index | 9.94% | 11.34% | 5.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the FTSE Nareit Equity REITs Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $95857817 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $594368 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 Healthcare | 19.75% |
| REIT Retail | 15.58% |
| REIT Data Center | 14.62% |
| REIT Industrial | 11.56% |
| REIT Multifamily | 10.65% |
| REIT Specialty | 4.94% |
| REIT Self-Storage | 4.92% |
| REIT Single Family | 4.64% |
| REIT Diversified | 2.51% |
| REIT Hotel | 2.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Welltower | 12.34% |
| Equinix | 11.64% |
| VICI Properties | 4.94% |
| Agree Realty | 4.42% |
| AvalonBay Communities | 4.30% |
| Ventas | 4.07% |
| Prologis | 4.07% |
| First Industrial Realty Trust | 3.98% |
| Public Storage | 3.93% |
| Simon Property Group | 3.86% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Real Estate Securities Fund to Macquarie Real Estate Securities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class R : IRSRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$151 | &nbsp;&nbsp;1.45% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Real Estate Securities Fund (Class R) returned 8.67% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 9.94%.

#### Top contributors to performance:
Strong stock selection and sector allocation within healthcare, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the period and increased its investments.

The Fund's performance also benefited from strong stock selection in towers, net lease, hotels, and data centers.

#### Top detractors from performance:
Poor stock selection and sector allocation in an off-benchmark asset management business resulted in negative alpha over the reporting period. We have high conviction in what we believe is a deep value, underappreciated investment that is exposed to key secular investment themes.

Poor stock selection and sector allocation in multifamily investments also detracted from performance. A large privatization midyear drove stock valuations higher, predominantly in Sunbelt markets that are exposed to high levels of supply and weak fundamentals.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823597.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Real Estate Securities Fund (Class R) – including sales charge | 8.67% | 9.25% | 4.38% |
| Macquarie Real Estate Securities Fund (Class R) – excluding sales charge | 8.67% | 9.25% | 4.38% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| FTSE Nareit Equity REITs Index | 9.94% | 11.34% | 5.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the FTSE Nareit Equity REITs Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $95857817 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $594368 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 Healthcare | 19.75% |
| REIT Retail | 15.58% |
| REIT Data Center | 14.62% |
| REIT Industrial | 11.56% |
| REIT Multifamily | 10.65% |
| REIT Specialty | 4.94% |
| REIT Self-Storage | 4.92% |
| REIT Single Family | 4.64% |
| REIT Diversified | 2.51% |
| REIT Hotel | 2.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Welltower | 12.34% |
| Equinix | 11.64% |
| VICI Properties | 4.94% |
| Agree Realty | 4.42% |
| AvalonBay Communities | 4.30% |
| Ventas | 4.07% |
| Prologis | 4.07% |
| First Industrial Realty Trust | 3.98% |
| Public Storage | 3.93% |
| Simon Property Group | 3.86% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Real Estate Securities Fund to Macquarie Real Estate Securities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Institutional Class : IREIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$99 | &nbsp;&nbsp;0.95% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Real Estate Securities Fund (Institutional Class) returned 9.22% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500® Index, the Fund's broad-based securities market index, returned 8.25%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 9.94%.

#### Top contributors to performance:
Strong stock selection and sector allocation within healthcare, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the period and increased its investments.

The Fund's performance also benefited from strong stock selection in towers, net lease, hotels, and data centers.

#### Top detractors from performance:
Poor stock selection and sector allocation in an off-benchmark asset management business resulted in negative alpha over the reporting period. We have high conviction in what we believe is a deep value, underappreciated investment that is exposed to key secular investment themes.

Poor stock selection and sector allocation in multifamily investments also detracted from performance. A large privatization midyear drove stock valuations higher, predominantly in Sunbelt markets that are exposed to high levels of supply and weak fundamentals.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823519.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Real Estate Securities Fund (Institutional Class) – including sales charge | 9.22% | 9.85% | 4.98% |
| Macquarie Real Estate Securities Fund (Institutional Class) – excluding sales charge | 9.22% | 9.85% | 4.98% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| FTSE Nareit Equity REITs Index | 9.94% | 11.34% | 5.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the FTSE Nareit Equity REITs Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $95857817 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $594368 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 Healthcare | 19.75% |
| REIT Retail | 15.58% |
| REIT Data Center | 14.62% |
| REIT Industrial | 11.56% |
| REIT Multifamily | 10.65% |
| REIT Specialty | 4.94% |
| REIT Self-Storage | 4.92% |
| REIT Single Family | 4.64% |
| REIT Diversified | 2.51% |
| REIT Hotel | 2.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Welltower | 12.34% |
| Equinix | 11.64% |
| VICI Properties | 4.94% |
| Agree Realty | 4.42% |
| AvalonBay Communities | 4.30% |
| Ventas | 4.07% |
| Prologis | 4.07% |
| First Industrial Realty Trust | 3.98% |
| Public Storage | 3.93% |
| Simon Property Group | 3.86% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Real Estate Securities Fund to Macquarie Real Estate Securities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class R6 : IRSEX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Real Estate Securities Fund (Class R6) returned 9.36% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 9.94%.

#### Top contributors to performance:
Strong stock selection and sector allocation within healthcare, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the period and increased its investments.

The Fund's performance also benefited from strong stock selection in towers, net lease, hotels, and data centers.

#### Top detractors from performance:
Poor stock selection and sector allocation in an off-benchmark asset management business resulted in negative alpha over the reporting period. We have high conviction in what we believe is a deep value, underappreciated investment that is exposed to key secular investment themes.

Poor stock selection and sector allocation in multifamily investments also detracted from performance. A large privatization midyear drove stock valuations higher, predominantly in Sunbelt markets that are exposed to high levels of supply and weak fundamentals.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823558.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Real Estate Securities Fund (Class R6) – including sales charge | 9.36% | 9.97% | 5.12% |
| Macquarie Real Estate Securities Fund (Class R6) – excluding sales charge | 9.36% | 9.97% | 5.12% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| FTSE Nareit Equity REITs Index | 9.94% | 11.34% | 5.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the FTSE Nareit Equity REITs Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $95857817 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $594368 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 Healthcare | 19.75% |
| REIT Retail | 15.58% |
| REIT Data Center | 14.62% |
| REIT Industrial | 11.56% |
| REIT Multifamily | 10.65% |
| REIT Specialty | 4.94% |
| REIT Self-Storage | 4.92% |
| REIT Single Family | 4.64% |
| REIT Diversified | 2.51% |
| REIT Hotel | 2.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Welltower | 12.34% |
| Equinix | 11.64% |
| VICI Properties | 4.94% |
| Agree Realty | 4.42% |
| AvalonBay Communities | 4.30% |
| Ventas | 4.07% |
| Prologis | 4.07% |
| First Industrial Realty Trust | 3.98% |
| Public Storage | 3.93% |
| Simon Property Group | 3.86% |

---

Material Fund changes

For the fiscal year ended March 31, 2025, the Fund's total annual operating expenses for Class R6 shares decreased from 0.85% to 0.80%.

On December 31, 2024, the Fund changed its name from Delaware Real Estate Securities Fund to Macquarie Real Estate Securities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Real Estate Securities Fund

*(formerly, Delaware Real Estate Securities Fund)*

**Class Y : IRSYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Real Estate Securities Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$125 | &nbsp;&nbsp;1.20% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Real Estate Securities Fund (Class Y) returned 8.93% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 9.94%.

#### Top contributors to performance:
Strong stock selection and sector allocation within healthcare, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the period and increased its investments.

The Fund's performance also benefited from strong stock selection in towers, net lease, hotels, and data centers.

#### Top detractors from performance:
Poor stock selection and sector allocation in an off-benchmark asset management business resulted in negative alpha over the reporting period. We have high conviction in what we believe is a deep value, underappreciated investment that is exposed to key secular investment themes.

Poor stock selection and sector allocation in multifamily investments also detracted from performance. A large privatization midyear drove stock valuations higher, predominantly in Sunbelt markets that are exposed to high levels of supply and weak fundamentals.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823636.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Real Estate Securities Fund (Class Y) – including sales charge | 8.93% | 9.58% | 4.73% |
| Macquarie Real Estate Securities Fund (Class Y) – excluding sales charge | 8.93% | 9.58% | 4.73% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| FTSE Nareit Equity REITs Index | 9.94% | 11.34% | 5.33% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the FTSE Nareit Equity REITs Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $95857817 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $594368 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 Healthcare | 19.75% |
| REIT Retail | 15.58% |
| REIT Data Center | 14.62% |
| REIT Industrial | 11.56% |
| REIT Multifamily | 10.65% |
| REIT Specialty | 4.94% |
| REIT Self-Storage | 4.92% |
| REIT Single Family | 4.64% |
| REIT Diversified | 2.51% |
| REIT Hotel | 2.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Welltower | 12.34% |
| Equinix | 11.64% |
| VICI Properties | 4.94% |
| Agree Realty | 4.42% |
| AvalonBay Communities | 4.30% |
| Ventas | 4.07% |
| Prologis | 4.07% |
| First Industrial Realty Trust | 3.98% |
| Public Storage | 3.93% |
| Simon Property Group | 3.86% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Real Estate Securities Fund to Macquarie Real Estate Securities Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class A : WSTAX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$120 | &nbsp;&nbsp;1.18% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Science and Technology Fund (Class A) returned 3.05% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index, returned 4.53%.

#### Top contributors to performance:
Investment in Netflix Inc. added value relative to the Fund's narrowly based securities market index (benchmark) as the company is revolutionizing advertisement and content recommendations, leading to strong monetization. SAP SE, a leading provider of enterprise application software, also added value as the company continues to transition its customers to the cloud, which should drive higher returns.

At the sector level, selection within communication services contributed the most from exposures to the above-mentioned online platforms. Similarly, an overweight to consumer discretionary relative to the benchmark contributed.

#### Top detractors from performance:
At the sector level, stock selection within technology was the biggest drag on performance relative to the benchmark.

While the Fund had no exposure to Intel Corp., which contributed to performance, investment in semiconductor equipment manufacturer ASML Holding NV detracted amid concerns around artificial intelligence capital expenditures. Similarly, underweights to Apple Inc. and Palantir Technologies Inc. relative to the benchmark detracted as these stocks rallied during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823363.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Science and Technology Fund (Class A) – including sales charge | -2.88% | 14.95% | 11.53% |
| Macquarie Science and Technology Fund (Class A) – excluding sales charge | 3.05% | 16.32% | 12.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P North American Technology Sector Index | 4.53% | 21.42% | 19.07% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P North American Technology Sector Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $5050576846 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $46307140 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 | 61.27% |
| Communication Services | 14.00% |
| Consumer Discretionary | 12.66% |
| Industrials | 5.37% |
| Healthcare | 5.18% |
| Financials | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Meta Platforms Class A | 8.13% |
| Microsoft | 6.34% |
| Seagate Technology Holdings | 5.91% |
| Amazon.com | 5.11% |
| SAP ADR | 5.00% |
| NVIDIA | 4.85% |
| Broadcom | 4.57% |
| Taiwan Semiconductor Manufacturing ADR | 4.46% |
| Apple | 2.85% |
| CDW | 2.58% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Science and Technology Fund to Macquarie Science and Technology Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class C : WSTCX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$195 | &nbsp;&nbsp;1.93% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Science and Technology Fund (Class C) returned 2.27% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index, returned 4.53%.

#### Top contributors to performance:
Investment in Netflix Inc. added value relative to the Fund's narrowly based securities market index (benchmark) as the company is revolutionizing advertisement and content recommendations, leading to strong monetization. SAP SE, a leading provider of enterprise application software, also added value as the company continues to transition its customers to the cloud, which should drive higher returns.

At the sector level, selection within communication services contributed the most from exposures to the above-mentioned online platforms. Similarly, an overweight to consumer discretionary relative to the benchmark contributed.

#### Top detractors from performance:
At the sector level, stock selection within technology was the biggest drag on performance relative to the benchmark.

While the Fund had no exposure to Intel Corp., which contributed to performance, investment in semiconductor equipment manufacturer ASML Holding NV detracted amid concerns around artificial intelligence capital expenditures. Similarly, underweights to Apple Inc. and Palantir Technologies Inc. relative to the benchmark detracted as these stocks rallied during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823402.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Science and Technology Fund (Class C) – including sales charge | 1.54% | 15.39% | 11.51% |
| Macquarie Science and Technology Fund (Class C) – excluding sales charge | 2.27% | 15.39% | 11.51% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P North American Technology Sector Index | 4.53% | 21.42% | 19.07% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P North American Technology Sector Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $5050576846 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $46307140 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 | 61.27% |
| Communication Services | 14.00% |
| Consumer Discretionary | 12.66% |
| Industrials | 5.37% |
| Healthcare | 5.18% |
| Financials | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Meta Platforms Class A | 8.13% |
| Microsoft | 6.34% |
| Seagate Technology Holdings | 5.91% |
| Amazon.com | 5.11% |
| SAP ADR | 5.00% |
| NVIDIA | 4.85% |
| Broadcom | 4.57% |
| Taiwan Semiconductor Manufacturing ADR | 4.46% |
| Apple | 2.85% |
| CDW | 2.58% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Science and Technology Fund to Macquarie Science and Technology Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class R : WSTRX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$145 | &nbsp;&nbsp;1.43% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Science and Technology Fund (Class R) returned 2.80% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index, returned 4.53%.

#### Top contributors to performance:
Investment in Netflix Inc. added value relative to the Fund's narrowly based securities market index (benchmark) as the company is revolutionizing advertisement and content recommendations, leading to strong monetization. SAP SE, a leading provider of enterprise application software, also added value as the company continues to transition its customers to the cloud, which should drive higher returns.

At the sector level, selection within communication services contributed the most from exposures to the above-mentioned online platforms. Similarly, an overweight to consumer discretionary relative to the benchmark contributed.

#### Top detractors from performance:
At the sector level, stock selection within technology was the biggest drag on performance relative to the benchmark.

While the Fund had no exposure to Intel Corp., which contributed to performance, investment in semiconductor equipment manufacturer ASML Holding NV detracted amid concerns around artificial intelligence capital expenditures. Similarly, underweights to Apple Inc. and Palantir Technologies Inc. relative to the benchmark detracted as these stocks rallied during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823285.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Science and Technology Fund (Class R) – including sales charge | 2.80% | 15.93% | 11.82% |
| Macquarie Science and Technology Fund (Class R) – excluding sales charge | 2.80% | 15.93% | 11.82% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P North American Technology Sector Index | 4.53% | 21.42% | 19.07% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P North American Technology Sector Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $5050576846 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $46307140 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 | 61.27% |
| Communication Services | 14.00% |
| Consumer Discretionary | 12.66% |
| Industrials | 5.37% |
| Healthcare | 5.18% |
| Financials | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Meta Platforms Class A | 8.13% |
| Microsoft | 6.34% |
| Seagate Technology Holdings | 5.91% |
| Amazon.com | 5.11% |
| SAP ADR | 5.00% |
| NVIDIA | 4.85% |
| Broadcom | 4.57% |
| Taiwan Semiconductor Manufacturing ADR | 4.46% |
| Apple | 2.85% |
| CDW | 2.58% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Science and Technology Fund to Macquarie Science and Technology Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Institutional Class : ISTIX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$95 | &nbsp;&nbsp;0.93% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Science and Technology Fund (Institutional Class) returned 3.32% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index, returned 4.53%.

#### Top contributors to performance:
Investment in Netflix Inc. added value relative to the Fund's narrowly based securities market index (benchmark) as the company is revolutionizing advertisement and content recommendations, leading to strong monetization. SAP SE, a leading provider of enterprise application software, also added value as the company continues to transition its customers to the cloud, which should drive higher returns.

At the sector level, selection within communication services contributed the most from exposures to the above-mentioned online platforms. Similarly, an overweight to consumer discretionary relative to the benchmark contributed.

#### Top detractors from performance:
At the sector level, stock selection within technology was the biggest drag on performance relative to the benchmark.

While the Fund had no exposure to Intel Corp., which contributed to performance, investment in semiconductor equipment manufacturer ASML Holding NV detracted amid concerns around artificial intelligence capital expenditures. Similarly, underweights to Apple Inc. and Palantir Technologies Inc. relative to the benchmark detracted as these stocks rallied during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823207.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Science and Technology Fund (Institutional Class) – including sales charge | 3.32% | 16.57% | 12.46% |
| Macquarie Science and Technology Fund (Institutional Class) – excluding sales charge | 3.32% | 16.57% | 12.46% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P North American Technology Sector Index | 4.53% | 21.42% | 19.07% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P North American Technology Sector Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $5050576846 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $46307140 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 | 61.27% |
| Communication Services | 14.00% |
| Consumer Discretionary | 12.66% |
| Industrials | 5.37% |
| Healthcare | 5.18% |
| Financials | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Meta Platforms Class A | 8.13% |
| Microsoft | 6.34% |
| Seagate Technology Holdings | 5.91% |
| Amazon.com | 5.11% |
| SAP ADR | 5.00% |
| NVIDIA | 4.85% |
| Broadcom | 4.57% |
| Taiwan Semiconductor Manufacturing ADR | 4.46% |
| Apple | 2.85% |
| CDW | 2.58% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Science and Technology Fund to Macquarie Science and Technology Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class R6 : ISTNX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$86 | &nbsp;&nbsp;0.85% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Science and Technology Fund (Class R6) returned 3.40% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index, returned 4.53%.

#### Top contributors to performance:
Investment in Netflix Inc. added value relative to the Fund's narrowly based securities market index (benchmark) as the company is revolutionizing advertisement and content recommendations, leading to strong monetization. SAP SE, a leading provider of enterprise application software, also added value as the company continues to transition its customers to the cloud, which should drive higher returns.

At the sector level, selection within communication services contributed the most from exposures to the above-mentioned online platforms. Similarly, an overweight to consumer discretionary relative to the benchmark contributed.

#### Top detractors from performance:
At the sector level, stock selection within technology was the biggest drag on performance relative to the benchmark.

While the Fund had no exposure to Intel Corp., which contributed to performance, investment in semiconductor equipment manufacturer ASML Holding NV detracted amid concerns around artificial intelligence capital expenditures. Similarly, underweights to Apple Inc. and Palantir Technologies Inc. relative to the benchmark detracted as these stocks rallied during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823246.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Science and Technology Fund (Class R6) – including sales charge | 3.40% | 16.70% | 12.61% |
| Macquarie Science and Technology Fund (Class R6) – excluding sales charge | 3.40% | 16.70% | 12.61% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P North American Technology Sector Index | 4.53% | 21.42% | 19.07% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P North American Technology Sector Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $5050576846 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $46307140 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 | 61.27% |
| Communication Services | 14.00% |
| Consumer Discretionary | 12.66% |
| Industrials | 5.37% |
| Healthcare | 5.18% |
| Financials | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Meta Platforms Class A | 8.13% |
| Microsoft | 6.34% |
| Seagate Technology Holdings | 5.91% |
| Amazon.com | 5.11% |
| SAP ADR | 5.00% |
| NVIDIA | 4.85% |
| Broadcom | 4.57% |
| Taiwan Semiconductor Manufacturing ADR | 4.46% |
| Apple | 2.85% |
| CDW | 2.58% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Science and Technology Fund to Macquarie Science and Technology Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;(4443761) ![Macquarie Logo](g884606images_27603.jpg)

Macquarie Science and Technology Fund

*(formerly, Delaware Ivy Science and Technology Fund)*

**Class Y : WSTYX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Science and Technology Fund (Fund) for the period of April 1, 2024, to March 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 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 |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$120 | &nbsp;&nbsp;1.18% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Science and Technology Fund (Class Y) returned 3.06% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 8.25%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index, returned 4.53%.

#### Top contributors to performance:
Investment in Netflix Inc. added value relative to the Fund's narrowly based securities market index (benchmark) as the company is revolutionizing advertisement and content recommendations, leading to strong monetization. SAP SE, a leading provider of enterprise application software, also added value as the company continues to transition its customers to the cloud, which should drive higher returns.

At the sector level, selection within communication services contributed the most from exposures to the above-mentioned online platforms. Similarly, an overweight to consumer discretionary relative to the benchmark contributed.

#### Top detractors from performance:
At the sector level, stock selection within technology was the biggest drag on performance relative to the benchmark.

While the Fund had no exposure to Intel Corp., which contributed to performance, investment in semiconductor equipment manufacturer ASML Holding NV detracted amid concerns around artificial intelligence capital expenditures. Similarly, underweights to Apple Inc. and Palantir Technologies Inc. relative to the benchmark detracted as these stocks rallied during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2015, through March 31, 2025

![Fund Performance - Growth of 10K](g884606chartimages_9823324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Macquarie Science and Technology Fund (Class Y) – including sales charge | 3.06% | 16.31% | 12.20% |
| Macquarie Science and Technology Fund (Class Y) – excluding sales charge | 3.06% | 16.31% | 12.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| S&P North American Technology Sector Index | 4.53% | 21.42% | 19.07% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the S&P 500 Index. Although the S&P 500 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the S&P North American Technology Sector Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $5050576846 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $46307140 |
| Portfolio turnover rate | 45% |

---

**Fund holdings** (as of March 31, 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 | 61.27% |
| Communication Services | 14.00% |
| Consumer Discretionary | 12.66% |
| Industrials | 5.37% |
| Healthcare | 5.18% |
| Financials | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Meta Platforms Class A | 8.13% |
| Microsoft | 6.34% |
| Seagate Technology Holdings | 5.91% |
| Amazon.com | 5.11% |
| SAP ADR | 5.00% |
| NVIDIA | 4.85% |
| Broadcom | 4.57% |
| Taiwan Semiconductor Manufacturing ADR | 4.46% |
| Apple | 2.85% |
| CDW | 2.58% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Ivy Science and Technology Fund to Macquarie Science and Technology Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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](g884606images_27605.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;

(4443761) TSAR-WCEAX-0525

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Macquarie Funds Internet Web site at <u>www.macquarie.com/USfunds</u>. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An understanding of generally accepted accounting principles and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. An understanding of internal controls and procedures for financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Other relevant experience.

The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not, other than in his or her capacity as a member of the Board of Trustees or any committee thereof, (i) accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

Ann Borowiec

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Jeffrey Dobbs

Frances Sevilla-Sacasa, Chair

Christianna Wood

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $592,700 for 2025 and $757,705 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $1,374,878 for 2025 and $1,362,878 for 2024. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $102,291 for 2025 and $144,658 for 2024. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

<u>All Other Fees</u> 

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Macquarie Funds.  |

---

------

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Audit Services** |  |
| Statutory audits or financial audits for new Funds | up to $50,000 per Fund |
| Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | up to $25,000 in the aggregate |
| **Audit-Related Services** |  |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | up to $25,000 in the aggregate |
| **Tax Services** |  |
| U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | up to $25,000 in the aggregate |
| U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
| Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |

---

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Non-Audit Services** |  |
| Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |

---

------

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

(b) 0%

(c) 0%

(d) 0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $16,391,075 for 2025 and $24,428,000 for 2024.

(h) The audit committee of the registrant's board of trustees **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) 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 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.

------

![](g884606img03323c311.gif)

#### 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 year ended March 31, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_547b392f-b7d6-428a-b9bc-81e4915e2b46_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_d7137ec5-a676-42ec-894e-51cfbab1276a_1)<br>| &nbsp;&nbsp;&nbsp;**41** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_d7137ec5-a676-42ec-894e-51cfbab1276a_7)<br>| &nbsp;&nbsp;&nbsp;**47** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_d7137ec5-a676-42ec-894e-51cfbab1276a_13)<br>| &nbsp;&nbsp;&nbsp;**53** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_4ba4283d-f361-4534-9a61-6e331957b86e_1)<br>| &nbsp;&nbsp;&nbsp;**65** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_85ec4174-b52a-4c9d-ba39-942a9ea60b06_1)<br>| &nbsp;&nbsp;&nbsp;**131** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_9c583e13-93d7-4620-9ccb-d05f6f577657_1)<br>| &nbsp;&nbsp;&nbsp;**176** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund information](#xx_12b6cc58-2b40-4ad6-83f1-e85fbe70246c_1)<br>| &nbsp;&nbsp;&nbsp;**177** |

---

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_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Schedules of investments
Macquarie Core Equity Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 95.46%♦** | &nbsp;&nbsp;**Common Stocks — 95.46%♦** | &nbsp;&nbsp;**Common Stocks — 95.46%♦** |
| &nbsp;&nbsp;Communication Services — 9.94% | &nbsp;&nbsp;Communication Services — 9.94% | &nbsp;&nbsp;Communication Services — 9.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;894285 | $138292233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 3227480 | &nbsp;&nbsp; 91273134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;266241 | &nbsp;&nbsp; 34765750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;157561 | &nbsp;&nbsp; 90811858 |
|  |  | &nbsp;&nbsp; 355142975 |
| &nbsp;&nbsp;Consumer Discretionary — 8.38% | &nbsp;&nbsp;Consumer Discretionary — 8.38% | &nbsp;&nbsp;Consumer Discretionary — 8.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;746923 | &nbsp;&nbsp; 142109570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23236 | &nbsp;&nbsp; 88593756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;186703 | &nbsp;&nbsp; 68424783 |
|  |  | &nbsp;&nbsp; 299128109 |
| &nbsp;&nbsp;Consumer Staples — 3.93% | &nbsp;&nbsp;Consumer Staples — 3.93% | &nbsp;&nbsp;Consumer Staples — 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;107118 | &nbsp;&nbsp; 101310062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble | &nbsp;&nbsp;&nbsp;&nbsp;228095 | &nbsp;&nbsp; 38871950 |
|  |  | &nbsp;&nbsp; 140182012 |
| &nbsp;&nbsp;Energy — 0.59% | &nbsp;&nbsp;Energy — 0.59% | &nbsp;&nbsp;Energy — 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;200998 | &nbsp;&nbsp; 21108810 |
|  |  | &nbsp;&nbsp; 21108810 |
| &nbsp;&nbsp;Financials — 24.35% | &nbsp;&nbsp;Financials — 24.35% | &nbsp;&nbsp;Financials — 24.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;340459 | &nbsp;&nbsp; 70498845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | 1245300 | &nbsp;&nbsp; 45416091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;235323 | &nbsp;&nbsp; 63313653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;135100 | &nbsp;&nbsp; 53917059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;353785 | &nbsp;&nbsp; 49452067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;493579 | &nbsp;&nbsp; 88498715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;327863 | &nbsp;&nbsp; 86978775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;511272 | &nbsp;&nbsp; 112904196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;236300 | &nbsp;&nbsp; 57964390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;438820 | &nbsp;&nbsp; 50731980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;115393 | &nbsp;&nbsp; 63249211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;436756 | &nbsp;&nbsp; 50956323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;267111 | &nbsp;&nbsp; 75595084 |
|  |  | &nbsp;&nbsp; 869476389 |
| &nbsp;&nbsp;Healthcare — 7.60% | &nbsp;&nbsp;Healthcare — 7.60% | &nbsp;&nbsp;Healthcare — 7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;649909 | &nbsp;&nbsp; 86210429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;152662 | &nbsp;&nbsp; 31295710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;123858 | &nbsp;&nbsp; 42799132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;126711 | &nbsp;&nbsp; 66364886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92604 | &nbsp;&nbsp; 44896271 |
|  |  | &nbsp;&nbsp; 271566428 |
| &nbsp;&nbsp;Industrials — 10.01% | &nbsp;&nbsp;Industrials — 10.01% | &nbsp;&nbsp;Industrials — 10.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | 1668531 | &nbsp;&nbsp; 73565532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;551645 | &nbsp;&nbsp; 45361768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97248 | &nbsp;&nbsp; 30481413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;213771 | &nbsp;&nbsp; 58109371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;782852 | &nbsp;&nbsp; 101559390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | &nbsp;&nbsp;&nbsp;&nbsp;108383 | &nbsp;&nbsp; 48415770 |
|  |  | &nbsp;&nbsp; 357493244 |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 25.18% | &nbsp;&nbsp;Information Technology — 25.18% | &nbsp;&nbsp;Information Technology — 25.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;707865 | $157238052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;387065 | &nbsp;&nbsp; 56170873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;194110 | &nbsp;&nbsp; 32499837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;564554 | &nbsp;&nbsp; 211927926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 1266852 | &nbsp;&nbsp; 137301420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;217629 | &nbsp;&nbsp; 58402918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;149219 | &nbsp;&nbsp; 40056348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;402068 | &nbsp;&nbsp; 34155677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;602546 | &nbsp;&nbsp; 100022636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;252730 | &nbsp;&nbsp; 35715804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;126118 | &nbsp;&nbsp; 35635902 |
|  |  | &nbsp;&nbsp; 899127393 |
| &nbsp;&nbsp;Materials — 4.13% | &nbsp;&nbsp;Materials — 4.13% | &nbsp;&nbsp;Materials — 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;414628 | &nbsp;&nbsp; 37009695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;136901 | &nbsp;&nbsp; 63746582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;133426 | &nbsp;&nbsp; 46591025 |
|  |  | &nbsp;&nbsp; 147347302 |
| &nbsp;&nbsp;Utilities — 1.35% | &nbsp;&nbsp;Utilities — 1.35% | &nbsp;&nbsp;Utilities — 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;680323 | &nbsp;&nbsp; 48228097 |
|  |  | &nbsp;&nbsp; 48228097 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,819,319,029)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,819,319,029)** | &nbsp;&nbsp;**3408800759** |
| &nbsp;&nbsp;**Short-Term Investments — 4.84%** | &nbsp;&nbsp;**Short-Term Investments — 4.84%** | &nbsp;&nbsp;**Short-Term Investments — 4.84%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 4.84% | &nbsp;&nbsp;Money Market Mutual Funds — 4.84% | &nbsp;&nbsp;Money Market Mutual Funds — 4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 43202246 | &nbsp;&nbsp; 43202246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 43202245 | &nbsp;&nbsp; 43202245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 43202245 | &nbsp;&nbsp; 43202245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 43202246 | &nbsp;&nbsp; 43202246 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $172,808,982)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $172,808,982)** | &nbsp;&nbsp; **172808982** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.30%<br> (cost $1,992,128,011)** |  | **$3581609741** |

---

♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Core Equity Fund

† 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_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Global Bond Fund

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.09%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.09%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.09%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.09%** |
| &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;477824 | $456448 |
| &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;3053812 | &nbsp;&nbsp; 2434341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330348 | &nbsp;&nbsp; 1939228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384923 | &nbsp;&nbsp; 2071921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882525 | &nbsp;&nbsp; 2693555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038137 | &nbsp;&nbsp; 1841115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594170 | &nbsp;&nbsp; 2443386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525871 | &nbsp;&nbsp; 1423959 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;72254 | &nbsp;&nbsp; 71003 |
| &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;807932 | &nbsp;&nbsp; 786501 |
| &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;289998 | &nbsp;&nbsp; 277888 |
| &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;943307 | &nbsp;&nbsp; 927729 |
| &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;903922 | &nbsp;&nbsp; 888053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120004 | &nbsp;&nbsp; 2123628 |
| &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;381568 | &nbsp;&nbsp; 382366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 7/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460462 | &nbsp;&nbsp; 1460430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111081 | &nbsp;&nbsp; 4176283 |
| &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;1891542 | &nbsp;&nbsp; 1901794 |
| &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;1383901 | &nbsp;&nbsp; 1395106 |
| &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;128069 | &nbsp;&nbsp; 107882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359612 | &nbsp;&nbsp; 1200765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158378 | &nbsp;&nbsp; 1082958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394083 | &nbsp;&nbsp; 1335863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416292 | &nbsp;&nbsp; 2315383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546365 | &nbsp;&nbsp; 2519214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309750 | &nbsp;&nbsp; 2328007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14207877 | &nbsp;&nbsp; 14192917 |
| &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;819962 | &nbsp;&nbsp; 835269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/1/53 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281535 | &nbsp;&nbsp; 1303361 |
| &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;421748 | &nbsp;&nbsp; 428931 |
| &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;1373547 | &nbsp;&nbsp; 1217245 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $58,552,741)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $58,552,741)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $58,552,741)** | &nbsp;&nbsp; **58562529** |
| &nbsp;&nbsp;**Corporate Bonds — 37.27%Δ** | &nbsp;&nbsp;**Corporate Bonds — 37.27%Δ** | &nbsp;&nbsp;**Corporate Bonds — 37.27%Δ** | &nbsp;&nbsp;**Corporate Bonds — 37.27%Δ** |
| &nbsp;&nbsp;Australia — 7.62% | &nbsp;&nbsp;Australia — 7.62% | &nbsp;&nbsp;Australia — 7.62% | &nbsp;&nbsp;Australia — 7.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ampol |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.613% 12/11/54 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1267746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.515% 12/2/81 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090000 | &nbsp;&nbsp; 1346512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.71% 12/9/80 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150000 | &nbsp;&nbsp; 4549659 |
| &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; 1004411 |
| &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; 2211222 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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;6400000 | $4184755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPIF Finance Pty<br> 2.485% 10/28/30 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp; 1936853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August<br> 2006 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 4/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 252038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 251734 |
| &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; 3153766 |
| &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; 5158197 |
| &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;3500000 | &nbsp;&nbsp; 1906146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QIC Finance Town<br> Centre Fund Pty 5.80% 5/21/31 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 2561710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestConnex Finance<br> 3.15% 3/31/31 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp; 1770455 |
| &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; 2485678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woolworths Group 2.75%<br> 11/15/31 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 1592974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worley Financial<br> Services Pty 5.95% 10/13/28 ■ | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1277468 |
|  |  |  | &nbsp;&nbsp; 36911324 |
| &nbsp;&nbsp;Brazil — 0.09% | &nbsp;&nbsp;Brazil — 0.09% | &nbsp;&nbsp;Brazil — 0.09% | &nbsp;&nbsp;Brazil — 0.09% |
| &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; 412680 |
|  |  |  | &nbsp;&nbsp; 412680 |
| &nbsp;&nbsp;Canada — 0.20% | &nbsp;&nbsp;Canada — 0.20% | &nbsp;&nbsp;Canada — 0.20% | &nbsp;&nbsp;Canada — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70%<br> 5/26/84 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 280125 |
| &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; 249231 |
| &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; 251163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge 5.75%<br> 7/15/80 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 213090 |
|  |  |  | &nbsp;&nbsp; 993609 |
| &nbsp;&nbsp;Chile — 0.24% | &nbsp;&nbsp;Chile — 0.24% | &nbsp;&nbsp;Chile — 0.24% | &nbsp;&nbsp;Chile — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Andes 144A 8.15%<br> 6/10/55 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 413944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATP Tower Holdings<br> 144A 7.875% 2/3/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 301102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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 | $433168 |
|  |  |  | &nbsp;&nbsp; 1148214 |
| &nbsp;&nbsp;France — 1.57% | &nbsp;&nbsp;France — 1.57% | &nbsp;&nbsp;France — 1.57% | &nbsp;&nbsp;France — 1.57% |
| &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; 529567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/25/28 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1655406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 1.625%<br> 6/5/30 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp; 3127470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred 3.625%<br> 6/13/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp; 1195526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kering 3.625% 9/5/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1082575 |
|  |  |  | &nbsp;&nbsp; 7590544 |
| &nbsp;&nbsp;Germany — 1.32% | &nbsp;&nbsp;Germany — 1.32% | &nbsp;&nbsp;Germany — 1.32% | &nbsp;&nbsp;Germany — 1.32% |
| &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;1700000 | &nbsp;&nbsp; 1850075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72% 1/18/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 994672 |
| &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;740000 | &nbsp;&nbsp; 784935 |
| &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; 370150 |
| &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; 1094823 |
| &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; 1313572 |
|  |  |  | &nbsp;&nbsp; 6408227 |
| &nbsp;&nbsp;Hong Kong — 0.13% | &nbsp;&nbsp;Hong Kong — 0.13% | &nbsp;&nbsp;Hong Kong — 0.13% | &nbsp;&nbsp;Hong Kong — 0.13% |
| &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; 609071 |
|  |  |  | &nbsp;&nbsp; 609071 |
| &nbsp;&nbsp;India — 0.07% | &nbsp;&nbsp;India — 0.07% | &nbsp;&nbsp;India — 0.07% | &nbsp;&nbsp;India — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biocon Biologics Global<br> 144A 6.67% 10/9/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 329091 |
|  |  |  | &nbsp;&nbsp; 329091 |
| &nbsp;&nbsp;Ireland — 0.62% | &nbsp;&nbsp;Ireland — 0.62% | &nbsp;&nbsp;Ireland — 0.62% | &nbsp;&nbsp;Ireland — 0.62% |
| &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;1595000 | &nbsp;&nbsp; 1499243 |
| &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; 563735 |
| &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; 560087 |
| &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 | &nbsp;&nbsp; 378517 |
|  |  |  | &nbsp;&nbsp; 3001582 |
| &nbsp;&nbsp;Italy — 0.45% | &nbsp;&nbsp;Italy — 0.45% | &nbsp;&nbsp;Italy — 0.45% | &nbsp;&nbsp;Italy — 0.45% |
| &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; 973534 |
| &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; 1215852 |
|  |  |  | &nbsp;&nbsp; 2189386 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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;Jamaica — 0.08% | &nbsp;&nbsp;Jamaica — 0.08% | &nbsp;&nbsp;Jamaica — 0.08% | &nbsp;&nbsp;Jamaica — 0.08% |
| &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 | $403370 |
|  |  |  | &nbsp;&nbsp; 403370 |
| &nbsp;&nbsp;Kuwait — 0.15% | &nbsp;&nbsp;Kuwait — 0.15% | &nbsp;&nbsp;Kuwait — 0.15% | &nbsp;&nbsp;Kuwait — 0.15% |
| &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; 716853 |
|  |  |  | &nbsp;&nbsp; 716853 |
| &nbsp;&nbsp;Mexico — 0.52% | &nbsp;&nbsp;Mexico — 0.52% | &nbsp;&nbsp;Mexico — 0.52% | &nbsp;&nbsp;Mexico — 0.52% |
| &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; 212747 |
| &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;1700000 | &nbsp;&nbsp; 1637578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex 144A 9.125%<br> 3/14/28 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp; 670663 |
|  |  |  | &nbsp;&nbsp; 2520988 |
| &nbsp;&nbsp;Netherlands — 1.42% | &nbsp;&nbsp;Netherlands — 1.42% | &nbsp;&nbsp;Netherlands — 1.42% | &nbsp;&nbsp;Netherlands — 1.42% |
| &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;4600000 | &nbsp;&nbsp; 4926161 |
| &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; 893496 |
| &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; 200821 |
| &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; 873415 |
|  |  |  | &nbsp;&nbsp; 6893893 |
| &nbsp;&nbsp;Nigeria — 0.04% | &nbsp;&nbsp;Nigeria — 0.04% | &nbsp;&nbsp;Nigeria — 0.04% | &nbsp;&nbsp;Nigeria — 0.04% |
| &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; 214151 |
|  |  |  | &nbsp;&nbsp; 214151 |
| &nbsp;&nbsp;Peru — 0.08% | &nbsp;&nbsp;Peru — 0.08% | &nbsp;&nbsp;Peru — 0.08% | &nbsp;&nbsp;Peru — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Credito del<br> Peru 144A 3.125% 7/1/30 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 372554 |
|  |  |  | &nbsp;&nbsp; 372554 |
| &nbsp;&nbsp;Spain — 0.85% | &nbsp;&nbsp;Spain — 0.85% | &nbsp;&nbsp;Spain — 0.85% | &nbsp;&nbsp;Spain — 0.85% |
| &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; 1095987 |
| &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;1000000 | &nbsp;&nbsp; 1110430 |
| &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; 1927262 |
|  |  |  | &nbsp;&nbsp; 4133679 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;Switzerland — 1.78% | &nbsp;&nbsp;Switzerland — 1.78% | &nbsp;&nbsp;Switzerland — 1.78% | &nbsp;&nbsp;Switzerland — 1.78% |
| &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 | $1279879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sika Capital 3.75%<br> 11/3/26 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 988211 |
| &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;3660000 | &nbsp;&nbsp; 3804524 |
| &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; 903184 |
| &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; 800550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.699% 2/8/35 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 210290 |
| &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; 303992 |
| &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; 311009 |
|  |  |  | &nbsp;&nbsp; 8601639 |
| &nbsp;&nbsp;Türkiye — 0.22% | &nbsp;&nbsp;Türkiye — 0.22% | &nbsp;&nbsp;Türkiye — 0.22% | &nbsp;&nbsp;Türkiye — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAV Havalimanlari<br> Holding 144A 8.50% 12/7/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 718109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim<br> Hizmetleri 144A 7.45% 1/24/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 353567 |
|  |  |  | &nbsp;&nbsp; 1071676 |
| &nbsp;&nbsp;Ukraine — 0.05% | &nbsp;&nbsp;Ukraine — 0.05% | &nbsp;&nbsp;Ukraine — 0.05% | &nbsp;&nbsp;Ukraine — 0.05% |
| &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; 261309 |
|  |  |  | &nbsp;&nbsp; 261309 |
| &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;154858 | &nbsp;&nbsp; 136623 |
|  |  |  | &nbsp;&nbsp; 136623 |
| &nbsp;&nbsp;United Kingdom — 1.14% | &nbsp;&nbsp;United Kingdom — 1.14% | &nbsp;&nbsp;United Kingdom — 1.14% | &nbsp;&nbsp;United Kingdom — 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Babcock International<br> Group 1.375% 9/13/27 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp; 1460477 |
| &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; 1337713 |
| &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; 1171672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group<br> 5.721% 6/5/30 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 345250 |
| &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; 1186801 |
|  |  |  | &nbsp;&nbsp; 5501913 |
| &nbsp;&nbsp;United States — 18.60% | &nbsp;&nbsp;United States — 18.60% | &nbsp;&nbsp;United States — 18.60% | &nbsp;&nbsp;United States — 18.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 Park Funding Trust<br> 144A 5.74% 2/15/55 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 422074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 4.95% 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp; 1102608 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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;Accenture Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/4/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | $383028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/4/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 425323 |
| &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; 181187 |
| &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; 785128 |
| &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; 576557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North<br> America 144A 5.50% 3/17/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 361442 |
| &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; 487458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 5.20%<br> 2/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp; 370912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 454985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America<br> 5.30% 3/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp; 1525115 |
| &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; 1042654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power<br> 4.50% 8/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 738008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T 6.30% 1/15/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 125147 |
| &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; 2466883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.625%<br> 10/15/54 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 501334 |
| &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; 1164399 |
| &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; 509232 |
| &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; 1267720 |
| &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; 1653106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162% 1/24/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp; 664187 |
| &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;815000 | &nbsp;&nbsp; 799988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 310953 |
| &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; 1200622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.942% 2/11/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 534822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 467477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit<br> Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.60% 11/22/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 337289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 11/22/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 519842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance<br> 5.00% 12/6/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 710121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.80% 3/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp; 1142927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.60% 9/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 421897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;BP Capital Markets<br> America 5.227% 11/17/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | $698844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 5.05% 7/12/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 760607 |
| &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;&nbsp; 639111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment<br> 144A 6.50% 2/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 493759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global 4.50%<br> 11/29/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp; 1488499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp; 2039216 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp; 26827 |
| &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; 221548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications<br> Operating 3.85% 4/1/61 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp; 1008964 |
| &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; 348756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.612% 3/4/56 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 410542 |
| &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; 434271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp; 540273 |
| &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; 327368 |
| &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; 475605 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 544694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 502935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy<br> Generation 5.60% 3/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp; 1880056 |
| &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; 667883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy<br> 5.20% 4/18/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 253130 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 540664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/12/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 374900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 5/15/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 363146 |
| &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; 725958 |
| &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; 1732048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% 2/10/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp; 622094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/8/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 366561 |
| &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; 205784 |
| &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; 488023 |
| &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; 563741 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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;Freeport-McMoRan<br> 5.45% 3/15/43 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | $309710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |  |
| &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; 963429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 1/7/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 218016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 4/4/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 219044 |
| &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; 753856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.561% 11/19/45 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp; 594737 |
| &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; 243229 |
| &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; 233881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot 4.875%<br> 6/25/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Corporate Lending<br> Fund 144A 5.95% 4/14/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp; 105594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux<br> 3.625% 1/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865000 | &nbsp;&nbsp; 2583250 |
| &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; 1057452 |
| &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; 138653 |
| &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; 1160033 |
| &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; 2089633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.012% 1/23/30 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 450040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 391087 |
| &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; 510048 |
| &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; 228838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.50% 3/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 568534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 3/1/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp; 719265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp; 628366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 426178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic 3.65%<br> 10/15/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 666334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 8/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 320013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 8/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 135375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 8/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 283083 |
| &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; 521367 |
| &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;2000000 | &nbsp;&nbsp; 2085990 |
| &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;2300000 | &nbsp;&nbsp; 2406583 |
| &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; 1330435 |
| &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; 3277443 |
| &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; 399036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.627% 11/1/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp; 447350 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;NextEra Energy Capital<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | $190680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 240155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 5.10% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp; 631335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 275265 |
| &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;345000 | &nbsp;&nbsp; 323138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 263473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 299826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo 5.00% 2/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 206933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services<br> Group 5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 356387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A<br> 6.375% 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 181290 |
| &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; 189783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies<br> 4.90% 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 430246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A<br> 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 506836 |
| &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; 2199898 |
| &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; 572523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 442485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 332863 |
| &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; 330010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources<br> Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp; 2030823 |
| &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; 201337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp; 1391281 |
| &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; 211560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 253499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 255711 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 499462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 733838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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 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 | $1167888 |
| &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; 529432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384% 1/23/30 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 173477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.424% 2/12/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 281821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 393722 |
| &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; 821856 |
| &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; 258376 |
| &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; 482418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties 5.625%<br> 4/1/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 258727 |
| &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; 285765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 5/13/25 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp; 808826 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp; 67800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co.<br> 5.244% 1/24/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp; 401707 |
|  |  |  | &nbsp;&nbsp; 90051352 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $180,571,118)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $180,571,118)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $180,571,118)** | &nbsp;&nbsp;**180473728** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.92%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 0.92%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 0.92%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 0.92%Δ** |
| &nbsp;&nbsp;France — 0.23% | &nbsp;&nbsp;France — 0.23% | &nbsp;&nbsp;France — 0.23% | &nbsp;&nbsp;France — 0.23% |
| &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; 783205 |
| &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; 336008 |
|  |  |  | &nbsp;&nbsp; 1119213 |
| &nbsp;&nbsp;Georgia — 0.19% | &nbsp;&nbsp;Georgia — 0.19% | &nbsp;&nbsp;Georgia — 0.19% | &nbsp;&nbsp;Georgia — 0.19% |
| &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; 924705 |
|  |  |  | &nbsp;&nbsp; 924705 |
| &nbsp;&nbsp;Kazakhstan — 0.11% | &nbsp;&nbsp;Kazakhstan — 0.11% | &nbsp;&nbsp;Kazakhstan — 0.11% | &nbsp;&nbsp;Kazakhstan — 0.11% |
| &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; 507674 |
|  |  |  | &nbsp;&nbsp; 507674 |
| &nbsp;&nbsp;Oman — 0.17% | &nbsp;&nbsp;Oman — 0.17% | &nbsp;&nbsp;Oman — 0.17% | &nbsp;&nbsp;Oman — 0.17% |
| &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; 840480 |
|  |  |  | &nbsp;&nbsp; 840480 |
| &nbsp;&nbsp;Peru — 0.09% | &nbsp;&nbsp;Peru — 0.09% | &nbsp;&nbsp;Peru — 0.09% | &nbsp;&nbsp;Peru — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consorcio Transmantaro<br> 144A 4.70% 4/16/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 419395 |
|  |  |  | &nbsp;&nbsp; 419395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;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 | $214836 |
|  |  |  | &nbsp;&nbsp; 214836 |
| &nbsp;&nbsp;South Korea — 0.08% | &nbsp;&nbsp;South Korea — 0.08% | &nbsp;&nbsp;South Korea — 0.08% | &nbsp;&nbsp;South Korea — 0.08% |
| &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 | &nbsp;&nbsp; 407528 |
|  |  |  | &nbsp;&nbsp; 407528 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations (cost $4,485,474)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations (cost $4,485,474)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations (cost $4,485,474)** | &nbsp;&nbsp; **4433831** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.87%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.87%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.87%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.87%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Trust<br> Series 2023-1 A 5.389% (BBSW1M + 1.30%) 12/16/54 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11878029 | &nbsp;&nbsp; 7491679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Trust<br> Series 2023-1 A 5.539% (BBSW1M + 1.45%) 5/16/54 ■, • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780609 | &nbsp;&nbsp; 3658645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee For Lion<br> Series Trust Series 2022-1 A1 5.338% (BBSW1M + 1.25%) 5/22/53 • | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368383 | &nbsp;&nbsp; 2758108 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $13,931,320)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $13,931,320)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $13,931,320)** | &nbsp;&nbsp; **13908432** |
| &nbsp;&nbsp;**Sovereign Bonds — 25.41%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 25.41%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 25.41%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 25.41%Δ** |
| &nbsp;&nbsp;Albania — 0.24% | &nbsp;&nbsp;Albania — 0.24% | &nbsp;&nbsp;Albania — 0.24% | &nbsp;&nbsp;Albania — 0.24% |
| &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; 917796 |
| &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; 261354 |
|  |  |  | &nbsp;&nbsp; 1179150 |
| &nbsp;&nbsp;Armenia — 0.08% | &nbsp;&nbsp;Armenia — 0.08% | &nbsp;&nbsp;Armenia — 0.08% | &nbsp;&nbsp;Armenia — 0.08% |
| &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; 373703 |
|  |  |  | &nbsp;&nbsp; 373703 |
| &nbsp;&nbsp;Austria — 0.23% | &nbsp;&nbsp;Austria — 0.23% | &nbsp;&nbsp;Austria — 0.23% | &nbsp;&nbsp;Austria — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Austria<br> Government Bond 144A 3.15% 6/20/44 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp; 1093101 |
|  |  |  | &nbsp;&nbsp; 1093101 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Belgium — 2.76% | &nbsp;&nbsp;Belgium — 2.76% | &nbsp;&nbsp;Belgium — 2.76% |
| &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;12820000 | $13377149 |
|  |  | &nbsp;&nbsp; 13377149 |
| &nbsp;&nbsp;Benin — 0.11% | &nbsp;&nbsp;Benin — 0.11% | &nbsp;&nbsp;Benin — 0.11% |
| &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; 533593 |
|  |  | &nbsp;&nbsp; 533593 |
| &nbsp;&nbsp;Bermuda — 0.16% | &nbsp;&nbsp;Bermuda — 0.16% | &nbsp;&nbsp;Bermuda — 0.16% |
| &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; 784767 |
|  |  | &nbsp;&nbsp; 784767 |
| &nbsp;&nbsp;Brazil — 0.26% | &nbsp;&nbsp;Brazil — 0.26% | &nbsp;&nbsp;Brazil — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government<br> International Bond 4.75% 1/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806000 | &nbsp;&nbsp; 1277312 |
|  |  | &nbsp;&nbsp; 1277312 |
| &nbsp;&nbsp;Chile — 0.27% | &nbsp;&nbsp;Chile — 0.27% | &nbsp;&nbsp;Chile — 0.27% |
| &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; 1307236 |
|  |  | &nbsp;&nbsp; 1307236 |
| &nbsp;&nbsp;Colombia — 0.39% | &nbsp;&nbsp;Colombia — 0.39% | &nbsp;&nbsp;Colombia — 0.39% |
| &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;1904000 | &nbsp;&nbsp; 1895699 |
|  |  | &nbsp;&nbsp; 1895699 |
| &nbsp;&nbsp;Dominican Republic — 0.36% | &nbsp;&nbsp;Dominican Republic — 0.36% | &nbsp;&nbsp;Dominican Republic — 0.36% |
| &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; 1738482 |
|  |  | &nbsp;&nbsp; 1738482 |
| &nbsp;&nbsp;Egypt — 0.14% | &nbsp;&nbsp;Egypt — 0.14% | &nbsp;&nbsp;Egypt — 0.14% |
| &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; 677905 |
|  |  | &nbsp;&nbsp; 677905 |
| &nbsp;&nbsp;Finland — 1.29% | &nbsp;&nbsp;Finland — 1.29% | &nbsp;&nbsp;Finland — 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland Government<br> Bond 144A 3.00% 9/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790000 | &nbsp;&nbsp; 6265028 |
|  |  | &nbsp;&nbsp; 6265028 |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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 — 0.32% | &nbsp;&nbsp;France — 0.32% | &nbsp;&nbsp;France — 0.32% | &nbsp;&nbsp;France — 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French Republic<br> Government Bond 144A 1.25% 5/25/38 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | $1543339 |
|  |  |  | &nbsp;&nbsp; 1543339 |
| &nbsp;&nbsp;Guatemala — 0.13% | &nbsp;&nbsp;Guatemala — 0.13% | &nbsp;&nbsp;Guatemala — 0.13% | &nbsp;&nbsp;Guatemala — 0.13% |
| &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; 645414 |
|  |  |  | &nbsp;&nbsp; 645414 |
| &nbsp;&nbsp;Honduras — 0.09% | &nbsp;&nbsp;Honduras — 0.09% | &nbsp;&nbsp;Honduras — 0.09% | &nbsp;&nbsp;Honduras — 0.09% |
| &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; 446737 |
|  |  |  | &nbsp;&nbsp; 446737 |
| &nbsp;&nbsp;Indonesia — 0.27% | &nbsp;&nbsp;Indonesia — 0.27% | &nbsp;&nbsp;Indonesia — 0.27% | &nbsp;&nbsp;Indonesia — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Government<br> International Bond 1.40% 10/30/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 102010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond<br> 6.625% 2/15/34 | IDR | 17062000000 | &nbsp;&nbsp; 999428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perusahaan Penerbit<br> SBSN Indonesia III 4.70% 6/6/32 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp; 199251 |
|  |  |  | &nbsp;&nbsp; 1300689 |
| &nbsp;&nbsp;Ireland — 0.43% | &nbsp;&nbsp;Ireland — 0.43% | &nbsp;&nbsp;Ireland — 0.43% | &nbsp;&nbsp;Ireland — 0.43% |
| &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; 2098190 |
|  |  |  | &nbsp;&nbsp; 2098190 |
| &nbsp;&nbsp;Ivory Coast — 0.58% | &nbsp;&nbsp;Ivory Coast — 0.58% | &nbsp;&nbsp;Ivory Coast — 0.58% | &nbsp;&nbsp;Ivory Coast — 0.58% |
| &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; 355785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 6/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732000 | &nbsp;&nbsp; 2435988 |
|  |  |  | &nbsp;&nbsp; 2791773 |
| &nbsp;&nbsp;Japan — 3.95% | &nbsp;&nbsp;Japan — 3.95% | &nbsp;&nbsp;Japan — 3.95% | &nbsp;&nbsp;Japan — 3.95% |
| &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; 7197462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% 6/20/53 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;203000000 | &nbsp;&nbsp; 1008703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 9/20/37 | JPY | 1508250000 | &nbsp;&nbsp; 10906502 |
|  |  |  | &nbsp;&nbsp; 19112667 |
| &nbsp;&nbsp;Mexico — 0.05% | &nbsp;&nbsp;Mexico — 0.05% | &nbsp;&nbsp;Mexico — 0.05% | &nbsp;&nbsp;Mexico — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos 4.50%<br> 11/22/35 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548233 | &nbsp;&nbsp; 214974 |
|  |  |  | &nbsp;&nbsp; 214974 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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;Montenegro — 0.06% | &nbsp;&nbsp;Montenegro — 0.06% | &nbsp;&nbsp;Montenegro — 0.06% | &nbsp;&nbsp;Montenegro — 0.06% |
| &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 | $265073 |
|  |  |  | &nbsp;&nbsp; 265073 |
| &nbsp;&nbsp;Netherlands — 2.37% | &nbsp;&nbsp;Netherlands — 2.37% | &nbsp;&nbsp;Netherlands — 2.37% | &nbsp;&nbsp;Netherlands — 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands Government<br> Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.00% 1/15/54 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp; 2087611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.50% 7/15/33 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936000 | &nbsp;&nbsp; 3108569 |
| &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;6033000 | &nbsp;&nbsp; 6265055 |
|  |  |  | &nbsp;&nbsp; 11461235 |
| &nbsp;&nbsp;New Zealand — 1.17% | &nbsp;&nbsp;New Zealand — 1.17% | &nbsp;&nbsp;New Zealand — 1.17% | &nbsp;&nbsp;New Zealand — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand<br> Government Bond 4.50% 5/15/35 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp; 5637466 |
|  |  |  | &nbsp;&nbsp; 5637466 |
| &nbsp;&nbsp;Nigeria — 0.15% | &nbsp;&nbsp;Nigeria — 0.15% | &nbsp;&nbsp;Nigeria — 0.15% | &nbsp;&nbsp;Nigeria — 0.15% |
| &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; 718426 |
|  |  |  | &nbsp;&nbsp; 718426 |
| &nbsp;&nbsp;Paraguay — 0.36% | &nbsp;&nbsp;Paraguay — 0.36% | &nbsp;&nbsp;Paraguay — 0.36% | &nbsp;&nbsp;Paraguay — 0.36% |
| &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; 1564889 |
| &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; 172210 |
|  |  |  | &nbsp;&nbsp; 1737099 |
| &nbsp;&nbsp;Poland — 0.17% | &nbsp;&nbsp;Poland — 0.17% | &nbsp;&nbsp;Poland — 0.17% | &nbsp;&nbsp;Poland — 0.17% |
| &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; 816217 |
|  |  |  | &nbsp;&nbsp; 816217 |
| &nbsp;&nbsp;Republic of North Macedonia — 0.27% | &nbsp;&nbsp;Republic of North Macedonia — 0.27% | &nbsp;&nbsp;Republic of North Macedonia — 0.27% | &nbsp;&nbsp;Republic of North Macedonia — 0.27% |
| &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 | &nbsp;&nbsp; 1323580 |
|  |  |  | &nbsp;&nbsp; 1323580 |
| &nbsp;&nbsp;Serbia — 0.35% | &nbsp;&nbsp;Serbia — 0.35% | &nbsp;&nbsp;Serbia — 0.35% | &nbsp;&nbsp;Serbia — 0.35% |
| &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; 1714794 |
|  |  |  | &nbsp;&nbsp; 1714794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;South Africa — 0.20% | &nbsp;&nbsp;South Africa — 0.20% | &nbsp;&nbsp;South Africa — 0.20% | &nbsp;&nbsp;South Africa — 0.20% |
| &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 | $689091 |
| &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; 282630 |
|  |  |  | &nbsp;&nbsp; 971721 |
| &nbsp;&nbsp;Spain — 5.40% | &nbsp;&nbsp;Spain — 5.40% | &nbsp;&nbsp;Spain — 5.40% | &nbsp;&nbsp;Spain — 5.40% |
| &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;3210000 | &nbsp;&nbsp; 2243010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 4/30/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10430000 | &nbsp;&nbsp; 11083244 |
| &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;11860000 | &nbsp;&nbsp; 12819627 |
|  |  |  | &nbsp;&nbsp; 26145881 |
| &nbsp;&nbsp;United Kingdom — 2.56% | &nbsp;&nbsp;United Kingdom — 2.56% | &nbsp;&nbsp;United Kingdom — 2.56% | &nbsp;&nbsp;United Kingdom — 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt |  |  |  |
| &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; 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% 10/22/61 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13060000 | &nbsp;&nbsp; 4652176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 7/31/34 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 3139534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 7/31/54 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp; 2068313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 3/7/35 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003000 | &nbsp;&nbsp; 2550705 |
|  |  |  | &nbsp;&nbsp; 12414323 |
| &nbsp;&nbsp;Uruguay — 0.24% | &nbsp;&nbsp;Uruguay — 0.24% | &nbsp;&nbsp;Uruguay — 0.24% | &nbsp;&nbsp;Uruguay — 0.24% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;32978763 | &nbsp;&nbsp; 796201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% 5/21/31 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300000 | &nbsp;&nbsp; 364599 |
|  |  |  | &nbsp;&nbsp; 1160800 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $125,004,436)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $125,004,436)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $125,004,436)** | &nbsp;&nbsp;**123023523** |
| &nbsp;&nbsp;**Supranational Banks — 1.07%** | &nbsp;&nbsp;**Supranational Banks — 1.07%** | &nbsp;&nbsp;**Supranational Banks — 1.07%** | &nbsp;&nbsp;**Supranational Banks — 1.07%** |
| &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; 348989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bank<br> for Economic Integration 144A 4.75% 1/24/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 505445 |
| &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; 306209 |
| &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; 3490876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for<br> Reconstruction & Development 13.50% 7/3/25 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;278000000 | &nbsp;&nbsp; 548616 |
| &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $5,329,444)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $5,329,444)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $5,329,444)** | &nbsp;&nbsp; **5200135** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**US Treasury Obligations — 16.03%** | &nbsp;&nbsp;**US Treasury Obligations — 16.03%** | &nbsp;&nbsp;**US Treasury Obligations — 16.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260000 | $4957550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150000 | &nbsp;&nbsp; 4090343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405000 | &nbsp;&nbsp; 9401510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 2/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875000 | &nbsp;&nbsp; 4886807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28520000 | &nbsp;&nbsp; 28579045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7720000 | &nbsp;&nbsp; 7749855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335000 | &nbsp;&nbsp; 4367428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 276824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12855000 | &nbsp;&nbsp; 13281826 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $76,947,440)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $76,947,440)** | &nbsp;&nbsp; **77594129** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stock — 0.00%Δ** | &nbsp;&nbsp;**Common Stock — 0.00%Δ** | &nbsp;&nbsp;**Common Stock — 0.00%Δ** |
| &nbsp;&nbsp;United States — 0.00% | &nbsp;&nbsp;United States — 0.00% | &nbsp;&nbsp;United States — 0.00% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;4726 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,340)** | &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,340)** | **4726** |
| &nbsp;&nbsp;**Preferred Stock — 0.13%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.13%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.13%Δ** |
| &nbsp;&nbsp;United States — 0.13% | &nbsp;&nbsp;United States — 0.13% | &nbsp;&nbsp;United States — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &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;621320 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $642,495)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $642,495)** | **621320** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Purchased — 0.01%** | &nbsp;&nbsp;**Options Purchased — 0.01%** | &nbsp;&nbsp;**Options Purchased — 0.01%** |
| &nbsp;&nbsp;Futures Put Options — 0.01% | &nbsp;&nbsp;Futures Put Options — 0.01% | &nbsp;&nbsp;Futures Put Options — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury 10 yr Notes, strike price $109, expiration date 5/23/25, notional amount $1,831,200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47250 |
| &nbsp;&nbsp;&nbsp;**Total Options Purchased<br> (cost $205,132)** | &nbsp;&nbsp;&nbsp;**Total Options Purchased<br> (cost $205,132)** | **47250** |

---

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

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 2.79%** | &nbsp;&nbsp;**Short-Term Investments — 2.79%** | &nbsp;&nbsp;**Short-Term Investments — 2.79%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.79% | &nbsp;&nbsp;Money Market Mutual Funds — 2.79% | &nbsp;&nbsp;Money Market Mutual Funds — 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381575 | $3381575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381575 | &nbsp;&nbsp; 3381575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381575 | &nbsp;&nbsp; 3381575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381575 | &nbsp;&nbsp; 3381575 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,526,300)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,526,300)** | &nbsp;&nbsp; **13526300** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Options Written—98.59%<br> (cost $479,204,240)** |  | &nbsp;&nbsp;**477395903** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Written — (0.00%)** | &nbsp;&nbsp;**Options Written — (0.00%)** | &nbsp;&nbsp;**Options Written — (0.00%)** |
| &nbsp;&nbsp;Futures Put Options — (0.00%) | &nbsp;&nbsp;Futures Put Options — (0.00%) | &nbsp;&nbsp;Futures Put Options — (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury 10 yr Notes, strike price $107.50, expiration date 5/23/25, notional amount $(1806000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | &nbsp;&nbsp; (18375) |
| &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $101,994)** | &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $101,994)** | **$(18375)** |

---

---

| |
|:---|
| 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 March 31, 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 March 31, 2025. Rate will reset at a future date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2025, the aggregate value of Rule 144A securities was $99,802,933, which represents 20.61% of the Fund's net assets. See Note 13 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_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Global Bond Fund

The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 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;&nbsp;&nbsp;2405000 | USD | &nbsp;&nbsp;&nbsp;(1521396) | 5/16/25 | $— | $(18632) |
| CITI | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936944 | 5/16/25 | &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;(36226) |
| CITI | EUR | &nbsp;&nbsp;&nbsp;&nbsp;12760000 | USD | &nbsp;&nbsp;(13471325) | 5/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CITI | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412598 | 5/16/25 | &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;(7193) |
| JPMCB | AUD | &nbsp;&nbsp;&nbsp;&nbsp;(85711214) | USD | &nbsp;&nbsp;53898340 | 5/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4868165) | USD | &nbsp;&nbsp;&nbsp;&nbsp;5074269 | &nbsp;&nbsp;4/4/25 | &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;(190778) |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868165 | USD | &nbsp;&nbsp;&nbsp;(5256120) | &nbsp;&nbsp;4/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246400) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266329 | &nbsp;&nbsp;5/8/25 | &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;(660) |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4868165) | USD | &nbsp;&nbsp;&nbsp;&nbsp;5280928 | 6/27/25 | &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;(9472) |
| TD | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;2017731 | 5/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18211 | &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;(3980000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;2773776 | 5/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063 | &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;(130631659) | USD | 135417794 | 5/16/25 | &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;(6195646) |
| TD | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | USD | &nbsp;&nbsp;&nbsp;(9826337) | 5/16/25 | &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;(69736) |
| TD | GBP | &nbsp;&nbsp;&nbsp;&nbsp;(11781000) | USD | &nbsp;&nbsp;14596877 | 5/16/25 | &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;(621230) |
| TD | JPY | (3127695000) | USD | &nbsp;&nbsp;20842188 | 5/16/25 | &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;(10502) |
| TD | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(669460) | 5/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43429 | &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;(10100000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;5773657 | 5/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5790000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533701 | 5/16/25 | &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;(42315) |
| 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 | $765785 | $(7202390) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |
| (39) | Australian 3 yr Treasury Bonds | &nbsp;&nbsp;$(2595403) | $(2590418) | 6/16/25 | $— | $(4985) | $(150) |
| 316 | Australian 10 yr Treasury Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22244937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22218754 | 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| 119 | Canadian Treasury 10 yr Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10266391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113032 | 6/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| (2) | E-mini Japanese Treasury 10 yr Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184088) | 6/12/25 | &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;&nbsp;&nbsp;&nbsp;(377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| 417 | Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53111758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53470652 | &nbsp;&nbsp;6/6/25 | &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;(358894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27777) |
| (67) | Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8513983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8670330) | &nbsp;&nbsp;6/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 |
| (544) | Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75781310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76834542) | &nbsp;&nbsp;6/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918 |
| 55 | Euro-Buxl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310665 | &nbsp;&nbsp;6/6/25 | &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;(218094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2990) |
| 118 | Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15654434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15958351 | &nbsp;&nbsp;6/6/25 | &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;(303917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665) |
| 372 | Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43021964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43026759 | &nbsp;&nbsp;6/6/25 | &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;(4795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| 4 | Japanese Treasury 10 yr Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682121 | 6/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506) |
| (170) | Long 10 yr Gilt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20134895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20048121) | 6/26/25 | &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;(86774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851) |
| (19) | Short Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2208350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209749) | &nbsp;&nbsp;6/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| (37) | US Treasury 2 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7665359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7617235) | 6/30/25 | &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;(48124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 413 | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44668531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44547959 | 6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| (220) | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24468125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24184521) | 6/18/25 | &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;(283604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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 |
| (208) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;$(23738000) | $(23482770) | 6/18/25 | $— | $(255230) | $— |
| 58 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6802312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662447 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 24 | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935556 | 6/18/25 | &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;(1556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $44104522 |  | $1659749 | $(1566350) | $(23690) |

---

#### 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> | 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 | 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 | 11400000 | 5.000% | $627534 | $790611 | $— | $(163077) | $(10980) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10980) |
| **Over-The-Counter:** |  |  |  |  |  |  |  |
| **Protection Purchased/Moody's Ratings:** |  |  |  |  |  |  |  |
| JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28 - Quarterly | &nbsp;&nbsp; 1494000 | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB Republic of South Africa 1.00% 12/20/28 Ba2 6/20/28 - Quarterly | &nbsp;&nbsp; 2272000 | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB Republic of Brazil 1.00% 12/20/29 Ba2 12/20/29 - Quarterly | &nbsp;&nbsp; 2225000 | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB Republic of Brazil 1.00% 12/20/29 Ba2 12/20/29 - Quarterly | &nbsp;&nbsp; 2251000 | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103115) | &nbsp;&nbsp;&nbsp;&nbsp;&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 CDS Contracts | Total CDS Contracts | Total CDS Contracts | $820221 | $1083165 | $3248 | $(266192) | $(10980) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Schedules of investments
Macquarie Global Bond Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| IRS Contracts<sup>5</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:** |
| 1 yr IRS<sup>6</sup> 7/9/26-<br> (At Maturity/At Maturity) | &nbsp;&nbsp;&nbsp;GBP 40,490,000 | (4.335)%/<br> 4.653% | $147029 | $— | $147029 | $— | $(2333) |
| 2 yr IRS<sup>7</sup> 2/24/27-<br> (Semi Annually/At Maturity) | &nbsp;&nbsp;&nbsp;NZD 66,000,000 | 3.575%/<br> (2.830)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34176) |
| 2 yr IRS<sup>8</sup> 7/30/27-<br> (Semi Annually/At Maturity) | &nbsp;&nbsp;&nbsp;CAD 75,000,000 | (3.301)%/<br> 2.942% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26346 |
| 2 yr IRS<sup>9</sup> 9/11/27-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000000 | (4.068)%/<br> 4.987% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246 |
| 3 yr IRS<sup>6</sup> 3/27/28-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;GBP 26,710,000 | (4.094)%/<br> 4.456% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931 |
| 3 yr IRS<sup>10</sup> 9/16/28-<br> (Semi Annually/At Maturity) | NOK 609,000,000 | (3.086)%/<br> 4.570% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(944641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46113 |
| 3 yr IRS<sup>11</sup> 9/16/28-<br> (Annually/At Maturity) | SEK 552,000,000 | 1.875%/<br> (2.327)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16414) |
| 4 yr IRS<sup>9</sup> 4/23/29-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10650000 | (4.397)%/<br> 4.987% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7436 |
| 5 yr IRS<sup>12</sup> 10/11/29-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;EUR 3,000,000 | (2.090)%/<br> 2.778% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2544) |
| 5 yr IRS<sup>6</sup> 11/6/29-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;GBP 37,400,000 | (4.128)%/<br> 4.653% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20507 |
| 8 yr IRS<sup>12</sup> 8/15/33-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;EUR 1,730,000 | (2.274)%/<br> 2.778% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785) |
| 10 yr IRS<sup>6</sup> 11/6/34-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;GBP 9,350,000 | 4.105%/<br> (4.653)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8871) |
| 12 yr IRS<sup>6</sup> 9/7/37-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;GBP 4,340,000 | (4.000)%/<br> 4.580% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 |
| 29 yr IRS<sup>9</sup> 4/23/54-<br> (Annually/At Maturity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330000 | 3.932%/<br> (4.987)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45880) |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| IRS Contracts<sup>5</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):** |
| 30 yr IRS<sup>6</sup> 10/16/54-<br> (Annually/At Maturity) | GBP 1,590,000 | 3.839%/<br> (4.703)% | $206279 | $— | $206279 | $— | $(1987) |
| Total IRS Contracts |  |  | $1744058 | $(334016) | $3347618 | $(1269544) | $3073 |

---

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 10 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.

<sup>5</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>6</sup> Rates reset based on SONIA.

<sup>7</sup> Rates reset based on NZBBR.

<sup>8</sup> Rates reset based on CORRA.

<sup>9</sup> Rates reset based on SOFR.

<sup>10</sup> Rates reset based on NIBOR.

<sup>11</sup> Rates reset based on STIBOR.

<sup>12</sup> Rates reset based on ESTR.

---

| |
|:---|
| **Summary of abbreviations:** |
| BBSW1M – Bank Bill Swap Rate 1 Month |
| BTP – Buoni del Tesoro Poliennali |
| CDS – Credit Default Swap |
| CITI – Citigroup |
| CORRA – Canadian Overnight Repo Rate Average |
| DAC – Designated Activity Company |
| ESTR – Euro Short-Term Rate |
| GNMA – Government National Mortgage Association |
| JPMCB – JPMorgan Chase Bank |
| JSC – Joint Stock Company |
| NIBOR – Norwegian Interbank Offered Rate |
| NZBBR – New Zealand Bank Bill Rate |
| 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 |
| STIBOR – Stockholm Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Global Bond Fund

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| TD – TD Bank |
| yr – Year |

---

---

| |
|:---|
| **Summary of currencies:** |
| AUD – Australian Dollar |
| CAD – Canadian Dollar |
| EUR – European Monetary Unit |
| GBP – British Pound Sterling |
| IDR – Indonesian Rupiah |
| JPY – Japanese Yen |
| KZT – Kazakhstani Tenge |
| MXN – Mexican Peso |
| NOK – Norwegian Krone |
| NZD – New Zealand Dollar |
| SEK – Swedish Krona |
| USD – US Dollar |
| UYU – Uruguayan Peso |

---

See accompanying notes, which are an integral part of the financial statements.

16&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Global Growth Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.97%Δ** | &nbsp;&nbsp;**Common Stocks — 98.97%Δ** | &nbsp;&nbsp;**Common Stocks — 98.97%Δ** |
| &nbsp;&nbsp;Canada — 0.85% | &nbsp;&nbsp;Canada — 0.85% | &nbsp;&nbsp;Canada — 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;236957 | $7298276 |
|  |  | &nbsp;&nbsp; 7298276 |
| &nbsp;&nbsp;China — 1.49% | &nbsp;&nbsp;China — 1.49% | &nbsp;&nbsp;China — 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1183500 | &nbsp;&nbsp; 12811444 |
|  |  | &nbsp;&nbsp; 12811444 |
| &nbsp;&nbsp;Denmark — 0.89% | &nbsp;&nbsp;Denmark — 0.89% | &nbsp;&nbsp;Denmark — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab † | &nbsp;&nbsp;&nbsp;&nbsp;39370 | &nbsp;&nbsp; 7646156 |
|  |  | &nbsp;&nbsp; 7646156 |
| &nbsp;&nbsp;Finland — 0.89% | &nbsp;&nbsp;Finland — 0.89% | &nbsp;&nbsp;Finland — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;284913 | &nbsp;&nbsp; 7615725 |
|  |  | &nbsp;&nbsp; 7615725 |
| &nbsp;&nbsp;France — 3.75% | &nbsp;&nbsp;France — 3.75% | &nbsp;&nbsp;France — 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;85788 | &nbsp;&nbsp; 15099890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | &nbsp;&nbsp;&nbsp;&nbsp;27576 | &nbsp;&nbsp; 17046910 |
|  |  | &nbsp;&nbsp; 32146800 |
| &nbsp;&nbsp;Germany — 7.11% | &nbsp;&nbsp;Germany — 7.11% | &nbsp;&nbsp;Germany — 7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;398660 | &nbsp;&nbsp; 14751252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. † | &nbsp;&nbsp;&nbsp;&nbsp;328576 | &nbsp;&nbsp; 13987737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;75053 | &nbsp;&nbsp; 19834235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;54266 | &nbsp;&nbsp; 12433831 |
|  |  | &nbsp;&nbsp; 61007055 |
| &nbsp;&nbsp;India — 3.98% | &nbsp;&nbsp;India — 3.98% | &nbsp;&nbsp;India — 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;856902 | &nbsp;&nbsp; 18265907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 3832273 | &nbsp;&nbsp; 15932854 |
|  |  | &nbsp;&nbsp; 34198761 |
| &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;31158 | &nbsp;&nbsp; 13213667 |
|  |  | &nbsp;&nbsp; 13213667 |
| &nbsp;&nbsp;Japan — 2.90% | &nbsp;&nbsp;Japan — 2.90% | &nbsp;&nbsp;Japan — 2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;131400 | &nbsp;&nbsp; 14700260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;&nbsp;771300 | &nbsp;&nbsp; 10220406 |
|  |  | &nbsp;&nbsp; 24920666 |
| &nbsp;&nbsp;Netherlands — 1.18% | &nbsp;&nbsp;Netherlands — 1.18% | &nbsp;&nbsp;Netherlands — 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6638 | &nbsp;&nbsp; 10091803 |
|  |  | &nbsp;&nbsp; 10091803 |
| &nbsp;&nbsp;Singapore — 1.88% | &nbsp;&nbsp;Singapore — 1.88% | &nbsp;&nbsp;Singapore — 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;123895 | &nbsp;&nbsp; 16167059 |
|  |  | &nbsp;&nbsp; 16167059 |
| &nbsp;&nbsp;South Korea — 1.98% | &nbsp;&nbsp;South Korea — 1.98% | &nbsp;&nbsp;South Korea — 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;177151 | &nbsp;&nbsp; 9504196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;57900 | &nbsp;&nbsp; 7498493 |
|  |  | &nbsp;&nbsp; 17002689 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Spain — 1.70% | &nbsp;&nbsp;Spain — 1.70% | &nbsp;&nbsp;Spain — 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1075431 | $14588123 |
|  |  | &nbsp;&nbsp; 14588123 |
| &nbsp;&nbsp;Sweden — 1.20% | &nbsp;&nbsp;Sweden — 1.20% | &nbsp;&nbsp;Sweden — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc Class A | &nbsp;&nbsp;&nbsp;&nbsp;514291 | &nbsp;&nbsp; 10289095 |
|  |  | &nbsp;&nbsp; 10289095 |
| &nbsp;&nbsp;Taiwan — 2.92% | &nbsp;&nbsp;Taiwan — 2.92% | &nbsp;&nbsp;Taiwan — 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;914000 | &nbsp;&nbsp; 25050523 |
|  |  | &nbsp;&nbsp; 25050523 |
| &nbsp;&nbsp;United Kingdom — 4.45% | &nbsp;&nbsp;United Kingdom — 4.45% | &nbsp;&nbsp;United Kingdom — 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;&nbsp;&nbsp;73006 | &nbsp;&nbsp; 10613141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;791887 | &nbsp;&nbsp; 15952438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | &nbsp;&nbsp;&nbsp;&nbsp;446403 | &nbsp;&nbsp; 11616434 |
|  |  | &nbsp;&nbsp; 38182013 |
| &nbsp;&nbsp;United States — 60.26% | &nbsp;&nbsp;United States — 60.26% | &nbsp;&nbsp;United States — 60.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;67732 | &nbsp;&nbsp; 14025265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;87717 | &nbsp;&nbsp; 13564557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;140971 | &nbsp;&nbsp; 26821142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;30783 | &nbsp;&nbsp; 12285187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;134281 | &nbsp;&nbsp; 29827838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;141506 | &nbsp;&nbsp; 16145835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;644146 | &nbsp;&nbsp; 12908686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;49333 | &nbsp;&nbsp; 8259824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;210783 | &nbsp;&nbsp; 13363642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;38440 | &nbsp;&nbsp; 16684498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;54222 | &nbsp;&nbsp; 8689618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;198788 | &nbsp;&nbsp; 14237197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;75555 | &nbsp;&nbsp; 7934786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | &nbsp;&nbsp;&nbsp;&nbsp;367009 | &nbsp;&nbsp; 10801075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;33204 | &nbsp;&nbsp; 6806820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;22199 | &nbsp;&nbsp; 18334376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;37947 | &nbsp;&nbsp; 8634840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;44643 | &nbsp;&nbsp; 16361213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;150881 | &nbsp;&nbsp; 19573792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;136411 | &nbsp;&nbsp; 10916972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;105874 | &nbsp;&nbsp; 18263265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;23744 | &nbsp;&nbsp; 16141171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;41460 | &nbsp;&nbsp; 22725055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;26235 | &nbsp;&nbsp; 15120805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;113794 | &nbsp;&nbsp; 42717130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;112506 | &nbsp;&nbsp; 13126075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;15928 | &nbsp;&nbsp; 14853338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;237349 | &nbsp;&nbsp; 25723885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble | &nbsp;&nbsp;&nbsp;&nbsp;76489 | &nbsp;&nbsp; 13035255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;67421 | &nbsp;&nbsp; 18093099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;42337 | &nbsp;&nbsp; 14783657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;14711 | &nbsp;&nbsp; 7320194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Global Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;17457 | $9143104 |
|  |  | &nbsp;&nbsp;517223196 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $628,267,192)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $628,267,192)** | &nbsp;&nbsp;**849453051** |
| &nbsp;&nbsp;**Short-Term Investments — 0.79%** | &nbsp;&nbsp;**Short-Term Investments — 0.79%** | &nbsp;&nbsp;**Short-Term Investments — 0.79%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.79% | &nbsp;&nbsp;Money Market Mutual Funds — 0.79% | &nbsp;&nbsp;Money Market Mutual Funds — 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 1700269 | &nbsp;&nbsp; 1700269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1700270 | &nbsp;&nbsp; 1700270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 1700270 | &nbsp;&nbsp; 1700270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 1700270 | &nbsp;&nbsp; 1700270 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,801,079)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,801,079)** | &nbsp;&nbsp; **6801079** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.76%<br> (cost $635,068,271)** |  | **$856254130** |

---

---

| |
|:---|
| 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 March 31, 2025, the aggregate value of Rule 144A securities was $10,091,803, which represents 1.18% of the Fund's net assets. See Note 13 in "Notes to financial statements." |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie High Income Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations — 5.97%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 5.97%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 5.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO Series 2022-1A ER 144A 10.193% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 2800000 | $2810195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB BSL CLO Series 2023-4A E 144A 12.453% (TSFR03M + 8.16%, Floor 8.16%) 4/20/36 #, • | 3750000 | &nbsp;&nbsp; 3735937 |
| &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 8.443% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp; 1008829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A ERR 144A 11.793% (TSFR03M + 7.50%, Floor 7.50%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp; 1973598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3A ER 144A 9.573% (TSFR03M + 5.25%, Floor 5.25%) 4/15/38 #, • | 2500000 | &nbsp;&nbsp; 2450245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-32A E 144A 10.043% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | 2000000 | &nbsp;&nbsp; 1998414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-15A ER 144A TBD (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, •, ^^ | 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-18A ER 144A 9.793% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 844101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-19A E 144A 9.562% (TSFR03M + 5.00%, Floor 5.00%) 10/20/37 #, • | 2100000 | &nbsp;&nbsp; 2058365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO Series 2020-23A D2R2 144A 9.803% (TSFR03M + 5.50%, Floor 5.50%) 4/17/35 #, • | 2000000 | &nbsp;&nbsp; 2001994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III Series 2022-ALF3A ER 144A 10.40% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | 1000000 | &nbsp;&nbsp; 997148 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX Series 2022-20A D1R 144A 8.143% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1750000 | $1763864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO Series 2017-2A ER3 144A 11.64% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | 2000000 | &nbsp;&nbsp; 1991024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-18A DR 144A 8.971% (TSFR03M + 5.75%, Floor 5.75%) 4/15/38 #, • | 3000000 | &nbsp;&nbsp; 2979057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-25A DR 144A 9.103% (TSFR03M + 4.80%, Floor 4.80%) 1/25/38 #, • | 3000000 | &nbsp;&nbsp; 2968872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A ER 144A 11.202% (TSFR03M + 6.90%, Floor 6.90%) 7/15/36 #, • | 1800000 | &nbsp;&nbsp; 1816477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 10.202% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, • | 2100000 | &nbsp;&nbsp; 2088116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A D2 144A 8.453% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 2500000 | &nbsp;&nbsp; 2531248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III Series 2023-3A D 144A 12.902% (TSFR03M + 8.60%, Floor 8.60%) 10/15/38 #, • | 3550000 | &nbsp;&nbsp; 3624869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Mountain Park CLO Series 2022-1A ER 144A 10.252% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, • | 1500000 | &nbsp;&nbsp; 1505235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Series 2015-6BR ER 144A 9.033% (TSFR03M + 4.75%, Floor 4.75%) 4/20/38 #, • | 2185000 | &nbsp;&nbsp; 2177353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XII-B Series 2017-12BRA E 144A 10.552% (TSFR03M + 6.25%, Floor 6.25%) 10/15/37 #, • | 2500000 | &nbsp;&nbsp; 2537327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Series 2024-1A E 144A 10.793% (TSFR03M + 6.50%, Floor 6.50%) 4/19/37 #, • | 3500000 | &nbsp;&nbsp; 3534002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &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 10.80% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | 2000000 | $1978004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A E 144A 11.222% (TSFR03M + 6.92%, Floor 6.92%) 4/15/37 #, • | 3100000 | &nbsp;&nbsp; 3149451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A E 144A 10.197% (TSFR03M + 5.65%, Floor 5.65%) 10/25/36 #, • | 1600000 | &nbsp;&nbsp; 1588498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR Series 2021-15A ER 144A 9.804% (TSFR03M + 5.50%, Floor 5.50%) 1/20/38 #, • | 3000000 | &nbsp;&nbsp; 2980128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A ER 144A 11.823% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp; 2024702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO Series 2021-3A ER 144A 9.20% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 2280000 | &nbsp;&nbsp; 2282784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden CLO Series 2022-109A ER 144A 9.659% (TSFR03M + 5.35%, Floor 5.35%) 4/15/38 #, • | 3500000 | &nbsp;&nbsp; 3464132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO Series 2022-4A ER 144A 10.003% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | 2000000 | &nbsp;&nbsp; 1982510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO IX Series 2021-2A ER 144A 8.972% (TSFR03M + 4.65%, Floor 4.65%) 4/20/38 #, • | 2500000 | &nbsp;&nbsp; 2490913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO Series 2022-1A ER 144A 10.193% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 2750000 | &nbsp;&nbsp; 2724125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-62A ER 144A 10.702% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | 1150000 | &nbsp;&nbsp; 1142110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-76A E 144A 10.492% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | 1150000 | &nbsp;&nbsp; 1144887 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &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 12.303% (TSFR03M + 8.01%, Floor 8.01%) 1/18/37 #, • | 1200000 | $1228364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.793% (TSFR03M + 6.50%, Floor 6.50%) 7/20/37 #, • | 3500000 | &nbsp;&nbsp; 3547414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO Series 27A ER2 144A 10.664% (TSFR03M + 6.25%, Floor 6.25%) 1/15/35 #, • | 3450000 | &nbsp;&nbsp; 3424525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXX Series 2018-30A ER 144A 10.708% (TSFR03M + 6.40%, Floor 6.40%) 7/16/37 #, • | 2100000 | &nbsp;&nbsp; 2091917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XLV Series 2025-45A E 144A TBD (TSFR03M + 4.50%, Floor 4.50%) 4/15/38 #, •, ^^ | 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO Series 2025-21A E 144A TBD (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, •, ^^ | 1090000 | &nbsp;&nbsp; 1086512 |
| &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; 3214767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO Series 2024-59A D2 144A 8.097% (TSFR03M + 3.80%, Floor 3.80%) 1/23/39 #, • | 1100000 | &nbsp;&nbsp; 1097491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A ER2 144A 11.043% (TSFR03M + 6.75%, Floor 6.75%) 1/20/38 #, • | 3300000 | &nbsp;&nbsp; 3277223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A ERR 144A 9.316% (TSFR03M + 5.00%, Floor 5.00%) 1/15/38 #, • | 2800000 | &nbsp;&nbsp; 2771314 |

---

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO Series 2019-17A ER2 144A 10.543% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 3200000 | $3164563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 12.033% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp; 1968618 |
| &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 9.793% (TSFR03M + 5.50%, Floor 5.50%) 10/19/37 #, • | 2550000 | &nbsp;&nbsp; 2557739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-11A ER 144A 9.693% (TSFR03M + 5.40%, Floor 5.40%) 7/19/37 #, • | 2200000 | &nbsp;&nbsp; 2184701 |
| &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 11.233% (TSFR03M + 6.94%, Floor 6.94%) 4/18/37 #, • | 1000000 | &nbsp;&nbsp; 1015882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A D2 144A 8.643% (TSFR03M + 4.35%, Floor 4.35%) 7/20/37 #, • | 2500000 | &nbsp;&nbsp; 2519408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO Series 2022-1A ER 144A 11.383% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | 2100000 | &nbsp;&nbsp; 2108121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR Series 2024-28RA DR 144A 11.302% (TSFR03M + 7.00%, Floor 7.00%) 4/15/37 #, • | 1800000 | &nbsp;&nbsp; 1828874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXXIII Series 33A D1A 144A 7.693% (TSFR03M + 3.40%, Floor 3.40%) 7/20/37 #, • | 1500000 | &nbsp;&nbsp; 1502906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point CLO Series 2024-5A E 144A 10.693% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | 2700000 | &nbsp;&nbsp; 2745365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO Series 2025-1RA E 144A 11.859% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | 1600000 | &nbsp;&nbsp; 1584131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Series 2022-1A ER 144A 10.452% (TSFR03M + 6.15%, Floor 6.15%) 10/15/37 #, • | 2850000 | $2830361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO Series 2023-39A ER 144A 9.80% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 3750000 | &nbsp;&nbsp; 3770929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A ER 144A 10.822% (TSFR03M + 6.50%) 1/20/38 #, • | 2000000 | &nbsp;&nbsp; 1985610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 11.553% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | 2500000 | &nbsp;&nbsp; 2483128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 11.109% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | 2300000 | &nbsp;&nbsp; 2320679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO Series 2022-1A ER 144A 12.052% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | 2500000 | &nbsp;&nbsp; 2521960 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $142,417,682)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $142,417,682)** | &nbsp;&nbsp; **141681016** |
| &nbsp;&nbsp;**Convertible Bond — 1.15%** | &nbsp;&nbsp;**Convertible Bond — 1.15%** | &nbsp;&nbsp;**Convertible Bond — 1.15%** |
| &nbsp;&nbsp;Leisure — 1.15% | &nbsp;&nbsp;Leisure — 1.15% | &nbsp;&nbsp;Leisure — 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 <<, =, >>, π | 25410336 | &nbsp;&nbsp; 27283296 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $25,048,918)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $25,048,918)** | &nbsp;&nbsp; **27283296** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 80.53%** | &nbsp;&nbsp;**Corporate Bonds — 80.53%** | &nbsp;&nbsp;**Corporate Bonds — 80.53%** |
| &nbsp;&nbsp;Automotive — 3.18% | &nbsp;&nbsp;Automotive — 3.18% | &nbsp;&nbsp;Automotive — 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 144A 6.75% 2/15/30 # | 9628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9728131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 19248000 | &nbsp;&nbsp;&nbsp;&nbsp;19052067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 5.25% 7/15/31 | 15655000 | &nbsp;&nbsp;&nbsp;&nbsp;14180257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 6498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 13368000 | &nbsp;&nbsp;&nbsp;&nbsp;13692540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 6.75% 4/23/30 # | 12960000 | &nbsp;&nbsp;&nbsp;&nbsp;12330202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;75365511 |

---

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;Banking — 2.46% | &nbsp;&nbsp;Banking — 2.46% | &nbsp;&nbsp;Banking — 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 19200000 | $19989792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 10435000 | &nbsp;&nbsp; 10629467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 18050000 | &nbsp;&nbsp; 19843285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank 6.00% 10/30/25 μ, ψ | 8000000 | &nbsp;&nbsp; 7930294 |
|  |  | &nbsp;&nbsp; 58392838 |
| &nbsp;&nbsp;Basic Industry — 6.53% | &nbsp;&nbsp;Basic Industry — 6.53% | &nbsp;&nbsp;Basic Industry — 6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 10935000 | &nbsp;&nbsp; 11163126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 19795000 | &nbsp;&nbsp; 19019394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP Atlas Buyer 144A 7.00% 12/1/28 # | 16699000 | &nbsp;&nbsp; 13222013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 144A 5.875% 4/15/30 # | 15480000 | &nbsp;&nbsp; 15300201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 11.75% 9/30/29 # | 7880000 | &nbsp;&nbsp; 8438403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 3455000 | &nbsp;&nbsp; 3458950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/1/31 # | 4572000 | &nbsp;&nbsp; 4770361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 2/15/30 # | 12770000 | &nbsp;&nbsp; 13758209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | 22749000 | &nbsp;&nbsp; 21232435 |
| &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; 2594051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 11/15/28 # | 14735000 | &nbsp;&nbsp; 15316517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.75% 3/1/33 # | 12800000 | &nbsp;&nbsp; 12753408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 13825000 | &nbsp;&nbsp; 13836862 |
|  |  | &nbsp;&nbsp; 154863930 |
| &nbsp;&nbsp;Capital Goods — 5.58% | &nbsp;&nbsp;Capital Goods — 5.58% | &nbsp;&nbsp;Capital Goods — 5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 10945000 | &nbsp;&nbsp; 10778231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 6865000 | &nbsp;&nbsp; 6965565 |
| &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; 4929791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 6805000 | &nbsp;&nbsp; 6836653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 5590000 | &nbsp;&nbsp; 5900524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 10040000 | &nbsp;&nbsp; 10188997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 6220000 | &nbsp;&nbsp; 6093392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 6840000 | &nbsp;&nbsp; 7039660 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/27 # | 9035000 | $8865594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/27 # | 8035000 | &nbsp;&nbsp; 7589245 |
| &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; 5101430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 3565000 | &nbsp;&nbsp; 3694769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 13020000 | &nbsp;&nbsp; 12644266 |
| &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; 10403582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | 24815000 | &nbsp;&nbsp; 25381899 |
|  |  | &nbsp;&nbsp; 132413598 |
| &nbsp;&nbsp;Consumer Goods — 1.95% | &nbsp;&nbsp;Consumer Goods — 1.95% | &nbsp;&nbsp;Consumer Goods — 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH 144A 9.375% 10/3/31 # | 13700000 | &nbsp;&nbsp; 14050857 |
| &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; 6620095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 9560000 | &nbsp;&nbsp; 9848079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 20462000 | &nbsp;&nbsp; 15712090 |
|  |  | &nbsp;&nbsp; 46231121 |
| &nbsp;&nbsp;Electric — 3.54% | &nbsp;&nbsp;Electric — 3.54% | &nbsp;&nbsp;Electric — 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power 144A 7.25% 8/15/32 # | 16700000 | &nbsp;&nbsp; 17207847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | 13570000 | &nbsp;&nbsp; 13370381 |
| &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; 33408313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 17255000 | &nbsp;&nbsp; 17765541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | 2270000 | &nbsp;&nbsp; 2234227 |
|  |  | &nbsp;&nbsp; 83986309 |
| &nbsp;&nbsp;Energy — 11.52% | &nbsp;&nbsp;Energy — 11.52% | &nbsp;&nbsp;Energy — 11.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 13235000 | &nbsp;&nbsp; 13299031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources 144A 8.625% 11/1/30 # | 14025000 | &nbsp;&nbsp; 14481538 |
| &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; 6589488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | 3320000 | &nbsp;&nbsp; 3346577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 13705000 | &nbsp;&nbsp; 13904446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/30 # | 24180000 | &nbsp;&nbsp; 23021792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2330000 | &nbsp;&nbsp; 2179704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 10220000 | &nbsp;&nbsp; 9561056 |

---

22&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Matador Resources 144A 6.25% 4/15/33 # | 9555000 | $9344118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil 6.00% 10/1/32 | 5196000 | &nbsp;&nbsp; 5003510 |
| &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 # | 5555000 | &nbsp;&nbsp; 4828888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 10655000 | &nbsp;&nbsp; 10668788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 13785000 | &nbsp;&nbsp; 13831309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 10295000 | &nbsp;&nbsp; 10295536 |
| &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; 10733750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 5697000 | &nbsp;&nbsp; 5763887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 8/1/29 # | 4825000 | &nbsp;&nbsp; 4757694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 8/1/32 # | 6074000 | &nbsp;&nbsp; 5967050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 2/1/27 # | 17617000 | &nbsp;&nbsp; 17561885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 11185000 | &nbsp;&nbsp; 10878291 |
| &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; 8257870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 3/15/29 # | 5582000 | &nbsp;&nbsp; 5681214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 17015000 | &nbsp;&nbsp; 18082014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy 144A 7.875% 4/15/32 # | 23855000 | &nbsp;&nbsp; 22230207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 22675000 | &nbsp;&nbsp; 23039410 |
|  |  | &nbsp;&nbsp; 273309053 |
| &nbsp;&nbsp;Financial Services — 5.10% | &nbsp;&nbsp;Financial Services — 5.10% | &nbsp;&nbsp;Financial Services — 5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 13970000 | &nbsp;&nbsp; 13939929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 144A 6.50% 5/15/32 # | 10420000 | &nbsp;&nbsp; 10538070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 9177000 | &nbsp;&nbsp; 8908683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 13172000 | &nbsp;&nbsp; 13002492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 # | 13995000 | &nbsp;&nbsp; 14202621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 8/15/28 # | 7250000 | &nbsp;&nbsp; 6822032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 10/15/31 # | 13600000 | &nbsp;&nbsp; 13469031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 6.625% 5/15/29 | 9277000 | &nbsp;&nbsp; 9305935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 2/15/33 # | 8960000 | &nbsp;&nbsp; 8915200 |
| &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; 2765824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 9500000 | &nbsp;&nbsp; 9368108 |

---

---

| | | |
|:---|:---|:---|
|  | **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;UWM Holdings 144A 6.625% 2/1/30 # | 9739000 | $9668752 |
|  |  | &nbsp;&nbsp; 120906677 |
| &nbsp;&nbsp;Healthcare — 4.70% | &nbsp;&nbsp;Healthcare — 4.70% | &nbsp;&nbsp;Healthcare — 4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 5295000 | &nbsp;&nbsp; 5268274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 10920000 | &nbsp;&nbsp; 10252644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 21610000 | &nbsp;&nbsp; 19358154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/15/31 # | 15020000 | &nbsp;&nbsp; 11890903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/30 # | 6795000 | &nbsp;&nbsp; 5614229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | 3563000 | &nbsp;&nbsp; 2139866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | 3555000 | &nbsp;&nbsp; 2308933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols 144A 4.75% 10/15/28 # | 10315000 | &nbsp;&nbsp; 9537641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 5395000 | &nbsp;&nbsp; 5871697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 17255000 | &nbsp;&nbsp; 15058003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 10235000 | &nbsp;&nbsp; 9964424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 14265000 | &nbsp;&nbsp; 14124249 |
|  |  | &nbsp;&nbsp; 111389017 |
| &nbsp;&nbsp;Insurance — 4.30% | &nbsp;&nbsp;Insurance — 4.30% | &nbsp;&nbsp;Insurance — 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 16665000 | &nbsp;&nbsp; 16989468 |
| &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; 9446597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 8375000 | &nbsp;&nbsp; 8471380 |
| &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; 6039761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 13935000 | &nbsp;&nbsp; 14197089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 21010000 | &nbsp;&nbsp; 22085733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 13925000 | &nbsp;&nbsp; 14197668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 10450000 | &nbsp;&nbsp; 10673912 |
|  |  | &nbsp;&nbsp; 102101608 |
| &nbsp;&nbsp;Leisure — 4.46% | &nbsp;&nbsp;Leisure — 4.46% | &nbsp;&nbsp;Leisure — 4.46% |
| &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; 6872723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 8210000 | &nbsp;&nbsp; 8327600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 7/1/27 # | 12000000 | &nbsp;&nbsp; 12092004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;Leisure (continued) | &nbsp;&nbsp;Leisure (continued) | &nbsp;&nbsp;Leisure (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 3/1/27 # | 5345000 | $5351702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 5/1/29 # | 5960000 | &nbsp;&nbsp; 5921981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 2/15/33 # | 9330000 | &nbsp;&nbsp; 9201150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 13510000 | &nbsp;&nbsp; 13403441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 6265000 | &nbsp;&nbsp; 6355824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 3226000 | &nbsp;&nbsp; 3172487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 19751000 | &nbsp;&nbsp; 19681812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 144A 6.625% 3/1/30 # | 7267000 | &nbsp;&nbsp; 6860940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 6.625% 5/1/32 # | 8435000 | &nbsp;&nbsp; 8511694 |
|  |  | &nbsp;&nbsp; 105753358 |
| &nbsp;&nbsp;Media — 9.61% | &nbsp;&nbsp;Media — 9.61% | &nbsp;&nbsp;Media — 9.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 13794000 | &nbsp;&nbsp; 12094963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 2/15/29 | 12146000 | &nbsp;&nbsp; 9129560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.25% 1/15/29 # | 5730000 | &nbsp;&nbsp; 5943758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 8394000 | &nbsp;&nbsp; 7382679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 13515000 | &nbsp;&nbsp; 12016049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 6/1/29 # | 2520000 | &nbsp;&nbsp; 2440516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 24785000 | &nbsp;&nbsp; 24730436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 9505000 | &nbsp;&nbsp; 8746195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 14477000 | &nbsp;&nbsp; 12522605 |
| &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; 7540126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 10946000 | &nbsp;&nbsp; 5186543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 18686000 | &nbsp;&nbsp; 6446670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | 2530000 | &nbsp;&nbsp; 2418010 |
| &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 # | 16210000 | &nbsp;&nbsp; 10297443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 23550000 | &nbsp;&nbsp; 14731253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 16282000 | &nbsp;&nbsp; 16388256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 13065000 | &nbsp;&nbsp; 13226511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media 144A 4.75% 11/1/28 # | 17990000 | &nbsp;&nbsp; 16863965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 12620000 | &nbsp;&nbsp; 12630467 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Stagwell Global 144A 5.625% 8/15/29 # | 14375000 | $13704097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 144A 7.375% 6/30/30 # | 14090000 | &nbsp;&nbsp; 13475983 |
|  |  | &nbsp;&nbsp; 227916085 |
| &nbsp;&nbsp;Real Estate — 0.78% | &nbsp;&nbsp;Real Estate — 0.78% | &nbsp;&nbsp;Real Estate — 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | 2265000 | &nbsp;&nbsp; 2375036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | 2335000 | &nbsp;&nbsp; 2434019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | 2390000 | &nbsp;&nbsp; 2449033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | 2500000 | &nbsp;&nbsp; 2477025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 4116000 | &nbsp;&nbsp; 4122600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group 144A 10.50% 2/15/28 # | 4465000 | &nbsp;&nbsp; 4746505 |
|  |  | &nbsp;&nbsp; 18604218 |
| &nbsp;&nbsp;Retail — 3.85% | &nbsp;&nbsp;Retail — 3.85% | &nbsp;&nbsp;Retail — 3.85% |
| &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; 23054881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 3/1/33 | 1347000 | &nbsp;&nbsp; 1377123 |
| &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; 5427955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/31 #, >> | 5117703 | &nbsp;&nbsp; 5690969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | 2180000 | &nbsp;&nbsp;&nbsp; 2416111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 9545000 | &nbsp;&nbsp; 9294969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart 144A 7.75% 2/15/29 # | 24396000 | &nbsp;&nbsp; 22422717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 4520000 | &nbsp;&nbsp; 4906298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 16325000 | &nbsp;&nbsp; 16859334 |
|  |  | &nbsp;&nbsp; 91450357 |
| &nbsp;&nbsp;Services — 3.03% | &nbsp;&nbsp;Services — 3.03% | &nbsp;&nbsp;Services — 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Car Rental<br> 144A 5.75% 7/15/27 # | 3755000 | &nbsp;&nbsp; 3626082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 11765000 | &nbsp;&nbsp; 11751587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 9545000 | &nbsp;&nbsp; 9028764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 13525000 | &nbsp;&nbsp; 12235928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Pro USA 144A 7.00% 2/1/33 # | 6300000 | &nbsp;&nbsp; 6337006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 21190000 | &nbsp;&nbsp; 20360147 |

---

24&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Williams Scotsman 144A 6.625% 4/15/30 # | 8510000 | $8608460 |
|  |  | &nbsp;&nbsp; 71947974 |
| &nbsp;&nbsp;Technology & Electronics — 2.58% | &nbsp;&nbsp;Technology & Electronics — 2.58% | &nbsp;&nbsp;Technology & Electronics — 2.58% |
| &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; 5919522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 11640000 | &nbsp;&nbsp; 11617300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope 144A 8.25% 3/1/27 # | 2720000 | &nbsp;&nbsp; 2579081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Technologies 144A 5.00% 3/15/27 # | 4085000 | &nbsp;&nbsp; 3673486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 5.95% 6/15/30 # | 12615000 | &nbsp;&nbsp; 12565389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman 5.75% 12/1/34 | 8560000 | &nbsp;&nbsp; 8321499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 12225000 | &nbsp;&nbsp; 12410502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies 144A 6.50% 6/1/32 # | 3950000 | &nbsp;&nbsp; 4001014 |
|  |  | &nbsp;&nbsp; 61087793 |
| &nbsp;&nbsp;Telecommunications — 6.76% | &nbsp;&nbsp;Telecommunications — 6.76% | &nbsp;&nbsp;Telecommunications — 6.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 14985000 | &nbsp;&nbsp; 13680989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # | 32991000 | &nbsp;&nbsp; 31892749 |
| &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 | 7124667 | &nbsp;&nbsp; 7132583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | 21459000 | &nbsp;&nbsp; 21523098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 17150000 | &nbsp;&nbsp; 17249696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | 20110000 | &nbsp;&nbsp;&nbsp; 21111116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 10860000 | &nbsp;&nbsp; 10827295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 13695000 | &nbsp;&nbsp; 13155788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 11765000 | &nbsp;&nbsp; 11808051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | 13710000 | &nbsp;&nbsp; 11928852 |
|  |  | &nbsp;&nbsp; 160310217 |
| &nbsp;&nbsp;Transportation — 0.60% | &nbsp;&nbsp;Transportation — 0.60% | &nbsp;&nbsp;Transportation — 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming 144A 6.25% 4/15/32 # | 14280000 | &nbsp;&nbsp; 14286630 |
|  |  | &nbsp;&nbsp; 14286630 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $1,954,194,542)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $1,954,194,542)** | &nbsp;&nbsp;**1910316294** |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements — 8.97%** | &nbsp;&nbsp;**Loan Agreements — 8.97%** | &nbsp;&nbsp;**Loan Agreements — 8.97%** |
| &nbsp;&nbsp;Automotive — 0.46% | &nbsp;&nbsp;Automotive — 0.46% | &nbsp;&nbsp;Automotive — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 7.075% (SOFR01M + 2.75%) 1/28/32 • | 4880000 | $4825100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 9.399%-9.422% (SOFR03M + 5.10%) 11/17/28 • | 6295000 | &nbsp;&nbsp; 6127131 |
|  |  | &nbsp;&nbsp; 10952231 |
| &nbsp;&nbsp;Basic Industry — 1.97% | &nbsp;&nbsp;Basic Industry — 1.97% | &nbsp;&nbsp;Basic Industry — 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy Operating Tranche A 12.399% (SOFR03M + 8.10%) 6/30/27 <<, • | 7400751 | &nbsp;&nbsp; 6734683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 1st Lien 10.043% (SOFR03M + 5.75%) 7/19/30 • | 5870000 | &nbsp;&nbsp; 5752600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B1 7.549% (SOFR03M + 3.25%) 1/17/32 • | 7545412 | &nbsp;&nbsp; 7262459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Tranche B 8.575% (SOFR01M + 4.25%) 10/1/31 • | 6530000 | &nbsp;&nbsp; 6142281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco 8.299% (SOFR03M + 4.00%) 9/30/31 • | 5656565 | &nbsp;&nbsp; 5663636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Specialty Chemicals 1st Lien 9.069% (SOFR01M + 4.75%) 10/26/26 • | 15653453 | &nbsp;&nbsp; 15110466 |
|  |  | &nbsp;&nbsp; 46666125 |
| &nbsp;&nbsp;Capital Goods — 1.37% | &nbsp;&nbsp;Capital Goods — 1.37% | &nbsp;&nbsp;Capital Goods — 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBD 3/27/32 X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44317 | &nbsp;&nbsp; 44109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tranche B TBD 3/27/32 X | 2534951 | &nbsp;&nbsp; 2523067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Crown Us Commercial Bidco 8.569% (SOFR01M + 4.25%) 12/2/31 • | 7411000 | &nbsp;&nbsp; 7293662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Flow Tranche B 7.325% (SOFR01M + 3.00%) 4/5/29 • | 9015000 | &nbsp;&nbsp; 9013594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 8.425% (SOFR01M + 4.10%) 3/25/31 • | 14137200 | &nbsp;&nbsp; 13598219 |
|  |  | &nbsp;&nbsp; 32472651 |
| &nbsp;&nbsp;Healthcare — 2.08% | &nbsp;&nbsp;Healthcare — 2.08% | &nbsp;&nbsp;Healthcare — 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 7.672% (SOFR01M + 3.35%) 5/10/27 • | 14454887 | &nbsp;&nbsp; 14417463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 14040000 | &nbsp;&nbsp; 13987350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 8.825% (SOFR01M + 4.50%) 4/28/28 • | 20864250 | &nbsp;&nbsp; 20851210 |
|  |  | &nbsp;&nbsp; 49256023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;25

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Leisure — 0.53% | &nbsp;&nbsp;Leisure — 0.53% | &nbsp;&nbsp;Leisure — 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings TBD 4/4/29 X | 12749826 | $12684751 |
|  |  | &nbsp;&nbsp; 12684751 |
| &nbsp;&nbsp;Media — 0.20% | &nbsp;&nbsp;Media — 0.20% | &nbsp;&nbsp;Media — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B TBD 2/17/31 X | 3719950 | &nbsp;&nbsp; 3566502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 8.549% (SOFR03M + 4.25%) 6/24/29 • | 1138041 | &nbsp;&nbsp; 1120971 |
|  |  | &nbsp;&nbsp; 4687473 |
| &nbsp;&nbsp;Retail — 0.29% | &nbsp;&nbsp;Retail — 0.29% | &nbsp;&nbsp;Retail — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 8.075% (SOFR01M + 3.75%) 1/28/32 • | 7122000 | &nbsp;&nbsp; 6970657 |
|  |  | &nbsp;&nbsp; 6970657 |
| &nbsp;&nbsp;Services — 0.14% | &nbsp;&nbsp;Services — 0.14% | &nbsp;&nbsp;Services — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 10.041% (SOFR03M + 5.75%) 9/4/29 • | 3893181 | &nbsp;&nbsp; 3446855 |
|  |  | &nbsp;&nbsp; 3446855 |
| &nbsp;&nbsp;Technology & Electronics — 1.93% | &nbsp;&nbsp;Technology & Electronics — 1.93% | &nbsp;&nbsp;Technology & Electronics — 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.799% (SOFR03M + 4.50%) 2/23/32 • | 13310000 | &nbsp;&nbsp; 13659388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 TBD 12/9/31 X | 14845000 | &nbsp;&nbsp; 14919225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope TBD 12/17/29 X | 12315000 | &nbsp;&nbsp; 12281651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 2nd Lien 9.315% (SOFR03M + 5.00%) 11/12/32 • | 4813000 | &nbsp;&nbsp; 4816008 |
|  |  | &nbsp;&nbsp; 45676272 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $214,689,218)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $214,689,218)** | &nbsp;&nbsp; **212813038** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 1.53%** | &nbsp;&nbsp;**Common Stocks — 1.53%** | &nbsp;&nbsp;**Common Stocks — 1.53%** |
| &nbsp;&nbsp;Basic Industry — 0.24% | &nbsp;&nbsp;Basic Industry — 0.24% | &nbsp;&nbsp;Basic Industry — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings <<, =, †, π | 19682813 | &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;Foresight Energy <<, =, † | 1117414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691874 |
| &nbsp;&nbsp;Consumer Goods — 0.00% | &nbsp;&nbsp;Consumer Goods — 0.00% | &nbsp;&nbsp;Consumer Goods — 0.00% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Energy — 0.02% | &nbsp;&nbsp;Energy — 0.02% | &nbsp;&nbsp;Energy — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maritime Finance =, † | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555969 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 | $6677 |
|  |  | &nbsp;&nbsp; 562646 |
| &nbsp;&nbsp;Financial Services — 0.37% | &nbsp;&nbsp;Financial Services — 0.37% | &nbsp;&nbsp;Financial Services — 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai <<, =, †, π | 20316462 | &nbsp;&nbsp; 8725584 |
|  |  | &nbsp;&nbsp; 8725584 |
| &nbsp;&nbsp;Leisure — 0.87% | &nbsp;&nbsp;Leisure — 0.87% | &nbsp;&nbsp;Leisure — 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | 3872825 | &nbsp;&nbsp; 14035118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | 1795294 | &nbsp;&nbsp; 6506145 |
|  |  | &nbsp;&nbsp; 20541263 |
| &nbsp;&nbsp;Retail — 0.03% | &nbsp;&nbsp;Retail — 0.03% | &nbsp;&nbsp;Retail — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Religion 2025 Escrow Ω, =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp; 341513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Religion 2026 Escrow Ω, =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp; 379457 |
|  |  | &nbsp;&nbsp; 720970 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $283,955,684)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $283,955,684)** | &nbsp;&nbsp; **36242337** |
| &nbsp;&nbsp;**Short-Term Investments — 1.79%** | &nbsp;&nbsp;**Short-Term Investments — 1.79%** | &nbsp;&nbsp;**Short-Term Investments — 1.79%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.79% | &nbsp;&nbsp;Money Market Mutual Funds — 1.79% | &nbsp;&nbsp;Money Market Mutual Funds — 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 10597316 | &nbsp;&nbsp; 10597316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 10597316 | &nbsp;&nbsp; 10597316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 10597316 | &nbsp;&nbsp; 10597316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 10597316 | &nbsp;&nbsp; 10597316 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $42,389,264)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $42,389,264)** | &nbsp;&nbsp; **42389264** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.94%<br> (cost $2,662,695,308)** |  | **$2370725245** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |

---

26&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | |
|:---|:---|
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2025, the aggregate value of Rule 144A securities was $1,865,728,196, which represents 78.65% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 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. |
| ^^ | Represents a security with a settlement after March 31, 2025, at which time the interest rate will be reflected. |
| = | 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. |
| 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 March 31, 2025, the aggregate value of restricted securities was $50,769,206, which represented 2.14% of the Fund's net assets. See Note 13 in "Notes to financial statements" and the table to the right for additional details on restricted securities. |

---

---

| | |
|:---|:---|
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| <<< | PIK. 47.40% of the income received was in cash and 52.60% was in principal. |
| X | This loan will settle after March 31, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |
| † | Non-income producing security. |
| Ω | Escrow shares. Await interest in future payments. |
| << | Affiliated company. See Note 2 in "Notes to financial statements." |

---

---

| | | | |
|:---|:---|:---|:---|
| **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;&nbsp;&nbsp;1852487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| New Cotai | &nbsp;&nbsp;&nbsp;9/29/20 | &nbsp;&nbsp;&nbsp;194451978 | &nbsp;&nbsp;&nbsp;&nbsp;8725584 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;25048918 | &nbsp;&nbsp;&nbsp;27283296 |
| Studio City International Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8/5/20 | &nbsp;&nbsp;&nbsp;&nbsp;23370959 | &nbsp;&nbsp;&nbsp;14035118 |
| True Religion 2025 Escrow | 12/24/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341513 |
| True Religion 2026 Escrow | 12/24/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379457 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 |
| Total |  | $245933521 | $50769206 |

---

#### Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| Usalco TBD 9/30/31 X | $584258 | $584989 | $584258 | $731 |

---

---

| |
|:---|
| **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;27

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Schedules of investments
Macquarie High Income Fund

---

| |
|:---|
| **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.

28&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie International Core Equity Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.38%Δ** | &nbsp;&nbsp;**Common Stocks — 96.38%Δ** | &nbsp;&nbsp;**Common Stocks — 96.38%Δ** |
| &nbsp;&nbsp;Austria — 1.73% | &nbsp;&nbsp;Austria — 1.73% | &nbsp;&nbsp;Austria — 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi | 1686801 | $25003167 |
|  |  | &nbsp;&nbsp; 25003167 |
| &nbsp;&nbsp;Brazil — 5.91% | &nbsp;&nbsp;Brazil — 5.91% | &nbsp;&nbsp;Brazil — 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 5817529 | &nbsp;&nbsp; 28769317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;28952 | &nbsp;&nbsp; 56481588 |
|  |  | &nbsp;&nbsp; 85250905 |
| &nbsp;&nbsp;Canada — 1.31% | &nbsp;&nbsp;Canada — 1.31% | &nbsp;&nbsp;Canada — 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;187225 | &nbsp;&nbsp; 18848050 |
|  |  | &nbsp;&nbsp; 18848050 |
| &nbsp;&nbsp;China — 8.97% | &nbsp;&nbsp;China — 8.97% | &nbsp;&nbsp;China — 8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | 4777500 | &nbsp;&nbsp; 28180769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;719893 | &nbsp;&nbsp; 24715827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B 144A #, † | 1063200 | &nbsp;&nbsp; 21287364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 3032694 | &nbsp;&nbsp; 32829058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;348600 | &nbsp;&nbsp; 22265028 |
|  |  | &nbsp;&nbsp; 129278046 |
| &nbsp;&nbsp;Denmark — 1.80% | &nbsp;&nbsp;Denmark — 1.80% | &nbsp;&nbsp;Denmark — 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab † | &nbsp;&nbsp;&nbsp;&nbsp;61501 | &nbsp;&nbsp; 11944278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk Class B | &nbsp;&nbsp;&nbsp;&nbsp;205556 | &nbsp;&nbsp; 13996393 |
|  |  | &nbsp;&nbsp; 25940671 |
| &nbsp;&nbsp;France — 4.42% | &nbsp;&nbsp;France — 4.42% | &nbsp;&nbsp;France — 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;149347 | &nbsp;&nbsp; 26287165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp; 5000253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales | &nbsp;&nbsp;&nbsp;&nbsp;43834 | &nbsp;&nbsp; 11640876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | &nbsp;&nbsp;&nbsp;&nbsp;165534 | &nbsp;&nbsp; 20816760 |
|  |  | &nbsp;&nbsp; 63745054 |
| &nbsp;&nbsp;Germany — 11.03% | &nbsp;&nbsp;Germany — 11.03% | &nbsp;&nbsp;Germany — 11.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;87769 | &nbsp;&nbsp; 7992245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;609064 | &nbsp;&nbsp; 22536639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials | &nbsp;&nbsp;&nbsp;&nbsp;205780 | &nbsp;&nbsp; 35056437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;434276 | &nbsp;&nbsp; 17985015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;124628 | &nbsp;&nbsp; 32935407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;125389 | &nbsp;&nbsp; 28730064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers 144A # | &nbsp;&nbsp;&nbsp;&nbsp;256436 | &nbsp;&nbsp; 13756071 |
|  |  | &nbsp;&nbsp; 158991878 |
| &nbsp;&nbsp;Hong Kong — 1.17% | &nbsp;&nbsp;Hong Kong — 1.17% | &nbsp;&nbsp;Hong Kong — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1577749 | &nbsp;&nbsp; 16838429 |
|  |  | &nbsp;&nbsp; 16838429 |
| &nbsp;&nbsp;India — 7.20% | &nbsp;&nbsp;India — 7.20% | &nbsp;&nbsp;India — 7.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 2374810 | &nbsp;&nbsp; 30462791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 1322721 | &nbsp;&nbsp; 26740506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 1408607 | &nbsp;&nbsp; 30026169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 3964463 | &nbsp;&nbsp; 16482440 |
|  |  | &nbsp;&nbsp; 103711906 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Ireland — 3.14% | &nbsp;&nbsp;Ireland — 3.14% | &nbsp;&nbsp;Ireland — 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;615133 | $28351259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON † | &nbsp;&nbsp;&nbsp;&nbsp;96566 | &nbsp;&nbsp; 16898084 |
|  |  | &nbsp;&nbsp; 45249343 |
| &nbsp;&nbsp;Japan — 12.20% | &nbsp;&nbsp;Japan — 12.20% | &nbsp;&nbsp;Japan — 12.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Makita | 1003700 | &nbsp;&nbsp; 32957014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni | &nbsp;&nbsp;&nbsp;&nbsp;922500 | &nbsp;&nbsp; 14634901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 1794800 | &nbsp;&nbsp; 24063890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo | &nbsp;&nbsp;&nbsp;&nbsp;477300 | &nbsp;&nbsp; 32172165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | 2432200 | &nbsp;&nbsp; 32228798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven & i Holdings | 1103800 | &nbsp;&nbsp; 15917857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokio Marine Holdings | &nbsp;&nbsp;&nbsp;&nbsp;622753 | &nbsp;&nbsp; 23815662 |
|  |  | &nbsp;&nbsp; 175790287 |
| &nbsp;&nbsp;Netherlands — 5.97% | &nbsp;&nbsp;Netherlands — 5.97% | &nbsp;&nbsp;Netherlands — 5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;13527 | &nbsp;&nbsp; 20565203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;20475 | &nbsp;&nbsp; 13416608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 1724408 | &nbsp;&nbsp; 33544197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;504673 | &nbsp;&nbsp; 18515700 |
|  |  | &nbsp;&nbsp; 86041708 |
| &nbsp;&nbsp;Singapore — 4.31% | &nbsp;&nbsp;Singapore — 4.31% | &nbsp;&nbsp;Singapore — 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 5897028 | &nbsp;&nbsp; 26713537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;271826 | &nbsp;&nbsp; 35470575 |
|  |  | &nbsp;&nbsp; 62184112 |
| &nbsp;&nbsp;South Korea — 3.22% | &nbsp;&nbsp;South Korea — 3.22% | &nbsp;&nbsp;South Korea — 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;359958 | &nbsp;&nbsp; 19311838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;209599 | &nbsp;&nbsp; 27144672 |
|  |  | &nbsp;&nbsp; 46456510 |
| &nbsp;&nbsp;Spain — 1.74% | &nbsp;&nbsp;Spain — 1.74% | &nbsp;&nbsp;Spain — 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1851780 | &nbsp;&nbsp; 25119226 |
|  |  | &nbsp;&nbsp; 25119226 |
| &nbsp;&nbsp;Sweden — 0.66% | &nbsp;&nbsp;Sweden — 0.66% | &nbsp;&nbsp;Sweden — 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc Class A | &nbsp;&nbsp;&nbsp;&nbsp;474015 | &nbsp;&nbsp; 9483318 |
|  |  | &nbsp;&nbsp; 9483318 |
| &nbsp;&nbsp;Switzerland — 2.47% | &nbsp;&nbsp;Switzerland — 2.47% | &nbsp;&nbsp;Switzerland — 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | &nbsp;&nbsp;&nbsp;&nbsp;302114 | &nbsp;&nbsp; 28679682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont Class A | &nbsp;&nbsp;&nbsp;&nbsp;40079 | &nbsp;&nbsp; 6928996 |
|  |  | &nbsp;&nbsp; 35608678 |
| &nbsp;&nbsp;Taiwan — 3.73% | &nbsp;&nbsp;Taiwan — 3.73% | &nbsp;&nbsp;Taiwan — 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1961000 | &nbsp;&nbsp; 53746254 |
|  |  | &nbsp;&nbsp; 53746254 |
| &nbsp;&nbsp;United Kingdom — 10.87% | &nbsp;&nbsp;United Kingdom — 10.87% | &nbsp;&nbsp;United Kingdom — 10.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca ADR | &nbsp;&nbsp;&nbsp;&nbsp;240790 | &nbsp;&nbsp; 17698065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 1107317 | &nbsp;&nbsp; 22306725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;967737 | &nbsp;&nbsp; 31914396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | &nbsp;&nbsp;&nbsp;&nbsp;801910 | &nbsp;&nbsp; 20867546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;29

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie International Core Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;96914 | $21471297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon | 5826600 | &nbsp;&nbsp; 29451236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial | 2904417 | &nbsp;&nbsp; 13041189 |
|  |  | &nbsp;&nbsp; 156750454 |
| &nbsp;&nbsp;United States — 4.53% | &nbsp;&nbsp;United States — 4.53% | &nbsp;&nbsp;United States — 4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshworks Class A † | 1284843 | &nbsp;&nbsp; 18129135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica † | &nbsp;&nbsp;&nbsp;&nbsp;63915 | &nbsp;&nbsp; 18091780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding | &nbsp;&nbsp;&nbsp;&nbsp;74573 | &nbsp;&nbsp; 24486782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8219 | &nbsp;&nbsp; 4520697 |
|  |  | &nbsp;&nbsp; 65228394 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,148,562,751)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,148,562,751)** | &nbsp;&nbsp;**1389266390** |
| &nbsp;&nbsp;**Preferred Stock — 0.90%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.90%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.90%Δ** |
| &nbsp;&nbsp;Germany — 0.90% | &nbsp;&nbsp;Germany — 0.90% | &nbsp;&nbsp;Germany — 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sartorius 0.36% ω | &nbsp;&nbsp;&nbsp;&nbsp;56002 | &nbsp;&nbsp; 12934540 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $14,409,212)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $14,409,212)** | &nbsp;&nbsp; **12934540** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments — 1.32%** | &nbsp;&nbsp;**Short-Term Investments — 1.32%** | &nbsp;&nbsp;**Short-Term Investments — 1.32%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.32% | &nbsp;&nbsp;Money Market Mutual Funds — 1.32% | &nbsp;&nbsp;Money Market Mutual Funds — 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 4762476 | &nbsp;&nbsp; 4762476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 4762476 | &nbsp;&nbsp; 4762476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 4762476 | &nbsp;&nbsp; 4762476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 4762476 | &nbsp;&nbsp; 4762476 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $19,049,904)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $19,049,904)** | &nbsp;&nbsp; **19049904** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.60%<br> (cost $1,182,021,867)** |  | **$1421250834** |

---

Δ Securities have been classified by country of risk. <br> † Non-income producing security.

---

| | |
|:---|:---|
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2025, the aggregate value of Rule 144A securities was $55,608,638, which represents 3.86% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| ω | Perpetual security with no stated maturity date. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

30&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Large Cap Growth Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.85%♦** | &nbsp;&nbsp;**Common Stocks — 99.85%♦** | &nbsp;&nbsp;**Common Stocks — 99.85%♦** |
| &nbsp;&nbsp;Communication Services — 5.95% | &nbsp;&nbsp;Communication Services — 5.95% | &nbsp;&nbsp;Communication Services — 5.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 2897388 | $448052080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class C | &nbsp;&nbsp;&nbsp;&nbsp;68151 | &nbsp;&nbsp; 10647231 |
|  |  | &nbsp;&nbsp; 458699311 |
| &nbsp;&nbsp;Consumer Discretionary — 12.00% | &nbsp;&nbsp;Consumer Discretionary — 12.00% | &nbsp;&nbsp;Consumer Discretionary — 12.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 3060275 | &nbsp;&nbsp; 582247921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;23911 | &nbsp;&nbsp; 110155825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;248075 | &nbsp;&nbsp; 106146331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;67249 | &nbsp;&nbsp; 24646086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton ADR | &nbsp;&nbsp;&nbsp;&nbsp;821157 | &nbsp;&nbsp; 101716718 |
|  |  | &nbsp;&nbsp; 924912881 |
| &nbsp;&nbsp;Consumer Staples — 2.69% | &nbsp;&nbsp;Consumer Staples — 2.69% | &nbsp;&nbsp;Consumer Staples — 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 2899356 | &nbsp;&nbsp; 207651877 |
|  |  | &nbsp;&nbsp; 207651877 |
| &nbsp;&nbsp;Financials — 15.70% | &nbsp;&nbsp;Financials — 15.70% | &nbsp;&nbsp;Financials — 15.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 1662695 | &nbsp;&nbsp; 286814888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;360527 | &nbsp;&nbsp; 197612059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI | &nbsp;&nbsp;&nbsp;&nbsp;328636 | &nbsp;&nbsp; 185843658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;258031 | &nbsp;&nbsp; 131105551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | 1165128 | &nbsp;&nbsp; 408330759 |
|  |  | &nbsp;&nbsp;1209706915 |
| &nbsp;&nbsp;Healthcare — 11.02% | &nbsp;&nbsp;Healthcare — 11.02% | &nbsp;&nbsp;Healthcare — 11.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper † | 1257003 | &nbsp;&nbsp; 106028203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;754296 | &nbsp;&nbsp; 154630680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;119960 | &nbsp;&nbsp; 50377202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;256679 | &nbsp;&nbsp; 127125408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;570439 | &nbsp;&nbsp; 298767426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;484041 | &nbsp;&nbsp;&nbsp; 112118417 |
|  |  | &nbsp;&nbsp; 849047336 |
| &nbsp;&nbsp;Industrials — 8.54% | &nbsp;&nbsp;Industrials — 8.54% | &nbsp;&nbsp;Industrials — 8.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;493597 | &nbsp;&nbsp; 119677529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | &nbsp;&nbsp;&nbsp;&nbsp;560176 | &nbsp;&nbsp; 136436466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;497466 | &nbsp;&nbsp; 82305750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;294075 | &nbsp;&nbsp; 24405284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics | &nbsp;&nbsp;&nbsp;&nbsp;246587 | &nbsp;&nbsp; 73389223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections | 1135117 | &nbsp;&nbsp; 221563487 |
|  |  | &nbsp;&nbsp; 657777739 |
| &nbsp;&nbsp;Information Technology — 40.49% | &nbsp;&nbsp;Information Technology — 40.49% | &nbsp;&nbsp;Information Technology — 40.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 2504841 | &nbsp;&nbsp; 556400331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk † | &nbsp;&nbsp;&nbsp;&nbsp;327888 | &nbsp;&nbsp; 85841079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;276651 | &nbsp;&nbsp; 46319677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;438593 | &nbsp;&nbsp; 70288914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;267579 | &nbsp;&nbsp; 164290830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 2534232 | &nbsp;&nbsp; 951325351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;250455 | &nbsp;&nbsp; 109651704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 6175603 | &nbsp;&nbsp; 669311853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;737651 | &nbsp;&nbsp; 197956022 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Synopsys † | &nbsp;&nbsp;&nbsp;&nbsp;98871 | $42400828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;623945 | &nbsp;&nbsp; 103574870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign † | &nbsp;&nbsp;&nbsp;&nbsp;484688 | &nbsp;&nbsp; 123047743 |
|  |  | &nbsp;&nbsp;3120409202 |
| &nbsp;&nbsp;Real Estate — 3.46% | &nbsp;&nbsp;Real Estate — 3.46% | &nbsp;&nbsp;Real Estate — 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 1711862 | &nbsp;&nbsp; 135630826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | &nbsp;&nbsp;&nbsp;&nbsp;160669 | &nbsp;&nbsp; 131001469 |
|  |  | &nbsp;&nbsp; 266632295 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,519,607,187)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,519,607,187)** | &nbsp;&nbsp;**7694837556** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.85%<br> (cost $3,519,607,187)** |  | **$7694837556** |

---

♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

† 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;31

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Growth Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.99%♦** | &nbsp;&nbsp;**Common Stocks — 99.99%♦** | &nbsp;&nbsp;**Common Stocks — 99.99%♦** |
| &nbsp;&nbsp;Communication Services — 2.59% | &nbsp;&nbsp;Communication Services — 2.59% | &nbsp;&nbsp;Communication Services — 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest Class A † | 2162321 | $67031951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk Class A † | 1124374 | &nbsp;&nbsp; 61525745 |
|  |  | &nbsp;&nbsp; 128557696 |
| &nbsp;&nbsp;Consumer Discretionary — 12.82% | &nbsp;&nbsp;Consumer Discretionary — 12.82% | &nbsp;&nbsp;Consumer Discretionary — 12.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;491754 | &nbsp;&nbsp; 52829132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group | &nbsp;&nbsp;&nbsp;&nbsp;440797 | &nbsp;&nbsp; 74097976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Class A † | 1174209 | &nbsp;&nbsp; 94488598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding Class A † | 1788598 | &nbsp;&nbsp; 78555224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | &nbsp;&nbsp;&nbsp;&nbsp;322361 | &nbsp;&nbsp; 102623624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;867940 | &nbsp;&nbsp; 72394876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | 1679839 | &nbsp;&nbsp; 92559129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;432768 | &nbsp;&nbsp; 69251536 |
|  |  | &nbsp;&nbsp; 636800095 |
| &nbsp;&nbsp;Consumer Staples — 1.27% | &nbsp;&nbsp;Consumer Staples — 1.27% | &nbsp;&nbsp;Consumer Staples — 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;145905 | &nbsp;&nbsp; 63328606 |
|  |  | &nbsp;&nbsp; 63328606 |
| &nbsp;&nbsp;Financials — 10.85% | &nbsp;&nbsp;Financials — 10.85% | &nbsp;&nbsp;Financials — 10.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | 3417683 | &nbsp;&nbsp; 68490367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;500181 | &nbsp;&nbsp; 62222516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay † | &nbsp;&nbsp;&nbsp;&nbsp;293024 | &nbsp;&nbsp; 102183329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems | &nbsp;&nbsp;&nbsp;&nbsp;147076 | &nbsp;&nbsp; 66866633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | &nbsp;&nbsp;&nbsp;&nbsp;172626 | &nbsp;&nbsp; 84018801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;200918 | &nbsp;&nbsp; 65728315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings | &nbsp;&nbsp;&nbsp;&nbsp;412898 | &nbsp;&nbsp; 89330482 |
|  |  | &nbsp;&nbsp; 538840443 |
| &nbsp;&nbsp;Healthcare — 18.09% | &nbsp;&nbsp;Healthcare — 18.09% | &nbsp;&nbsp;Healthcare — 18.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology † | &nbsp;&nbsp;&nbsp;&nbsp;387027 | &nbsp;&nbsp; 61483109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | 1318940 | &nbsp;&nbsp; 77329452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora | &nbsp;&nbsp;&nbsp;&nbsp;355774 | &nbsp;&nbsp; 98937192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 1049321 | &nbsp;&nbsp; 84690698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;326192 | &nbsp;&nbsp; 136984330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;343507 | &nbsp;&nbsp; 54713795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;483859 | &nbsp;&nbsp; 127066212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals † | 1165423 | &nbsp;&nbsp; 35160812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;552499 | &nbsp;&nbsp; 70299973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;468410 | &nbsp;&nbsp; 108497808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding † | 1153132 | &nbsp;&nbsp; 43081012 |
|  |  | &nbsp;&nbsp; 898244393 |
| &nbsp;&nbsp;Industrials — 20.21% | &nbsp;&nbsp;Industrials — 20.21% | &nbsp;&nbsp;Industrials — 20.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON | &nbsp;&nbsp;&nbsp;&nbsp;162015 | &nbsp;&nbsp; 12658232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding | &nbsp;&nbsp;&nbsp;&nbsp;512125 | &nbsp;&nbsp; 53558032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | &nbsp;&nbsp;&nbsp;&nbsp;484178 | &nbsp;&nbsp; 47764160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | 1168361 | &nbsp;&nbsp; 66117549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | 1656019 | &nbsp;&nbsp; 128424273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;645881 | &nbsp;&nbsp; 81800829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Class A | &nbsp;&nbsp;&nbsp;&nbsp;550813 | &nbsp;&nbsp; 116205019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;771057 | &nbsp;&nbsp; 100029225 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;453437 | $85772143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;506132 | &nbsp;&nbsp; 83739539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding † | &nbsp;&nbsp;&nbsp;&nbsp;343407 | &nbsp;&nbsp; 64333867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | 1746386 | &nbsp;&nbsp; 94357236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | 1187412 | &nbsp;&nbsp; 68988637 |
|  |  | &nbsp;&nbsp;1003748741 |
| &nbsp;&nbsp;Information Technology — 28.23% | &nbsp;&nbsp;Information Technology — 28.23% | &nbsp;&nbsp;Information Technology — 28.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfolio Class A † | &nbsp;&nbsp;&nbsp;&nbsp;206091 | &nbsp;&nbsp; 45319411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Class A † | &nbsp;&nbsp;&nbsp;&nbsp;376814 | &nbsp;&nbsp; 99844405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | &nbsp;&nbsp;&nbsp;&nbsp;613664 | &nbsp;&nbsp; 38673105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Class B | &nbsp;&nbsp;&nbsp;&nbsp;673196 | &nbsp;&nbsp; 26483531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;337837 | &nbsp;&nbsp; 54141758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | 1313866 | &nbsp;&nbsp; 35211609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | &nbsp;&nbsp;&nbsp;&nbsp;591242 | &nbsp;&nbsp; 66627061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | 1223812 | &nbsp;&nbsp; 79474351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software † | &nbsp;&nbsp;&nbsp;&nbsp;161987 | &nbsp;&nbsp; 54751606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;950691 | &nbsp;&nbsp; 94318054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;164503 | &nbsp;&nbsp; 93978919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impinj † | &nbsp;&nbsp;&nbsp;&nbsp;318228 | &nbsp;&nbsp; 28863280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;347941 | &nbsp;&nbsp; 36450299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor † | 1004916 | &nbsp;&nbsp; 52707844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;346028 | &nbsp;&nbsp; 34734291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com † | &nbsp;&nbsp;&nbsp;&nbsp;211715 | &nbsp;&nbsp; 51480619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;143006 | &nbsp;&nbsp; 82940620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta † | &nbsp;&nbsp;&nbsp;&nbsp;593862 | &nbsp;&nbsp; 75937134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation † | &nbsp;&nbsp;&nbsp;&nbsp;365151 | &nbsp;&nbsp; 44307422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;306364 | &nbsp;&nbsp; 44778162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne | &nbsp;&nbsp;&nbsp;&nbsp;720177 | &nbsp;&nbsp; 59486620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble † | 1485726 | &nbsp;&nbsp; 97537912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;136517 | &nbsp;&nbsp; 79369619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;327322 | &nbsp;&nbsp; 24847013 |
|  |  | &nbsp;&nbsp;1402264645 |
| &nbsp;&nbsp;Materials — 1.61% | &nbsp;&nbsp;Materials — 1.61% | &nbsp;&nbsp;Materials — 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;&nbsp;167408 | &nbsp;&nbsp; 80042787 |
|  |  | &nbsp;&nbsp; 80042787 |
| &nbsp;&nbsp;Real Estate — 4.32% | &nbsp;&nbsp;Real Estate — 4.32% | &nbsp;&nbsp;Real Estate — 4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 2709788 | &nbsp;&nbsp; 214696503 |
|  |  | &nbsp;&nbsp; 214696503 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $4,318,337,494)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $4,318,337,494)** | &nbsp;&nbsp;**4966523909** |
| &nbsp;&nbsp;**Short-Term Investments — 0.08%** | &nbsp;&nbsp;**Short-Term Investments — 0.08%** | &nbsp;&nbsp;**Short-Term Investments — 0.08%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.08% | &nbsp;&nbsp;Money Market Mutual Funds — 0.08% | &nbsp;&nbsp;Money Market Mutual Funds — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;975853 | &nbsp;&nbsp; 975853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;32

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;975854 | $975854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;975854 | &nbsp;&nbsp; 975854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | &nbsp;&nbsp;&nbsp;&nbsp;975853 | &nbsp;&nbsp; 975853 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,903,414)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,903,414)** | &nbsp;&nbsp; **3903414** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.07%<br> (cost $4,322,240,908)** |  | **$4970427323** |

---

♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

† Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Income Opportunities Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.00%♦** | &nbsp;&nbsp;**Common Stocks — 99.00%♦** | &nbsp;&nbsp;**Common Stocks — 99.00%♦** |
| &nbsp;&nbsp;Consumer Discretionary — 19.75% | &nbsp;&nbsp;Consumer Discretionary — 19.75% | &nbsp;&nbsp;Consumer Discretionary — 19.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;128331 | $26662048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin | &nbsp;&nbsp;&nbsp;&nbsp;122774 | &nbsp;&nbsp; 26657918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | 1660074 | &nbsp;&nbsp; 25880554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;326439 | &nbsp;&nbsp; 26180408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;485391 | &nbsp;&nbsp; 26745044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure | &nbsp;&nbsp;&nbsp;&nbsp;560865 | &nbsp;&nbsp; 25962441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;161893 | &nbsp;&nbsp; 25906118 |
|  |  | &nbsp;&nbsp;183994531 |
| &nbsp;&nbsp;Consumer Staples — 2.82% | &nbsp;&nbsp;Consumer Staples — 2.82% | &nbsp;&nbsp;Consumer Staples — 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. | &nbsp;&nbsp;&nbsp;&nbsp;318609 | &nbsp;&nbsp; 26224707 |
|  |  | &nbsp;&nbsp; 26224707 |
| &nbsp;&nbsp;Financials — 8.45% | &nbsp;&nbsp;Financials — 8.45% | &nbsp;&nbsp;Financials — 8.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Class A | &nbsp;&nbsp;&nbsp;&nbsp;179116 | &nbsp;&nbsp; 26260197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;76437 | &nbsp;&nbsp; 26389110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | &nbsp;&nbsp;&nbsp;&nbsp;397858 | &nbsp;&nbsp;&nbsp; 26111420 |
|  |  | &nbsp;&nbsp; 78760727 |
| &nbsp;&nbsp;Healthcare — 8.49% | &nbsp;&nbsp;Healthcare — 8.49% | &nbsp;&nbsp;Healthcare — 8.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;192260 | &nbsp;&nbsp; 26487660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;157322 | &nbsp;&nbsp; 26618883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma Class A | &nbsp;&nbsp;&nbsp;&nbsp;833256 | &nbsp;&nbsp; 25939259 |
|  |  | &nbsp;&nbsp; 79045802 |
| &nbsp;&nbsp;Industrials — 28.48% | &nbsp;&nbsp;Industrials — 28.48% | &nbsp;&nbsp;Industrials — 28.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;110446 | &nbsp;&nbsp; 26778737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;344387 | &nbsp;&nbsp; 26707212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies | &nbsp;&nbsp;&nbsp;&nbsp;126267 | &nbsp;&nbsp; 26428946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;494032 | &nbsp;&nbsp; 25897157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;&nbsp;173687 | &nbsp;&nbsp; 26796430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Half | &nbsp;&nbsp;&nbsp;&nbsp;481698 | &nbsp;&nbsp; 26276626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;494383 | &nbsp;&nbsp; 26711514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on | &nbsp;&nbsp;&nbsp;&nbsp;80220 | &nbsp;&nbsp; 27034942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker | &nbsp;&nbsp;&nbsp;&nbsp;339577 | &nbsp;&nbsp; 26106680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | &nbsp;&nbsp;&nbsp;&nbsp;52267 | &nbsp;&nbsp; 26567316 |
|  |  | &nbsp;&nbsp;265305560 |
| &nbsp;&nbsp;Information Technology — 11.16% | &nbsp;&nbsp;Information Technology — 11.16% | &nbsp;&nbsp;Information Technology — 11.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;&nbsp;532934 | &nbsp;&nbsp; 25799335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | &nbsp;&nbsp;&nbsp;&nbsp;293596 | &nbsp;&nbsp; 25789473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;309993 | &nbsp;&nbsp; 26333905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;184179 | &nbsp;&nbsp; 26028176 |
|  |  | &nbsp;&nbsp;103950889 |
| &nbsp;&nbsp;Materials — 14.21% | &nbsp;&nbsp;Materials — 14.21% | &nbsp;&nbsp;Materials — 14.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | &nbsp;&nbsp;&nbsp;&nbsp;179164 | &nbsp;&nbsp; 26584354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;148713 | &nbsp;&nbsp; 26466453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;133230 | &nbsp;&nbsp; 26382205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;&nbsp;229030 | &nbsp;&nbsp; 26494190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;&nbsp;559727 | &nbsp;&nbsp; 26441503 |
|  |  | &nbsp;&nbsp;132368705 |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 5.64% | &nbsp;&nbsp;Real Estate — 5.64% | &nbsp;&nbsp;Real Estate — 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;178426 | $26494477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;&nbsp;796287 | &nbsp;&nbsp; 26086362 |
|  |  | &nbsp;&nbsp; 52580839 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $660,055,717)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $660,055,717)** | &nbsp;&nbsp;**922231760** |
| &nbsp;&nbsp;**Short-Term Investments — 0.97%** | &nbsp;&nbsp;**Short-Term Investments — 0.97%** | &nbsp;&nbsp;**Short-Term Investments — 0.97%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.97% | &nbsp;&nbsp;Money Market Mutual Funds — 0.97% | &nbsp;&nbsp;Money Market Mutual Funds — 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 2247836 | &nbsp;&nbsp; 2247836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 2247835 | &nbsp;&nbsp; 2247835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 2247835 | &nbsp;&nbsp; 2247835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 2247836 | &nbsp;&nbsp; 2247836 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $8,991,342)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $8,991,342)** | &nbsp;&nbsp; **8991342** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.97%<br> (cost $669,047,059)** |  | **$931223102** |

---

♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;34

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Small Cap Growth Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.83%** | &nbsp;&nbsp;**Common Stocks — 99.83%** | &nbsp;&nbsp;**Common Stocks — 99.83%** |
| &nbsp;&nbsp;Communication Services — 2.72% | &nbsp;&nbsp;Communication Services — 2.72% | &nbsp;&nbsp;Communication Services — 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | 1072186 | $28252101 |
|  |  | &nbsp;&nbsp; 28252101 |
| &nbsp;&nbsp;Consumer Discretionary — 11.04% | &nbsp;&nbsp;Consumer Discretionary — 11.04% | &nbsp;&nbsp;Consumer Discretionary — 11.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;39136 | &nbsp;&nbsp; 5833221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory | &nbsp;&nbsp;&nbsp;&nbsp;107373 | &nbsp;&nbsp; 5224770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | &nbsp;&nbsp;&nbsp;&nbsp;127045 | &nbsp;&nbsp; 15314004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports † | &nbsp;&nbsp;&nbsp;&nbsp;695139 | &nbsp;&nbsp; 6958341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;425701 | &nbsp;&nbsp; 12856170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | &nbsp;&nbsp;&nbsp;&nbsp;122080 | &nbsp;&nbsp; 9369640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;181566 | &nbsp;&nbsp; 21127020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | &nbsp;&nbsp;&nbsp;&nbsp;419327 | &nbsp;&nbsp; 7040500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;318359 | &nbsp;&nbsp; 6882922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | &nbsp;&nbsp;&nbsp;&nbsp;946676 | &nbsp;&nbsp; 24310640 |
|  |  | &nbsp;&nbsp; 114917228 |
| &nbsp;&nbsp;Consumer Staples — 3.21% | &nbsp;&nbsp;Consumer Staples — 3.21% | &nbsp;&nbsp;Consumer Staples — 3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands † | &nbsp;&nbsp;&nbsp;&nbsp;60614 | &nbsp;&nbsp; 4513318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | &nbsp;&nbsp;&nbsp;&nbsp;239417 | &nbsp;&nbsp; 13038650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Farms † | &nbsp;&nbsp;&nbsp;&nbsp;518896 | &nbsp;&nbsp; 15810761 |
|  |  | &nbsp;&nbsp; 33362729 |
| &nbsp;&nbsp;Energy — 1.11% | &nbsp;&nbsp;Energy — 1.11% | &nbsp;&nbsp;Energy — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy † | &nbsp;&nbsp;&nbsp;&nbsp;62491 | &nbsp;&nbsp; 11507093 |
|  |  | &nbsp;&nbsp; 11507093 |
| &nbsp;&nbsp;Financials — 8.61% | &nbsp;&nbsp;Financials — 8.61% | &nbsp;&nbsp;Financials — 8.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;109162 | &nbsp;&nbsp; 16229115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;109262 | &nbsp;&nbsp; 17645813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;209967 | &nbsp;&nbsp; 28782276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;205518 | &nbsp;&nbsp; 15789948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 1252276 | &nbsp;&nbsp; 11170302 |
|  |  | &nbsp;&nbsp; 89617454 |
| &nbsp;&nbsp;Healthcare — 25.11% | &nbsp;&nbsp;Healthcare — 25.11% | &nbsp;&nbsp;Healthcare — 25.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | &nbsp;&nbsp;&nbsp;&nbsp;897194 | &nbsp;&nbsp; 17800329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;275941 | &nbsp;&nbsp; 18474250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;116065 | &nbsp;&nbsp; 13536661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx † | &nbsp;&nbsp;&nbsp;&nbsp;379558 | &nbsp;&nbsp; 6737155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;634570 | &nbsp;&nbsp; 15388323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;222259 | &nbsp;&nbsp; 22510392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;219967 | &nbsp;&nbsp; 19481377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;153805 | &nbsp;&nbsp; 9814297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;190850 | &nbsp;&nbsp; 6334312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | &nbsp;&nbsp;&nbsp;&nbsp;105593 | &nbsp;&nbsp; 9331253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health † | &nbsp;&nbsp;&nbsp;&nbsp;96128 | &nbsp;&nbsp; 2840582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;141508 | &nbsp;&nbsp; 10795645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;182382 | &nbsp;&nbsp; 21522900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International † | &nbsp;&nbsp;&nbsp;&nbsp;250569 | &nbsp;&nbsp; 5565137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;247779 | &nbsp;&nbsp; 11162444 |

---

---

| | | |
|:---|:---|:---|
|  | **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;PROCEPT BioRobotics † | &nbsp;&nbsp;&nbsp;&nbsp;54506 | $3175520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;499148 | &nbsp;&nbsp; 25641233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;63858 | &nbsp;&nbsp; 4296366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;271855 | &nbsp;&nbsp; 4871642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vaxcyte † | &nbsp;&nbsp;&nbsp;&nbsp;84432 | &nbsp;&nbsp; 3188152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veracyte † | &nbsp;&nbsp;&nbsp;&nbsp;302271 | &nbsp;&nbsp; 8962335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | &nbsp;&nbsp;&nbsp;&nbsp;445883 | &nbsp;&nbsp; 19895299 |
|  |  | &nbsp;&nbsp; 261325604 |
| &nbsp;&nbsp;Industrials — 21.26% | &nbsp;&nbsp;Industrials — 21.26% | &nbsp;&nbsp;Industrials — 21.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | &nbsp;&nbsp;&nbsp;&nbsp;238257 | &nbsp;&nbsp; 13340009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions Class A † | 1193978 | &nbsp;&nbsp; 16823150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;28863 | &nbsp;&nbsp; 3440181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | &nbsp;&nbsp;&nbsp;&nbsp;691419 | &nbsp;&nbsp; 12542341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | &nbsp;&nbsp;&nbsp;&nbsp;288273 | &nbsp;&nbsp; 21868390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries † | &nbsp;&nbsp;&nbsp;&nbsp;71728 | &nbsp;&nbsp; 10354654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;84291 | &nbsp;&nbsp; 16613756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;319641 | &nbsp;&nbsp; 22972599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | &nbsp;&nbsp;&nbsp;&nbsp;313804 | &nbsp;&nbsp; 11638990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;160373 | &nbsp;&nbsp; 7571209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;117350 | &nbsp;&nbsp; 8631093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;&nbsp;288644 | &nbsp;&nbsp; 14097373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;109903 | &nbsp;&nbsp; 12202530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;99366 | &nbsp;&nbsp; 10036960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | &nbsp;&nbsp;&nbsp;&nbsp;545244 | &nbsp;&nbsp; 17927623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | &nbsp;&nbsp;&nbsp;&nbsp;99547 | &nbsp;&nbsp; 4289480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons † | &nbsp;&nbsp;&nbsp;&nbsp;186149 | &nbsp;&nbsp; 11021882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | &nbsp;&nbsp;&nbsp;&nbsp;67394 | &nbsp;&nbsp; 5888214 |
|  |  | &nbsp;&nbsp; 221260434 |
| &nbsp;&nbsp;Information Technology — 25.08% | &nbsp;&nbsp;Information Technology — 25.08% | &nbsp;&nbsp;Information Technology — 25.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | &nbsp;&nbsp;&nbsp;&nbsp;118154 | &nbsp;&nbsp; 11261258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | &nbsp;&nbsp;&nbsp;&nbsp;127845 | &nbsp;&nbsp; 9273876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 1104294 | &nbsp;&nbsp; 15946005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;813858 | &nbsp;&nbsp; 21811394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software † | &nbsp;&nbsp;&nbsp;&nbsp;78153 | &nbsp;&nbsp; 26415714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;232150 | &nbsp;&nbsp; 23407685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five9 † | &nbsp;&nbsp;&nbsp;&nbsp;252271 | &nbsp;&nbsp; 6849158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;162056 | &nbsp;&nbsp; 16976987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;251815 | &nbsp;&nbsp; 15698147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;109252 | &nbsp;&nbsp; 10966716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | &nbsp;&nbsp;&nbsp;&nbsp;149390 | &nbsp;&nbsp; 29032453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;97434 | &nbsp;&nbsp; 5044645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;316798 | &nbsp;&nbsp; 19318342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;147026 | &nbsp;&nbsp; 16550717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI Class A † | &nbsp;&nbsp;&nbsp;&nbsp;394866 | &nbsp;&nbsp; 3206312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | &nbsp;&nbsp;&nbsp;&nbsp;120284 | &nbsp;&nbsp; 7664496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Class A † | &nbsp;&nbsp;&nbsp;&nbsp;330513 | &nbsp;&nbsp; 11571260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **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;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;131090 | $9951042 |
|  |  | &nbsp;&nbsp; 260946207 |
| &nbsp;&nbsp;Materials — 1.69% | &nbsp;&nbsp;Materials — 1.69% | &nbsp;&nbsp;Materials — 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;338936 | &nbsp;&nbsp; 17634840 |
|  |  | &nbsp;&nbsp; 17634840 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $911,250,272)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $911,250,272)** | &nbsp;&nbsp;**1038823690** |
| &nbsp;&nbsp;**Short-Term Investments — 0.48%** | &nbsp;&nbsp;**Short-Term Investments — 0.48%** | &nbsp;&nbsp;**Short-Term Investments — 0.48%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.48% | &nbsp;&nbsp;Money Market Mutual Funds — 0.48% | &nbsp;&nbsp;Money Market Mutual Funds — 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 1255079 | &nbsp;&nbsp; 1255079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1255080 | &nbsp;&nbsp; 1255080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 1255080 | &nbsp;&nbsp; 1255080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 1255080 | &nbsp;&nbsp; 1255080 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,020,319)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,020,319)** | &nbsp;&nbsp; **5020319** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.31%<br> (cost $916,270,591)** |  | **$1043844009** |

---

† Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

36&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Smid Cap Core Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.10%** | &nbsp;&nbsp;**Common Stocks — 99.10%** | &nbsp;&nbsp;**Common Stocks — 99.10%** |
| &nbsp;&nbsp;Basic Materials — 6.88% | &nbsp;&nbsp;Basic Materials — 6.88% | &nbsp;&nbsp;Basic Materials — 6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | 24842 | $1915815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Roofing Supply † | 44582 | &nbsp;&nbsp; 5514793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | 28041 | &nbsp;&nbsp; 2750542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntsman | 168756 | &nbsp;&nbsp; 2664657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | 23890 | &nbsp;&nbsp; 1448212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | 54949 | &nbsp;&nbsp; 3493108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | 15527 | &nbsp;&nbsp; 4483421 |
|  |  | &nbsp;&nbsp; 22270548 |
| &nbsp;&nbsp;Business Services — 5.23% | &nbsp;&nbsp;Business Services — 5.23% | &nbsp;&nbsp;Business Services — 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | 50361 | &nbsp;&nbsp; 2385097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 73608 | &nbsp;&nbsp; 2540948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | 29143 | &nbsp;&nbsp; 1836592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | 25475 | &nbsp;&nbsp; 2840717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | 14265 | &nbsp;&nbsp; 2811632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp; 707372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | 24497 | &nbsp;&nbsp; 1381631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | 86546 | &nbsp;&nbsp; 2405979 |
|  |  | &nbsp;&nbsp; 16909968 |
| &nbsp;&nbsp;Capital Goods — 11.12% | &nbsp;&nbsp;Capital Goods — 11.12% | &nbsp;&nbsp;Capital Goods — 11.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | 34513 | &nbsp;&nbsp; 1234185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;6517 | &nbsp;&nbsp; 1468541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp; 483039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | 10829 | &nbsp;&nbsp; 3687274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries † | 12514 | &nbsp;&nbsp; 1806521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | 37528 | &nbsp;&nbsp; 2760184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | 69529 | &nbsp;&nbsp; 1280029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | 29017 | &nbsp;&nbsp; 2423210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp; 2457758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | 51782 | &nbsp;&nbsp; 2579261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 19966 | &nbsp;&nbsp; 3776769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;7004 | &nbsp;&nbsp; 1780277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | 15508 | &nbsp;&nbsp; 1765586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | 76356 | &nbsp;&nbsp; 2233413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | 22902 | &nbsp;&nbsp; 3556681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 81342 | &nbsp;&nbsp; 2682659 |
|  |  | &nbsp;&nbsp; 35975387 |
| &nbsp;&nbsp;Consumer Discretionary — 4.05% | &nbsp;&nbsp;Consumer Discretionary — 4.05% | &nbsp;&nbsp;Consumer Discretionary — 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 41711 | &nbsp;&nbsp; 4759225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 24954 | &nbsp;&nbsp; 5029728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | 33533 | &nbsp;&nbsp; 1028792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | 85229 | &nbsp;&nbsp; 2270501 |
|  |  | &nbsp;&nbsp; 13088246 |
| &nbsp;&nbsp;Consumer Services — 2.38% | &nbsp;&nbsp;Consumer Services — 2.38% | &nbsp;&nbsp;Consumer Services — 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | 18075 | &nbsp;&nbsp; 2694078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | 21549 | &nbsp;&nbsp; 3590710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wendy's | 95733 | &nbsp;&nbsp; 1400574 |
|  |  | &nbsp;&nbsp; 7685362 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Consumer Staples — 3.10% | &nbsp;&nbsp;Consumer Staples — 3.10% | &nbsp;&nbsp;Consumer Staples — 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | 12913 | $5604759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods | 16382 | &nbsp;&nbsp; 2157837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | 68662 | &nbsp;&nbsp; 2272712 |
|  |  | &nbsp;&nbsp; 10035308 |
| &nbsp;&nbsp;Credit Cyclicals — 2.68% | &nbsp;&nbsp;Credit Cyclicals — 2.68% | &nbsp;&nbsp;Credit Cyclicals — 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | 59045 | &nbsp;&nbsp; 1691639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | 22763 | &nbsp;&nbsp; 1322986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | 41388 | &nbsp;&nbsp; 1617857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | 24635 | &nbsp;&nbsp; 1479085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | 24292 | &nbsp;&nbsp; 2564992 |
|  |  | &nbsp;&nbsp; 8676559 |
| &nbsp;&nbsp;Energy — 5.29% | &nbsp;&nbsp;Energy — 5.29% | &nbsp;&nbsp;Energy — 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | 76432 | &nbsp;&nbsp; 8508410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | 261132 | &nbsp;&nbsp; 4133720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | 321833 | &nbsp;&nbsp; 4457387 |
|  |  | &nbsp;&nbsp; 17099517 |
| &nbsp;&nbsp;Finance — 16.94% | &nbsp;&nbsp;Finance — 16.94% | &nbsp;&nbsp;Finance — 16.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | 58774 | &nbsp;&nbsp; 5891506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System | 164369 | &nbsp;&nbsp; 4099363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | 69199 | &nbsp;&nbsp; 6211302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | 46466 | &nbsp;&nbsp; 2682018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;9246 | &nbsp;&nbsp; 1374603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper | 71179 | &nbsp;&nbsp; 4758316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 189391 | &nbsp;&nbsp; 4013195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | 44078 | &nbsp;&nbsp; 4674031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | 23278 | &nbsp;&nbsp; 4583438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState | 47495 | &nbsp;&nbsp; 4408486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | 39780 | &nbsp;&nbsp; 3749663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | 103320 | &nbsp;&nbsp; 5326146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | 58122 | &nbsp;&nbsp; 3014788 |
|  |  | &nbsp;&nbsp; 54786855 |
| &nbsp;&nbsp;Healthcare — 13.60% | &nbsp;&nbsp;Healthcare — 13.60% | &nbsp;&nbsp;Healthcare — 13.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics † | 132301 | &nbsp;&nbsp; 1079576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals † | 55497 | &nbsp;&nbsp; 1213719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | 15810 | &nbsp;&nbsp; 1843920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azenta † | 31755 | &nbsp;&nbsp; 1099993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | 38083 | &nbsp;&nbsp; 2232806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines † | 33612 | &nbsp;&nbsp; 2974998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | 34355 | &nbsp;&nbsp; 3479475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences † | 44415 | &nbsp;&nbsp; 1922725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | 56735 | &nbsp;&nbsp; 3620260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | 51868 | &nbsp;&nbsp; 3957010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | 11772 | &nbsp;&nbsp; 1875044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intra-Cellular Therapies † | &nbsp;&nbsp;&nbsp;&nbsp;6591 | &nbsp;&nbsp; 869485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | 26756 | &nbsp;&nbsp; 2611386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | 22800 | &nbsp;&nbsp; 2397192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | 26019 | &nbsp;&nbsp; 3679347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | 26600 | &nbsp;&nbsp; 2941960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Smid Cap Core Fund

---

| | | |
|:---|:---|:---|
|  | **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;OmniAb 12.5 =, † | 10854 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 15 =, † | 10854 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | 14775 | &nbsp;&nbsp; 1879971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | 57450 | &nbsp;&nbsp; 1881488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | 19385 | &nbsp;&nbsp; 1304223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | 30770 | &nbsp;&nbsp; 1114182 |
|  |  | &nbsp;&nbsp; 43978760 |
| &nbsp;&nbsp;Media — 2.03% | &nbsp;&nbsp;Media — 2.03% | &nbsp;&nbsp;Media — 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | 98216 | &nbsp;&nbsp; 2587992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group | 84595 | &nbsp;&nbsp; 2297600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;9463 | &nbsp;&nbsp; 1695959 |
|  |  | &nbsp;&nbsp; 6581551 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 6.77% | &nbsp;&nbsp;Real Estate Investment Trusts — 6.77% | &nbsp;&nbsp;Real Estate Investment Trusts — 6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | 128336 | &nbsp;&nbsp; 3407321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | 33748 | &nbsp;&nbsp; 4127380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 68681 | &nbsp;&nbsp; 3706027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | 147086 | &nbsp;&nbsp; 2974079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | 10372 | &nbsp;&nbsp; 2571322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 129275 | &nbsp;&nbsp; 2891882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty | 35360 | &nbsp;&nbsp; 2235459 |
|  |  | &nbsp;&nbsp; 21913470 |
| &nbsp;&nbsp;Technology — 13.97% | &nbsp;&nbsp;Technology — 13.97% | &nbsp;&nbsp;Technology — 13.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | 52041 | &nbsp;&nbsp; 1605985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | 50132 | &nbsp;&nbsp; 3255572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | 52800 | &nbsp;&nbsp; 2489520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | 106779 | &nbsp;&nbsp; 5041036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | 25689 | &nbsp;&nbsp; 4813091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | 29905 | &nbsp;&nbsp; 3001864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | 32345 | &nbsp;&nbsp; 2135417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;9690 | &nbsp;&nbsp; 1501465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | 39772 | &nbsp;&nbsp; 3182158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7 † | 33397 | &nbsp;&nbsp; 885354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | 15663 | &nbsp;&nbsp; 955130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | 100983 | &nbsp;&nbsp; 3473815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | 19297 | &nbsp;&nbsp; 2172263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | 11564 | &nbsp;&nbsp; 1534890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | 71777 | &nbsp;&nbsp; 2903380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings † | 50189 | &nbsp;&nbsp; 3086122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | 18747 | &nbsp;&nbsp; 1423085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | 47199 | &nbsp;&nbsp; 1747779 |
|  |  | &nbsp;&nbsp; 45207926 |
| &nbsp;&nbsp;Transportation — 3.07% | &nbsp;&nbsp;Transportation — 3.07% | &nbsp;&nbsp;Transportation — 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | 21122 | &nbsp;&nbsp; 701250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | 37283 | &nbsp;&nbsp; 3765956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | 52818 | &nbsp;&nbsp; 2297055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp; 469634 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Werner Enterprises | 47682 | $1397083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | 12157 | &nbsp;&nbsp; 1307850 |
|  |  | &nbsp;&nbsp; 9938828 |
| &nbsp;&nbsp;Utilities — 1.99% | &nbsp;&nbsp;Utilities — 1.99% | &nbsp;&nbsp;Utilities — 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | 47664 | &nbsp;&nbsp; 2890822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | 45148 | &nbsp;&nbsp; 3532831 |
|  |  | &nbsp;&nbsp; 6423653 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $265,700,485)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $265,700,485)** | &nbsp;&nbsp;**320571938** |
| &nbsp;&nbsp;**Short-Term Investments — 0.91%** | &nbsp;&nbsp;**Short-Term Investments — 0.91%** | &nbsp;&nbsp;**Short-Term Investments — 0.91%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.91% | &nbsp;&nbsp;Money Market Mutual Funds — 0.91% | &nbsp;&nbsp;Money Market Mutual Funds — 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 733607 | &nbsp;&nbsp; 733607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 733607 | &nbsp;&nbsp; 733607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 733607 | &nbsp;&nbsp; 733607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 733605 | &nbsp;&nbsp; 733605 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,934,426)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,934,426)** | &nbsp;&nbsp; **2934426** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.01%<br> (cost $268,634,911)** |  | **$323506364** |

---

† Non-income producing security. <br> = 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.

38&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 95.80%♦** | &nbsp;&nbsp;**Common Stocks — 95.80%♦** | &nbsp;&nbsp;**Common Stocks — 95.80%♦** |
| &nbsp;&nbsp;Communication Services — 13.17% | &nbsp;&nbsp;Communication Services — 13.17% | &nbsp;&nbsp;Communication Services — 13.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;328975 | $6650653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China United Network Communications Class A | 1392900 | &nbsp;&nbsp; 1067960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;246800 | &nbsp;&nbsp; 1723789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | &nbsp;&nbsp;&nbsp;&nbsp;900600 | &nbsp;&nbsp; 18286412 |
| &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; 8912716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;698720 | &nbsp;&nbsp; 44627138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri | 2263001 | &nbsp;&nbsp; 5711104 |
|  |  | &nbsp;&nbsp; 86979772 |
| &nbsp;&nbsp;Consumer Discretionary — 15.20% | &nbsp;&nbsp;Consumer Discretionary — 15.20% | &nbsp;&nbsp;Consumer Discretionary — 15.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | 1332900 | &nbsp;&nbsp; 21925374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Auto | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37201 | &nbsp;&nbsp; 3414953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 2850000 | &nbsp;&nbsp; 6094494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp | &nbsp;&nbsp;&nbsp;&nbsp;283209 | &nbsp;&nbsp; 12290318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19784 | &nbsp;&nbsp; 2649511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Class A | &nbsp;&nbsp;&nbsp;&nbsp;382161 | &nbsp;&nbsp; 7897177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia | &nbsp;&nbsp;&nbsp;&nbsp;209898 | &nbsp;&nbsp; 13156934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp; 3103974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;611412 | &nbsp;&nbsp; 12241676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naspers Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20406 | &nbsp;&nbsp; 5028323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24639 | &nbsp;&nbsp; 2916026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group 144A # | &nbsp;&nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp; 6576602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Motors | &nbsp;&nbsp;&nbsp;&nbsp;159222 | &nbsp;&nbsp; 1248406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;119041 | &nbsp;&nbsp; 1866563 |
|  |  | &nbsp;&nbsp;100410331 |
| &nbsp;&nbsp;Consumer Staples — 3.40% | &nbsp;&nbsp;Consumer Staples — 3.40% | &nbsp;&nbsp;Consumer Staples — 3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev | 3131497 | &nbsp;&nbsp; 7441246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | &nbsp;&nbsp;&nbsp;&nbsp;275914 | &nbsp;&nbsp; 3331908 |
| &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; 2681608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC | &nbsp;&nbsp;&nbsp;&nbsp;367165 | &nbsp;&nbsp; 1754389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC Hotels † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36716 | &nbsp;&nbsp; 84843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS | &nbsp;&nbsp;&nbsp;&nbsp;686407 | &nbsp;&nbsp; 4949776 |
| &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; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | &nbsp;&nbsp;&nbsp;&nbsp;122161 | &nbsp;&nbsp; 2212702 |
|  |  | &nbsp;&nbsp; 22456687 |
| &nbsp;&nbsp;Energy — 4.99% | &nbsp;&nbsp;Energy — 4.99% | &nbsp;&nbsp;Energy — 4.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia | 14431500 | &nbsp;&nbsp; 1603214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Petroleum and Chemical Class H | 2700000 | &nbsp;&nbsp; 1422614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Shenhua Energy Class A | &nbsp;&nbsp;&nbsp;&nbsp;479592 | &nbsp;&nbsp; 2536282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Shenhua Energy Class H | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp; 802794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal India | 2520034 | &nbsp;&nbsp; 11683206 |
| &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; 2773735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroChina Class H | 4654000 | &nbsp;&nbsp; 3761980 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Petroleo Brasileiro | &nbsp;&nbsp;&nbsp;&nbsp;318171 | $2283781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Class A | 1323000 | &nbsp;&nbsp; 3614136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | &nbsp;&nbsp;&nbsp;&nbsp;330361 | &nbsp;&nbsp; 1201392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Tractors | &nbsp;&nbsp;&nbsp;&nbsp;879700 | &nbsp;&nbsp; 1247062 |
|  |  | &nbsp;&nbsp; 32930196 |
| &nbsp;&nbsp;Financials — 21.31% | &nbsp;&nbsp;Financials — 21.31% | &nbsp;&nbsp;Financials — 21.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China Class A | 7494900 | &nbsp;&nbsp; 5353721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | &nbsp;&nbsp;&nbsp;&nbsp;147558 | &nbsp;&nbsp; 1892795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 1058408 | &nbsp;&nbsp; 5234125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia | 26697700 | &nbsp;&nbsp; 13703530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 7118200 | &nbsp;&nbsp; 2209756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class A | 6168879 | &nbsp;&nbsp; 4763810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class H | 32497000 | &nbsp;&nbsp; 19586443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 11247200 | &nbsp;&nbsp; 2718808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathay Financial Holding | 2118000 | &nbsp;&nbsp; 3903971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class A | 3020500 | &nbsp;&nbsp; 3677898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class H | 14375000 | &nbsp;&nbsp; 12709713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 2648052 | &nbsp;&nbsp; 10375569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90931 | &nbsp;&nbsp; 1938305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | 1496842 | &nbsp;&nbsp; 23527395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Class H | 12798000 | &nbsp;&nbsp;&nbsp; 9111531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78074 | &nbsp;&nbsp; 4188690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krung Thai Bank | 5003100 | &nbsp;&nbsp; 3554155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | &nbsp;&nbsp;&nbsp;&nbsp;387173 | &nbsp;&nbsp; 7517728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qifu Technology ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81565 | &nbsp;&nbsp; 3663084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 1143523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC = | 4129544 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;140774550 |
| &nbsp;&nbsp;Healthcare — 1.02% | &nbsp;&nbsp;Healthcare — 1.02% | &nbsp;&nbsp;Healthcare — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dong-E-E-Jiao Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86800 | &nbsp;&nbsp; 723563 |
| &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; 2007088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | &nbsp;&nbsp;&nbsp;&nbsp;196396 | &nbsp;&nbsp; 3979913 |
|  |  | &nbsp;&nbsp; 6710564 |
| &nbsp;&nbsp;Industrials — 7.33% | &nbsp;&nbsp;Industrials — 7.33% | &nbsp;&nbsp;Industrials — 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics | 1243727 | &nbsp;&nbsp; 4350491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Class A | &nbsp;&nbsp;&nbsp;&nbsp;515300 | &nbsp;&nbsp; 1033911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eva Airways | 5790000 | &nbsp;&nbsp; 7071290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Marine Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;503200 | &nbsp;&nbsp; 3341784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40056 | &nbsp;&nbsp; 5467746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Aeronautics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54863 | &nbsp;&nbsp; 2665804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Logistics 144A #, † | 1218000 | &nbsp;&nbsp; 1965968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KOC Holding | &nbsp;&nbsp;&nbsp;&nbsp;108785 | &nbsp;&nbsp; 469438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Class A | 3720194 | &nbsp;&nbsp; 8418493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;39

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **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;Yang Ming Marine Transport | 3557000 | $7970508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus Class A | 1555800 | &nbsp;&nbsp; 5687530 |
|  |  | &nbsp;&nbsp; 48442963 |
| &nbsp;&nbsp;Information Technology — 26.51% | &nbsp;&nbsp;Information Technology — 26.51% | &nbsp;&nbsp;Information Technology — 26.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 2688954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 4768918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies | &nbsp;&nbsp;&nbsp;&nbsp;322033 | &nbsp;&nbsp; 5965764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 1940000 | &nbsp;&nbsp; 8530683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys | &nbsp;&nbsp;&nbsp;&nbsp;813976 | &nbsp;&nbsp; 14914938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | &nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp; 694945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | &nbsp;&nbsp;&nbsp;&nbsp;362879 | &nbsp;&nbsp; 15191682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novatek Microelectronics | &nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp; 5466004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Computer | &nbsp;&nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp; 1203554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realtek Semiconductor | &nbsp;&nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp; 10537971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;530755 | &nbsp;&nbsp; 20833711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 | &nbsp;&nbsp; 2975956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 2366404 | &nbsp;&nbsp; 64857394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services | &nbsp;&nbsp;&nbsp;&nbsp;391009 | &nbsp;&nbsp; 16448409 |
|  |  | &nbsp;&nbsp;175078883 |
| &nbsp;&nbsp;Materials — 1.85% | &nbsp;&nbsp;Materials — 1.85% | &nbsp;&nbsp;Materials — 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huaibei Mining Holdings Class A | &nbsp;&nbsp;&nbsp;&nbsp;451300 | &nbsp;&nbsp; 812150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangxi Copper Class A | &nbsp;&nbsp;&nbsp;&nbsp;913500 | &nbsp;&nbsp; 2902359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Class A | 5799100 | &nbsp;&nbsp; 3046813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel | 1332556 | &nbsp;&nbsp; 2380483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale | &nbsp;&nbsp;&nbsp;&nbsp;204603 | &nbsp;&nbsp; 2040849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhongjin Gold Class A | &nbsp;&nbsp;&nbsp;&nbsp;539100 | &nbsp;&nbsp; 1045981 |
|  |  | &nbsp;&nbsp; 12228635 |
| &nbsp;&nbsp;Real Estate — 0.76% | &nbsp;&nbsp;Real Estate — 0.76% | &nbsp;&nbsp;Real Estate — 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;653299 | &nbsp;&nbsp; 2168903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;792585 | &nbsp;&nbsp; 2870370 |
|  |  | &nbsp;&nbsp; 5039273 |
| &nbsp;&nbsp;Utilities — 0.26% | &nbsp;&nbsp;Utilities — 0.26% | &nbsp;&nbsp;Utilities — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94211 | &nbsp;&nbsp; 1686617 |
|  |  | &nbsp;&nbsp; 1686617 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $508,673,265)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $508,673,265)** | &nbsp;&nbsp;**632738471** |
| &nbsp;&nbsp;**Preferred Stock — 2.06%** | &nbsp;&nbsp;**Preferred Stock — 2.06%** | &nbsp;&nbsp;**Preferred Stock — 2.06%** |
| &nbsp;&nbsp;Energy — 2.06% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro 17.90% ω | 2088474 | &nbsp;&nbsp; 13625614 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $10,463,934)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $10,463,934)** | &nbsp;&nbsp; **13625614** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 2.27%** | &nbsp;&nbsp;**Short-Term Investments — 2.27%** | &nbsp;&nbsp;**Short-Term Investments — 2.27%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.27% | &nbsp;&nbsp;Money Market Mutual Funds — 2.27% | &nbsp;&nbsp;Money Market Mutual Funds — 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 3745391 | $3745391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 3745392 | &nbsp;&nbsp; 3745392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 3745392 | &nbsp;&nbsp; 3745392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 3745391 | &nbsp;&nbsp; 3745391 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $14,981,566)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $14,981,566)** | &nbsp;&nbsp; **14981566** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.13%<br> (cost $534,118,765)** |  | **$661345651** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2025, the aggregate value of Rule 144A securities was $22,508,035, which represents 3.41% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| 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." |
| 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.

40&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Funds

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$3581609741 | &nbsp;&nbsp;$477395903 | &nbsp;&nbsp;$856254130 | &nbsp;&nbsp;$2322294046 |
| &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;48431199 |
| &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;8167166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619549 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402552 |
| &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;11352607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2253750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751260 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41491773 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183839 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033561 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010556 |
| &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;765785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;292554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 appreciation 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;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 appreciation 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;731 |
| &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;58519 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;3585830446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503056016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861272153 | &nbsp;&nbsp;&nbsp;&nbsp;2436624475 |
| **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;18375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132778 | &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;5830753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008014 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46915955 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874409 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656169 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454858 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350411 |
| &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;298635 |
| &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;7202390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;23690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 brokers 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;10980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;448356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;103115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;836402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Due to 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;491217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;Tax expense payable (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873445 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14816794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18851113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64431896 |
| **Total Net Assets** | &nbsp;&nbsp;$3571013652 | &nbsp;&nbsp;$484204903 | &nbsp;&nbsp;$858325863 | &nbsp;&nbsp;$2372192579 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1786186410 | &nbsp;&nbsp;$604070974 | &nbsp;&nbsp;$606708107 | &nbsp;&nbsp;$4650416586 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1784827242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119866071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251617756 | &nbsp;&nbsp;&nbsp;(2278224007) |
| **Total Net Assets** | &nbsp;&nbsp;$3571013652 | &nbsp;&nbsp;$484204903 | &nbsp;&nbsp;$858325863 | &nbsp;&nbsp;$2372192579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;41

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |
| **Net Asset Value** |  |  |  |  |
| **Class A:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$2633515911 | &nbsp;&nbsp;$91771703 | &nbsp;&nbsp;$631960987 | &nbsp;&nbsp;$1207774222 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159873338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18009684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207210547 |
| Net asset value per share | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$35.09 | &nbsp;&nbsp;$5.83 |
| 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;$17.47 | &nbsp;&nbsp;$9.63 | &nbsp;&nbsp;$37.23 | &nbsp;&nbsp;$6.10 |
| **Class C:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$17523410 | &nbsp;&nbsp;$1185150 | &nbsp;&nbsp;$3123699 | &nbsp;&nbsp;$76912819 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13211941 |
| Net asset value per share | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$20.33 | &nbsp;&nbsp;$5.82 |
| **Class R:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$171740 | &nbsp;&nbsp;$1043215 | &nbsp;&nbsp;$958795 | &nbsp;&nbsp;$31504277 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5409909 |
| Net asset value per share | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$9.17 | &nbsp;&nbsp;$33.88 | &nbsp;&nbsp;$5.82 |
| **Institutional Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$814242678 | &nbsp;&nbsp;$207713945 | &nbsp;&nbsp;$203757678 | &nbsp;&nbsp;$912237030 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39205233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22615491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156647642 |
| Net asset value per share | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$37.21 | &nbsp;&nbsp;$5.82 |
| **Class R6:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$77069403 | &nbsp;&nbsp;$180145864 | &nbsp;&nbsp;$15738836 | &nbsp;&nbsp;$97069320 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19621090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16661976 |
| Net asset value per share | &nbsp;&nbsp;$20.84 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$37.30 | &nbsp;&nbsp;$5.83 |
| **Class Y:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$28490510 | &nbsp;&nbsp;$2345026 | &nbsp;&nbsp;$2785868 | &nbsp;&nbsp;$46694911 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022191 |
| Net asset value per share | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$35.45 | &nbsp;&nbsp;$5.82 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1992128011 | &nbsp;&nbsp;$479204240 | &nbsp;&nbsp;$635068271 | &nbsp;&nbsp;$2412023811 |
| \*\*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;250671497 |
| <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;8298463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620168 | &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;(101994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 13 in "Notes to financial statements." |  |  |  |  |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;42

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap 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;$1421250834 | &nbsp;&nbsp;$7694837556 | &nbsp;&nbsp;$4970427323 | &nbsp;&nbsp;$931223102 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9163953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;20258249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 | &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;9433136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56174 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454581 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247548 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164137 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15416544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17951903 |
| &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;1448296310 | &nbsp;&nbsp;&nbsp;&nbsp;7727488513 | &nbsp;&nbsp;&nbsp;&nbsp;4996608462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952097445 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3054292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2399405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15138355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16040804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889925 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581241 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258707 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171527 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50001 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8890008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16606527 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21365903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29851026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20557928 |
| **Total Net Assets** | &nbsp;&nbsp;$1441389635 | &nbsp;&nbsp;$7706122610 | &nbsp;&nbsp;$4966757436 | &nbsp;&nbsp;$931539517 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1186832486 | &nbsp;&nbsp;$3337307596 | &nbsp;&nbsp;$4744488280 | &nbsp;&nbsp;$625433926 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254557149 | &nbsp;&nbsp;&nbsp;&nbsp;4368815014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222269156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306105591 |
| **Total Net Assets** | &nbsp;&nbsp;$1441389635 | &nbsp;&nbsp;$7706122610 | &nbsp;&nbsp;$4966757436 | &nbsp;&nbsp;$931539517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;43

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap 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;$431679821 | &nbsp;&nbsp;$3002356911 | &nbsp;&nbsp;$1616500081 | &nbsp;&nbsp;$142548995 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19769364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88682054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70477690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983502 |
| Net asset value per share | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$33.86 | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;$17.86 |
| 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;$23.17 | &nbsp;&nbsp;$35.93 | &nbsp;&nbsp;$24.34 | &nbsp;&nbsp;$18.95 |
| **Class C:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$13597079 | &nbsp;&nbsp;$59937956 | &nbsp;&nbsp;$61560667 | &nbsp;&nbsp;$13847223 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777215 |
| Net asset value per share | &nbsp;&nbsp;$18.96 | &nbsp;&nbsp;$22.62 | &nbsp;&nbsp;$15.65 | &nbsp;&nbsp;$17.82 |
| **Class R:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$38415305 | &nbsp;&nbsp;$30488977 | &nbsp;&nbsp;$44288073 | &nbsp;&nbsp;$10634379 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596136 |
| Net asset value per share | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$21.38 | &nbsp;&nbsp;$17.84 |
| **Institutional Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$714047735 | &nbsp;&nbsp;$4346254670 | &nbsp;&nbsp;$2149899449 | &nbsp;&nbsp;$672058970 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32364550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116307551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80192405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37604356 |
| Net asset value per share | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$37.37 | &nbsp;&nbsp;$26.81 | &nbsp;&nbsp;$17.87 |
| **Class R6:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$200595965 | &nbsp;&nbsp;$230031396 | &nbsp;&nbsp;$938479553 | &nbsp;&nbsp;$80035441 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34464375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478902 |
| Net asset value per share | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$37.77 | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$17.87 |
| **Class Y:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$43053730 | &nbsp;&nbsp;$37052700 | &nbsp;&nbsp;$156029613 | &nbsp;&nbsp;$12414509 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690669 |
| Net asset value per share | &nbsp;&nbsp;$22.01 | &nbsp;&nbsp;$35.36 | &nbsp;&nbsp;$24.86 | &nbsp;&nbsp;$17.97 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1182021867 | &nbsp;&nbsp;$3519607187 | &nbsp;&nbsp;$4322240908 | &nbsp;&nbsp;$669047059 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9232569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;44

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  | &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;$1043844009 | &nbsp;&nbsp;$323506364 | &nbsp;&nbsp;$661345651 |
| &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;174417 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1103892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842244 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148441 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268395 |
| &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;23641 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1047213169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324325154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664802799 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272852 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;609106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340281 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235768 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279033 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49226 |
| &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;2131650 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6642495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308810 |
| **Total Net Assets** | &nbsp;&nbsp;$1040570674 | &nbsp;&nbsp;$323481870 | &nbsp;&nbsp;$660493989 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$864849515 | &nbsp;&nbsp;$272193408 | &nbsp;&nbsp;$539467290 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175721159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51288462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121026699 |
| **Total Net Assets** | &nbsp;&nbsp;$1040570674 | &nbsp;&nbsp;$323481870 | &nbsp;&nbsp;$660493989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;45

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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 |
| **Net Asset Value** |  |  |  |
| **Class A:** |  |  |  |
| Net assets | &nbsp;&nbsp;$510833173 | &nbsp;&nbsp;$103556509 | &nbsp;&nbsp;$134588093 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45223209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7186658 |
| Net asset value per share | &nbsp;&nbsp;$11.30 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$18.73 |
| 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;$11.99 | &nbsp;&nbsp;$16.79 | &nbsp;&nbsp;$19.87 |
| **Class C:** |  |  |  |
| Net assets | &nbsp;&nbsp;$14197267 | &nbsp;&nbsp;$8532804 | &nbsp;&nbsp;$13480722 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893810 |
| Net asset value per share | &nbsp;&nbsp;$5.80 | &nbsp;&nbsp;$11.61 | &nbsp;&nbsp;$15.08 |
| **Class R:** |  |  |  |
| Net assets | &nbsp;&nbsp;$37846743 | &nbsp;&nbsp;$20360386 | &nbsp;&nbsp;$5807650 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315725 |
| Net asset value per share | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;$15.55 | &nbsp;&nbsp;$18.39 |
| **Institutional Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$360964919 | &nbsp;&nbsp;$148920164 | &nbsp;&nbsp;$384443559 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18296385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8102598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19623768 |
| Net asset value per share | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;$18.38 | &nbsp;&nbsp;$19.59 |
| **Class R6:** |  |  |  |
| Net assets | &nbsp;&nbsp;$93490699 | &nbsp;&nbsp;$36722238 | &nbsp;&nbsp;$95318965 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836067 |
| Net asset value per share | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$18.64 | &nbsp;&nbsp;$19.71 |
| **Class Y:** |  |  |  |
| Net assets | &nbsp;&nbsp;$23237873 | &nbsp;&nbsp;$5389769 | &nbsp;&nbsp;$26855000 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399325 |
| Net asset value per share | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$19.19 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$916270591 | &nbsp;&nbsp;$268634911 | &nbsp;&nbsp;$534118765 |
| <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;170675 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;46

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Statements of operations
Ivy Funds

Year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$45935079 | &nbsp;&nbsp;$637423 | &nbsp;&nbsp;$11474612 | &nbsp;&nbsp;$2192342 |
| &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;&nbsp;1431942 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21758941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;189892540 |
| &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;230654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;(160359) | &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;&nbsp;&nbsp;(598375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;45336704 | &nbsp;&nbsp;&nbsp;22388476 | &nbsp;&nbsp;&nbsp;10716297 | &nbsp;&nbsp;&nbsp;193516824 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;23915365 | &nbsp;&nbsp;&nbsp;&nbsp;3079733 | &nbsp;&nbsp;&nbsp;&nbsp;7191146 | &nbsp;&nbsp;&nbsp;&nbsp;14577742 |
| &nbsp;&nbsp;&nbsp;Tax expense (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;2873445 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;7130178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239261 | &nbsp;&nbsp;&nbsp;&nbsp;1489021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276246 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975730 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169009 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129433 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;3096295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659056 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446686 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223360 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228726 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120186 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119236 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75019 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54724 |
| &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;2425 | &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;174663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648171 |
|  | &nbsp;&nbsp;&nbsp;36094827 | &nbsp;&nbsp;&nbsp;&nbsp;4393892 | &nbsp;&nbsp;&nbsp;10683795 | &nbsp;&nbsp;&nbsp;&nbsp;26576769 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790855) | &nbsp;&nbsp;&nbsp;&nbsp;(1667683) | &nbsp;&nbsp;&nbsp;&nbsp;(2049708) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39931) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;35620348 | &nbsp;&nbsp;&nbsp;&nbsp;3565538 | &nbsp;&nbsp;&nbsp;&nbsp;9013446 | &nbsp;&nbsp;&nbsp;&nbsp;24487130 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;9716356 | &nbsp;&nbsp;&nbsp;18822938 | &nbsp;&nbsp;&nbsp;&nbsp;1702851 | &nbsp;&nbsp;&nbsp;169029694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;47

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |
| **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;$501398491 | &nbsp;&nbsp;$(3291819) | &nbsp;&nbsp;$61568739 | &nbsp;&nbsp;$(104306019) |
| &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;(7235911) |
| &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;(1962604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99861 | &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;&nbsp;9968275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1760642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(815454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;878617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(223888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225710 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;501398491 | &nbsp;&nbsp;&nbsp;&nbsp;2792485 | &nbsp;&nbsp;&nbsp;&nbsp;61670911 | &nbsp;&nbsp;&nbsp;(111316220) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;(212329494) | &nbsp;&nbsp;&nbsp;&nbsp;1230918 | &nbsp;&nbsp;&nbsp;(19646648) | &nbsp;&nbsp;&nbsp;&nbsp;49301340 |
| &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;(35021121) |
| &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;(22293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29186) | &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;&nbsp;(5683661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1065175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;255615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(205114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1674013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(212329494) | &nbsp;&nbsp;&nbsp;&nbsp;(1685347) | &nbsp;&nbsp;&nbsp;(19675834) | &nbsp;&nbsp;&nbsp;&nbsp;14280219 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;289068997 | &nbsp;&nbsp;&nbsp;&nbsp;1107138 | &nbsp;&nbsp;&nbsp;&nbsp;41995077 | &nbsp;&nbsp;&nbsp;&nbsp;(97036001) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$298785353 | &nbsp;&nbsp;$19930076 | &nbsp;&nbsp;$43697928 | &nbsp;&nbsp;$71993693 |

---

<sup>1</sup> Includes $(833253) 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 $(22069) 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;48

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap 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;$36792215 | &nbsp;&nbsp;$51426463 | &nbsp;&nbsp;$28621513 | &nbsp;&nbsp;$26780278 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;2241781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(3988581) | &nbsp;&nbsp;&nbsp;&nbsp;(1001081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;35008233 | &nbsp;&nbsp;&nbsp;&nbsp;50425382 | &nbsp;&nbsp;&nbsp;&nbsp;28621513 | &nbsp;&nbsp;&nbsp;26780278 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;12851968 | &nbsp;&nbsp;&nbsp;&nbsp;47348401 | &nbsp;&nbsp;&nbsp;&nbsp;48970453 | &nbsp;&nbsp;&nbsp;&nbsp;9231805 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;1079325 | &nbsp;&nbsp;&nbsp;&nbsp;7897504 | &nbsp;&nbsp;&nbsp;&nbsp;4643292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386278 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163965 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59681 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33203 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;1702619 | &nbsp;&nbsp;&nbsp;&nbsp;7682643 | &nbsp;&nbsp;&nbsp;&nbsp;6446613 | &nbsp;&nbsp;&nbsp;&nbsp;1153218 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35663 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282604 | &nbsp;&nbsp;&nbsp;&nbsp;1261106 | &nbsp;&nbsp;&nbsp;&nbsp;1012359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205797 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10203 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62807 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126218 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104612 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50031 |
| &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;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;485946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39532 |
|  | &nbsp;&nbsp;&nbsp;17767632 | &nbsp;&nbsp;&nbsp;&nbsp;67733340 | &nbsp;&nbsp;&nbsp;&nbsp;64904415 | &nbsp;&nbsp;&nbsp;11663013 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(4315166) | &nbsp;&nbsp;&nbsp;&nbsp;(6747362) | &nbsp;&nbsp;&nbsp;(10258449) | &nbsp;&nbsp;&nbsp;&nbsp;(2073888) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2064) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;13442600 | &nbsp;&nbsp;&nbsp;&nbsp;60899527 | &nbsp;&nbsp;&nbsp;&nbsp;54625705 | &nbsp;&nbsp;&nbsp;&nbsp;9587061 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;21565633 | &nbsp;&nbsp;&nbsp;(10474145) | &nbsp;&nbsp;&nbsp;(26004192) | &nbsp;&nbsp;&nbsp;17193217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;49

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities 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;$128168918 | &nbsp;&nbsp;$555780563 | &nbsp;&nbsp;$742235343 | &nbsp;&nbsp;$127510840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(3762318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(42879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;124364746 | &nbsp;&nbsp;&nbsp;&nbsp;555780822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742235343 | &nbsp;&nbsp;&nbsp;&nbsp;127510840 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(68691437) | &nbsp;&nbsp;&nbsp;(114095811) | &nbsp;&nbsp;&nbsp;(1433147247) | &nbsp;&nbsp;&nbsp;(132660067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(68601714) | &nbsp;&nbsp;&nbsp;(114096299) | &nbsp;&nbsp;&nbsp;(1433147247) | &nbsp;&nbsp;&nbsp;(132660067) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;55763032 | &nbsp;&nbsp;&nbsp;&nbsp;441684523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690911904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5149227) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$77328665 | &nbsp;&nbsp;$431210378 | &nbsp;&nbsp;$(716916096) | &nbsp;&nbsp;$12043990 |

---

<sup>1</sup> Includes $(3192786) capital gains taxes paid for Macquarie International Core Equity Fund.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Includes net change of $(51817) 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;50

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  | &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<sup>φ</sup> |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$3173708 | &nbsp;&nbsp;$4565430 | &nbsp;&nbsp;$27762930 |
| &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;(3653647) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3173708 | &nbsp;&nbsp;&nbsp;4565430 | &nbsp;&nbsp;&nbsp;24109283 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;10824888 | &nbsp;&nbsp;&nbsp;2936681 | &nbsp;&nbsp;&nbsp;&nbsp;6771528 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;1504674 | &nbsp;&nbsp;&nbsp;&nbsp;282227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373980 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176096 | &nbsp;&nbsp;&nbsp;&nbsp;103626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152028 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216589 | &nbsp;&nbsp;&nbsp;&nbsp;109883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29881 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66608 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;1541844 | &nbsp;&nbsp;&nbsp;&nbsp;412947 | &nbsp;&nbsp;&nbsp;&nbsp;1041558 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156455 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102324 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85657 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43409 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238367 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32397 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70275 |
| &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;2935 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51889 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;15285274 | &nbsp;&nbsp;&nbsp;4171672 | &nbsp;&nbsp;&nbsp;&nbsp;9219291 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(2038285) | &nbsp;&nbsp;&nbsp;&nbsp;(634163) | &nbsp;&nbsp;&nbsp;&nbsp;(3078771) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2455) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;13241885 | &nbsp;&nbsp;&nbsp;3536773 | &nbsp;&nbsp;&nbsp;&nbsp;6138065 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;(10068177) | &nbsp;&nbsp;&nbsp;1028657 | &nbsp;&nbsp;&nbsp;17971218 |

---

&nbsp;&nbsp;&nbsp;&nbsp;51

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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<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;$131016248 | &nbsp;&nbsp;$4963432 | &nbsp;&nbsp;$35503101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1122853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;131016311 | &nbsp;&nbsp;&nbsp;&nbsp;4963645 | &nbsp;&nbsp;&nbsp;&nbsp;34380248 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;(206234091) | &nbsp;&nbsp;&nbsp;(4423653) | &nbsp;&nbsp;&nbsp;(19391437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153215) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(206234091) | &nbsp;&nbsp;&nbsp;(4423653) | &nbsp;&nbsp;&nbsp;(19544652) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;(75217780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539992 | &nbsp;&nbsp;&nbsp;&nbsp;14835596 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$(85285957) | &nbsp;&nbsp;$1568649 | &nbsp;&nbsp;$32806814 |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated statement of operations through November 27, 2024. See Note 1 in "Notes to financial statements." |
| <sup>1</sup> | Includes $(4922097) capital gains taxes paid for Macquarie Systematic Emerging Markets Equity Fund. |
| <sup>2</sup> | See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Includes net change of $3,787,898 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;52

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$9716356 | &nbsp;&nbsp;$7962846 | &nbsp;&nbsp;$18822938 | &nbsp;&nbsp;$16648366 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;501398491 | &nbsp;&nbsp;&nbsp;&nbsp;303961897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2761436) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(212329494) | &nbsp;&nbsp;&nbsp;&nbsp;627513039 | &nbsp;&nbsp;&nbsp;&nbsp;(1685347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582606 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;298785353 | &nbsp;&nbsp;&nbsp;&nbsp;939437782 | &nbsp;&nbsp;&nbsp;&nbsp;19930076 | &nbsp;&nbsp;&nbsp;&nbsp;19469536 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(321268286) | &nbsp;&nbsp;&nbsp;(293561457) | &nbsp;&nbsp;&nbsp;&nbsp;(3048524) | &nbsp;&nbsp;&nbsp;&nbsp;(3467339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2924978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2540114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(77561865) | &nbsp;&nbsp;&nbsp;&nbsp;(66889139) | &nbsp;&nbsp;&nbsp;&nbsp;(7288723) | &nbsp;&nbsp;&nbsp;&nbsp;(6906950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7803476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6248098) | &nbsp;&nbsp;&nbsp;&nbsp;(6488058) | &nbsp;&nbsp;&nbsp;&nbsp;(6014218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4172452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2655220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67568) |
|  | &nbsp;&nbsp;&nbsp;(413751139) | &nbsp;&nbsp;&nbsp;(371910104) | &nbsp;&nbsp;&nbsp;&nbsp;(16955536) | &nbsp;&nbsp;&nbsp;&nbsp;(16516146) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;74931335 | &nbsp;&nbsp;&nbsp;&nbsp;72313656 | &nbsp;&nbsp;&nbsp;&nbsp;10837017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8579413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;261385616 | &nbsp;&nbsp;&nbsp;&nbsp;121149507 | &nbsp;&nbsp;&nbsp;&nbsp;79371883 | &nbsp;&nbsp;&nbsp;&nbsp;97482106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;18416140 | &nbsp;&nbsp;&nbsp;&nbsp;24109346 | &nbsp;&nbsp;&nbsp;&nbsp;40382588 | &nbsp;&nbsp;&nbsp;&nbsp;54900887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;14322782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617160 |
| &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;5241459 | &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;&nbsp;&nbsp;179136 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17233034 | &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;&nbsp;&nbsp;40681 | &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;318513474 | &nbsp;&nbsp;&nbsp;&nbsp;291171207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77450578 | &nbsp;&nbsp;&nbsp;&nbsp;66824616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;784491164 | &nbsp;&nbsp;&nbsp;&nbsp;593227063 | &nbsp;&nbsp;&nbsp;172073353 | &nbsp;&nbsp;&nbsp;178589252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;53

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(512467584) | &nbsp;&nbsp;$(511589178) | &nbsp;&nbsp;$(24362402) | &nbsp;&nbsp;$(27253320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6906140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7519044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1380892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(272770584) | &nbsp;&nbsp;&nbsp;&nbsp;(296767446) | &nbsp;&nbsp;&nbsp;(107899953) | &nbsp;&nbsp;&nbsp;&nbsp;(74081448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17792169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19955106) | &nbsp;&nbsp;&nbsp;&nbsp;(38919602) | &nbsp;&nbsp;&nbsp;&nbsp;(24350369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19668849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4466928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572871) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(829609481) | &nbsp;&nbsp;&nbsp;&nbsp;(840423729) | &nbsp;&nbsp;&nbsp;(172881111) | &nbsp;&nbsp;&nbsp;(127706580) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45118317) | &nbsp;&nbsp;&nbsp;&nbsp;(247196666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807758) | &nbsp;&nbsp;&nbsp;&nbsp;50882672 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(160084103) | &nbsp;&nbsp;&nbsp;&nbsp;320331012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166782 | &nbsp;&nbsp;&nbsp;&nbsp;53836062 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;3731097755 | &nbsp;&nbsp;&nbsp;3410766743 | &nbsp;&nbsp;&nbsp;&nbsp;482038121 | &nbsp;&nbsp;&nbsp;&nbsp;428202059 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$3571013652 | &nbsp;&nbsp;$3731097755 | &nbsp;&nbsp;$484204903 | &nbsp;&nbsp;$482038121 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;54

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1702851 | &nbsp;&nbsp;$3932770 | &nbsp;&nbsp;$169029694 | &nbsp;&nbsp;$177704715 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;61668600<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34817518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111541930) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154750162) |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225710<sup>2</sup> | &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;(19675834) | &nbsp;&nbsp;&nbsp;&nbsp;76992467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280219 | &nbsp;&nbsp;&nbsp;&nbsp;237791544 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;43697928 | &nbsp;&nbsp;&nbsp;115742755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71993693 | &nbsp;&nbsp;&nbsp;&nbsp;260746097 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(24661694) | &nbsp;&nbsp;&nbsp;(18813448) | &nbsp;&nbsp;&nbsp;&nbsp;(84054737) | &nbsp;&nbsp;&nbsp;&nbsp;(82468506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5530714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8185702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2088530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2328704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7704434) | &nbsp;&nbsp;&nbsp;&nbsp;(9470074) | &nbsp;&nbsp;&nbsp;&nbsp;(70255033) | &nbsp;&nbsp;&nbsp;&nbsp;(76344445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6649197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3328822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4476363) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(33340071) | &nbsp;&nbsp;&nbsp;(28912533) | &nbsp;&nbsp;&nbsp;&nbsp;(171907033) | &nbsp;&nbsp;&nbsp;&nbsp;(177689185) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;15220170 | &nbsp;&nbsp;&nbsp;&nbsp;12778660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74002559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92882697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9596648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34172803 | &nbsp;&nbsp;&nbsp;&nbsp;26341804 | &nbsp;&nbsp;&nbsp;&nbsp;226968018 | &nbsp;&nbsp;&nbsp;&nbsp;270167093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219046 | &nbsp;&nbsp;&nbsp;&nbsp;12416820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15747080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25801936 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;346631874 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;2359840 | &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;254446 | &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;&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;77820374 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &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;52245469 | &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;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;&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;24452129 | &nbsp;&nbsp;&nbsp;&nbsp;18628974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81188429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80766869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7688919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9447996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70005513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76026993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241189 |
|  | &nbsp;&nbsp;&nbsp;513334344 | &nbsp;&nbsp;&nbsp;&nbsp;80630570 | &nbsp;&nbsp;&nbsp;&nbsp;968110539 | &nbsp;&nbsp;&nbsp;&nbsp;591055213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;55

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(107654648) | &nbsp;&nbsp;$(73551426) | &nbsp;&nbsp;$(314400416) | &nbsp;&nbsp;$(298929610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45067607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51553250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6470054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6600844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(96588153) | &nbsp;&nbsp;&nbsp;&nbsp;(84761157) | &nbsp;&nbsp;&nbsp;&nbsp;(450501837) | &nbsp;&nbsp;&nbsp;&nbsp;(403584653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2351845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1660958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32381108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27926487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24781066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44421962) |
|  | &nbsp;&nbsp;&nbsp;(208580025) | &nbsp;&nbsp;&nbsp;(161096516) | &nbsp;&nbsp;&nbsp;&nbsp;(873602088) | &nbsp;&nbsp;&nbsp;&nbsp;(833016806) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;304754319 | &nbsp;&nbsp;&nbsp;&nbsp;(80465946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94508451 | &nbsp;&nbsp;&nbsp;&nbsp;(241961593) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;315112176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6364276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5404889) | &nbsp;&nbsp;&nbsp;&nbsp;(158904681) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;543213687 | &nbsp;&nbsp;&nbsp;&nbsp;536849411 | &nbsp;&nbsp;&nbsp;2377597468 | &nbsp;&nbsp;&nbsp;2536502149 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$858325863 | &nbsp;&nbsp;$543213687 | &nbsp;&nbsp;$2372192579 | &nbsp;&nbsp;$2377597468 |

---

<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 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;56

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund | &nbsp;&nbsp;Macquarie<br> Large Cap Growth Fund | &nbsp;&nbsp;Macquarie<br> Large Cap Growth Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$21565633 | &nbsp;&nbsp;$28910846 | &nbsp;&nbsp;$(10474145) | &nbsp;&nbsp;$(6279987) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;124363721<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17480643 | &nbsp;&nbsp;&nbsp;&nbsp;555780822 | &nbsp;&nbsp;&nbsp;&nbsp;266207058 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &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;&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;(68601714) | &nbsp;&nbsp;&nbsp;130237640 | &nbsp;&nbsp;&nbsp;&nbsp;(114096299) | &nbsp;&nbsp;&nbsp;1496273822 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;77328665 | &nbsp;&nbsp;&nbsp;176629129 | &nbsp;&nbsp;&nbsp;&nbsp;431210378 | &nbsp;&nbsp;&nbsp;1756200893 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(2896018) | &nbsp;&nbsp;&nbsp;&nbsp;(6938040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55002005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71124444) |
| &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;(397168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1016916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6082082) | &nbsp;&nbsp;&nbsp;&nbsp;(18729967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70881552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95913304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1668996) | &nbsp;&nbsp;&nbsp;&nbsp;(6919437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3983025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6873786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301857) | &nbsp;&nbsp;&nbsp;&nbsp;(1002897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856757) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(11058426) | &nbsp;&nbsp;&nbsp;&nbsp;(34887279) | &nbsp;&nbsp;&nbsp;&nbsp;(132771488) | &nbsp;&nbsp;&nbsp;&nbsp;(178156110) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;31407534 | &nbsp;&nbsp;&nbsp;&nbsp;34968582 | &nbsp;&nbsp;&nbsp;&nbsp;160674595 | &nbsp;&nbsp;&nbsp;&nbsp;165396364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18344210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21865178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;132395879 | &nbsp;&nbsp;&nbsp;128415772 | &nbsp;&nbsp;&nbsp;1673648934 | &nbsp;&nbsp;&nbsp;1113500494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;49807966 | &nbsp;&nbsp;&nbsp;&nbsp;51026945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57229444 | &nbsp;&nbsp;&nbsp;&nbsp;137460796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;16624509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11111238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133924 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;170156916 | &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;&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;2685826 | &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;&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;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;777982 | &nbsp;&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;126336155 | &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;&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;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;&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;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;&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;2854821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54560161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70618650 |
| &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;394738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875277 | &nbsp;&nbsp;&nbsp;&nbsp;18067945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70312488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95003003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6816147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853220 |
|  | &nbsp;&nbsp;&nbsp;547497178 | &nbsp;&nbsp;&nbsp;258323908 | &nbsp;&nbsp;&nbsp;2830397801 | &nbsp;&nbsp;&nbsp;1643564871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;57

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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 Growth Fund | &nbsp;&nbsp;Macquarie<br> Large Cap Growth Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(85350082) | &nbsp;&nbsp;$(57382190) | &nbsp;&nbsp;$(538892000) | &nbsp;&nbsp;$(434051912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8873347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14618595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19396104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16851440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7150401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7991061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13603920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4600692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(276400641) | &nbsp;&nbsp;&nbsp;&nbsp;(250918497) | &nbsp;&nbsp;&nbsp;(1485027187) | &nbsp;&nbsp;&nbsp;&nbsp;(985306170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(109140924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82745524) | &nbsp;&nbsp;&nbsp;&nbsp;(161363855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80617387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14733516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14022940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8765069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11968805) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(501648911) | &nbsp;&nbsp;&nbsp;&nbsp;(427678807) | &nbsp;&nbsp;&nbsp;(2227048135) | &nbsp;&nbsp;&nbsp;(1533396406) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45848267 | &nbsp;&nbsp;&nbsp;&nbsp;(169354899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603349666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110168465 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112118506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27613049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901788556 | &nbsp;&nbsp;&nbsp;&nbsp;1688213248 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;1329271129 | &nbsp;&nbsp;&nbsp;1356884178 | &nbsp;&nbsp;&nbsp;&nbsp;6804334054 | &nbsp;&nbsp;&nbsp;&nbsp;5116120806 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$1441389635 | &nbsp;&nbsp;$1329271129 | &nbsp;&nbsp;$7706122610 | &nbsp;&nbsp;$6804334054 |

---

<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 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;58

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(26004192) | &nbsp;&nbsp;$(18538992) | &nbsp;&nbsp;$17193217 | &nbsp;&nbsp;$21385953 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742235343 | &nbsp;&nbsp;&nbsp;&nbsp;219577322 | &nbsp;&nbsp;&nbsp;&nbsp;127510840 | &nbsp;&nbsp;&nbsp;&nbsp;55256132 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(1433147247) | &nbsp;&nbsp;&nbsp;&nbsp;658199829 | &nbsp;&nbsp;&nbsp;(132660067) | &nbsp;&nbsp;&nbsp;132600856 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(716916096) | &nbsp;&nbsp;&nbsp;&nbsp;859238159 | &nbsp;&nbsp;&nbsp;&nbsp;12043990 | &nbsp;&nbsp;&nbsp;209242941 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(135508942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95139802) | &nbsp;&nbsp;&nbsp;&nbsp;(15884639) | &nbsp;&nbsp;&nbsp;&nbsp;(8479839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7892680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5878732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1538512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(848362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3971070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3803348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(168850488) | &nbsp;&nbsp;&nbsp;&nbsp;(161797407) | &nbsp;&nbsp;&nbsp;&nbsp;(84563200) | &nbsp;&nbsp;&nbsp;&nbsp;(46567429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69127950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66481420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9471480) | &nbsp;&nbsp;&nbsp;&nbsp;(4928124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12173383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13209909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699549) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(397524513) | &nbsp;&nbsp;&nbsp;&nbsp;(346310618) | &nbsp;&nbsp;&nbsp;(113993733) | &nbsp;&nbsp;&nbsp;&nbsp;(62047024) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62581778 | &nbsp;&nbsp;&nbsp;&nbsp;100687868 | &nbsp;&nbsp;&nbsp;&nbsp;10900284 | &nbsp;&nbsp;&nbsp;&nbsp;10887181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581672 | &nbsp;&nbsp;&nbsp;&nbsp;11352814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528665889 | &nbsp;&nbsp;&nbsp;&nbsp;615587206 | &nbsp;&nbsp;&nbsp;&nbsp;158489110 | &nbsp;&nbsp;&nbsp;167713173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217744473 | &nbsp;&nbsp;&nbsp;&nbsp;385714959 | &nbsp;&nbsp;&nbsp;&nbsp;12637834 | &nbsp;&nbsp;&nbsp;&nbsp;20248494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30378092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33675695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415257 |
| &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;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;&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;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;&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;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;&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;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;&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;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;— | &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;134050398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94546286 | &nbsp;&nbsp;&nbsp;&nbsp;15872330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7841295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5861944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166340845 | &nbsp;&nbsp;&nbsp;&nbsp;158778651 | &nbsp;&nbsp;&nbsp;&nbsp;82302094 | &nbsp;&nbsp;&nbsp;&nbsp;45347853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68916553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66325689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9073487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13193766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2316678942 | &nbsp;&nbsp;&nbsp;1494895455 | &nbsp;&nbsp;&nbsp;&nbsp;296891656 | &nbsp;&nbsp;&nbsp;276383275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;59

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(423223872) | &nbsp;&nbsp;$(342792633) | &nbsp;&nbsp;$(34161411) | &nbsp;&nbsp;$(46602537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36347914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24193661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5711716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5979742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16556152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20642621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4126890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1552003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(1461209081) | &nbsp;&nbsp;&nbsp;&nbsp;(863664699) | &nbsp;&nbsp;&nbsp;&nbsp;(359066701) | &nbsp;&nbsp;&nbsp;&nbsp;(453495989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(467442480) | &nbsp;&nbsp;&nbsp;&nbsp;(326126108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29060723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29774708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76614434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61642216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3708984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3722108) |
|  | &nbsp;&nbsp;&nbsp;(2481393933) | &nbsp;&nbsp;&nbsp;(1639061938) | &nbsp;&nbsp;&nbsp;&nbsp;(435836425) | &nbsp;&nbsp;&nbsp;&nbsp;(541127087) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(164714991) | &nbsp;&nbsp;&nbsp;&nbsp;(144166483) | &nbsp;&nbsp;&nbsp;&nbsp;(138944769) | &nbsp;&nbsp;&nbsp;&nbsp;(264743812) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(1279155600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368761058 | &nbsp;&nbsp;&nbsp;&nbsp;(240894512) | &nbsp;&nbsp;&nbsp;&nbsp;(117547895) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;6245913036 | &nbsp;&nbsp;&nbsp;&nbsp;5877151978 | &nbsp;&nbsp;&nbsp;1172434029 | &nbsp;&nbsp;&nbsp;1289981924 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$4966757436 | &nbsp;&nbsp;$6245913036 | &nbsp;&nbsp;$931539517 | &nbsp;&nbsp;$1172434029 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;60

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(10068177) | &nbsp;&nbsp;$(9567954) | &nbsp;&nbsp;$1028657 | &nbsp;&nbsp;$1286569 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;131016248<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71849436 | &nbsp;&nbsp;&nbsp;&nbsp;4963432<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5714445 |
| &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;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;&nbsp;213<sup>2</sup> | &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;(206234091) | &nbsp;&nbsp;&nbsp;152099587 | &nbsp;&nbsp;&nbsp;&nbsp;(4423653) | &nbsp;&nbsp;&nbsp;54446145 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(85285957) | &nbsp;&nbsp;&nbsp;214381069 | &nbsp;&nbsp;&nbsp;&nbsp;1568649 | &nbsp;&nbsp;&nbsp;61447159 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(34271912) | &nbsp;&nbsp;&nbsp;&nbsp;(29855478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1929041) | &nbsp;&nbsp;&nbsp;&nbsp;(1435283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666405) | &nbsp;&nbsp;&nbsp;&nbsp;(2201928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(15359796) | &nbsp;&nbsp;&nbsp;&nbsp;(14786057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(985384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4161858) | &nbsp;&nbsp;&nbsp;&nbsp;(4918319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124222) | &nbsp;&nbsp;&nbsp;&nbsp;(1715869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31304) |
| &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;&nbsp;&nbsp;(73639) |
| &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;(7649) |
| &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;(13197) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97546) |
| &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;(26377) |
| &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;&nbsp;(3529) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(59513234) | &nbsp;&nbsp;&nbsp;&nbsp;(54912934) | &nbsp;&nbsp;&nbsp;&nbsp;(1027490) | &nbsp;&nbsp;&nbsp;&nbsp;(2516684) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;24676263 | &nbsp;&nbsp;&nbsp;&nbsp;30659253 | &nbsp;&nbsp;&nbsp;11497050 | &nbsp;&nbsp;&nbsp;11360682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354222 | &nbsp;&nbsp;&nbsp;&nbsp;1076321 | &nbsp;&nbsp;&nbsp;&nbsp;1003583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642078 | &nbsp;&nbsp;&nbsp;&nbsp;3085234 | &nbsp;&nbsp;&nbsp;&nbsp;2816715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95499301 | &nbsp;&nbsp;&nbsp;104265428 | &nbsp;&nbsp;&nbsp;56516094 | &nbsp;&nbsp;&nbsp;22008105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;18567784 | &nbsp;&nbsp;&nbsp;&nbsp;40393224 | &nbsp;&nbsp;&nbsp;&nbsp;5782871 | &nbsp;&nbsp;&nbsp;&nbsp;5870655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791915 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &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;&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;34141794 | &nbsp;&nbsp;&nbsp;&nbsp;29769259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15203093 | &nbsp;&nbsp;&nbsp;&nbsp;14606311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497724 | &nbsp;&nbsp;&nbsp;&nbsp;1071072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34768 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;295813745 | &nbsp;&nbsp;&nbsp;241688210 | &nbsp;&nbsp;&nbsp;79575462 | &nbsp;&nbsp;&nbsp;46353333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;61

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(138037888) | &nbsp;&nbsp;$(160032340) | &nbsp;&nbsp;$(24290069) | &nbsp;&nbsp;$(28109077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7475399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7606558) | &nbsp;&nbsp;&nbsp;&nbsp;(3693714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4050880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8441688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8537983) | &nbsp;&nbsp;&nbsp;&nbsp;(4422088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3486649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(239850442) | &nbsp;&nbsp;&nbsp;&nbsp;(272099839) | &nbsp;&nbsp;&nbsp;&nbsp;(52603419) | &nbsp;&nbsp;&nbsp;&nbsp;(63935836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91025463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49544369) | &nbsp;&nbsp;&nbsp;&nbsp;(10353142) | &nbsp;&nbsp;&nbsp;&nbsp;(12363169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12029542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52757296) | &nbsp;&nbsp;&nbsp;&nbsp;(1000214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1391387) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(496860422) | &nbsp;&nbsp;&nbsp;&nbsp;(550578385) | &nbsp;&nbsp;&nbsp;&nbsp;(96362646) | &nbsp;&nbsp;&nbsp;(113336998) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(201046677) | &nbsp;&nbsp;&nbsp;&nbsp;(308890175) | &nbsp;&nbsp;&nbsp;&nbsp;(16787184) | &nbsp;&nbsp;&nbsp;&nbsp;(66983665) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(345845868) | &nbsp;&nbsp;&nbsp;&nbsp;(149422040) | &nbsp;&nbsp;&nbsp;&nbsp;(16246025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8053190) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;1386416542 | &nbsp;&nbsp;&nbsp;1535838582 | &nbsp;&nbsp;&nbsp;339727895 | &nbsp;&nbsp;&nbsp;&nbsp;347781085 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$1040570674 | &nbsp;&nbsp;$1386416542 | &nbsp;&nbsp;$323481870 | &nbsp;&nbsp;$339727895 |

---

<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 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;62

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund<sup>φ</sup> |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$17971218 | &nbsp;&nbsp;$22478943 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;34380248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18653640) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(19544652) | &nbsp;&nbsp;&nbsp;&nbsp;71857685 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;32806814 | &nbsp;&nbsp;&nbsp;&nbsp;75682988 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(4556758) | &nbsp;&nbsp;&nbsp;&nbsp;(5063707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(12934228) | &nbsp;&nbsp;&nbsp;&nbsp;(14869547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(3499420) | &nbsp;&nbsp;&nbsp;&nbsp;(4253760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797906) |
|  | &nbsp;&nbsp;&nbsp;(22588974) | &nbsp;&nbsp;&nbsp;&nbsp;(25724264) |
| **Capital Share Transactions (See Note 6):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;12334270 | &nbsp;&nbsp;&nbsp;&nbsp;13160128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87322698 | &nbsp;&nbsp;&nbsp;&nbsp;71028894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;19299080 | &nbsp;&nbsp;&nbsp;&nbsp;21769826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277753 |
| &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;4505238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11831001 | &nbsp;&nbsp;&nbsp;&nbsp;13996689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797877 |
|  | &nbsp;&nbsp;&nbsp;151504116 | &nbsp;&nbsp;&nbsp;139696057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;63

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie Systematic<br> Emerging Markets Equity<br> Fund<sup>φ</sup> |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(42664345) | &nbsp;&nbsp;$(49810065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7621248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8856463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1698041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(153778389) | &nbsp;&nbsp;&nbsp;(213874674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(49372201) | &nbsp;&nbsp;&nbsp;&nbsp;(58350607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7519844) | &nbsp;&nbsp;&nbsp;&nbsp;(10427108) |
|  | &nbsp;&nbsp;&nbsp;(262255771) | &nbsp;&nbsp;&nbsp;(343016958) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(110751655) | &nbsp;&nbsp;&nbsp;(203320901) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;(100533815) | &nbsp;&nbsp;&nbsp;(153362177) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;761027804 | &nbsp;&nbsp;&nbsp;&nbsp;914389981 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$660493989 | &nbsp;&nbsp;$761027804 |

---

<sup>φ</sup> Consolidated statements of changes in net assets through November 27, 2024. See Note 1 in "Notes to financial statements." <br> <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;64

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## 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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$17.11 | &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>1</sup> | &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;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;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;(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;(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;(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;$16.47 | &nbsp;&nbsp;$17.11 | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$18.10 | &nbsp;&nbsp;$18.01 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71%)<sup>3</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;$2633516 | &nbsp;&nbsp;$2846374 | &nbsp;&nbsp;$2574630 | &nbsp;&nbsp;$3424139 | &nbsp;&nbsp;$3411<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</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;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>5</sup> | &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;0.20% | &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;0.18% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;65

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) <sup>2</sup> | &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;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;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;(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;(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;(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;$11.26 | &nbsp;&nbsp;$12.34 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$14.27 | &nbsp;&nbsp;$14.65 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;30.19%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.48%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;12.85% | &nbsp;&nbsp;&nbsp;56.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$17523 | &nbsp;&nbsp;$18101 | &nbsp;&nbsp;$17253 | &nbsp;&nbsp;$27556 | &nbsp;&nbsp;$33<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;(0.55%) | &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;(0.57%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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.

66&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$16.84 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>2</sup> | &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;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;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;—<sup>3</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;(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;(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;$16.16 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$17.88 | &nbsp;&nbsp;$17.82 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.67%<sup>5</sup> | &nbsp;&nbsp;&nbsp;30.84%<sup>5</sup> | &nbsp;&nbsp;&nbsp;(6.98%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;13.42% | &nbsp;&nbsp;&nbsp;56.93% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$172 | &nbsp;&nbsp;$161 | &nbsp;&nbsp;$231 | &nbsp;&nbsp;$212 | &nbsp;&nbsp;$1<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &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>7</sup> | &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;(0.05%) | &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;(0.07%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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.

<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;67

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.06 | &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>1</sup> | &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;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;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;(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;(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;(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;$20.77 | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$20.77 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.23%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31.50%<sup>3</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;$814243 | &nbsp;&nbsp;$764906 | &nbsp;&nbsp;$744911 | &nbsp;&nbsp;$1070912 | &nbsp;&nbsp;$1101<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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 | &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;0.45% | &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;0.43% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

68&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.13 | &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>1</sup> | &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;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;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;(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;(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;(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;$20.84 | &nbsp;&nbsp;$21.13 | &nbsp;&nbsp;$17.73 | &nbsp;&nbsp;$21.31 | &nbsp;&nbsp;$20.82 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.31%<sup>3</sup> | &nbsp;&nbsp;&nbsp;31.60%<sup>3</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;$77069 | &nbsp;&nbsp;$70743 | &nbsp;&nbsp;$48677 | &nbsp;&nbsp;$91633 | &nbsp;&nbsp;$90<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;0.52% | &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;0.50% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;69

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.93 | &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>1</sup> | &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;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;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;(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;(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;(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;$19.50 | &nbsp;&nbsp;$19.93 | &nbsp;&nbsp;$16.83 | &nbsp;&nbsp;$20.38 | &nbsp;&nbsp;$20.01 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.99%<sup>3</sup> | &nbsp;&nbsp;&nbsp;31.13% | &nbsp;&nbsp;&nbsp;(6.63%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;13.99%<sup>3</sup> | &nbsp;&nbsp;&nbsp;57.75%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$28491 | &nbsp;&nbsp;$30813 | &nbsp;&nbsp;$25065 | &nbsp;&nbsp;$29855 | &nbsp;&nbsp;$26<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;0.21% | &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;0.19% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

70&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.15 | &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>1</sup> | &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;0.01 | &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;0.34 | &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;(0.29) | &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;(0.29) | &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;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 |
| **Total return<sup>2</sup>** | &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;$91772 | &nbsp;&nbsp;$96400 | &nbsp;&nbsp;$111266 | &nbsp;&nbsp;$150133 | &nbsp;&nbsp;$178<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>6</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>6</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;3.58% | &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;3.41% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</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;71

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.14 | &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>1</sup> | &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;0.01 | &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;0.27 | &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;(0.22) | &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;(0.22) | &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;$9.19 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 |
| **Total return<sup>2</sup>** | &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;$1185 | &nbsp;&nbsp;$1729 | &nbsp;&nbsp;$2675 | &nbsp;&nbsp;$3499 | &nbsp;&nbsp;$4<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.71%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.72%<sup>6</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>4</sup> | &nbsp;&nbsp;&nbsp;1.88%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.84%<sup>6</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;2.83% | &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;2.66% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</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.

72&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.13 | &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>1</sup> | &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;0.01 | &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;0.31 | &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;(0.27) | &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;(0.27) | &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;$9.17 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.07 | &nbsp;&nbsp;$9.55 | &nbsp;&nbsp;$10.23 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;3.50%<sup>3</sup> | &nbsp;&nbsp;&nbsp;3.98%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(2.31%)<sup>3</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;$1043 | &nbsp;&nbsp;$342 | &nbsp;&nbsp;$257 | &nbsp;&nbsp;$260 | &nbsp;&nbsp;$—<sup>4,5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.21%<sup>7</sup> | &nbsp;&nbsp;&nbsp;1.22%<sup>8</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>6</sup> | &nbsp;&nbsp;&nbsp;1.38%<sup>7</sup> | &nbsp;&nbsp;&nbsp;1.34%<sup>8</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;3.33% | &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;3.16% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>4</sup> Net assets reported in millions.

<sup>5</sup> Rounds to less than $500 thousands.

<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 1.21% and 1.33%, respectively.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;73

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.14 | &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>1</sup> | &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;0.01 | &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;0.36 | &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;(0.32) | &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;(0.32) | &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;$9.18 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 |
| **Total return<sup>2</sup>** | &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;$207714 | &nbsp;&nbsp;$210566 | &nbsp;&nbsp;$179446 | &nbsp;&nbsp;$198358 | &nbsp;&nbsp;$241<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>6</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>6</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;3.83% | &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;3.66% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</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.

74&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.13 | &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>1</sup> | &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;0.02 | &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;0.38 | &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;(0.33) | &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;(0.33) | &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;$9.18 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>3</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;$180146 | &nbsp;&nbsp;$171002 | &nbsp;&nbsp;$132679 | &nbsp;&nbsp;$143870 | &nbsp;&nbsp;$62<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>7</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>7</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;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;3.78% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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 0.63% and 0.73%, respectively.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;75

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.15 | &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>1</sup> | &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;0.02 | &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;0.35 | &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;(0.30) | &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;(0.30) | &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;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$10.26 |
| **Total return<sup>2</sup>** | &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;$2345 | &nbsp;&nbsp;$1999 | &nbsp;&nbsp;$1879 | &nbsp;&nbsp;$881 | &nbsp;&nbsp;$1<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.96%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.97%<sup>6</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>4</sup> | &nbsp;&nbsp;&nbsp;1.13%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.09%<sup>6</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;3.58% | &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;3.41% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</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.

76&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>2</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;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;—<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;1.77 | &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;(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;(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;(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;$35.09 | &nbsp;&nbsp;$34.68 | &nbsp;&nbsp;$29.35 | &nbsp;&nbsp;$54.30 | &nbsp;&nbsp;$56.56 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.96%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25.48%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.48%)<sup>5</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;$631961 | &nbsp;&nbsp;$346465 | &nbsp;&nbsp;$333400 | &nbsp;&nbsp;$481991 | &nbsp;&nbsp;$531<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>8</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;0.12% | &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;(0.07%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$18.40 | &nbsp;&nbsp;$43.16 | &nbsp;&nbsp;$45.65 | &nbsp;&nbsp;$31.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) <sup>3</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;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;—<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;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;(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;(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;(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;$20.33 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$18.40 | &nbsp;&nbsp;$43.16 | &nbsp;&nbsp;$45.65 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;24.49%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.30%)<sup>6</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;$3124 | &nbsp;&nbsp;$2164 | &nbsp;&nbsp;$2187 | &nbsp;&nbsp;$3530 | &nbsp;&nbsp;$5<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>9</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>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>9</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;(0.64%) | &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;(0.83%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

78&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$33.53 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>2</sup> | &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;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;—<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;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;(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;(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;(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;$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;&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;$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;1.39%<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;1.58%<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;(0.10%) | &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;(0.29%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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.

&nbsp;&nbsp;&nbsp;&nbsp;79

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>2</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;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;—<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;1.94 | &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;(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;(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;(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;$37.21 | &nbsp;&nbsp;$36.64 | &nbsp;&nbsp;$30.86 | &nbsp;&nbsp;$55.82 | &nbsp;&nbsp;$58.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25.81%<sup>2</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;$203757 | &nbsp;&nbsp;$177272 | &nbsp;&nbsp;$196155 | &nbsp;&nbsp;$379099 | &nbsp;&nbsp;$494<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>7</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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>7</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;0.42% | &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;0.23% | &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;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> Calculated using average shares outstanding.

<sup>2</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>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. 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 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

80&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>2</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;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;—<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;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;(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;(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;(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;$37.30 | &nbsp;&nbsp;$36.74 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$56.21 | &nbsp;&nbsp;$58.51 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.28%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;25.87%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(4.20%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;58.50% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$15739 | &nbsp;&nbsp;$14681 | &nbsp;&nbsp;$2908 | &nbsp;&nbsp;$2633 | &nbsp;&nbsp;$19<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>8</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;0.53% | &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;0.32% | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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;81

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$35.04 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>2</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;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;—<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;— |
| Total from investment operations | &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;(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;(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;(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;$35.45 | &nbsp;&nbsp;$35.04 | &nbsp;&nbsp;$29.66 | &nbsp;&nbsp;$54.63 | &nbsp;&nbsp;$56.88 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.92%<sup>3</sup> | &nbsp;&nbsp;&nbsp;25.48%<sup>2</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;$2786 | &nbsp;&nbsp;$1860 | &nbsp;&nbsp;$1483 | &nbsp;&nbsp;$1962 | &nbsp;&nbsp;$3<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>7</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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>7</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;0.11% | &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;(0.08%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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. 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 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

82&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie High Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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>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;— |
| Total from investment operations | &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;(0.39) | &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;(0.39) | &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;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.02%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>5</sup> | &nbsp;&nbsp;&nbsp;28.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1207774 | &nbsp;&nbsp;$1109865 | &nbsp;&nbsp;$1196375 | &nbsp;&nbsp;$1576813 | &nbsp;&nbsp;$1816<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>8,9</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>8,9</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;6.32% | &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;6.24% | &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;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>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 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> Payments by affiliates had no impact on net asset value and total return.

<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> 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_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie High Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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>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;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;(0.34) | &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;(0.34) | &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;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;10.53% | &nbsp;&nbsp;&nbsp;&nbsp;(6.70%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;27.28%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$76913 | &nbsp;&nbsp;$111787 | &nbsp;&nbsp;$141497 | &nbsp;&nbsp;$221601 | &nbsp;&nbsp;$321<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>8,9</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>8,9</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;5.54% | &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;5.46% | &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;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>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 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> Payments by affiliates had no impact on net asset value and total return.

<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> 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_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie High Income Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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>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;— |
| Total from investment operations | &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;(0.37) | &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;(0.37) | &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;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;11.08% | &nbsp;&nbsp;&nbsp;&nbsp;(6.29%) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>5</sup> | &nbsp;&nbsp;&nbsp;27.67% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$31504 | &nbsp;&nbsp;$32778 | &nbsp;&nbsp;$34322 | &nbsp;&nbsp;$44613 | &nbsp;&nbsp;$48<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>8,9</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>8,9</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;6.07% | &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;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;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>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.

<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> Payments by affiliates had no impact on net asset value and total return.

<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> 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;85

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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>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;— |
| Total from investment operations | &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;(0.40) | &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;(0.40) | &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;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.34%<sup>2,4</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>5</sup> | &nbsp;&nbsp;&nbsp;28.44% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$912237 | &nbsp;&nbsp;$1013680 | &nbsp;&nbsp;$1035891 | &nbsp;&nbsp;$1454150 | &nbsp;&nbsp;$1868<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>8,9</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>8,9</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;6.57% | &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;6.49% | &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;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>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.

<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> Payments by affiliates had no impact on net asset value and total return.

<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> 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.

86&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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>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;— |
| Total from investment operations | &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;(0.41) | &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;(0.41) | &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;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;11.64% | &nbsp;&nbsp;&nbsp;&nbsp;(5.68%) | &nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>5</sup> | &nbsp;&nbsp;&nbsp;28.63% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$97070 | &nbsp;&nbsp;$53111 | &nbsp;&nbsp;$59659 | &nbsp;&nbsp;$64630 | &nbsp;&nbsp;$67<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>8,9</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>8,9</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;6.68% | &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;6.60% | &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;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>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.

<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> Payments by affiliates had no impact on net asset value and total return.

<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> 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;87

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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>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;— |
| Total from investment operations | &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;(0.39) | &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;(0.39) | &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;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;11.35% | &nbsp;&nbsp;&nbsp;&nbsp;(6.02%) | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;28.17%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$46695 | &nbsp;&nbsp;$56376 | &nbsp;&nbsp;$68758 | &nbsp;&nbsp;$99847 | &nbsp;&nbsp;$138<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>8,9</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>8,9</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;6.32% | &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;6.24% | &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;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>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.

<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> Payments by affiliates had no impact on net asset value and total return.

<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> 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.

88&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$20.99 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>2</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;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28<sup>3</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;—<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;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;(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;(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;$21.84 | &nbsp;&nbsp;$20.99 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$19.09 | &nbsp;&nbsp;$19.82 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.36%<sup>2,3</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;$431680 | &nbsp;&nbsp;$293102 | &nbsp;&nbsp;$278607 | &nbsp;&nbsp;$329081 | &nbsp;&nbsp;$388<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>8</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;1.16% | &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;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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.07 and total return by 0.10% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<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 $0.02 and total return by 0.11%.

<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.

<sup>8</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

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie International Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$18.24 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>2</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;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95<sup>3</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;—<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;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;(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;(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;$18.96 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$16.39 | &nbsp;&nbsp;$16.62 | &nbsp;&nbsp;$17.33 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.95%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;13.47%<sup>2,3</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;$13597 | &nbsp;&nbsp;$18338 | &nbsp;&nbsp;$28549 | &nbsp;&nbsp;$45987 | &nbsp;&nbsp;$67<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>8</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;0.62% | &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;0.34% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.06 and total return by 0.11% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<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 $0.02 and total return by 0.12%.

<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.

<sup>8</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;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie International Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$20.97 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>2</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;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>3</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;—<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;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;(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;(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;$21.84 | &nbsp;&nbsp;$20.97 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$19.80 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.44%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;14.06%<sup>2,3</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;$38415 | &nbsp;&nbsp;$40627 | &nbsp;&nbsp;$41758 | &nbsp;&nbsp;$47807 | &nbsp;&nbsp;$55<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>8</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;1.06% | &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;0.78% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.07 and total return by 0.10% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<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 $0.02 and total return by 0.11%.

<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 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;91

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.18 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</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;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28<sup>3</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;—<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;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;(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;(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;$22.06 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.00%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.59%<sup>2,3</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;$714048 | &nbsp;&nbsp;$693391 | &nbsp;&nbsp;$723002 | &nbsp;&nbsp;$1024716 | &nbsp;&nbsp;$1408<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>8</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;1.50% | &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;1.22% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.07 and total return by 0.09% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<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 $0.02 and total return by 0.11%.

<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 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

92&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.24 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>2</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;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29<sup>3</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;—<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;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;(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;(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;$22.15 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$19.05 | &nbsp;&nbsp;$19.30 | &nbsp;&nbsp;$20.03 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.14%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.69%<sup>2,3</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;$200596 | &nbsp;&nbsp;$244996 | &nbsp;&nbsp;$243848 | &nbsp;&nbsp;$347008 | &nbsp;&nbsp;$497<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>8</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;1.74% | &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;1.45% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.07 and total return by 0.09% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<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 $0.02 and total return by 0.10%.

<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 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;93

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.16 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>2</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;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>3</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;—<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;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;(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;(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;$22.01 | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;14.27%<sup>2,3</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;$43054 | &nbsp;&nbsp;$38817 | &nbsp;&nbsp;$41120 | &nbsp;&nbsp;$49433 | &nbsp;&nbsp;$91<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>8</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;1.30% | &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;1.02% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.07 and total return by 0.09% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<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 $0.02 and total return by 0.11%.

<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 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

94&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Large Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;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;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;(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;(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;$33.86 | &nbsp;&nbsp;$32.68 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$31.11 | &nbsp;&nbsp;$29.35 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.90%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24%)<sup>3</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;$3002357 | &nbsp;&nbsp;$2532714 | &nbsp;&nbsp;$2127513 | &nbsp;&nbsp;$2834191 | &nbsp;&nbsp;$2740<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>6</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>6</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;&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;&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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;95

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Large Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.17 | &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>1</sup> | &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;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;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;(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;(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;$22.62 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$17.46 | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;$22.15 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>3</sup> | &nbsp;&nbsp;&nbsp;32.90%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.97%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;15.55% | &nbsp;&nbsp;&nbsp;51.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$59938 | &nbsp;&nbsp;$61156 | &nbsp;&nbsp;$44773 | &nbsp;&nbsp;$63666 | &nbsp;&nbsp;$69<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>6</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>6</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;(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;(1.11%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

96&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Large Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;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;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;(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;(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;$31.00 | &nbsp;&nbsp;$30.03 | &nbsp;&nbsp;$23.26 | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$27.57 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>3</sup> | &nbsp;&nbsp;&nbsp;33.56%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.55%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.07% | &nbsp;&nbsp;&nbsp;52.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$30489 | &nbsp;&nbsp;$34190 | &nbsp;&nbsp;$10598 | &nbsp;&nbsp;$12298 | &nbsp;&nbsp;$13<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>6</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>6</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;(0.53%) | &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;(0.61%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Large Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$35.92 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &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;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;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;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;(0.01) |
| Net realized gain | &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;(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;$37.37 | &nbsp;&nbsp;$35.92 | &nbsp;&nbsp;$27.53 | &nbsp;&nbsp;$33.61 | &nbsp;&nbsp;$31.48 |
| **Total return<sup>3</sup>** | &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;$4346255 | &nbsp;&nbsp;$3830418 | &nbsp;&nbsp;$2723101 | &nbsp;&nbsp;$2626992 | &nbsp;&nbsp;$2527<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>6</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>6</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;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>7</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;(0.10%) | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<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> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

98&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<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;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &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;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;(0.02) |
| Net realized gain | &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;(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;$37.77 | &nbsp;&nbsp;$36.27 | &nbsp;&nbsp;$27.78 | &nbsp;&nbsp;$33.89 | &nbsp;&nbsp;$31.71 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34.29%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.01%)<sup>4</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;$230031 | &nbsp;&nbsp;$313272 | &nbsp;&nbsp;$185287 | &nbsp;&nbsp;$166623 | &nbsp;&nbsp;$164<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>7</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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>7</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;0.05% | &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;(0.02%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;99

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;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;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;(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;(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;$35.36 | &nbsp;&nbsp;$34.10 | &nbsp;&nbsp;$26.24 | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$30.36 |
| **Total return<sup>2</sup>** | &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;$37053 | &nbsp;&nbsp;$32584 | &nbsp;&nbsp;$24849 | &nbsp;&nbsp;$35926 | &nbsp;&nbsp;$31<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>5</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>5</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;(0.27%) | &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;(0.35%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</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.

100&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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;(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;(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;(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;$22.94 | &nbsp;&nbsp;$28.16 | &nbsp;&nbsp;$26.14 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;$37.42 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(12.78%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.44%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(10.07%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90%) | &nbsp;&nbsp;&nbsp;85.37%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1616500 | &nbsp;&nbsp;$1549167 | &nbsp;&nbsp;$1582726 | &nbsp;&nbsp;$2158678 | &nbsp;&nbsp;$2453<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>6</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>6</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;(0.59%) | &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;(0.75%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;101

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.94 | &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>1</sup> | &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;(2.12) | &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;(2.37) | &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;(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;(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;$15.65 | &nbsp;&nbsp;$19.94 | &nbsp;&nbsp;$19.16 | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$29.76 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;(13.41%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;14.56%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(10.79%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.67%) | &nbsp;&nbsp;&nbsp;83.95%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$61560 | &nbsp;&nbsp;$68708 | &nbsp;&nbsp;$75826 | &nbsp;&nbsp;$121668 | &nbsp;&nbsp;$170<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>6</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>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>6</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;(1.34%) | &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;(1.50%) | &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;&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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

102&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&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;&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;(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;(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;$21.38 | &nbsp;&nbsp;$26.44 | &nbsp;&nbsp;$24.71 | &nbsp;&nbsp;$30.81 | &nbsp;&nbsp;$35.92 |
| **Total return<sup>2</sup>** | &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;$44288 | &nbsp;&nbsp;$54529 | &nbsp;&nbsp;$58839 | &nbsp;&nbsp;$74908 | &nbsp;&nbsp;$88<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>5</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>5</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;(0.84%) | &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;(1.00%) | &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;&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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</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

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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;(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;(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;(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;$26.81 | &nbsp;&nbsp;$32.52 | &nbsp;&nbsp;$29.84 | &nbsp;&nbsp;$36.32 | &nbsp;&nbsp;$41.48 |
| **Total return<sup>2</sup>** | &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;$2149899 | &nbsp;&nbsp;$3054252 | &nbsp;&nbsp;$2887695 | &nbsp;&nbsp;$3577939 | &nbsp;&nbsp;$3609<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>5</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>5</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;(0.34%) | &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;(0.50%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</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.

104&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&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;&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;(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;(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;$27.23 | &nbsp;&nbsp;$32.97 | &nbsp;&nbsp;$30.21 | &nbsp;&nbsp;$36.73 | &nbsp;&nbsp;$41.89 |
| **Total return<sup>2</sup>** | &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;$938480 | &nbsp;&nbsp;$1292279 | &nbsp;&nbsp;$1048374 | &nbsp;&nbsp;$980539 | &nbsp;&nbsp;$736<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>5</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>5</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;(0.23%) | &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;(0.39%) | &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;&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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</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;105

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Mid Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(3.41) | &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;(3.58) | &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;(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;(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;$24.86 | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$28.04 | &nbsp;&nbsp;$34.43 | &nbsp;&nbsp;$39.57 |
| **Total return<sup>2</sup>** | &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;$156030 | &nbsp;&nbsp;$226978 | &nbsp;&nbsp;$223692 | &nbsp;&nbsp;$284480 | &nbsp;&nbsp;$363<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>5</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>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>5</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;(0.59%) | &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;(0.75%) | &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;&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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</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.

106&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.66 | &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>1</sup> | &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;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;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;(0.29) | &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;(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;(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;$17.86 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.38 |
| **Total return<sup>2</sup>** | &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;$142549 | &nbsp;&nbsp;$164478 | &nbsp;&nbsp;$171183 | &nbsp;&nbsp;$188631 | &nbsp;&nbsp;$178<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &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>4</sup> | &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;1.38% | &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;1.46% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</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;107

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.62 | &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>1</sup> | &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;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;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;(0.14) | &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;(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;(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;$17.82 | &nbsp;&nbsp;$19.62 | &nbsp;&nbsp;$17.22 | &nbsp;&nbsp;$18.71 | &nbsp;&nbsp;$18.30 |
| **Total return<sup>2</sup>** | &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;$13847 | &nbsp;&nbsp;$18742 | &nbsp;&nbsp;$20280 | &nbsp;&nbsp;$27245 | &nbsp;&nbsp;$24<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &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>4</sup> | &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;0.63% | &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;0.71% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</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.

108&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.65 | &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>1</sup> | &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;&nbsp;—<sup>2</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;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;(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;(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;(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;$17.84 | &nbsp;&nbsp;$19.65 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.77 | &nbsp;&nbsp;$18.35 |
| **Total return<sup>3</sup>** | &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;$10634 | &nbsp;&nbsp;$13117 | &nbsp;&nbsp;$1131 | &nbsp;&nbsp;$1205 | &nbsp;&nbsp;$1<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;1.12% | &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;0.93% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<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;109

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.68 | &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>1</sup> | &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;&nbsp;&nbsp;&nbsp;—<sup>2</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;&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;&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;(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;&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;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.27 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 |
| **Total return<sup>3</sup>** | &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;$672059 | &nbsp;&nbsp;$865423 | &nbsp;&nbsp;$996722 | &nbsp;&nbsp;$1399865 | &nbsp;&nbsp;$1224<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;1.63% | &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;1.71% | &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;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> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<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.

110&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.68 | &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>1</sup> | &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;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;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;(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;(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;(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;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.28 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 |
| **Total return<sup>2</sup>** | &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;$80036 | &nbsp;&nbsp;$95789 | &nbsp;&nbsp;$89010 | &nbsp;&nbsp;$112720 | &nbsp;&nbsp;$103<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &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>4</sup> | &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;1.73% | &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;1.54% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</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;111

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.78 | &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>1</sup> | &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;(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;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;(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;(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;(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;$17.97 | &nbsp;&nbsp;$19.78 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.39 |
| **Total return<sup>2</sup>** | &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;$12415 | &nbsp;&nbsp;$14885 | &nbsp;&nbsp;$11656 | &nbsp;&nbsp;$27888 | &nbsp;&nbsp;$38<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &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>4</sup> | &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;1.37% | &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;1.18% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</sup> Net assets reported in millions.

<sup>4</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.

112&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Small Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99<sup>2</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;—<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;— |
| Total from investment operations | &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;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &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;(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;$11.30 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$22.28 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(7.79%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.98%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(14.90%)<sup>5</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;$510833 | &nbsp;&nbsp;$647245 | &nbsp;&nbsp;$681798 | &nbsp;&nbsp;$1030905 | &nbsp;&nbsp;$1318<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>8</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;(0.80%) | &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;(1.06%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Small Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$7.06 | &nbsp;&nbsp;$6.67 | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$15.96 | &nbsp;&nbsp;$9.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| Payment by affiliates | &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;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 |
| **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;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &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;(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;(6.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.80 | &nbsp;&nbsp;$7.06 | &nbsp;&nbsp;$6.67 | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$15.96 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(8.53%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;16.04%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(15.56%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.89%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;82.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$14197 | &nbsp;&nbsp;$16724 | &nbsp;&nbsp;$20607 | &nbsp;&nbsp;$36063 | &nbsp;&nbsp;$57<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>7</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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05%<sup>7</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;(1.64%) | &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;(1.80%) | &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;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> 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 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.

114&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Small Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87<sup>2</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;—<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;(0.87) | &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;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &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;(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;$10.55 | &nbsp;&nbsp;$12.18 | &nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$13.75 | &nbsp;&nbsp;$21.50 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(7.97%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.70%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(15.18%)<sup>5</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;$37847 | &nbsp;&nbsp;$44935 | &nbsp;&nbsp;$43146 | &nbsp;&nbsp;$56050 | &nbsp;&nbsp;$70<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>8</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;(1.05%) | &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;(1.31%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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;115

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.39 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$32.06 | &nbsp;&nbsp;$18.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &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;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>2</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;—<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;— |
| Total from investment operations | &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;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &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;(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;$19.73 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$19.39 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$32.06 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(7.57%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.29%<sup>2</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;$360965 | &nbsp;&nbsp;$468025 | &nbsp;&nbsp;$560403 | &nbsp;&nbsp;$904112 | &nbsp;&nbsp;$1216<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>7</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>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>7</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;(0.64%) | &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;(0.80%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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. 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.

See accompanying notes, which are an integral part of the financial statements.

116&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.30 | &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>1</sup> | &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;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41<sup>2</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;—<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;(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;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &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;(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;$19.98 | &nbsp;&nbsp;$22.30 | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$23.70 | &nbsp;&nbsp;$32.30 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(7.44%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.38%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(14.67%)<sup>5</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;$93491 | &nbsp;&nbsp;$175469 | &nbsp;&nbsp;$157251 | &nbsp;&nbsp;$209855 | &nbsp;&nbsp;$252<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>8</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;(0.52%) | &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;(0.69%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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;117

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.56 | &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>1</sup> | &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;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99<sup>2</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;—<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;(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;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &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;(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;$17.38 | &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$21.10 | &nbsp;&nbsp;$29.47 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(7.77%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.93%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(14.91%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.19%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;84.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$23238 | &nbsp;&nbsp;$34019 | &nbsp;&nbsp;$72634 | &nbsp;&nbsp;$99698 | &nbsp;&nbsp;$135<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>8</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>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>8</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;(0.80%) | &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;(1.05%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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.

118&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Smid Cap Core Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$13.21 | &nbsp;&nbsp;$18.43 | &nbsp;&nbsp;$22.43 | &nbsp;&nbsp;$12.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &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;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;—<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;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;(0.05) | &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;(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;(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;(0.05) | &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;$15.82 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$18.43 | &nbsp;&nbsp;$22.43 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.29%<sup>2</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;$103557 | &nbsp;&nbsp;$115867 | &nbsp;&nbsp;$111950 | &nbsp;&nbsp;$151380 | &nbsp;&nbsp;$176<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;0.18% | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>6</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;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 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> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;119

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Smid Cap Core Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$11.68 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) <sup>2</sup> | &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;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;—<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;(0.06) | &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;(0.07) | &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;(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;(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;(0.08) | &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;$11.61 | &nbsp;&nbsp;$11.68 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$14.84 | &nbsp;&nbsp;$18.75 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%)<sup>3</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;$8533 | &nbsp;&nbsp;$11117 | &nbsp;&nbsp;$12188 | &nbsp;&nbsp;$17505 | &nbsp;&nbsp;$22<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;(0.56%) | &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;(0.74%) | &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;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> 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>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.

See accompanying notes, which are an integral part of the financial statements.

120&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Smid Cap Core Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.57 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>2</sup> | &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;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;—<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;&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;(0.02) | &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;(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;(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;(0.02) | &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;$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;&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;$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;1.48% | &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;1.57% | &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;(0.06%) | &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;(0.24%) | &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;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> 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>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.

&nbsp;&nbsp;&nbsp;&nbsp;121

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Smid Cap Core Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$18.35 | &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;0.08 | &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;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;—<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;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;(0.06) | &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;(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;(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;(0.06) | &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;$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;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;$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% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &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;0.43% | &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;0.25% | &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;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.

122&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$18.60 | &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;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;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;—<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;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;(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;(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;(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;(0.08) | &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;$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;&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;$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;0.80% | &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;0.95% | &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;0.55% | &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;0.37% | &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;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.

&nbsp;&nbsp;&nbsp;&nbsp;123

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$17.30 | &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;0.03 | &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;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;—<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;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;(0.03) | &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;(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;(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;(0.03) | &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;$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;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;$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;&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;1.32% | &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;0.19% | &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;0.01% | &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;&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.

124&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class A<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$18.55 | &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>1</sup> | &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;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;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;(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;(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;(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;$18.73 | &nbsp;&nbsp;$18.55 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$22.54 | &nbsp;&nbsp;$28.07 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.26%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.31%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(11.42%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(19.25%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;81.21% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$134588 | &nbsp;&nbsp;$158396 | &nbsp;&nbsp;$179755 | &nbsp;&nbsp;$263968 | &nbsp;&nbsp;$377<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;2.35% | &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;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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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;125

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class C<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.11 | &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>1</sup> | &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;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;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;(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;(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;(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;$15.08 | &nbsp;&nbsp;$15.11 | &nbsp;&nbsp;$14.26 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$23.86 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.49%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.48%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(12.02%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(19.83%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;80.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$13481 | &nbsp;&nbsp;$16558 | &nbsp;&nbsp;$23136 | &nbsp;&nbsp;$39227 | &nbsp;&nbsp;$57<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;1.18% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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.

126&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class R<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$18.25 | &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>1</sup> | &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;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;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;(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;(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;(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;$18.39 | &nbsp;&nbsp;$18.25 | &nbsp;&nbsp;$17.12 | &nbsp;&nbsp;$22.26 | &nbsp;&nbsp;$27.75 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;3.97%<sup>3</sup> | &nbsp;&nbsp;&nbsp;9.99%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(11.57%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(19.51%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;80.73% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$5808 | &nbsp;&nbsp;$5880 | &nbsp;&nbsp;$6070 | &nbsp;&nbsp;$7540 | &nbsp;&nbsp;$11<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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;127

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Institutional Class<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.37 | &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>1</sup> | &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;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;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;(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;(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;(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;$19.59 | &nbsp;&nbsp;$19.37 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$23.33 | &nbsp;&nbsp;$29.05 |
| **Total return<sup>2</sup>** | &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;$384443 | &nbsp;&nbsp;$432708 | &nbsp;&nbsp;$532766 | &nbsp;&nbsp;$912326 | &nbsp;&nbsp;$1548<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &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>4</sup> | &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;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;2.17% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</sup> | Net assets reported in millions. |
| <sup>4</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.

128&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class R6<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.49 | &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>1</sup> | &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;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;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;(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;(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;(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;$19.71 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$23.46 | &nbsp;&nbsp;$29.21 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.65%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.74%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(11.06%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(18.89%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;82.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$95319 | &nbsp;&nbsp;$120493 | &nbsp;&nbsp;$144999 | &nbsp;&nbsp;$254340 | &nbsp;&nbsp;$353<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;2.30% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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;129

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Macquarie Systematic Emerging Markets Equity Fund Class Y<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.00 | &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>1</sup> | &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;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;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;(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;(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;(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;$19.19 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$23.01 | &nbsp;&nbsp;$28.65 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.26%<sup>2</sup> | &nbsp;&nbsp;&nbsp;10.25%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(11.38%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(19.23%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;81.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$26855 | &nbsp;&nbsp;$26993 | &nbsp;&nbsp;$27664 | &nbsp;&nbsp;$29380 | &nbsp;&nbsp;$40<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;2.34% | &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;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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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.

130&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Notes to financial statements
Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

March 31, 2025

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 19 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.** 

**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**

&nbsp;&nbsp;&nbsp;&nbsp;131

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

1. Significant Accounting Policies (continued)

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 year ended March 31, 2025, and for all open tax years (years ended March 31, 2022–March 31, 2024), and has concluded that no provision for federal income tax is required in each Fund's financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended March 31, 2025, the Funds did not incur any interest or tax penalties.**

For the taxable year ending March 31, 2025, Macquarie High Income Fund did not satisfy the requirement that a Regulated Investment Company (RIC) must derive at least 90% of its annual gross income from "qualifying income." As a result, Macquarie High Income Fund is required to pay taxes equal to the amount of nonqualifying income in excess of 1/9 of 90% of its qualifying income for the year ended March 31, 2025. Macquarie High Income Fund will pay taxes in the amount of $2,873,445 for the taxable year ended March 31, 2025. Macquarie High Income Fund has recorded the expense in the "Statements of operations" under "Tax expense", with the corresponding liability in the "Statements of assets and liabilities" under "Tax expense payable." Nonetheless, Macquarie High Income Fund expects to qualify as a RIC for US federal income tax purposes pursuant to Internal Revenue Code Section 851.

&nbsp;&nbsp;&nbsp;&nbsp;132

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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. Accordingly, estimated charges for Macquarie Global Growth Fund's and Macquarie International Core Equity Fund's closing agreements are presented as "IRS compliance fee for foreign withholding tax claims" in the "Statements of operations." 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 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."**

&nbsp;&nbsp;&nbsp;&nbsp;133

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

1. Significant Accounting Policies (continued)

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Macquarie Funds (formerly, Delaware Funds by Macquarie<sup>®</sup>) 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. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. 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. DMC, each Fund's investment adviser, acts as each Fund's chief operating decision maker (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.

&nbsp;&nbsp;&nbsp;&nbsp;134

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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 year ended March 31, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$2263 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;36980 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;34969 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;81582 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8936 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |

---

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$2874 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;11325 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;135

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

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. |
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;136

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| 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. |
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;137

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

From July 31, 2024 (except as noted) through July 30, 2025, 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. 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 for<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 for<br> Class R6 |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.67% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.57% |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;0.85%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.75%<sup>\*</sup> |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;0.63%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.54%<sup>\*\*</sup> |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;0.77%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.65%<sup>\*\*\*</sup> |
| 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% |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.65% |

---

\* Effective July 26, 2024. From May 3, 2024 to July 25, 2024, these amounts for classes other than R6 and Class R6 were 0.91% and 0.81%, respectively.

*\*\** Effective April 26, 2024.

\*\*\* Effective May 3, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;138

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Prior to July 31, 2024 (except as noted), the expense limitations for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> for 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 for<br> Class R6 |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;0.67% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;0.59% |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;0.92%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.81%<sup>\*</sup> |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;0.72%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.63%<sup>\*\*</sup> |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;0.79%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.67%<sup>\*\*\*</sup> |
| 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;0.69% |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.72% |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.76% |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.76% |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.65% |

---

\* Prior to May 3, 2024.

\*\* Prior to April 26, 2024.

\*\*\* Prior to May 3, 2024.

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from July 31, 2024 (except as noted) through July 30, 2025, unless terminated by agreement of DMC and the Fund, 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;0.95% | &nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;0.95% |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;1.10%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.85%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.35%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.85%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.75%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.10%<sup>\*</sup> |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;0.88%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.63%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.13%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.63%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.54%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.88%<sup>\*\*</sup> |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;1.02%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.77%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.27%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.77%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.65%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.02%<sup>\*\*\*</sup> |
| 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;0.65% | &nbsp;&nbsp;&nbsp;1.05% |

---

\* Effective July 26, 2024. From May 3, 2024 to July 25, 2024, these amounts for Class A, Class C, Class R, Institutional Class, Class R6, and Class Y were 1.16%, 1.91%, 1.41%, 0.91%, 0.81%, and 1.16%, respectively.

\*\* Effective April 26, 2024.

\*\*\* Effective May 3, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;139

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Prior to July 31, 2024 (except as noted), after consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets, 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;1.00% | &nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;1.00% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;0.96% |
| Macquarie Global Growth 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;0.81%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.17%<sup>\*</sup> |
| Macquarie High Income 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;0.63%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.97%<sup>\*\*</sup> |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;1.04%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.79%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.29%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.79%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.67%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.04%<sup>\*\*\*</sup> |
| 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;0.69% | &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;0.72% | &nbsp;&nbsp;&nbsp;1.08% |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;1.14% |
| 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;0.76% | &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;0.65% | &nbsp;&nbsp;&nbsp;1.05% |

---

\* Prior to May 3, 2024.

\*\* Prior to April 26, 2024.

\*\*\* Prior to May 3, 2024.

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% 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 year ended March 31, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Core Equity Fund | $176408 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;26342 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;42388 |
| Macquarie High Income Fund | &nbsp;&nbsp;123711 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;73113 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;370959 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;286381 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;53329 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;62026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;140

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Smid Cap Core Fund | $19664 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;36107 |

---

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 and transfer agent fees and expenses." For the year ended March 31, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Core Equity Fund | $247885 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;32125 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;55178 |
| Macquarie High Income Fund | &nbsp;&nbsp;172044 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;99347 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;527516 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;405665 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;70904 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;83384 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;22521 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;46165 |

---

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 the Funds and are also included on the "Statements of operations" under "Dividend disbursing and transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 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 a 12b-1 fee rate that is lower than 0.25% of the net assets attributable to outstanding Class A shares of the Fund, and leads to a current blended rate of 0.24% of the average daily net assets. The fees are calculated daily and paid monthly. 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 the Funds. These amounts are included on the "Statements of operations" under "Legal fees." For the year ended March 31, 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 | $84912 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;14642 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;19613 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;73921 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;38911 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;199960 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;168958 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;27888 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;37689 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;7702 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;16624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;141

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

For the year ended March 31, 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 | $134232 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;4101 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;23162 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;66029 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;20312 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;228100 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;95091 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;16255 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;51444 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;9893 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;9503 |

---

For the year ended March 31, 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;$4834 | &nbsp;&nbsp;&nbsp;$2619 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;2899 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;1200 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5712 | &nbsp;&nbsp;&nbsp;&nbsp;9546 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;9010 | &nbsp;&nbsp;&nbsp;&nbsp;5324 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;1926 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;1410 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 |

---

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 each Fund.

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 operations." Payment by affiliates had no impact on total return.

&nbsp;&nbsp;&nbsp;&nbsp;142

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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 year ended March 31, 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<sup>(1)</sup> | &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—0.63%** | **Common Stocks—0.63%** | **Common Stocks—0.63%** |  |  |  |  |  |  |
| 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;20694501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15006865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687636 | &nbsp;&nbsp;&nbsp;&nbsp;1117414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Larchmont Resources | Larchmont Resources | Larchmont Resources | Larchmont Resources | Larchmont Resources |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Maritime Finance | Maritime Finance | Maritime Finance | Maritime Finance | Maritime Finance |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555969<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&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;20707528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11981944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725584 | &nbsp;&nbsp;&nbsp;20316462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| True Religion Apparel | True Religion Apparel | True Religion Apparel | True Religion Apparel | True Religion Apparel |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;12513477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15056773) | &nbsp;&nbsp;&nbsp;&nbsp;(2824509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5367805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;54729592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15343524) | &nbsp;&nbsp;&nbsp;&nbsp;(2537758) | &nbsp;&nbsp;&nbsp;&nbsp;(21879121) | &nbsp;&nbsp;&nbsp;&nbsp;14969189 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Preferred Stock—0.00%** | **Preferred Stock—0.00%** | **Preferred Stock—0.00%** |  |  |  |  |  |  |
| True Religion Apparel | True Religion Apparel | True Religion Apparel | True Religion Apparel | True Religion Apparel |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2050430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050430) | &nbsp;&nbsp;&nbsp;&nbsp;(4698153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Convertible Bond—1.15%** | **Convertible Bond—1.15%** | **Convertible Bond—1.15%** |  |  |  |  |  |  |
| New Cotai PIK | New Cotai PIK | New Cotai PIK | New Cotai PIK | New Cotai PIK |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;60940343 | &nbsp;&nbsp;&nbsp;&nbsp;1665919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(35322966) | &nbsp;&nbsp;&nbsp;&nbsp;27283296 | &nbsp;&nbsp;&nbsp;25410336 | &nbsp;&nbsp;&nbsp;&nbsp;1431942 |
| **Loan Agreements—0.28%** | **Loan Agreements—0.28%** | **Loan Agreements—0.28%** |  |  |  |  |  |  |
| 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;&nbsp;7270080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94177)<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;(441220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734683 | &nbsp;&nbsp;&nbsp;&nbsp;7400751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $124990445 | &nbsp;&nbsp;&nbsp;$1665919 | &nbsp;&nbsp;&nbsp;$(17488131) | &nbsp;&nbsp;&nbsp;$(7235911) | &nbsp;&nbsp;&nbsp;$(52945154) | &nbsp;&nbsp;&nbsp;$48987168 |  | &nbsp;&nbsp;&nbsp;$1431942 |

---

<sup>(1)</sup> Does not tie to Net change in unrealized appreciation (depreciation) on affiliated investments on the "Statements of operations" as a result of previously affiliated securities moving to unaffiliated.

<sup>(2)</sup> Issuer was not an affiliated investment of the Fund at March 31, 2025. This value is not included in the "Statements of assets and liabilities" balance as it is not affiliated as of March 31, 2025.

<sup>(3)</sup> The amount shown included return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;143

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

3. Investments

For the year ended March 31, 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;$877910584 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1486603912 | &nbsp;&nbsp;&nbsp;$— |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728363876 | &nbsp;&nbsp;&nbsp;&nbsp;320679738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723920557 | &nbsp;&nbsp;&nbsp;&nbsp;325608564 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459247306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611998616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1440341877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1789994791 | &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;1234284926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1488178445 | &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;1433061037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1767806429 | &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;2590112336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4141797045 | &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;295827549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525681882 | &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;964939602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1316704908 | &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;54743529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68542131 | &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;196724293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326710984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 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;$2008349052 | &nbsp;&nbsp;&nbsp;$1626800269 | &nbsp;&nbsp;&nbsp;$(53539580) | &nbsp;&nbsp;&nbsp;$1573260689 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473351359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10309748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10736671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426923) |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636516568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251827380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32089818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219737562 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;2634962363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58170606 | &nbsp;&nbsp;&nbsp;&nbsp;(322407724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264237118) |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1189499273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319590566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87839005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231751561 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;3534504007 | &nbsp;&nbsp;&nbsp;&nbsp;4256390120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96056571) | &nbsp;&nbsp;&nbsp;&nbsp;4160333549 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;4333780503 | &nbsp;&nbsp;&nbsp;&nbsp;1097565675 | &nbsp;&nbsp;&nbsp;&nbsp;(460918855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636646820 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679826074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302530671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51133643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251397028 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919651620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202831464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78639075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124192389 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271421098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77876595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25791329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52085266 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543123541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210357426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92135316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118222110 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;144

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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 March 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Equity Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$3408800759 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172808982 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$3581609741 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &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;$58562529 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$58562529 |
| 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;4726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180473728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180473728 |
| 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;4433831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433831 |
| 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;13908432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13908432 |
| 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;621320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621320 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123023523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123023523 |
| 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;5200135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200135 |
| 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;77594129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77594129 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;145

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &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 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;$13526300 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$13526300 |
| Total Value of Securities Before Options Written | &nbsp;&nbsp;&nbsp;&nbsp;$13573550 | &nbsp;&nbsp;&nbsp;&nbsp;$463817627 | &nbsp;&nbsp;&nbsp;&nbsp;$4726 | &nbsp;&nbsp;&nbsp;&nbsp;$477395903 |
| Liabilities: |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;$(18375) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(18375) |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3347618 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3347618 |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765785 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659749 |
| Over-The-Counter Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 |
| Liabilities: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(163077) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(163077) |
| 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;(1269544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1269544) |
| 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;(7202390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7202390) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566350) |
| 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;(103115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103115) |

---

<br> <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 year 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;Canada | &nbsp;&nbsp;&nbsp;&nbsp;$7298276 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7298276 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811444 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646156 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615725 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32146800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32146800 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61007055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61007055 |
| &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;34198761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34198761 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13213667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13213667 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24920666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24920666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;146

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  | &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 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;$10091803 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$10091803 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16167059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16167059 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002689 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14588123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14588123 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10289095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10289095 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050523 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38182013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38182013 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517223196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517223196 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801079 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$822055369 | &nbsp;&nbsp;&nbsp;&nbsp;$34198761 | &nbsp;&nbsp;&nbsp;&nbsp;$856254130 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &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 Debt Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$141681016 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$141681016 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Industry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691874<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691874 |
| &nbsp;&nbsp;&nbsp;Consumer Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;562646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562646 |
| &nbsp;&nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725584 |
| &nbsp;&nbsp;&nbsp;Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20541263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20541263 |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720970 |
| 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;27283296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27283296 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910316294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910316294 |
| 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;212813038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212813038 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42389264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42389264 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$62930527 | &nbsp;&nbsp;&nbsp;&nbsp;$2264810348 | &nbsp;&nbsp;&nbsp;&nbsp;$42984370 | &nbsp;&nbsp;&nbsp;&nbsp;$2370725245 |

---

<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 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;$25003167 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$25003167 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85250905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85250905 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18848050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18848050 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129278046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129278046 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25940671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25940671 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63745054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63745054 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158991878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158991878 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16838429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16838429 |
| &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;103711906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103711906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;147

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

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 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;$45249343 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$45249343 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175790287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175790287 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86041708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86041708 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62184112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62184112 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46456510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46456510 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25119226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25119226 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483318 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35608678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35608678 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53746254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53746254 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156750454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156750454 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65228394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65228394 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12934540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12934540 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19049904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19049904 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1317538928 | &nbsp;&nbsp;&nbsp;&nbsp;$103711906 | &nbsp;&nbsp;&nbsp;&nbsp;$1421250834 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Large Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$7694837556 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Mid Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$4966523909 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903414 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$4970427323 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$922231760 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8991342 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$931223102 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;148

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Small Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$1038823690 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020319 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1043844009 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &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;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$22270548 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$22270548 |
| &nbsp;&nbsp;&nbsp;Business Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16909968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16909968 |
| &nbsp;&nbsp;&nbsp;Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35975387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35975387 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13088246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13088246 |
| &nbsp;&nbsp;&nbsp;Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685362 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035308 |
| &nbsp;&nbsp;&nbsp;Credit Cyclicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8676559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8676559 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099517 |
| &nbsp;&nbsp;&nbsp;Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54786855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54786855 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43978760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43978760 |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581551 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21913470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21913470 |
| &nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45207926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45207926 |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938828 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423653 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934426 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$323506364 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$323506364 |

---

<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 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;$74618015 | &nbsp;&nbsp;&nbsp;&nbsp;$12361757 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$86979772 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80352680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20057651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100410331 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18020690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22456687 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15622979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17307217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32930196 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107343968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33430582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140774550 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710564 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40957230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48442963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;149

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

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 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;$137749772 | &nbsp;&nbsp;&nbsp;&nbsp;$37329111 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$175078883 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12228635 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039273 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686617 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13625614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13625614 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981566 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$517537934 | &nbsp;&nbsp;&nbsp;&nbsp;$143807717 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$661345651 |

---

---

| |
|:---|
| <sup>1</sup>The value represents valuations of Russian Common Stocks for which Management has determined include significant unobservable inputs as of March 31, 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. |

---

During the year ended March 31, 2025, Macquarie Core Equity 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 Cap Income Opportunities Fund, Macquarie Small Cap Growth Fund, Macquarie Smid Cap Core Fund, and Macquarie Systematic Emerging Markets Equity Fund had no transfers into or out of Level 3 investments. During the year ended March 31, 2025, Macquarie Global Bond Fund had transfers into Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to that Fund's net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to 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 year. 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 year. As of March 31, 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.

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;Preferred<br> Stock | &nbsp;&nbsp;&nbsp;Total |
| Balance as of 3/31/24 | $60940343 | &nbsp;&nbsp;&nbsp;$54743679 | &nbsp;&nbsp;&nbsp;$2050430 | &nbsp;&nbsp;&nbsp;$117734452 |
| Sales |  | &nbsp;&nbsp;&nbsp;&nbsp;(15056773) | &nbsp;&nbsp;&nbsp;&nbsp;(2050430) | &nbsp;&nbsp;&nbsp;&nbsp;(17107203) |
| Net realized gain (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2824509) | &nbsp;&nbsp;&nbsp;&nbsp;(4698153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7522662) |
| Amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180290 |
| Corporate Actions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485630 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(35322967) | &nbsp;&nbsp;&nbsp;&nbsp;(21161323) | &nbsp;&nbsp;&nbsp;&nbsp;4698153 | &nbsp;&nbsp;&nbsp;&nbsp;(51786137) |
| Balance as of 3/31/25 | $27283296 | &nbsp;&nbsp;&nbsp;$15701074 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$42984370 |
| Net change in unrealized appreciation (depreciation)<br> from Level 3 investments still held as of 3/31/25 | $(35322967) | &nbsp;&nbsp;&nbsp;$(26315118) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(61638085) |

---

&nbsp;&nbsp;&nbsp;&nbsp;150

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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 | &nbsp;&nbsp;&nbsp;Weighted Average<br> of Unobservable<br> Inputs based on<br> Fair Value |
| Common Stocks | &nbsp;&nbsp;&nbsp;$720970 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;Discount | &nbsp;&nbsp;&nbsp;10%-50% | &nbsp;&nbsp;&nbsp;31.05% |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687636 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;EV/Revenue multiple<br> EV/EBITDA multiple | &nbsp;&nbsp;&nbsp;0.63x<br> 2.07x | &nbsp;&nbsp;&nbsp;N/A<br> N/A |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555969 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;Sum of parts (adjusted book value)/cash | &nbsp;&nbsp;&nbsp;$9.2 million | &nbsp;&nbsp;&nbsp;N/A |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725584 | &nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;Total other liabilities and assets | &nbsp;&nbsp;&nbsp;$2.2 million | &nbsp;&nbsp;&nbsp;N/A |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677 | &nbsp;&nbsp;&nbsp;Net asset value/liquidation | &nbsp;&nbsp;&nbsp;Adjusted net asset value | &nbsp;&nbsp;&nbsp;$14.1 million | &nbsp;&nbsp;&nbsp;N/A |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;27283296 | &nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;Total other liabilities and assets | &nbsp;&nbsp;&nbsp;$2.2 million | &nbsp;&nbsp;&nbsp;N/A |

---

Fair valued securities currently priced at zero on the "Schedules of investments" are excluded from the table above.

Level 3 securities with a total value of $4,238 on the "Schedules 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;151

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Return of<br> capital | &nbsp;&nbsp;&nbsp;Total |
| Year ended March 31, 2025: |  |  |  |  |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;$57857828 | &nbsp;&nbsp;&nbsp;$355893311 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$413751139 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955536 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22830557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33340071 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;171907033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;171907033 |
| Macquarie International Core Equity Fund | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058426 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584546 | &nbsp;&nbsp;&nbsp;&nbsp;130186942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;132771488 |
| Macquarie Mid Cap Growth Fund | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;397524513 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19460939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94532794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;113993733 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55758783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59513234 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027490 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588974 |
| Year ended March 31, 2024: |  |  |  |  |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25528185 | &nbsp;&nbsp;&nbsp;&nbsp;346381919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;371910104 |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16516146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16516146 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25726050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28912533 |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;177689185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;177689185 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34887279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34887279 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;178156110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;178156110 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;346310618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;346310618 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23249827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38797197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62047024 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54912934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54912934 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;221937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516684 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25724264 |

---

5. Components of Net Assets on a Tax Basis

As of March 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Core Equity Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Global Bond<br> Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Global Growth<br> Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> High Income<br> Fund |
| Shares of beneficial interest | &nbsp;&nbsp;$1786186410 | &nbsp;&nbsp;&nbsp;$604070974 | &nbsp;&nbsp;&nbsp;$606708107 | $4650416586 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208322101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29645403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributions 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;(298635) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(120781900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2010618421) |
| Tax liability/expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2873445) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197119) |
| Unamortized organizational costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;1573260689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508586) | &nbsp;&nbsp;&nbsp;&nbsp;218862084 | &nbsp;&nbsp;&nbsp;&nbsp;(264236387) |
| Net assets | &nbsp;&nbsp;$3571013652 | &nbsp;&nbsp;&nbsp;$484204903 | &nbsp;&nbsp;&nbsp;$858325863 | $2372192579 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;152

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity<br> Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Large Cap Growth<br> Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Mid Cap Income<br> Opportunities<br> Fund |
| Shares of beneficial interest | $1186832486 | &nbsp;&nbsp;&nbsp;$3337307596 | &nbsp;&nbsp;&nbsp;$4744488280 | &nbsp;&nbsp;&nbsp;$625433926 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9572258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313895 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;43654322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424926955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353239358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53407957 |
| Qualified late year loss deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8100954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(27274760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216095590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(759341501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5785) |
| Unamortized organizational costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7504) |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;228723380 | &nbsp;&nbsp;&nbsp;&nbsp;4160333061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636646820 | &nbsp;&nbsp;&nbsp;&nbsp;251397028 |
| Net assets | $1441389635 | &nbsp;&nbsp;&nbsp;$7706122610 | &nbsp;&nbsp;&nbsp;$4966757436 | &nbsp;&nbsp;&nbsp;$931539517 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Systematic Emerging<br> Markets Equity Fund |
| Shares of beneficial interest | &nbsp;&nbsp;$864849515 | &nbsp;&nbsp;&nbsp;$272193408 | &nbsp;&nbsp;&nbsp;$539467290 |
| Undistributed ordinary 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;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673498 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109623296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318324 |
| Qualified late year loss deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2398153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55574197) | &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;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33248) |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124192389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52085266 | &nbsp;&nbsp;&nbsp;&nbsp;116068125 |
| Net assets | &nbsp;&nbsp;$1040570674 | &nbsp;&nbsp;&nbsp;$323481870 | &nbsp;&nbsp;&nbsp;$660493989 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to unrealized appreciation/depreciation on foreign currency and capital gains taxes.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of forward foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, partnership interest, amortization of market discount and deferral of deduction of tax payment.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2025 through March 31, 2025 and November 1, 2024 through March 31, 2025, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;153

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to reorganization-related adjustments, write-off of net operating losses, tax treatment of partnerships, gain (loss) on foreign currency transactions, fund level overdistributions, swap contracts, earnings and profits distributed to shareholders on the redemption of shares, paydown gains (losses) of asset- and mortgage-backed securities, realized gain on passive foreign investment companies, foreign capital gains taxes and non-deductible tax liabilities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2025, the Funds recorded the following reclassifications:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;Total distributable earnings (loss) |
| Macquarie Core Equity Fund | &nbsp;&nbsp;$25825585 | &nbsp;&nbsp;&nbsp;&nbsp;(25825585) |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;15644932 | &nbsp;&nbsp;&nbsp;&nbsp;(15644932) |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;21234254 | &nbsp;&nbsp;&nbsp;&nbsp;(21234254) |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;161640180 | &nbsp;&nbsp;(161640180) |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;58642146 | &nbsp;&nbsp;&nbsp;&nbsp;(58642146) |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;335063893 | &nbsp;&nbsp;(335063893) |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;874705683 | &nbsp;&nbsp;(874705683) |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;11136420 | &nbsp;&nbsp;&nbsp;&nbsp;(11136420) |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;61939943 | &nbsp;&nbsp;&nbsp;&nbsp;(61939943) |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47795 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 |

---

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2025, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| Macquarie Global Growth Fund | $19634597 |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;86196335 |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;127703515 |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;132418027 |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;13857354 |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;4563051 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;34543679 |

---

At March 31, 2025, capital loss carryforwards available to offset future realized capital gains are 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 Global Bond Fund\* | &nbsp;&nbsp;$61716052 | &nbsp;&nbsp;&nbsp;$59065848 | &nbsp;&nbsp;&nbsp;$120781900 |
| Macquarie High Income Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;280868888 | &nbsp;&nbsp;&nbsp;&nbsp;1729749533 | &nbsp;&nbsp;&nbsp;&nbsp;2010618421 |
| Macquarie International Core Equity Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18422267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27274760 |
| Macquarie Large Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;187116462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28979128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216095590 |
| Macquarie Mid Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;444171871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315169630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759341501 |
| Macquarie Small Cap Growth Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;48860979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713218 | &nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;154

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

6. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie<br> Core Equity Fund | Macquarie<br> Core Equity Fund | Macquarie<br> Global Bond<br> Fund | Macquarie<br> Global Bond<br> Fund | Macquarie<br> Global Growth<br> Fund | Macquarie<br> Global Growth<br> Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;4215531 | &nbsp;&nbsp;&nbsp;4618905 | &nbsp;&nbsp;&nbsp;1176955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952264 | &nbsp;&nbsp;&nbsp;&nbsp;421300 | &nbsp;&nbsp;&nbsp;&nbsp;399382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;11720259 | &nbsp;&nbsp;&nbsp;6348871 | &nbsp;&nbsp;&nbsp;8648216 | &nbsp;&nbsp;10793272 | &nbsp;&nbsp;&nbsp;&nbsp;903912 | &nbsp;&nbsp;&nbsp;&nbsp;787848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820369 | &nbsp;&nbsp;&nbsp;1342371 | &nbsp;&nbsp;&nbsp;4430623 | &nbsp;&nbsp;&nbsp;6170536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31979 | &nbsp;&nbsp;&nbsp;&nbsp;351120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7827 |
| 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;584984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9904101 | &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;20015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82030 | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1925479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2057656 | &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;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38335 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32857 | &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;18046089 | &nbsp;&nbsp;19372670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385638 | &nbsp;&nbsp;&nbsp;&nbsp;670656 | &nbsp;&nbsp;&nbsp;&nbsp;602684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;3482490 | &nbsp;&nbsp;&nbsp;3616051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771548 | &nbsp;&nbsp;&nbsp;&nbsp;198989 | &nbsp;&nbsp;&nbsp;&nbsp;289638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122 |
|  | &nbsp;&nbsp;40110918 | &nbsp;&nbsp;36480041 | &nbsp;&nbsp;18844095 | &nbsp;&nbsp;19885914 | 14401764 | &nbsp;&nbsp;2472663 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (28746723) | (32870315) | &nbsp;&nbsp;&nbsp;(2653001) | &nbsp;&nbsp;&nbsp;(3040969) | &nbsp;&nbsp;(2975422) | (2371970) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(549280) | &nbsp;&nbsp;&nbsp;&nbsp;(651031) | &nbsp;&nbsp;&nbsp;&nbsp;(108970) | &nbsp;&nbsp;&nbsp;&nbsp;(153562) | &nbsp;&nbsp;&nbsp;&nbsp;(63015) | &nbsp;&nbsp;&nbsp;&nbsp;(38959) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4061) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (12319800) | (15798253) | (11792955) | &nbsp;&nbsp;&nbsp;(8266748) | &nbsp;&nbsp;(2522971) | (2594218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(801995) | &nbsp;&nbsp;&nbsp;(1055599) | &nbsp;&nbsp;&nbsp;(4249290) | &nbsp;&nbsp;&nbsp;(2711717) | &nbsp;&nbsp;&nbsp;&nbsp;(61698) | &nbsp;&nbsp;&nbsp;&nbsp;(50040) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(938858) | &nbsp;&nbsp;&nbsp;&nbsp;(244028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63829) | &nbsp;&nbsp;&nbsp;&nbsp;(13455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7859) |
|  | (43356897) | (50627202) | (18880331) | (14244388) | &nbsp;&nbsp;(5640942) | (5067107) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(3245979) | (14147161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36236) | &nbsp;&nbsp;&nbsp;5641526 | &nbsp;&nbsp;&nbsp;8760822 | (2594444) |

---

&nbsp;&nbsp;&nbsp;&nbsp;155

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

6. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;12286572 | &nbsp;&nbsp;&nbsp;15705268 | &nbsp;&nbsp;&nbsp;1482061 | &nbsp;&nbsp;&nbsp;1778021 | &nbsp;&nbsp;&nbsp;4664405 | &nbsp;&nbsp;&nbsp;5731399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971704 | &nbsp;&nbsp;&nbsp;&nbsp;1623841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;37481002 | &nbsp;&nbsp;&nbsp;45776972 | &nbsp;&nbsp;&nbsp;6143644 | &nbsp;&nbsp;&nbsp;6539054 | &nbsp;&nbsp;43833711 | &nbsp;&nbsp;35747035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;3505979 | &nbsp;&nbsp;&nbsp;&nbsp;2671246 | &nbsp;&nbsp;&nbsp;2381690 | &nbsp;&nbsp;&nbsp;2583610 | &nbsp;&nbsp;&nbsp;1475240 | &nbsp;&nbsp;&nbsp;&nbsp;4325811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;2325970 | &nbsp;&nbsp;&nbsp;&nbsp;4370920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387095 |
| 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;50917870 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;15494063 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;8707578 | &nbsp;&nbsp;&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;&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;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;— | &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;13449120 | &nbsp;&nbsp;&nbsp;13665816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348815 | &nbsp;&nbsp;&nbsp;1469040 | &nbsp;&nbsp;&nbsp;2450339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913301 | &nbsp;&nbsp;&nbsp;&nbsp;1380473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11595320 | &nbsp;&nbsp;&nbsp;12861237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918553 | &nbsp;&nbsp;&nbsp;1716195 | &nbsp;&nbsp;&nbsp;3000727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1051884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28365 |
|  | &nbsp;&nbsp;160711169 | &nbsp;&nbsp;100071170 | &nbsp;&nbsp;26012414 | &nbsp;&nbsp;13154683 | &nbsp;&nbsp;77424797 | &nbsp;&nbsp;53757204 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(51992986) | &nbsp;&nbsp;&nbsp;(50704568) | &nbsp;&nbsp;&nbsp;(4010367) | &nbsp;&nbsp;&nbsp;(2953227) | (15347054) | (15166880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(7451502) | &nbsp;&nbsp;&nbsp;&nbsp;(8732708) | &nbsp;&nbsp;&nbsp;&nbsp;(479893) | &nbsp;&nbsp;&nbsp;&nbsp;(866781) | &nbsp;&nbsp;&nbsp;&nbsp;(825318) | &nbsp;&nbsp;&nbsp;&nbsp;(853507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(1071872) | &nbsp;&nbsp;&nbsp;&nbsp;(1117737) | &nbsp;&nbsp;&nbsp;&nbsp;(335384) | &nbsp;&nbsp;&nbsp;&nbsp;(410956) | &nbsp;&nbsp;&nbsp;&nbsp;(420760) | &nbsp;&nbsp;&nbsp;&nbsp;(167584) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(74654313) | &nbsp;&nbsp;&nbsp;(68444869) | (12819600) | (12776814) | (38362081) | (31010207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(5338827) | &nbsp;&nbsp;&nbsp;&nbsp;(4740568) | &nbsp;&nbsp;&nbsp;(5072537) | &nbsp;&nbsp;&nbsp;(4196054) | &nbsp;&nbsp;&nbsp;(4110550) | &nbsp;&nbsp;&nbsp;(2546655) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(4102713) | &nbsp;&nbsp;&nbsp;&nbsp;(7533038) | &nbsp;&nbsp;&nbsp;&nbsp;(687091) | &nbsp;&nbsp;&nbsp;&nbsp;(713811) | &nbsp;&nbsp;&nbsp;&nbsp;(237029) | &nbsp;&nbsp;&nbsp;&nbsp;(406855) |
|  | (144612213) | (141273488) | (23404872) | (21917643) | (59302792) | (50151688) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;16098956 | &nbsp;&nbsp;&nbsp;(41202318) | &nbsp;&nbsp;&nbsp;2607542 | &nbsp;&nbsp;&nbsp;(8762960) | &nbsp;&nbsp;18122005 | &nbsp;&nbsp;&nbsp;3605516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;156

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 Growth Fund | Macquarie<br> Small Cap Growth Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;2372056 | &nbsp;&nbsp;&nbsp;3853493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615484 | &nbsp;&nbsp;&nbsp;1933784 | &nbsp;&nbsp;&nbsp;2619833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;17126787 | &nbsp;&nbsp;20650986 | &nbsp;&nbsp;&nbsp;8196695 | &nbsp;&nbsp;&nbsp;9403939 | &nbsp;&nbsp;&nbsp;4353861 | &nbsp;&nbsp;&nbsp;5285925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;6981096 | &nbsp;&nbsp;12847432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653846 | &nbsp;&nbsp;&nbsp;1130445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845062 | &nbsp;&nbsp;&nbsp;2037627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;1053883 | &nbsp;&nbsp;&nbsp;1205789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392923 |
| 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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &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;— | &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;4928324 | &nbsp;&nbsp;&nbsp;3863763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479882 | &nbsp;&nbsp;&nbsp;2616229 | &nbsp;&nbsp;&nbsp;2613631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;5237432 | &nbsp;&nbsp;&nbsp;5624465 | &nbsp;&nbsp;&nbsp;4275169 | &nbsp;&nbsp;&nbsp;2564914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;2136947 | &nbsp;&nbsp;&nbsp;2318269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99864 |
|  | &nbsp;&nbsp;80122317 | &nbsp;&nbsp;52153016 | &nbsp;&nbsp;15390398 | &nbsp;&nbsp;15552977 | &nbsp;&nbsp;17334622 | &nbsp;&nbsp;15028337 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (15958299) | (13258007) | &nbsp;&nbsp;&nbsp;(1777782) | &nbsp;&nbsp;&nbsp;(2646023) | (10866377) | (13754232) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(1957372) | &nbsp;&nbsp;&nbsp;(1282570) | &nbsp;&nbsp;&nbsp;&nbsp;(298666) | &nbsp;&nbsp;&nbsp;&nbsp;(334919) | &nbsp;&nbsp;&nbsp;(1109733) | &nbsp;&nbsp;&nbsp;(1159017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(662636) | &nbsp;&nbsp;&nbsp;&nbsp;(837471) | &nbsp;&nbsp;&nbsp;&nbsp;(216218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86889) | &nbsp;&nbsp;&nbsp;&nbsp;(704928) | &nbsp;&nbsp;&nbsp;&nbsp;(766891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (47570371) | (29124818) | (18850209) | (25691849) | (11050691) | (13722907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (15013343) | (10671599) | &nbsp;&nbsp;&nbsp;(1514329) | &nbsp;&nbsp;&nbsp;(1681502) | &nbsp;&nbsp;&nbsp;(4206296) | &nbsp;&nbsp;&nbsp;(2445309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(2665483) | &nbsp;&nbsp;&nbsp;(2206360) | &nbsp;&nbsp;&nbsp;&nbsp;(192830) | &nbsp;&nbsp;&nbsp;&nbsp;(208109) | &nbsp;&nbsp;&nbsp;&nbsp;(621157) | &nbsp;&nbsp;&nbsp;(2950795) |
|  | (83827504) | (57380825) | (22850034) | (30649291) | (28559182) | (34799151) |
| Net decrease | &nbsp;&nbsp;&nbsp;(3705187) | &nbsp;&nbsp;&nbsp;(5227809) | &nbsp;&nbsp;&nbsp;(7459636) | (15096314) | (11224560) | (19770814) |

---

&nbsp;&nbsp;&nbsp;&nbsp;157

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

6. Capital Shares (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Macquarie<br> Smid Cap Core Fund | Macquarie<br> Smid Cap Core Fund | Macquarie<br> Systematic Emerging<br> Markets Equity Fund | Macquarie<br> Systematic Emerging<br> Markets Equity Fund |
|  | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;689504 | &nbsp;&nbsp;&nbsp;&nbsp;820792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;191943 | &nbsp;&nbsp;&nbsp;&nbsp;208225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;2980869 | &nbsp;&nbsp;1369882 | &nbsp;&nbsp;&nbsp;4389060 | &nbsp;&nbsp;&nbsp;3900466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;295821 | &nbsp;&nbsp;&nbsp;&nbsp;363227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954184 | &nbsp;&nbsp;&nbsp;1182942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404902 |
| 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;19786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44926 |
|  | &nbsp;&nbsp;4337109 | &nbsp;&nbsp;3070028 | &nbsp;&nbsp;&nbsp;7712347 | &nbsp;&nbsp;&nbsp;7736596 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1484452) | (2031718) | &nbsp;&nbsp;&nbsp;(2237933) | &nbsp;&nbsp;&nbsp;(2845770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(304949) | &nbsp;&nbsp;&nbsp;(392729) | &nbsp;&nbsp;&nbsp;&nbsp;(493633) | &nbsp;&nbsp;&nbsp;&nbsp;(620635) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;(274180) | &nbsp;&nbsp;&nbsp;(252861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98730) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (2771055) | (4026804) | &nbsp;&nbsp;&nbsp;(7697932) | (11742505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(538301) | &nbsp;&nbsp;&nbsp;(758487) | &nbsp;&nbsp;&nbsp;(2472031) | &nbsp;&nbsp;&nbsp;(3185553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(56438) | &nbsp;&nbsp;&nbsp;&nbsp;(92569) | &nbsp;&nbsp;&nbsp;&nbsp;(384233) | &nbsp;&nbsp;&nbsp;&nbsp;(584309) |
|  | (5429375) | (7555168) | (13355070) | (19077502) |
| Net decrease | (1092266) | (4485140) | &nbsp;&nbsp;&nbsp;(5642723) | (11340906) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 7.

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the tables above and on the previous pages and on the "Statements of changes in net assets." For the years ended March 31, 2025 and 2024, each Fund had the following exchange transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 |
|  | &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;$3523804 |  |  | &nbsp;&nbsp;&nbsp;$2749709 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;162253 | &nbsp;&nbsp;&nbsp;&nbsp;28925 |  | &nbsp;&nbsp;&nbsp;&nbsp;98168 | &nbsp;&nbsp;&nbsp;&nbsp;78449 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;41078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;50013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4462 | &nbsp;&nbsp;&nbsp;112179 |  | &nbsp;&nbsp;&nbsp;&nbsp;34447 | &nbsp;&nbsp;&nbsp;&nbsp;76907 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23894 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;158

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 |
|  | &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 Global Bond Fund |  |  | &nbsp;&nbsp;&nbsp;$129102 |  |  | &nbsp;&nbsp;&nbsp;$173461 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;8696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;15493 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 | &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;9754 |  | &nbsp;&nbsp;&nbsp;&nbsp;12270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 |  |
| Macquarie Global Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$415159 |  |  | &nbsp;&nbsp;&nbsp;$397391 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;6866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7282 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |  | &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;376 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie High Income Fund |  |  | &nbsp;&nbsp;&nbsp;$5720992 |  |  | &nbsp;&nbsp;&nbsp;$2601988 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;574939 | &nbsp;&nbsp;&nbsp;181699 |  | &nbsp;&nbsp;&nbsp;&nbsp;77141 | &nbsp;&nbsp;&nbsp;285761 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;221936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;147907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20899 | &nbsp;&nbsp;&nbsp;761275 |  | &nbsp;&nbsp;&nbsp;170091 | &nbsp;&nbsp;&nbsp;147151 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9352 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;126422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;46828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie International Core Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$967673 |  |  | &nbsp;&nbsp;&nbsp;$1437039 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9362 |  | &nbsp;&nbsp;&nbsp;&nbsp;18962 | &nbsp;&nbsp;&nbsp;&nbsp;22272 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;21278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;30730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp;32915 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8002 | &nbsp;&nbsp;&nbsp;&nbsp;45787 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;20029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Large Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$7740731 |  |  | &nbsp;&nbsp;&nbsp;$4833422 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;168950 | &nbsp;&nbsp;&nbsp;&nbsp;47650 |  | &nbsp;&nbsp;&nbsp;&nbsp;85424 | &nbsp;&nbsp;&nbsp;&nbsp;54213 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;40670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;40953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21346 | &nbsp;&nbsp;&nbsp;139392 |  | &nbsp;&nbsp;&nbsp;&nbsp;49412 | &nbsp;&nbsp;&nbsp;&nbsp;72905 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;17290 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32990 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Mid Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$5375176 |  |  | &nbsp;&nbsp;&nbsp;$2454988 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;73770 | &nbsp;&nbsp;&nbsp;&nbsp;39983 |  | &nbsp;&nbsp;&nbsp;&nbsp;57671 | &nbsp;&nbsp;&nbsp;&nbsp;31631 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;46799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;23946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;132521 |  | &nbsp;&nbsp;&nbsp;&nbsp;14693 | &nbsp;&nbsp;&nbsp;&nbsp;54141 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;60385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Mid Cap Income Opportunities Fund |  |  | &nbsp;&nbsp;&nbsp;$3089872 |  |  | &nbsp;&nbsp;&nbsp;$2113300 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;72898 | &nbsp;&nbsp;&nbsp;&nbsp;43257 |  | &nbsp;&nbsp;&nbsp;117372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;34873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11424 | &nbsp;&nbsp;&nbsp;118843 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;54040 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;43388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;63611 |  |
| Macquarie Small Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$1637758 |  |  | &nbsp;&nbsp;&nbsp;$1411096 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;91328 | &nbsp;&nbsp;&nbsp;&nbsp;18515 |  | &nbsp;&nbsp;&nbsp;&nbsp;75469 | &nbsp;&nbsp;&nbsp;&nbsp;16375 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;62376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;31380 | &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;94 | &nbsp;&nbsp;&nbsp;&nbsp;37991 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp;57434 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25165 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;13132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Smid Cap Core Fund |  |  | &nbsp;&nbsp;&nbsp;$368109 |  |  | &nbsp;&nbsp;&nbsp;$396726 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;11911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;13633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;25761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;159

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

6. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 |
|  | &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;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;12262 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;19442 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |  |
| Macquarie Systematic Emerging Markets Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$1012462 |  |  | &nbsp;&nbsp;&nbsp;$2743960 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;18444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708 | &nbsp;&nbsp;&nbsp;&nbsp;22786 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;19057 | &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;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17640 | &nbsp;&nbsp;&nbsp;&nbsp;30913 |  | &nbsp;&nbsp;&nbsp;127162 | &nbsp;&nbsp;&nbsp;&nbsp;11131 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10203 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;115665 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

7. Reorganizations

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 |
| &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;&nbsp;&nbsp;160

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund(s)**  | &nbsp;&nbsp;**Acquiring Fund**  |
| &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 share 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 is expected to be 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 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;161

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

7. Reorganizations (continued)

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.

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;636099 | &nbsp;&nbsp;&nbsp;584984 | &nbsp;&nbsp;&nbsp;$93345887 | &nbsp;&nbsp;&nbsp;0.9196 |
| Class C | &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;1666314 | &nbsp;&nbsp;&nbsp;0.9095 |
| Class I | &nbsp;&nbsp;17233034 | &nbsp;&nbsp;&nbsp;2073771 | &nbsp;&nbsp;&nbsp;1925479 | &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;336493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &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;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;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.

&nbsp;&nbsp;&nbsp;&nbsp;162

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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;2389837 | &nbsp;&nbsp;&nbsp;&nbsp;172054 | &nbsp;&nbsp;&nbsp;&nbsp;132548 | &nbsp;&nbsp;&nbsp;&nbsp;17357490 | &nbsp;&nbsp;&nbsp;0.7704 |
| Class I/Institutional Class\* | &nbsp;&nbsp;108872439 | &nbsp;&nbsp;&nbsp;7765509 | &nbsp;&nbsp;&nbsp;5194296 | &nbsp;&nbsp;&nbsp;676850654 | &nbsp;&nbsp;&nbsp;0.6689 |
| Class R | &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;39156771 | &nbsp;&nbsp;&nbsp;0.6741 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;2480656 | &nbsp;&nbsp;&nbsp;&nbsp;176559 | &nbsp;&nbsp;&nbsp;&nbsp;118014 | &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;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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;163

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

7. Reorganizations (continued)

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;164

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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 |

---

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 Fund V | &nbsp;&nbsp;&nbsp;Acquiring Fund VI | &nbsp;&nbsp;&nbsp;Acquiring Fund VII |
| Net investment income (loss) | &nbsp;&nbsp;$(11414350) | &nbsp;&nbsp;&nbsp;$(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 | &nbsp;&nbsp;$445896675 | &nbsp;&nbsp;&nbsp;$(784434879) | &nbsp;&nbsp;&nbsp;$(91382516) |

---

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 Funds that have been included in the Acquiring Fund's "Statements of operations" since the Reorganizations were consummated on April 26, 2024 for the Acquired Fund I, Acquired Fund II, and

&nbsp;&nbsp;&nbsp;&nbsp;165

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

7. Reorganizations (continued)

Acquired Fund III; May 3, 2024 for the Acquired Fund IV, Acquired Fund V, and Acquired Fund VI; June 7, 2024 for the Acquired Fund VII, Acquired Fund VIII, Acquired Fund IX, and Acquired Fund X; and July 26, 2024 for the Acquired Fund XI.

8. 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 March 31, 2025, or at any time during the year then ended.

9. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 9) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended March 31, 2025.

10. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.**

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund's exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the "Schedules of investments." At March 31, 2025, Macquarie Global Bond Fund posted $7,100,000 and received $448,356 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 year ended March 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;166

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

During the year ended March 31, 2025, Macquarie International Core Equity Fund used forward foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the year ended March 31, 2025, Macquarie International Core Equity 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 March 31, 2025, Macquarie Global Bond Fund posted $475,978 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 year ended March 31, 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 gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. Open option contracts, if any, are disclosed on the "Schedules of investments."**

During the year ended March 31, 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*

&nbsp;&nbsp;&nbsp;&nbsp;167

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

10. Derivatives (continued)

basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended March 31, 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.

As disclosed in the footnotes to the "Schedules of investments," at March 31, 2025, the notional value of the protection sold was $11,400,000, which reflects the maximum potential amount Macquarie Global Bond 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 March 31, 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 March 31, 2025, net unrealized depreciation of the protection sold was $(163,077).

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 year ended March 31, 2025, Macquarie Global Bond Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

*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.*

During the year ended March 31, 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 March 31, 2025, Macquarie Global Bond Fund posted $3,776,629 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."

&nbsp;&nbsp;&nbsp;&nbsp;168

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Fair values of derivative instruments as of March 31, 2025 were 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;Asset Derivatives Fair Value | &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;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;$765785 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$765785 |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1659749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1659749 |
| Variation margin due from brokers on centrally cleared interest rate swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3347618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3347618 |
| Unrealized appreciation 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;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 |
| Total | &nbsp;&nbsp;$765785 | &nbsp;&nbsp;$5007367 | &nbsp;&nbsp;$3248 | &nbsp;&nbsp;$5776400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$(7202390) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(7202390) |
| 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;(1566350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1566350) |
| Variation margin due to brokers 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;(163077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163077) |
| Variation margin due from brokers 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;(1269544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1269544) |
| 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;(103115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103115) |
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18375) |
| Total | &nbsp;&nbsp;$(7202390) | &nbsp;&nbsp;$(2854269) | &nbsp;&nbsp;$(266192) | &nbsp;&nbsp;$(10322851) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared IRS contracts from the date the contracts were opened through March 31, 2025. Only current day variation margin is reported on the Fund's "Statements of assets and liabilities."

&nbsp;&nbsp;&nbsp;&nbsp;169

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

10. Derivatives (continued)

The effect of derivative instruments on the "Statements of operations" for the year ended March 31, 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;$9968275 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(431366) | &nbsp;&nbsp;$230663 | &nbsp;&nbsp;$(16852) | &nbsp;&nbsp;$9750720 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2037401) | &nbsp;&nbsp;&nbsp;&nbsp;(384088) | &nbsp;&nbsp;&nbsp;&nbsp;647954 | &nbsp;&nbsp;&nbsp;&nbsp;(136328) | &nbsp;&nbsp;&nbsp;&nbsp;(1909863) |
| Equity 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;110326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110326 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(181034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95725 |
| Total | &nbsp;&nbsp;$9968275 | &nbsp;&nbsp;$(1760642) | &nbsp;&nbsp;$(815454) | &nbsp;&nbsp;$878617 | &nbsp;&nbsp;$(223888) | &nbsp;&nbsp;$8046908 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$(5683661) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$413497 | &nbsp;&nbsp;$(223288) | &nbsp;&nbsp;$(69993) | &nbsp;&nbsp;$(5563445) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1065175 | &nbsp;&nbsp;&nbsp;&nbsp;(157882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18174 | &nbsp;&nbsp;&nbsp;&nbsp;1851569 | &nbsp;&nbsp;&nbsp;&nbsp;2777036 |
| 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;(107563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107563) |
| Total | &nbsp;&nbsp;$(5683661) | &nbsp;&nbsp;$1065175 | &nbsp;&nbsp;$255615 | &nbsp;&nbsp;$(205114) | &nbsp;&nbsp;$1674013 | &nbsp;&nbsp;$(2893972) |

---

The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Macquarie<br> Global Bond Fund | &nbsp;&nbsp;Macquarie<br> International<br> Core Equity Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589016 | $&nbsp;&nbsp;31950 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311009341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50174409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54820866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44463343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69832669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;11289370079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327104331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306996063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35043425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;170

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Macquarie<br> Global Bond Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;221006138 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;196907725 |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106414 |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1054055 |

---

\* Long represents purchased options and short represents written options.

\*\* Long represents buying protection and short represents selling protection.

11. Offsetting

Certain Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that governs certain over-the-counter derivatives and 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 March 31, 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;$326063 | &nbsp;&nbsp;$(62051) | &nbsp;&nbsp;$264012 |
| JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;333885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29860 |
| TD Bank | &nbsp;&nbsp;&nbsp;&nbsp;109085 | &nbsp;&nbsp;&nbsp;&nbsp;(6939429) | &nbsp;&nbsp;&nbsp;&nbsp;(6830344) |
| Total | &nbsp;&nbsp;$769033 | &nbsp;&nbsp;$(7305505) | &nbsp;&nbsp;$(6536472) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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;$264012 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(264012) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29860 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;29860 |
| TD Bank | &nbsp;&nbsp;&nbsp;(6830344) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6830344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$(6536472) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(264012) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6830344 | &nbsp;&nbsp;$29860 |

---

<sup>(a)</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

&nbsp;&nbsp;&nbsp;&nbsp;171

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Notes to financial statements
Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

12. 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 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 year ended March 31, 2025, each Fund had no securities out on loan.

13. 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

&nbsp;&nbsp;&nbsp;&nbsp;172

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Fund invests will cause the NAV of each Fund to fluctuate.

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds. 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 its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and Baa3 by Moody's 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

&nbsp;&nbsp;&nbsp;&nbsp;173

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

13. Credit and Market Risks (continued)

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 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 year ended March 31, 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 year ended March 31, 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).

&nbsp;&nbsp;&nbsp;&nbsp;174

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

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."

14. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund's maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund's existing contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement

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.

16. Subsequent Events

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 by the end of October 2025. This is subject to change.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2025, that would require recognition or disclosure in the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;175

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

Report of independent registered public accounting firm

To the Board of Trustees of Ivy Funds and Shareholders of Macquarie Core Equity Fund, Macquarie Large Cap Growth Fund, Macquarie Mid Cap Growth Fund, Macquarie Mid Cap Income Opportunities Fund, Macquarie Small Cap Growth Fund, Macquarie Smid Cap Core Fund, Macquarie Global Bond Fund, Macquarie High Income Fund, Macquarie Global Growth Fund, Macquarie International Core Equity Fund and Macquarie Systematic Emerging Markets Equity Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting Ivy Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Macquarie Core Equity Fund<sup>(1)</sup><br> Macquarie Large Cap Growth Fund<sup>(1)</sup><br> Macquarie Mid Cap Growth Fund<sup>(1)</sup><br> Macquarie Mid Cap Income Opportunities Fund<sup>(1)</sup><br> Macquarie Small Cap Growth Fund<sup>(1)</sup><br> Macquarie Smid Cap Core Fund<sup>(1)</sup> | &nbsp;&nbsp;Macquarie Global Bond Fund<sup>(1)</sup><br> Macquarie High Income Fund<sup>(1)</sup><br> Macquarie Global Growth Fund<sup>(1)</sup><br> Macquarie International Core Equity Fund<sup>(1)</sup><br> Macquarie Systematic Emerging Markets Equity Fund<sup>(2)</sup> |

---

<sup>(1)</sup> Statement of operations for the year ended March 31, 2025, statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025

<sup>(2)</sup> Consolidated statement of operations for the year ended March 31, 2025, consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the consolidated financial highlights for each of the five years in the period ended March 31, 2025

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agents, portfolio companies, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 30, 2025

We have served as the auditor of one or more Macquarie investment companies since 2010.

176&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Other Fund information (Unaudited)
Ivy Funds

#### Tax Information
The information set forth below is for the Fund's fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2025, each Fund reports distributions paid during the year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions\*<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Long-Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;Total<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(C)<br> Qualifying<br> Dividends<sup>1</sup> |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;13.98% | &nbsp;&nbsp;&nbsp;&nbsp;86.02% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;59.50% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;31.52% | &nbsp;&nbsp;&nbsp;&nbsp;68.48% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;40.73% |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;98.05% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;17.07% | &nbsp;&nbsp;&nbsp;&nbsp;82.93% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;93.69% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;67.19% |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

(A) and (B) are based on a percentage of each Fund's total distributions.

(C) is based on each Fund's ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for corporate dividends received deduction.

\*For the fiscal year ended March 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are reported in the following table. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Percentage |
| Macquarie Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;71.68% |
| Macquarie Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;95.28% |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;100.00% |
| Macquarie Large Cap Growth Fund | &nbsp;&nbsp;100.00% |
| Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;100.00% |
| Macquarie Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;69.41% |
| Macquarie Smid Cap Core Fund | &nbsp;&nbsp;100.00% |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;51.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;177

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

## Other Fund information (Unaudited)
Ivy Funds

#### Tax Information (continued)
For the fiscal year ended March 31, 2025, certain distributions paid by the Funds, determined to be Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2025, the Funds have reported maximum Qualified Short-Term Capital Gains distributions as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Macquarie Core Equity Fund | &nbsp;&nbsp;$30685849 |
| Macquarie Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;7383094 |
| Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;1174706 |

---

Certain Funds intend to pass through foreign tax credits. The gross foreign source income earned during the fiscal year ended March 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Foreign Tax Credits | &nbsp;&nbsp;&nbsp;Gross Foreign Source Income Earned |
| Macquarie International Core Equity Fund | &nbsp;&nbsp;$3119704 | &nbsp;&nbsp;&nbsp;$36093051 |
| Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;7731755 | &nbsp;&nbsp;&nbsp;&nbsp;27416900 |

---

The percentage of the ordinary dividends reported is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Percentage |
| Macquarie Global Bond Fund | &nbsp;&nbsp;100.00% |
| Macquarie High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;97.21% |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### 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
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;178

------

[**Table of Contents**](#JOB_Ivy_D_7b0bee5f-6db2-4ead-981f-4e6dff726ce5_TOC_AltSty1)

#### 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.

(4450187) **ANN-IVYFUNDS-0525**

This page is not part of the Financial statements and other information.

------

![](g884606imgd6df4b4b1.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 year ended March 31, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated schedule of investments](#xx_89ae86ad-78f6-41b0-a20d-c444a74786d9_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_89ae86ad-78f6-41b0-a20d-c444a74786d9_11)<br>| &nbsp;&nbsp;&nbsp;**11** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_a0ce8233-cb48-4b44-a688-ce3ae5a97409_1)<br>| &nbsp;&nbsp;&nbsp;**27** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_a0ce8233-cb48-4b44-a688-ce3ae5a97409_5)<br>| &nbsp;&nbsp;&nbsp;**31** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_a0ce8233-cb48-4b44-a688-ce3ae5a97409_7)<br>| &nbsp;&nbsp;&nbsp;**33** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_2409043a-2a00-4920-b8d9-b5853120dd25_1)<br>| &nbsp;&nbsp;&nbsp;**39** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_b6365069-94a7-496b-a47b-b99b2c4301e7_1)<br>| &nbsp;&nbsp;&nbsp;**75** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_71daab8e-70ce-4620-8fd6-52573795af49_1)<br>| &nbsp;&nbsp;&nbsp;**103** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund information](#xx_709b52b4-b244-4597-b2ce-d08ab3270fa8_1)<br>| &nbsp;&nbsp;&nbsp;**104** |

---

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_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Consolidated schedule of investments
Macquarie Asset Strategy Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.27%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.27%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18 NS 1.666% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, • | 3115291 | $362135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-37 SB 1.166% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, • | 6336772 | &nbsp;&nbsp; 590383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48 US 1.646% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, • | 6810261 | &nbsp;&nbsp; 454617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-33 AI 4.50% 5/25/47 Σ, = | 2616510 | &nbsp;&nbsp; 333066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13 IP 5.00% 3/25/49 Σ, = | 2072561 | &nbsp;&nbsp; 441533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740 SB 1.687% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, • | 3092069 | &nbsp;&nbsp; 342216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-162 IN 3.00% 9/20/51 Σ, = | 13702383 | &nbsp;&nbsp; 2171677 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $6,272,561)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $6,272,561)** | &nbsp;&nbsp; **4695627** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.32%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.32%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.32%** |
| &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 | 1234119 | &nbsp;&nbsp; 1121220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;831765 | &nbsp;&nbsp; 771204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;277895 | &nbsp;&nbsp; 267996 |
| &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;92345 | &nbsp;&nbsp; 74155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 3481916 | &nbsp;&nbsp; 2787941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | 1253872 | &nbsp;&nbsp; 999522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91343 | &nbsp;&nbsp; 76593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | 4454685 | &nbsp;&nbsp; 3724100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | 4642593 | &nbsp;&nbsp; 3867589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;111191 | &nbsp;&nbsp; 93043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/1/47 | 1653535 | &nbsp;&nbsp; 1458344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | 1883849 | &nbsp;&nbsp; 1653855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;227473 | &nbsp;&nbsp; 198941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;112606 | &nbsp;&nbsp; 98503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | 4231470 | &nbsp;&nbsp; 3669289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;310395 | &nbsp;&nbsp; 286704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;488008 | &nbsp;&nbsp; 451760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 3012861 | &nbsp;&nbsp; 2721616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 7572041 | &nbsp;&nbsp; 6915307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;675413 | &nbsp;&nbsp; 630303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;106232 | &nbsp;&nbsp; 99130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/1/55 | 2038943 | &nbsp;&nbsp; 1902634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;802817 | &nbsp;&nbsp; 788923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 2727823 | &nbsp;&nbsp; 2613906 |

---

---

| | | |
|:---|:---|:---|
|  | **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;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;820588 | $806182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;287983 | &nbsp;&nbsp; 282853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 8/1/52 | 1826271 | &nbsp;&nbsp; 1841380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;468059 | &nbsp;&nbsp; 478438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | 1426171 | &nbsp;&nbsp; 1451665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;438221 | &nbsp;&nbsp; 451633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;908731 | &nbsp;&nbsp; 923144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 4/1/55 | 7641000 | &nbsp;&nbsp; 7630843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/55 | 4947000 | &nbsp;&nbsp; 5024381 |
| &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 | 2606443 | &nbsp;&nbsp; 2225228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;935478 | &nbsp;&nbsp; 824245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;851002 | &nbsp;&nbsp; 749232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;678490 | &nbsp;&nbsp; 636169 |
| &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 | 4367291 | &nbsp;&nbsp; 3475295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53755 | &nbsp;&nbsp; 45341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 4336350 | &nbsp;&nbsp; 3652302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;195382 | &nbsp;&nbsp; 162764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 | 1663388 | &nbsp;&nbsp; 1469050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/52 | 2053146 | &nbsp;&nbsp; 1859149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;526017 | &nbsp;&nbsp; 497876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | 2270790 | &nbsp;&nbsp; 2122941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | 2059075 | &nbsp;&nbsp; 1923753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | 2694278 | &nbsp;&nbsp; 2589586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 6631897 | &nbsp;&nbsp; 6354937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | 1430284 | &nbsp;&nbsp; 1370605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;717885 | &nbsp;&nbsp; 715951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | 2269542 | &nbsp;&nbsp; 2249849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;595781 | &nbsp;&nbsp; 585635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | 3079134 | &nbsp;&nbsp; 3024285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | 1439503 | &nbsp;&nbsp; 1413860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;434722 | &nbsp;&nbsp; 439186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/53 | 2928397 | &nbsp;&nbsp; 2941446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;211091 | &nbsp;&nbsp;&nbsp; 211114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | 4347628 | &nbsp;&nbsp; 4364104 |
| &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;556344 | &nbsp;&nbsp; 493035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/20/52 | 2118913 | &nbsp;&nbsp; 1877792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | 1922093 | &nbsp;&nbsp; 1899871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | 1528033 | &nbsp;&nbsp; 1537487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;570253 | &nbsp;&nbsp; 575043 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $108,826,804)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $108,826,804)** | &nbsp;&nbsp; **108450228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations — 0.16%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 0.16%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 0.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO Series 2022-17A CR 144A 6.19% (TSFR03M + 1.90%, Floor 1.90%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | $650025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO Series 2018-2A CR 144A 6.402% (TSFR03M + 2.10%, Floor 1.95%) 7/15/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 600203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding Series 2022-11A CR 144A 6.193% (TSFR03M + 1.90%, Floor 1.90%) 7/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 850030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO Series 2024-2A C 144A 6.453% (TSFR03M + 2.15%, Floor 2.15%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 650140 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $2,750,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $2,750,000)** | &nbsp;&nbsp; **2750398** |
| &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 | 2252490 | &nbsp;&nbsp; 2418518 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $2,220,674)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $2,220,674)** | &nbsp;&nbsp; **2418518** |
| &nbsp;&nbsp;**Corporate Bonds — 16.46%** | &nbsp;&nbsp;**Corporate Bonds — 16.46%** | &nbsp;&nbsp;**Corporate Bonds — 16.46%** |
| &nbsp;&nbsp;Banking — 2.07% | &nbsp;&nbsp;Banking — 2.07% | &nbsp;&nbsp;Banking — 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ | 1562000 | &nbsp;&nbsp; 1551811 |
| &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; 496873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 1068000 | &nbsp;&nbsp; 1048328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 513073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.872% 9/15/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 266194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 488565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp; 626461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/20/25 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 453382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 388503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 333912 |
| &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; 323483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.488% 12/4/26 | 1385000 | &nbsp;&nbsp; 1408594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp; 909792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% 9/29/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp; 88428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.612% 3/4/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 303019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 323179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp; 480793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 296191 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.729% 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;301000 | $270778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72% 1/18/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;939000 | &nbsp;&nbsp; 983154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp; 864490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 365009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp 6.361% 10/27/28 μ | 1099000 | &nbsp;&nbsp; 1142189 |
| &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; 661448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.561% 11/19/45 μ | 1310000 | &nbsp;&nbsp; 1277222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734% 1/28/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp; 508355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 586382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.208% 8/21/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp; 567474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.012% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp; 930420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 294585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp; 474345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp; 264292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 210644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group 5.721% 6/5/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 304026 |
| &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; 605417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.164% 4/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp; 790717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.516% 11/19/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp; 469248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;768000 | &nbsp;&nbsp; 796237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 342688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 598074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 559494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets 144A 5.551% 3/21/30 #, • | 1005000 | &nbsp;&nbsp; 1011989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 722956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 348149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp; 680195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 332039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.502% 9/6/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 429598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.722% 6/6/30 μ | 1340000 | &nbsp;&nbsp; 1372686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.993% 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 526924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.123% 11/21/34 μ | 1035000 | &nbsp;&nbsp; 1089619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank 4.632% 9/17/29 μ | 1280000 | &nbsp;&nbsp; 1253264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.699% 2/8/35 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205161 |
| &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; 916958 |
| &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; 227086 |
| &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; 411313 |

---

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;385000 | $388250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 158170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.424% 2/12/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 206333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 352816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 120713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 227371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. 5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 300009 |
|  |  | &nbsp;&nbsp; 35448868 |
| &nbsp;&nbsp;Basic Industry — 0.16% | &nbsp;&nbsp;Basic Industry — 0.16% | &nbsp;&nbsp;Basic Industry — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.95% 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 770003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan 5.45% 3/15/43 | 1560000 | &nbsp;&nbsp; 1464083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 5.10% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 453772 |
|  |  | &nbsp;&nbsp; 2687858 |
| &nbsp;&nbsp;Brokerage — 0.15% | &nbsp;&nbsp;Brokerage — 0.15% | &nbsp;&nbsp;Brokerage — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp; 631219 |
| &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; 1856886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 138653 |
|  |  | &nbsp;&nbsp; 2626758 |
| &nbsp;&nbsp;Capital Goods — 0.41% | &nbsp;&nbsp;Capital Goods — 0.41% | &nbsp;&nbsp;Capital Goods — 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 144A 5.50% 3/17/35 # | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 261042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | 1230000 | &nbsp;&nbsp; 1055910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196% 2/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 782873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 1275000 | &nbsp;&nbsp; 1386058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. 5.70% 1/19/55 | 1020000 | &nbsp;&nbsp; 1063227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand 5.70% 6/15/54 | 1250000 | &nbsp;&nbsp; 1239899 |
| &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; 683347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 122040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 496762 |
|  |  | &nbsp;&nbsp; 7091158 |
| &nbsp;&nbsp;Communication Services — 2.04% | &nbsp;&nbsp;Communication Services — 2.04% | &nbsp;&nbsp;Communication Services — 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 3145000 | &nbsp;&nbsp; 2757623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 4.50% 8/15/30 # | 8000000 | &nbsp;&nbsp; 7289417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 2850000 | &nbsp;&nbsp; 2601990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | 2500000 | &nbsp;&nbsp; 2346651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/1/28 # | 2500000 | &nbsp;&nbsp; 2416776 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Frontier Communications<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 3442781 | $3446606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;461000 | &nbsp;&nbsp; 462377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media 144A 4.75% 10/15/30 # | 4830000 | &nbsp;&nbsp; 3068270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 3500000 | &nbsp;&nbsp; 3362195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | 8155000 | &nbsp;&nbsp; 7251317 |
|  |  | &nbsp;&nbsp; 35003222 |
| &nbsp;&nbsp;Communications — 0.60% | &nbsp;&nbsp;Communications — 0.60% | &nbsp;&nbsp;Communications — 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/15/53 | 2960000 | &nbsp;&nbsp; 2019954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 293824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 3.85% 4/1/61 | 1790000 | &nbsp;&nbsp; 1087979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle 1.05% 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 533929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding 144A 8.25% 11/29/31 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 722138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 285011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 120333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 253285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp; 926588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 1310000 | &nbsp;&nbsp; 1286377 |
| &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; 145969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 1/15/34 | 1730000 | &nbsp;&nbsp; 1802933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 559123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications 2.875% 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 308512 |
|  |  | &nbsp;&nbsp; 10345955 |
| &nbsp;&nbsp;Consumer Cyclical — 0.31% | &nbsp;&nbsp;Consumer Cyclical — 0.31% | &nbsp;&nbsp;Consumer Cyclical — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit 6.80% 5/12/28 | 1060000 | &nbsp;&nbsp; 1089062 |
| &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; 158109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 1/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 193241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 4/4/34 | 1065000 | &nbsp;&nbsp; 1060372 |
| &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;175000 | &nbsp;&nbsp; 177495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 451674 |
| &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; 165080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 1820000 | &nbsp;&nbsp; 1805956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 179119 |
|  |  | &nbsp;&nbsp; 5280108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Consumer Discretionary — 1.82% | &nbsp;&nbsp;Consumer Discretionary — 1.82% | &nbsp;&nbsp;Consumer Discretionary — 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 7245000 | $7346937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 7.625% 3/1/26 # | 3430000 | &nbsp;&nbsp; 3433149 |
| &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; 1621692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/27 # | 2700000 | &nbsp;&nbsp; 2705695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 3500000 | &nbsp;&nbsp; 3472394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1610000 | &nbsp;&nbsp; 1633340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 4070000 | &nbsp;&nbsp; 4055743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 3500000 | &nbsp;&nbsp; 3310704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 3500000 | &nbsp;&nbsp; 3614559 |
|  |  | &nbsp;&nbsp; 31194213 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.75% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.75% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 5.35% 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp; 653120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp; 919337 |
| &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;385000 | &nbsp;&nbsp; 392746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/12/55 | 1020000 | &nbsp;&nbsp; 1033507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences 4.80% 4/1/44 | 1165000 | &nbsp;&nbsp; 1063976 |
| &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; 1244639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 348571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 705404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux 3.625% 1/15/32 | 2000000 | &nbsp;&nbsp; 1803315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 3/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp; 513042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 447396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 300832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # | 1130000 | &nbsp;&nbsp; 1129853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo 5.00% 2/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 171603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma 3.35% 9/2/51 | 2960000 | &nbsp;&nbsp; 1876470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 238623 |
|  |  | &nbsp;&nbsp; 12842434 |
| &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 GmbH 144A 9.375% 10/3/31 # | 3420000 | &nbsp;&nbsp; 3507586 |
|  |  | &nbsp;&nbsp; 3507586 |
| &nbsp;&nbsp;Electric — 1.04% | &nbsp;&nbsp;Electric — 1.04% | &nbsp;&nbsp;Electric — 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.40% 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 186220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp; 886568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy 2.85% 5/15/51 | 1725000 | &nbsp;&nbsp; 1059257 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Electricity Lux Mpc II 144A 5.58% 10/20/35 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | $725435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | 1245000 | &nbsp;&nbsp; 1199199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 353394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | 1170000 | &nbsp;&nbsp; 1211729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 445964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy 6.45% 9/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 160130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon 5.45% 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 249261 |
| &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;445000 | &nbsp;&nbsp; 425846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 140501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 173729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 2.00% 12/2/25 # | 3470000 | &nbsp;&nbsp; 3398337 |
| &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; 1115092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 112691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric 4.95% 7/1/50 | 2560000 | &nbsp;&nbsp; 2139383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 112097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 191628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 170912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Edison 5.20% 6/1/34 | 1305000 | &nbsp;&nbsp; 1274604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.95% 10/15/33 # | 1830000 | &nbsp;&nbsp; 1967138 |
|  |  | &nbsp;&nbsp; 17901393 |
| &nbsp;&nbsp;Energy — 1.74% | &nbsp;&nbsp;Energy — 1.74% | &nbsp;&nbsp;Energy — 1.74% |
| &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; 465409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.939% 6/4/51 | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp; 270984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.227% 11/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp; 945199 |
| &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; 490224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp; 449740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.20% 4/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 227817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 450713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp; 963747 |
| &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; 1719960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 697623 |
| &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; 952485 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | $305824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 107655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/16/55 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 286736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;832362 | &nbsp;&nbsp; 734351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy 7.75% 2/1/28 | 3420000 | &nbsp;&nbsp; 3456449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco 144A 6.51% 2/23/42 # | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 705603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.00% 2/1/31 # | 3725000 | &nbsp;&nbsp; 3484719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries 144A 9.125% 1/31/30 # | 3340000 | &nbsp;&nbsp; 3344322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 256358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp; 532845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% 1/1/31 | 1478000 | &nbsp;&nbsp; 1520435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 579505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | 2045000 | &nbsp;&nbsp; 1915412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 1935000 | &nbsp;&nbsp; 1935784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean 144A 8.00% 2/1/27 # | 3117000 | &nbsp;&nbsp; 3107248 |
|  |  | &nbsp;&nbsp; 29907147 |
| &nbsp;&nbsp;Financials — 1.50% | &nbsp;&nbsp;Financials — 1.50% | &nbsp;&nbsp;Financials — 1.50% |
| &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; 1768198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 403666 |
| &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; 766197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;556000 | &nbsp;&nbsp; 562396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 80393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | 1265000 | &nbsp;&nbsp; 1305899 |
| &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; 1550922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 448730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 214161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 3500000 | &nbsp;&nbsp; 3492466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 1600000 | &nbsp;&nbsp; 1665816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 7.625% 3/15/35 μ, ψ | 1640000 | &nbsp;&nbsp; 1607931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.60% 11/22/29 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 719219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 11/22/34 # | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 519842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.80% 3/15/30 # | 1020000 | &nbsp;&nbsp; 1000675 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.60% 9/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;310000 | $315152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank 6.00% 10/30/25 μ, ψ | 1600000 | &nbsp;&nbsp; 1586059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund 144A 5.95% 4/14/32 # | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp; 424349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International 144A 7.375% 1/31/32 # | 1600000 | &nbsp;&nbsp; 1630093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 3500000 | &nbsp;&nbsp; 3466295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 1500000 | &nbsp;&nbsp; 1576801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.00% 1/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp; 691794 |
|  |  | &nbsp;&nbsp; 25797054 |
| &nbsp;&nbsp;Healthcare — 0.19% | &nbsp;&nbsp;Healthcare — 0.19% | &nbsp;&nbsp;Healthcare — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS 144A 5.25% 5/15/30 # | 3860000 | &nbsp;&nbsp; 3189245 |
|  |  | &nbsp;&nbsp; 3189245 |
| &nbsp;&nbsp;Industrials — 0.38% | &nbsp;&nbsp;Industrials — 0.38% | &nbsp;&nbsp;Industrials — 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 8.75% 11/15/30 # | 1495000 | &nbsp;&nbsp; 1578047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 3500000 | &nbsp;&nbsp; 3398997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.625% 3/1/32 # | 1570000 | &nbsp;&nbsp; 1591971 |
|  |  | &nbsp;&nbsp; 6569015 |
| &nbsp;&nbsp;Information Technology — 0.22% | &nbsp;&nbsp;Information Technology — 0.22% | &nbsp;&nbsp;Information Technology — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | 3550000 | &nbsp;&nbsp; 3453460 |
| &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; 53935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 106059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 101856 |
|  |  | &nbsp;&nbsp; 3715310 |
| &nbsp;&nbsp;Insurance — 0.95% | &nbsp;&nbsp;Insurance — 0.95% | &nbsp;&nbsp;Insurance — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 Park Funding Trust 144A 5.74% 2/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 307866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group 144A 3.20% 9/16/40 # | 1432000 | &nbsp;&nbsp; 1102721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon 5.00% 9/12/32 | 1605000 | &nbsp;&nbsp; 1608595 |
| &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; 301952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 113500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 435253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/15/55 | 1580000 | &nbsp;&nbsp; 1517281 |
| &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;985000 | &nbsp;&nbsp; 632853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% 5/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 315358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 10/15/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp; 819011 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Funding Trust 144A 6.266% 8/15/54 # | 1600000 | $1596496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | 1630000 | &nbsp;&nbsp; 1594013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 4.90% 1/9/30 # | 1820000 | &nbsp;&nbsp; 1836039 |
| &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; 722064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Street Trust III 144A 6.223% 5/15/54 # | 1565000 | &nbsp;&nbsp; 1604435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial 5.20% 3/14/35 | 1820000 | &nbsp;&nbsp; 1823171 |
|  |  | &nbsp;&nbsp; 16330608 |
| &nbsp;&nbsp;Materials — 0.79% | &nbsp;&nbsp;Materials — 0.79% | &nbsp;&nbsp;Materials — 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 3305000 | &nbsp;&nbsp; 3373949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 3500000 | &nbsp;&nbsp; 3362863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 8.50% 11/15/28 # | 3195000 | &nbsp;&nbsp; 3378078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding 144A 9.75% 11/15/28 # | 3280000 | &nbsp;&nbsp; 3409445 |
|  |  | &nbsp;&nbsp; 13524335 |
| &nbsp;&nbsp;Natural Gas — 0.06% | &nbsp;&nbsp;Natural Gas — 0.06% | &nbsp;&nbsp;Natural Gas — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy 2.85% 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 238071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra 6.40% 10/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp; 860647 |
|  |  | &nbsp;&nbsp; 1098718 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.04% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.04% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 726211 |
|  |  | &nbsp;&nbsp; 726211 |
| &nbsp;&nbsp;Technology — 0.61% | &nbsp;&nbsp;Technology — 0.61% | &nbsp;&nbsp;Technology — 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 936846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 638380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp; 642817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.187% 11/15/36 # | 1820000 | &nbsp;&nbsp; 1494642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp; 679475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 1035000 | &nbsp;&nbsp; 977124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 371498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 409994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA 4.95% 7/15/52 | 2005000 | &nbsp;&nbsp; 1838370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.50% 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 413933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 173821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | 1040000 | &nbsp;&nbsp; 1053892 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | $264847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 316779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 238469 |
|  |  | &nbsp;&nbsp; 10450887 |
| &nbsp;&nbsp;Transportation — 0.08% | &nbsp;&nbsp;Transportation — 0.08% | &nbsp;&nbsp;Transportation — 0.08% |
| &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;360000 | &nbsp;&nbsp; 363245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | 1021000 | &nbsp;&nbsp; 1026367 |
|  |  | &nbsp;&nbsp; 1389612 |
| &nbsp;&nbsp;Utilities — 0.35% | &nbsp;&nbsp;Utilities — 0.35% | &nbsp;&nbsp;Utilities — 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 8.375% 6/1/31 # | 3265000 | &nbsp;&nbsp; 3313668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 8.00% 10/15/26 #, μ, ψ | 2600000 | &nbsp;&nbsp; 2676929 |
|  |  | &nbsp;&nbsp; 5990597 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $282,233,046)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $282,233,046)** | &nbsp;&nbsp; **282618292** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.17%** | &nbsp;&nbsp;**Government Agency Obligations — 0.17%** | &nbsp;&nbsp;**Government Agency Obligations — 0.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport Indonesia 144A 5.315% 4/14/32 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 711824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos 6.70% 2/16/32 | 2595000 | &nbsp;&nbsp; 2282157 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $3,320,494)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $3,320,494)** | &nbsp;&nbsp; **2993981** |
| &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; 506258 |
| &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; 303627 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $799,977)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $799,977)** | &nbsp;&nbsp; **809885** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.59%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.59%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust Series 2021-3 B1 144A 3.059% 9/27/66 #, • | 2000000 | &nbsp;&nbsp; 1394411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Series 2023-R06 1M2 144A 7.04% (SOFR + 2.70%) 7/25/43 #, • | 2700000 | &nbsp;&nbsp; 2771861 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Connecticut Avenue Securities Trust Series 2023-R08 1M1 144A 5.84% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;976764 | $977535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, • | 4968250 | &nbsp;&nbsp; 4540578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2023-HQA3 A1 144A 6.19% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;462681 | &nbsp;&nbsp; 467308 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $11,388,680)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $11,388,680)** | &nbsp;&nbsp; **10151693** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.57%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.57%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.57%** |
| &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; 1941984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 A4 2.403% 3/15/63 | 1000000 | &nbsp;&nbsp; 887256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1250000 | &nbsp;&nbsp; 1092358 |
| &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; 2907278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 A5 1.925% 7/15/53 | 1415000 | &nbsp;&nbsp; 1210327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B20 A5 2.034% 10/15/53 | 2000000 | &nbsp;&nbsp; 1700264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B21 A5 1.978% 12/17/53 | 2000000 | &nbsp;&nbsp; 1702091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | 2250000 | &nbsp;&nbsp; 1945143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | 4000000 | &nbsp;&nbsp; 3467053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B35 A5 4.443% 5/15/55 • | 2000000 | &nbsp;&nbsp; 1913491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 # | 2000000 | &nbsp;&nbsp; 1753145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust Series 2020-K737 B 144A 3.329% 1/25/53 #, • | 2000000 | &nbsp;&nbsp; 1953279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | 2225000 | &nbsp;&nbsp; 1915107 |

---

---

| | | |
|:---|:---|:---|
|  | **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;GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53 | 2813000 | $2496377 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $26,912,593)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $26,912,593)** | &nbsp;&nbsp; **26885153** |
| &nbsp;&nbsp;**Loan Agreements — 1.04%** | &nbsp;&nbsp;**Loan Agreements — 1.04%** | &nbsp;&nbsp;**Loan Agreements — 1.04%** |
| &nbsp;&nbsp;Consumer Discretionary — 0.33% | &nbsp;&nbsp;Consumer Discretionary — 0.33% | &nbsp;&nbsp;Consumer Discretionary — 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart 8.175% (SOFR01M + 3.85%) 2/11/28 • | 4178476 | &nbsp;&nbsp; 4121022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 10.041% (SOFR03M + 5.75%) 9/4/29 • | 1715000 | &nbsp;&nbsp; 1518387 |
|  |  | &nbsp;&nbsp; 5639409 |
| &nbsp;&nbsp;Healthcare — 0.48% | &nbsp;&nbsp;Healthcare — 0.48% | &nbsp;&nbsp;Healthcare — 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 8.825% (SOFR01M + 4.50%) 4/28/28 • | 8276400 | &nbsp;&nbsp; 8271227 |
|  |  | &nbsp;&nbsp; 8271227 |
| &nbsp;&nbsp;Industrials — 0.23% | &nbsp;&nbsp;Industrials — 0.23% | &nbsp;&nbsp;Industrials — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer Tranche C 7.575% (SOFR01M + 3.25%) 10/19/29 • | 3977063 | &nbsp;&nbsp; 3864214 |
|  |  | &nbsp;&nbsp; 3864214 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $17,881,932)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $17,881,932)** | &nbsp;&nbsp; **17774850** |
| &nbsp;&nbsp;**US Treasury Obligations — 2.34%** | &nbsp;&nbsp;**US Treasury Obligations — 2.34%** | &nbsp;&nbsp;**US Treasury Obligations — 2.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 11/15/44 | 10185000 | &nbsp;&nbsp; 10200914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 2/15/45 | 2200000 | &nbsp;&nbsp; 2240562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 548389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 238856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 2/28/30 | 2175000 | &nbsp;&nbsp; 2180268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 2/15/28 | 16430000 | &nbsp;&nbsp; 16593658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 7/15/27 | 1175000 | &nbsp;&nbsp; 1187324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 871482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 2/15/35 | 5845000 | &nbsp;&nbsp; 6039072 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $39,605,539)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $39,605,539)** | &nbsp;&nbsp; **40130587** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 59.11%** | &nbsp;&nbsp;**Common Stocks — 59.11%** | &nbsp;&nbsp;**Common Stocks — 59.11%** |
| &nbsp;&nbsp;Communication Services — 5.22% | &nbsp;&nbsp;Communication Services — 5.22% | &nbsp;&nbsp;Communication Services — 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;104586 | &nbsp;&nbsp;&nbsp;&nbsp;16173179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;475420 | &nbsp;&nbsp;&nbsp;&nbsp;17591532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31251 | $18011826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19033 | &nbsp;&nbsp; 17748843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 1819823 | &nbsp;&nbsp; 781584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;148048 | &nbsp;&nbsp; 19318784 |
|  |  | &nbsp;&nbsp; 89625748 |
| &nbsp;&nbsp;Consumer Discretionary — 7.25% | &nbsp;&nbsp;Consumer Discretionary — 7.25% | &nbsp;&nbsp;Consumer Discretionary — 7.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;168088 | &nbsp;&nbsp; 31980423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;339711 | &nbsp;&nbsp; 9080475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36817 | &nbsp;&nbsp; 15613569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45190 | &nbsp;&nbsp; 10282984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53239 | &nbsp;&nbsp; 19511561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32872 | &nbsp;&nbsp; 20320787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H <<, =, † | &nbsp;&nbsp;&nbsp;&nbsp;640301 | &nbsp;&nbsp; 1254542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series T <<, =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80253 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1400263 | &nbsp;&nbsp; 15157914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | &nbsp;&nbsp;&nbsp;&nbsp;184458 | &nbsp;&nbsp; 668476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;160750 | &nbsp;&nbsp; 582558 |
|  |  | &nbsp;&nbsp; 124453289 |
| &nbsp;&nbsp;Consumer Staples — 4.97% | &nbsp;&nbsp;Consumer Staples — 4.97% | &nbsp;&nbsp;Consumer Staples — 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;167741 | &nbsp;&nbsp; 19139248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45567 | &nbsp;&nbsp; 19777901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;236137 | &nbsp;&nbsp; 16912132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | &nbsp;&nbsp;&nbsp;&nbsp;532754 | &nbsp;&nbsp; 13863486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91680 | &nbsp;&nbsp; 15624106 |
|  |  | &nbsp;&nbsp; 85316873 |
| &nbsp;&nbsp;Energy — 1.06% | &nbsp;&nbsp;Energy — 1.06% | &nbsp;&nbsp;Energy — 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;282936 | &nbsp;&nbsp; 8714429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90213 | &nbsp;&nbsp; 9474169 |
|  |  | &nbsp;&nbsp; 18188598 |
| &nbsp;&nbsp;Financials — 10.11% | &nbsp;&nbsp;Financials — 10.11% | &nbsp;&nbsp;Financials — 10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7864 | &nbsp;&nbsp; 11955700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80684 | &nbsp;&nbsp; 16707236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36554 | &nbsp;&nbsp; 14588336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1281067 | &nbsp;&nbsp; 17377557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;767315 | &nbsp;&nbsp; 15376993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 1020476 | &nbsp;&nbsp; 21752685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;126120 | &nbsp;&nbsp; 21755700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;211025 | &nbsp;&nbsp; 11321545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49285 | &nbsp;&nbsp; 27014094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp; 1466 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;134170 | $15653614 |
|  |  | &nbsp;&nbsp; 173504926 |
| &nbsp;&nbsp;Healthcare — 6.13% | &nbsp;&nbsp;Healthcare — 6.13% | &nbsp;&nbsp;Healthcare — 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86660 | &nbsp;&nbsp; 12598072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39473 | &nbsp;&nbsp; 8091965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26297 | &nbsp;&nbsp; 21718955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. † | &nbsp;&nbsp;&nbsp;&nbsp;392131 | &nbsp;&nbsp; 16693323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47003 | &nbsp;&nbsp; 9128582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;156100 | &nbsp;&nbsp; 17463551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17489 | &nbsp;&nbsp; 8702526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20832 | &nbsp;&nbsp; 10910760 |
|  |  | &nbsp;&nbsp; 105307734 |
| &nbsp;&nbsp;Industrials — 7.53% | &nbsp;&nbsp;Industrials — 7.53% | &nbsp;&nbsp;Industrials — 7.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;102306 | &nbsp;&nbsp; 18007290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;944357 | &nbsp;&nbsp; 19023922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;251235 | &nbsp;&nbsp; 15928299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | &nbsp;&nbsp;&nbsp;&nbsp;437441 | &nbsp;&nbsp; 12873888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc Class A | &nbsp;&nbsp;&nbsp;&nbsp;612987 | &nbsp;&nbsp; 12263643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;179838 | &nbsp;&nbsp; 23330384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;162592 | &nbsp;&nbsp; 13012238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64715 | &nbsp;&nbsp; 14827984 |
|  |  | &nbsp;&nbsp; 129267648 |
| &nbsp;&nbsp;Information Technology — 14.71% | &nbsp;&nbsp;Information Technology — 14.71% | &nbsp;&nbsp;Information Technology — 14.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;160218 | &nbsp;&nbsp; 35589224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58832 | &nbsp;&nbsp; 9850242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64626 | &nbsp;&nbsp; 10356963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28341 | &nbsp;&nbsp; 19266212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;135287 | &nbsp;&nbsp; 50786064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;283050 | &nbsp;&nbsp; 30676959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;&nbsp;919200 | &nbsp;&nbsp; 12180212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80357 | &nbsp;&nbsp; 21564604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89051 | &nbsp;&nbsp; 23533483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68954 | &nbsp;&nbsp; 8930070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1090550 | &nbsp;&nbsp; 29889330 |
|  |  | &nbsp;&nbsp; 252623363 |
| &nbsp;&nbsp;Materials — 1.02% | &nbsp;&nbsp;Materials — 1.02% | &nbsp;&nbsp;Materials — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50334 | &nbsp;&nbsp; 17576130 |
|  |  | &nbsp;&nbsp; 17576130 |
| &nbsp;&nbsp;Utilities — 1.11% | &nbsp;&nbsp;Utilities — 1.11% | &nbsp;&nbsp;Utilities — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 4568226 | &nbsp;&nbsp; 18992613 |
|  |  | &nbsp;&nbsp; 18992613 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,323,035,003)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,323,035,003)** | &nbsp;&nbsp;**1014856922** |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &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 11/07/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $192570 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $199,151)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $199,151)** | &nbsp;&nbsp; **192570** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 4.27%** | &nbsp;&nbsp;**Exchange-Traded Funds — 4.27%** | &nbsp;&nbsp;**Exchange-Traded Funds — 4.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;790800 | &nbsp;&nbsp; 18176538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;107305 | &nbsp;&nbsp; 55145113 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $75,031,330)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $75,031,330)** | &nbsp;&nbsp; **73321651** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 5.98%** | &nbsp;&nbsp;**Bullion — 5.98%** | &nbsp;&nbsp;**Bullion — 5.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32846 | &nbsp;&nbsp;&nbsp;&nbsp;102621055 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $38,406,159)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $38,406,159)** | **102621055** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 1.28%** | &nbsp;&nbsp;**Short-Term Investments — 1.28%** | &nbsp;&nbsp;**Short-Term Investments — 1.28%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.28% | &nbsp;&nbsp;Money Market Mutual Funds — 1.28% | &nbsp;&nbsp;Money Market Mutual Funds — 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 5512377 | &nbsp;&nbsp; 5512377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 5512377 | &nbsp;&nbsp; 5512377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 5512377 | &nbsp;&nbsp; 5512377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 5512377 | &nbsp;&nbsp; 5512377 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $22,049,508)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $22,049,508)** | &nbsp;&nbsp; **22049508** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.76%<br> (cost $1,960,933,451)** |  | &nbsp;&nbsp;**$1712720918** |

---

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

---

| | |
|:---|:---|
| ° | 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 March 31, 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 March 31, 2025, the aggregate value of Rule 144A securities was $172,755,555, which represents 10.06% of the Fund's net assets. See Note 11 in "Notes to financial statements." |
| >> | PIK. 100% of the income received was in the form of principal. |
| 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 March 31, 2025, the aggregate value of restricted securities was $3,868,578, which represented 0.23% of the Fund's net assets. See Note 11 in "Notes to financial statements" and table below for additional details on restricted securities. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| † | 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 | $781584 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;2220674 | &nbsp;&nbsp;&nbsp;2418518 |
| Studio City International Holdings | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554462 | &nbsp;&nbsp;&nbsp;&nbsp;668476 |
| Total |  | $15099096 | $3868578 |

---

The following futures contracts were outstanding at March 31, 2025:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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 |
| 40 | US Treasury 2 yr Notes | &nbsp;&nbsp;$8286875 | $8246970 | 6/30/25 | $39905 | $— | $(313) |
| (53) | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5894594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5813718) | 6/18/25 | &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;(80876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) |
| (83) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9472375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9391572) | 6/18/25 | &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;(80803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7781) |
| 77 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945434 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14438 |
| (63) | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7701749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7760644) | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27563) |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(5773530) |  | $184022 | $(161679) | $(22047) |

---

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 9 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |
| GS – Goldman Sachs |
| LNG – Liquefied Natural Gas |
| 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 |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TBA – To be announced |
| 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.

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Schedules of investments
Macquarie Balanced Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.56%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.56%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.56%** |
| &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 | 2579819 | $2562325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-71 NB 3.00% 10/25/46 | 3876336 | &nbsp;&nbsp; 3620873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45 | 2065656 | &nbsp;&nbsp; 1999815 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $8,766,253)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $8,766,253)** | &nbsp;&nbsp; **8183013** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 10.05%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 10.05%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 10.05%** |
| &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 | 2353542 | &nbsp;&nbsp; 2138237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | 2075326 | &nbsp;&nbsp; 1924221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;643631 | &nbsp;&nbsp; 620705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 20 yr<br> 2.00% 5/1/41 | 1938556 | &nbsp;&nbsp; 1655987 |
| &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;648624 | &nbsp;&nbsp; 520858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 1815674 | &nbsp;&nbsp; 1453795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | 1559734 | &nbsp;&nbsp; 1243339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | 1630011 | &nbsp;&nbsp; 1379533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;558718 | &nbsp;&nbsp; 468492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;157936 | &nbsp;&nbsp; 132211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | 1315923 | &nbsp;&nbsp; 1107981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;760874 | &nbsp;&nbsp; 633859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | 1862857 | &nbsp;&nbsp; 1558813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | 3013553 | &nbsp;&nbsp; 2645637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;768909 | &nbsp;&nbsp; 672465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | 1808843 | &nbsp;&nbsp; 1582297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;545827 | &nbsp;&nbsp; 473310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/50 | 4989537 | &nbsp;&nbsp; 4618919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/1/51 | 3442118 | &nbsp;&nbsp; 3127377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 5156459 | &nbsp;&nbsp; 4688241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 5032810 | &nbsp;&nbsp; 4596307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/1/52 | 1263619 | &nbsp;&nbsp; 1179543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;393635 | &nbsp;&nbsp; 367345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;285618 | &nbsp;&nbsp; 266524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/49 | 1513007 | &nbsp;&nbsp; 1466763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 | 1761188 | &nbsp;&nbsp; 1730708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 7578402 | &nbsp;&nbsp; 7261917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/53 | 1492193 | &nbsp;&nbsp; 1430035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | 2360340 | &nbsp;&nbsp; 2332796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 | 3565133 | &nbsp;&nbsp; 3579397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | 1557567 | &nbsp;&nbsp; 1570419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;899295 | &nbsp;&nbsp; 919237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;224376 | &nbsp;&nbsp; 228387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | 5070656 | &nbsp;&nbsp; 5151077 |

---

---

| | | |
|:---|:---|:---|
|  | **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 TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 4/1/55 | 6386000 | $6377511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/55 | 5338000 | &nbsp;&nbsp; 5421497 |
| &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 | 6968434 | &nbsp;&nbsp; 5954125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/42 | 2845227 | &nbsp;&nbsp; 2506916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;977491 | &nbsp;&nbsp; 860595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/37 | 1636965 | &nbsp;&nbsp; 1534860 |
| &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% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;327361 | &nbsp;&nbsp; 276122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | 1522732 | &nbsp;&nbsp; 1285836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 9813797 | &nbsp;&nbsp; 8256332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;233944 | &nbsp;&nbsp; 194889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;296507 | &nbsp;&nbsp; 259474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | 7052158 | &nbsp;&nbsp; 6127241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;339595 | &nbsp;&nbsp; 307985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;927475 | &nbsp;&nbsp; 877856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | 5833681 | &nbsp;&nbsp; 5453858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | 2224329 | &nbsp;&nbsp; 2076550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | 2841656 | &nbsp;&nbsp; 2722982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 4776726 | &nbsp;&nbsp; 4577242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;411250 | &nbsp;&nbsp; 394090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | 1369131 | &nbsp;&nbsp; 1365442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | 2562503 | &nbsp;&nbsp; 2540267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;330802 | &nbsp;&nbsp; 325169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;371033 | &nbsp;&nbsp; 364423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | 5094652 | &nbsp;&nbsp; 5003897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | 1116249 | &nbsp;&nbsp; 1127711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;846908 | &nbsp;&nbsp; 852995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/53 | 1659146 | &nbsp;&nbsp; 1666539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | 1910661 | &nbsp;&nbsp; 1930287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;413222 | &nbsp;&nbsp; 413266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | 4166897 | &nbsp;&nbsp; 4194782 |
| &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 | 1410094 | &nbsp;&nbsp; 1249633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/20/52 | 1396282 | &nbsp;&nbsp; 1237393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | 1341823 | &nbsp;&nbsp; 1326310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | 2745970 | &nbsp;&nbsp; 2762960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | 1232727 | &nbsp;&nbsp; 1243082 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $152,457,629)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $152,457,629)** | &nbsp;&nbsp; **147796849** |
| &nbsp;&nbsp;**Collateralized Debt Obligations — 0.50%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 0.50%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO Series 2022-17A AR 144A 5.253% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 946050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimco CLO Series 2021-15A D1R 144A 0.00% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, •, ^^ | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 287174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO Series 2021-18A C1R 144A 6.071% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | $298426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO Series 2019-2A AR2 144A 5.319% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 498131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO Series 2020-2A AR2 144A 5.326% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 697830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR Series 2021-15A D1R 144A 7.204% (TSFR03M + 2.90%, Floor 2.90%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 347567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Series 2025-1A D1 144A 6.746% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 343461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden CLO Series 2022-109A DR 144A 7.009% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 341367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO Series 2023-1A D1R 144A 7.084% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, =, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII Series 2018-27A D1R 144A 7.167% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 346164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite Xlv Series 2025-45A D1 144A 0.00% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, •, ^^ | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 287174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO Series 2020-1A D1RR 144A 6.916% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 294527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XII Series 2023-12A D1R 144A 7.505% (TSFR03M + 3.20%, Floor 3.20%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 298448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners VII Series 2012-7A D1R4 144A 6.822% (TSFR03M + 2.50%, Floor 2.50%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 343297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO Series 2019-2A D1R2 144A 7.317% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 344862 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO Series 2020-16A A1R2 144A 5.446% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | 1450000 | $1445599 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $7,470,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $7,470,000)** | &nbsp;&nbsp; **7410077** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 11.35%** | &nbsp;&nbsp;**Corporate Bonds — 11.35%** | &nbsp;&nbsp;**Corporate Bonds — 11.35%** |
| &nbsp;&nbsp;Banking — 2.60% | &nbsp;&nbsp;Banking — 2.60% | &nbsp;&nbsp;Banking — 2.60% |
| &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;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 1648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | 2555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/20/25 μ, ψ | 1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498300 |
| &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;374028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% 4/30/34 | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.612% 3/4/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.729% 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72% 1/18/29 μ | 1232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903736 |
| &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;431841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp 6.361% 10/27/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176681 |
| &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;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.561% 11/19/45 μ | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734% 1/28/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | 2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.208% 8/21/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.012% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group 5.721% 6/5/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350403 |

---

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.516% 11/19/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;545000 | $532792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;959000 | &nbsp;&nbsp; 994260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | 1085000 | &nbsp;&nbsp; 1093578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp; 757213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp; 668226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 386934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | 1860000 | &nbsp;&nbsp; 2057174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 389108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial 5.722% 6/6/30 μ | 1310000 | &nbsp;&nbsp; 1341954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street 4.993% 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp; 689054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.699% 2/8/35 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 256451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | 1060000 | &nbsp;&nbsp; 1056495 |
| &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; 335693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% 4/27/26 | 1320000 | &nbsp;&nbsp; 1301045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;508000 | &nbsp;&nbsp; 508387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 574812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 204090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.424% 2/12/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 306984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 460194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 263544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. 5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 442386 |
|  |  | &nbsp;&nbsp; 38278487 |
| &nbsp;&nbsp;Basic Industry — 0.35% | &nbsp;&nbsp;Basic Industry — 0.35% | &nbsp;&nbsp;Basic Industry — 0.35% |
| &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;58000 | &nbsp;&nbsp; 57629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp; 469332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 1020000 | &nbsp;&nbsp; 980035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.95% 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 455222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 144A 5.875% 4/15/30 # | 1045000 | &nbsp;&nbsp; 1032862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan 5.45% 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp; 380098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 516117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp; 569334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 5.10% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp; 675726 |
|  |  | &nbsp;&nbsp; 5136355 |
| &nbsp;&nbsp;Brokerage — 0.19% | &nbsp;&nbsp;Brokerage — 0.19% | &nbsp;&nbsp;Brokerage — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp; 724916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 5.00% 8/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp; 559877 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Jefferies Financial Group 5.875% 7/21/28 | 1472000 | $1511833 |
|  |  | &nbsp;&nbsp; 2796626 |
| &nbsp;&nbsp;Capital Goods — 0.72% | &nbsp;&nbsp;Capital Goods — 0.72% | &nbsp;&nbsp;Capital Goods — 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 144A 5.50% 3/17/35 # | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 386543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | 1805000 | &nbsp;&nbsp; 1549526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196% 2/4/26 | 1265000 | &nbsp;&nbsp; 1237918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 1810000 | &nbsp;&nbsp; 1967659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 7.25% 7/1/31 # | 1000000 | &nbsp;&nbsp; 1004651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. 5.70% 1/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 370045 |
| &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;155000 | &nbsp;&nbsp; 140120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp; 660788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.375% 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 392794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 1030000 | &nbsp;&nbsp; 1028826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries 144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;883000 | &nbsp;&nbsp; 815467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.875% 12/15/30 # | 1010000 | &nbsp;&nbsp; 1033073 |
|  |  | &nbsp;&nbsp; 10587410 |
| &nbsp;&nbsp;Communications — 1.22% | &nbsp;&nbsp;Communications — 1.22% | &nbsp;&nbsp;Communications — 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/15/53 | 1275000 | &nbsp;&nbsp; 870081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 375441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 4.25% 1/15/34 # | 1730000 | &nbsp;&nbsp; 1424214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 3.85% 4/1/61 | 2635000 | &nbsp;&nbsp; 1601578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 335013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 140389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 297982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 8/15/54 | 2600000 | &nbsp;&nbsp; 2549343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 1055000 | &nbsp;&nbsp; 1068042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 1835000 | &nbsp;&nbsp; 1801910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | 1190000 | &nbsp;&nbsp; 1058132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp; 832971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 4/15/30 | 4425000 | $4243368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 216437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 281383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 226672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications 2.875% 11/20/50 | 1135000 | &nbsp;&nbsp; 707396 |
|  |  | &nbsp;&nbsp; 18030352 |
| &nbsp;&nbsp;Consumer Cyclical — 0.52% | &nbsp;&nbsp;Consumer Cyclical — 0.52% | &nbsp;&nbsp;Consumer Cyclical — 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 6.50% 2/15/32 # | 1005000 | &nbsp;&nbsp; 1002480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 435594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp; 426004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.798% 11/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp; 601039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 431676 |
| &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;182000 | &nbsp;&nbsp; 182126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 1/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 222971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 4/4/34 | 1084000 | &nbsp;&nbsp; 1079290 |
| &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;205000 | &nbsp;&nbsp; 207922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp; 526953 |
| &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;255000 | &nbsp;&nbsp; 247620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 1835000 | &nbsp;&nbsp; 1820840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 263702 |
|  |  | &nbsp;&nbsp; 7654001 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.51% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.51% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 5.35% 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 291925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp; 653860 |
| &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;570000 | &nbsp;&nbsp; 581468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/12/55 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 405297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp; 803313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 3/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp; 759503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp; 668581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 451248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 529931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo 5.00% 2/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 211981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma 5.90% 9/2/54 | 1834000 | &nbsp;&nbsp; 1755884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 355395 |
|  |  | &nbsp;&nbsp; 7468386 |
| &nbsp;&nbsp;Electric — 1.06% | &nbsp;&nbsp;Electric — 1.06% | &nbsp;&nbsp;Electric — 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | 1195000 | &nbsp;&nbsp; 1145351 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison 2.20% 3/1/30 | 2070000 | $1850692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp; 659800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp; 403168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 517833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy 6.45% 9/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 185150 |
| &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; 1598397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 499792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fells Point Funding Trust 144A 3.046% 1/31/27 # | 1185000 | &nbsp;&nbsp; 1148536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light 3.15% 10/1/49 | 2575000 | &nbsp;&nbsp; 1752685 |
| &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;800000 | &nbsp;&nbsp; 765565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 205733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 260594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 233677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 10/1/48 | 1584000 | &nbsp;&nbsp; 1402575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 148547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 147765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 247099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 219744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Edison 5.20% 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 527423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 252847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.95% 10/15/33 # | 1310000 | &nbsp;&nbsp; 1408170 |
|  |  | &nbsp;&nbsp; 15581143 |
| &nbsp;&nbsp;Energy — 1.16% | &nbsp;&nbsp;Energy — 1.16% | &nbsp;&nbsp;Energy — 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets 4.875% 3/22/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 753318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.812% 2/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 299990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.227% 11/17/34 | 1080000 | &nbsp;&nbsp; 1085973 |
| &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;565000 | &nbsp;&nbsp; 559549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 512606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 278531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/8/33 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp; 903513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp; 895946 |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 12/1/28 | 1070000 | $1117449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 978039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 11/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 951255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 355150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/16/55 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 335335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.25% 4/15/32 # | 1055000 | &nbsp;&nbsp; 986978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp; 406360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 295798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 10/1/34 | 1570000 | &nbsp;&nbsp; 1534985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;766000 | &nbsp;&nbsp; 787993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 351237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 2335000 | &nbsp;&nbsp; 2335946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | 1485000 | &nbsp;&nbsp; 1279269 |
|  |  | &nbsp;&nbsp; 17005220 |
| &nbsp;&nbsp;Finance Companies — 0.97% | &nbsp;&nbsp;Finance Companies — 0.97% | &nbsp;&nbsp;Finance Companies — 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 403666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 7/15/25 | 2605000 | &nbsp;&nbsp; 2612718 |
| &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;608000 | &nbsp;&nbsp; 605784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp; 444050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust #1 144A 3.652% 3/15/48 # | 2000000 | &nbsp;&nbsp; 1934873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | 1850000 | &nbsp;&nbsp; 1909813 |
| &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 # | 1635000 | &nbsp;&nbsp; 1579911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp; 519316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.60% 11/22/29 # | 1060000 | &nbsp;&nbsp; 1051548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 11/22/34 # | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 765323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.80% 3/15/30 # | 1190000 | &nbsp;&nbsp; 1167454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.60% 9/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 462562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund 144A 5.95% 4/14/32 # | &nbsp;&nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp; 289150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 570853 |
|  |  | &nbsp;&nbsp; 14317021 |
| &nbsp;&nbsp;Insurance — 0.65% | &nbsp;&nbsp;Insurance — 0.65% | &nbsp;&nbsp;Insurance — 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 Park Funding Trust 144A 5.74% 2/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 456833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon 5.00% 9/12/32 | 2080000 | &nbsp;&nbsp; 2084658 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Aon North America 5.30% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | $440134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A 1.985% 8/19/28 # | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 154976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 5/15/52 | 1275000 | &nbsp;&nbsp; 819176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 10/15/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 441770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | 1325000 | &nbsp;&nbsp; 1295746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 # | 5000000 | &nbsp;&nbsp; 3826774 |
|  |  | &nbsp;&nbsp; 9520067 |
| &nbsp;&nbsp;Natural Gas — 0.09% | &nbsp;&nbsp;Natural Gas — 0.09% | &nbsp;&nbsp;Natural Gas — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy 2.85% 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp; 306090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra 6.40% 10/1/54 μ | 1055000 | &nbsp;&nbsp; 1003296 |
|  |  | &nbsp;&nbsp; 1309386 |
| &nbsp;&nbsp;Technology — 1.22% | &nbsp;&nbsp;Technology — 1.22% | &nbsp;&nbsp;Technology — 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% 10/4/29 | 1150000 | &nbsp;&nbsp; 1134077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/4/31 | 2160000 | &nbsp;&nbsp; 2121386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp; 807146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 1025000 | &nbsp;&nbsp; 1009382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.187% 11/15/36 # | 1115000 | &nbsp;&nbsp; 915674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 785960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 306826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp; 719876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 2650000 | &nbsp;&nbsp; 2360600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp; 516237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp; 609866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.50% 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp; 613419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp; 52842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 770152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 304823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 472654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 352735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.75% 4/23/28 # | 4400000 | &nbsp;&nbsp; 4062480 |
|  |  | &nbsp;&nbsp; 17916135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Transportation — 0.09% | &nbsp;&nbsp;Transportation — 0.09% | &nbsp;&nbsp;Transportation — 0.09% |
| &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;535000 | $539822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 789127 |
|  |  | &nbsp;&nbsp; 1328949 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $171,101,916)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $171,101,916)** | &nbsp;&nbsp; **166929538** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.20%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.20%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.20%** |
| &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;950000 | &nbsp;&nbsp; 961889 |
| &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; 515933 |
| &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; 2532135 |
| &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; 1303243 |
| &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; 3024440 |
| &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; 1505046 |
| &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; 556650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | 2000000 | &nbsp;&nbsp; 2028324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 2700000 | &nbsp;&nbsp; 2754561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 2500000 | &nbsp;&nbsp; 2524262 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $17,498,715)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $17,498,715)** | &nbsp;&nbsp; **17706483** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.86%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.86%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.86%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01 1M2 144A 6.24% (SOFR + 1.90%) 12/25/41 #, • | 1750000 | &nbsp;&nbsp; 1765029 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<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;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.84% (SOFR + 1.50%) 10/25/43 #, • | 2808195 | $2810412 |
| &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 2021-HQA2 M2 144A 6.39% (SOFR + 2.05%) 12/25/33 #, • | 3857768 | &nbsp;&nbsp; 3925018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 6.19% (SOFR + 1.85%) 11/25/43 #, • | 1017900 | &nbsp;&nbsp; 1028079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, φ | 3230625 | &nbsp;&nbsp; 3158044 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $12,369,317)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $12,369,317)** | &nbsp;&nbsp; **12686582** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.11%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.11%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 A5 2.643% 4/15/54 • | 7060000 | &nbsp;&nbsp; 6234477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN36 A5 2.47% 9/15/64 | 10096000 | &nbsp;&nbsp; 8723240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 B 3.238% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp; 500447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 C 3.269% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp; 355329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 A4 3.393% 3/15/64 • | 8150000 | &nbsp;&nbsp; 7372961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 B 3.393% 3/15/64 • | 1000000 | &nbsp;&nbsp; 862704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 A5 3.002% 1/15/55 • | 9000000 | &nbsp;&nbsp; 7805396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp; 791642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 C 3.454% 1/15/55 • | 1196000 | &nbsp;&nbsp; 943591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 A5 3.458% 3/15/55 | 8100000 | &nbsp;&nbsp; 7337191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 B 3.614% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 420517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 C 3.614% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 403998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | 4500000 | &nbsp;&nbsp; 4041694 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $52,879,039)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $52,879,039)** | &nbsp;&nbsp; **45793187** |

---

16&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements — 0.54%** | &nbsp;&nbsp;**Loan Agreements — 0.54%** | &nbsp;&nbsp;**Loan Agreements — 0.54%** |
| &nbsp;&nbsp;Basic Industry — 0.02% | &nbsp;&nbsp;Basic Industry — 0.02% | &nbsp;&nbsp;Basic Industry — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-Ap Buyer 7.075% (SOFR01M + 2.75%) 9/9/31 • | &nbsp;&nbsp;&nbsp;&nbsp;349125 | $349561 |
|  |  | &nbsp;&nbsp; 349561 |
| &nbsp;&nbsp;Brokerage — 0.05% | &nbsp;&nbsp;Brokerage — 0.05% | &nbsp;&nbsp;Brokerage — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 7.319% (SOFR01M + 3.00%) 10/21/31 • | &nbsp;&nbsp;&nbsp;&nbsp;257355 | &nbsp;&nbsp; 257033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June Purchaser 7.467% (SOFR06M + 3.25%) 11/28/31 • | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 450985 |
|  |  | &nbsp;&nbsp; 708018 |
| &nbsp;&nbsp;Capital Goods — 0.15% | &nbsp;&nbsp;Capital Goods — 0.15% | &nbsp;&nbsp;Capital Goods — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Systems Tranche B 7.072% (SOFR03M + 2.75%) 8/19/31 • | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp; 381236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Soar TLB Finance 7.799% (SOFR03M + 3.50%) 10/18/29 • | &nbsp;&nbsp;&nbsp;&nbsp;248750 | &nbsp;&nbsp; 250616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings Tranche B3 6.575% (SOFR01M + 2.25%) 2/10/32 • | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp; 663778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer Tranche C 7.575% (SOFR01M + 3.25%) 10/19/29 • | &nbsp;&nbsp;&nbsp;&nbsp;872813 | &nbsp;&nbsp; 848046 |
|  |  | &nbsp;&nbsp; 2143676 |
| &nbsp;&nbsp;Communications — 0.03% | &nbsp;&nbsp;Communications — 0.03% | &nbsp;&nbsp;Communications — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 6.819% (SOFR01M + 2.50%) 8/16/31 • | &nbsp;&nbsp;&nbsp;&nbsp;467650 | &nbsp;&nbsp; 468040 |
|  |  | &nbsp;&nbsp; 468040 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti TBD 3/29/32 X | &nbsp;&nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp; 657563 |
|  |  | &nbsp;&nbsp; 657563 |
| &nbsp;&nbsp;Electric — 0.04% | &nbsp;&nbsp;Electric — 0.04% | &nbsp;&nbsp;Electric — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power Tranche B 6.549% (SOFR03M + 2.25%) 8/18/31 • | &nbsp;&nbsp;&nbsp;&nbsp;596501 | &nbsp;&nbsp; 594051 |
|  |  | &nbsp;&nbsp; 594051 |
| &nbsp;&nbsp;Financial Services — 0.04% | &nbsp;&nbsp;Financial Services — 0.04% | &nbsp;&nbsp;Financial Services — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer 7.299% (SOFR03M + 3.00%) 9/30/31 • | &nbsp;&nbsp;&nbsp;&nbsp;528675 | &nbsp;&nbsp; 525767 |
|  |  | &nbsp;&nbsp; 525767 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Insurance — 0.05% | &nbsp;&nbsp;Insurance — 0.05% | &nbsp;&nbsp;Insurance — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmWINS Group 6.575% (SOFR01M + 2.25%) 1/30/32 • | &nbsp;&nbsp;&nbsp;&nbsp;778050 | $772492 |
|  |  | &nbsp;&nbsp; 772492 |
| &nbsp;&nbsp;Technology — 0.07% | &nbsp;&nbsp;Technology — 0.07% | &nbsp;&nbsp;Technology — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 6.575% (SOFR01M + 2.25%) 9/29/31 • | &nbsp;&nbsp;&nbsp;&nbsp;698250 | &nbsp;&nbsp; 678721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 7.315% (SOFR02M + 3.00%) 11/13/31 • | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 382257 |
|  |  | &nbsp;&nbsp; 1060978 |
| &nbsp;&nbsp;Transportation — 0.05% | &nbsp;&nbsp;Transportation — 0.05% | &nbsp;&nbsp;Transportation — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent TBD 2/3/32 X | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp; 663234 |
|  |  | &nbsp;&nbsp; 663234 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $7,986,009)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $7,986,009)** | &nbsp;&nbsp; **7943380** |
| &nbsp;&nbsp;**US Treasury Obligations — 6.75%** | &nbsp;&nbsp;**US Treasury Obligations — 6.75%** | &nbsp;&nbsp;**US Treasury Obligations — 6.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 2/15/43 | 15565000 | &nbsp;&nbsp; 14251400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 8/15/44 | 2020000 | &nbsp;&nbsp; 1893119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 2/15/54 | 2815000 | &nbsp;&nbsp; 2653137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/15/54 | 7210000 | &nbsp;&nbsp; 7106356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp; 860580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp; 472837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 7/31/29 | 7895000 | &nbsp;&nbsp; 7917051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/31/30 | 6140000 | &nbsp;&nbsp; 6152712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 7/15/27 | 5180000 | &nbsp;&nbsp; 5234329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/31/31 | 28345000 | &nbsp;&nbsp; 29061374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 2/15/35 | 22865000 | &nbsp;&nbsp; 23624189 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $99,390,318)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $99,390,318)** | &nbsp;&nbsp; **99227084** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 53.90%** | &nbsp;&nbsp;**Common Stocks — 53.90%** | &nbsp;&nbsp;**Common Stocks — 53.90%** |
| &nbsp;&nbsp;Communication Services — 5.62% | &nbsp;&nbsp;Communication Services — 5.62% | &nbsp;&nbsp;Communication Services — 5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;110172 | &nbsp;&nbsp;&nbsp;&nbsp;17036998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97964 | &nbsp;&nbsp;&nbsp;&nbsp;15304916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;750942 | &nbsp;&nbsp;&nbsp;&nbsp;21236640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36522 | &nbsp;&nbsp;&nbsp;&nbsp;21049820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;82713887 |
| &nbsp;&nbsp;Consumer Discretionary — 4.71% | &nbsp;&nbsp;Consumer Discretionary — 4.71% | &nbsp;&nbsp;Consumer Discretionary — 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;172698 | &nbsp;&nbsp;&nbsp;&nbsp;32857522 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380 | $20512756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43456 | &nbsp;&nbsp; 15926189 |
|  |  | &nbsp;&nbsp; 69296467 |
| &nbsp;&nbsp;Consumer Staples — 2.21% | &nbsp;&nbsp;Consumer Staples — 2.21% | &nbsp;&nbsp;Consumer Staples — 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24850 | &nbsp;&nbsp; 23502633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52643 | &nbsp;&nbsp; 8971420 |
|  |  | &nbsp;&nbsp; 32474053 |
| &nbsp;&nbsp;Energy — 0.33% | &nbsp;&nbsp;Energy — 0.33% | &nbsp;&nbsp;Energy — 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46859 | &nbsp;&nbsp; 4921132 |
|  |  | &nbsp;&nbsp; 4921132 |
| &nbsp;&nbsp;Financials — 13.63% | &nbsp;&nbsp;Financials — 13.63% | &nbsp;&nbsp;Financials — 13.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78872 | &nbsp;&nbsp; 16332025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;289521 | &nbsp;&nbsp; 10558831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54798 | &nbsp;&nbsp; 14743402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31414 | &nbsp;&nbsp; 12537013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82195 | &nbsp;&nbsp; 11489217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;114786 | &nbsp;&nbsp; 20581130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76026 | &nbsp;&nbsp; 20168938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;118625 | &nbsp;&nbsp; 26195959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48632 | &nbsp;&nbsp; 11929430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;101778 | &nbsp;&nbsp; 11766555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26928 | &nbsp;&nbsp; 14759775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp; 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;101961 | &nbsp;&nbsp; 11895790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61536 | &nbsp;&nbsp; 17415303 |
|  |  | &nbsp;&nbsp; 200378680 |
| &nbsp;&nbsp;Healthcare — 4.46% | &nbsp;&nbsp;Healthcare — 4.46% | &nbsp;&nbsp;Healthcare — 4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;151692 | &nbsp;&nbsp; 20121944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35588 | &nbsp;&nbsp; 7295540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30230 | &nbsp;&nbsp; 10445977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29214 | &nbsp;&nbsp; 15300832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25570 | &nbsp;&nbsp; 12396847 |
|  |  | &nbsp;&nbsp; 65561140 |
| &nbsp;&nbsp;Industrials — 5.64% | &nbsp;&nbsp;Industrials — 5.64% | &nbsp;&nbsp;Industrials — 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;385906 | &nbsp;&nbsp; 17014596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;128444 | &nbsp;&nbsp; 10561950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22443 | &nbsp;&nbsp; 7034534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49710 | &nbsp;&nbsp; 13512669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;181348 | &nbsp;&nbsp; 23526276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25245 | &nbsp;&nbsp; 11277194 |
|  |  | &nbsp;&nbsp; 82927219 |
| &nbsp;&nbsp;Information Technology — 14.21% | &nbsp;&nbsp;Information Technology — 14.21% | &nbsp;&nbsp;Information Technology — 14.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;164483 | &nbsp;&nbsp; 36536609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95001 | &nbsp;&nbsp; 13786545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45123 | &nbsp;&nbsp; 7554944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;129966 | &nbsp;&nbsp; 48787937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;293466 | &nbsp;&nbsp; 31805845 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50253 | $13485895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 | &nbsp;&nbsp; 9312184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93491 | &nbsp;&nbsp; 7942060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;140187 | &nbsp;&nbsp; 23271042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58168 | &nbsp;&nbsp; 8220302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29247 | &nbsp;&nbsp; 8264032 |
|  |  | &nbsp;&nbsp; 208967395 |
| &nbsp;&nbsp;Materials — 2.33% | &nbsp;&nbsp;Materials — 2.33% | &nbsp;&nbsp;Materials — 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96603 | &nbsp;&nbsp; 8622784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31811 | &nbsp;&nbsp; 14812474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30801 | &nbsp;&nbsp; 10755401 |
|  |  | &nbsp;&nbsp; 34190659 |
| &nbsp;&nbsp;Utilities — 0.76% | &nbsp;&nbsp;Utilities — 0.76% | &nbsp;&nbsp;Utilities — 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;157599 | &nbsp;&nbsp; 11172193 |
|  |  | &nbsp;&nbsp; 11172193 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $480,549,695)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $480,549,695)** | &nbsp;&nbsp; **792602825** |
| &nbsp;&nbsp;**Preferred Stock — 0.05%** | &nbsp;&nbsp;**Preferred Stock — 0.05%** | &nbsp;&nbsp;**Preferred Stock — 0.05%** |
| &nbsp;&nbsp;Financials — 0.05% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp; 698250 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $722,111)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $722,111)** | &nbsp;&nbsp; **698250** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 8.13%** | &nbsp;&nbsp;**Exchange-Traded Funds — 8.13%** | &nbsp;&nbsp;**Exchange-Traded Funds — 8.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | 2696503 | &nbsp;&nbsp; 61979122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;111921 | &nbsp;&nbsp; 57517321 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $119,251,644)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $119,251,644)** | &nbsp;&nbsp; **119496443** |
| &nbsp;&nbsp;**Short-Term Investments — 3.75%** | &nbsp;&nbsp;**Short-Term Investments — 3.75%** | &nbsp;&nbsp;**Short-Term Investments — 3.75%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.75% | &nbsp;&nbsp;Money Market Mutual Funds — 3.75% | &nbsp;&nbsp;Money Market Mutual Funds — 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 13791730 | &nbsp;&nbsp; 13791730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 13791730 | &nbsp;&nbsp; 13791730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 13791730 | &nbsp;&nbsp; 13791730 |

---

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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 4.27%) | 13791730 | $13791730 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $55,166,920)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $55,166,920)** | &nbsp;&nbsp; **55166920** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.75%<br> (cost $1,185,609,566)** |  | **$1481640631** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2025, the aggregate value of Rule 144A securities was $75,046,867, which represents 5.10% of the Fund's net assets. See Note 11 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 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. |

---

---

| | |
|:---|:---|
| ^^ | Represents a security with a settlement after March 31, 2025, at which time the interest rate will be reflected. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| φ | Step coupon bond. Stated rate in effect at March 31, 2025 through maturity date. |
| X | This loan will settle after March 31, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |
| † | Non-income producing security. |

---

#### Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| June Purchaser TBD 11/28/31 X | $75000 | $75164 | $75000 | $164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Schedules of investments
Macquarie Balanced Fund

The following futures contracts and swap contracts were outstanding at March 31, 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 |
| 676 | US Treasury 2 yr Notes | &nbsp;&nbsp;$140048188 | $139373790 | 6/30/25 | $674398 | $— | $(5281) |
| (831) | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89877844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88856603) | 6/30/25 | &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;(1021241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25969 |
| (61) | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6784344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6691260) | 6/18/25 | &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;(93084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(953) |
| (231) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26362875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26077668) | 6/18/25 | &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;(285207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27105) |
| 325 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38116406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37756702 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60937 |
| 11 | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336527 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $56841488 |  | $1042325 | $(1399532) | $58380 |

---

#### 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> Depreciation | 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% | $434870 | $483012 | $(48142) | $(7609) |

---

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 9 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 |
| CDS – Credit Default Swap |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| GNMA – Government National Mortgage Association |

---

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR02M – Secured Overnight Financing Rate 2 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |
| TBA – To be announced |
| TBD – To be determined |
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Schedules of investments
Macquarie Climate Solutions Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.60%♦** | &nbsp;&nbsp;**Common Stocks — 99.60%♦** | &nbsp;&nbsp;**Common Stocks — 99.60%♦** |
| &nbsp;&nbsp;Consumer Discretionary — 3.57% | &nbsp;&nbsp;Consumer Discretionary — 3.57% | &nbsp;&nbsp;Consumer Discretionary — 3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 18507 | $3521142 |
|  |  | &nbsp;&nbsp; 3521142 |
| &nbsp;&nbsp;Energy — 11.97% | &nbsp;&nbsp;Energy — 11.97% | &nbsp;&nbsp;Energy — 11.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neste | 216988 | &nbsp;&nbsp; 2002325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum | 66952 | &nbsp;&nbsp; 3304751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | 70013 | &nbsp;&nbsp; 2926543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 26973 | &nbsp;&nbsp; 3562324 |
|  |  | &nbsp;&nbsp;11795943 |
| &nbsp;&nbsp;Industrials — 17.12% | &nbsp;&nbsp;Industrials — 17.12% | &nbsp;&nbsp;Industrials — 17.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | 12695 | &nbsp;&nbsp; 3979121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingspan Group | 46153 | &nbsp;&nbsp; 3700474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | 15910 | &nbsp;&nbsp; 3625634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrun † | 236748 | &nbsp;&nbsp; 1387343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management | 18026 | &nbsp;&nbsp; 4173199 |
|  |  | &nbsp;&nbsp;16865771 |
| &nbsp;&nbsp;Information Technology — 3.01% | &nbsp;&nbsp;Information Technology — 3.01% | &nbsp;&nbsp;Information Technology — 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | 23433 | &nbsp;&nbsp; 2962634 |
|  |  | &nbsp;&nbsp; 2962634 |
| &nbsp;&nbsp;Materials — 23.78% | &nbsp;&nbsp;Materials — 23.78% | &nbsp;&nbsp;Materials — 23.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | 112769 | &nbsp;&nbsp; 3439455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | 146544 | &nbsp;&nbsp; 4060447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | 48568 | &nbsp;&nbsp; 3795589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim † | 35744 | &nbsp;&nbsp; 3818026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | 76767 | &nbsp;&nbsp; 3813017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | 24533 | &nbsp;&nbsp; 3068588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | 18747 | &nbsp;&nbsp; 1439912 |
|  |  | &nbsp;&nbsp;23435034 |
| &nbsp;&nbsp;Real Estate — 4.18% | &nbsp;&nbsp;Real Estate — 4.18% | &nbsp;&nbsp;Real Estate — 4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser | 140638 | &nbsp;&nbsp; 4117881 |
|  |  | &nbsp;&nbsp; 4117881 |
| &nbsp;&nbsp;Utilities — 35.97% | &nbsp;&nbsp;Utilities — 35.97% | &nbsp;&nbsp;Utilities — 35.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES | 207281 | &nbsp;&nbsp; 2574430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren | 40913 | &nbsp;&nbsp; 4107665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLP Holdings | 374500 | &nbsp;&nbsp; 3051269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy | 55504 | &nbsp;&nbsp; 4168905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | 45014 | &nbsp;&nbsp; 3191043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource | 90696 | &nbsp;&nbsp; 3636003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE | 104971 | &nbsp;&nbsp; 3747940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSE | 148517 | &nbsp;&nbsp; 3058039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | 417133 | &nbsp;&nbsp; 3772548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy | 58355 | &nbsp;&nbsp; 4130950 |
|  |  | &nbsp;&nbsp;35438792 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $96,660,005)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $96,660,005)** | &nbsp;&nbsp;**98137197** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.34%** | &nbsp;&nbsp;**Short-Term Investments — 0.34%** | &nbsp;&nbsp;**Short-Term Investments — 0.34%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.34% | &nbsp;&nbsp;Money Market Mutual Funds — 0.34% | &nbsp;&nbsp;Money Market Mutual Funds — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 82445 | $82445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 82445 | &nbsp;&nbsp; 82445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 82445 | &nbsp;&nbsp; 82445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 82444 | &nbsp;&nbsp; 82444 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $329,779)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $329,779)** | &nbsp;&nbsp; **329779** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.94%<br> (cost $96,989,784)** |  | **$98466976** |

---

♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

† Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;22

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Natural Resources Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.47%** | &nbsp;&nbsp;**Common Stocks — 98.47%** | &nbsp;&nbsp;**Common Stocks — 98.47%** |
| &nbsp;&nbsp;Agricultural Products — 2.09% | &nbsp;&nbsp;Agricultural Products — 2.09% | &nbsp;&nbsp;Agricultural Products — 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45570 | $3482459 |
|  |  | &nbsp;&nbsp; 3482459 |
| &nbsp;&nbsp;Aluminum — 2.39% | &nbsp;&nbsp;Aluminum — 2.39% | &nbsp;&nbsp;Aluminum — 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;130599 | &nbsp;&nbsp; 3983269 |
|  |  | &nbsp;&nbsp; 3983269 |
| &nbsp;&nbsp;Commodity Chemicals — 1.86% | &nbsp;&nbsp;Commodity Chemicals — 1.86% | &nbsp;&nbsp;Commodity Chemicals — 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88431 | &nbsp;&nbsp; 3103044 |
|  |  | &nbsp;&nbsp; 3103044 |
| &nbsp;&nbsp;Construction & Engineering — 1.93% | &nbsp;&nbsp;Construction & Engineering — 1.93% | &nbsp;&nbsp;Construction & Engineering — 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41612 | &nbsp;&nbsp; 3209117 |
|  |  | &nbsp;&nbsp; 3209117 |
| &nbsp;&nbsp;Construction Materials — 6.13% | &nbsp;&nbsp;Construction Materials — 6.13% | &nbsp;&nbsp;Construction Materials — 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67476 | &nbsp;&nbsp; 5848579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan America † | &nbsp;&nbsp;&nbsp;&nbsp;176054 | &nbsp;&nbsp; 2380250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Cement International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43285 | &nbsp;&nbsp; 1989173 |
|  |  | &nbsp;&nbsp; 10218002 |
| &nbsp;&nbsp;Copper — 2.33% | &nbsp;&nbsp;Copper — 2.33% | &nbsp;&nbsp;Copper — 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper † | &nbsp;&nbsp;&nbsp;&nbsp;320416 | &nbsp;&nbsp; 3880929 |
|  |  | &nbsp;&nbsp; 3880929 |
| &nbsp;&nbsp;Diversified Metals & Mining — 9.43% | &nbsp;&nbsp;Diversified Metals & Mining — 9.43% | &nbsp;&nbsp;Diversified Metals & Mining — 9.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;186506 | &nbsp;&nbsp; 5167715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 30000000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;752082 | &nbsp;&nbsp; 5708302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifezone Metals † | &nbsp;&nbsp;&nbsp;&nbsp;107270 | &nbsp;&nbsp; 448389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials † | &nbsp;&nbsp;&nbsp;&nbsp;180043 | &nbsp;&nbsp; 4394850 |
|  |  | &nbsp;&nbsp; 15719256 |
| &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 7.43% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 7.43% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 7.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83330 | &nbsp;&nbsp; 6512239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;118058 | &nbsp;&nbsp; 5863941 |
|  |  | &nbsp;&nbsp; 12376180 |
| &nbsp;&nbsp;Forest Products — 4.09% | &nbsp;&nbsp;Forest Products — 4.09% | &nbsp;&nbsp;Forest Products — 4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canfor † | &nbsp;&nbsp;&nbsp;&nbsp;165065 | &nbsp;&nbsp; 1732033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24132 | &nbsp;&nbsp; 2219661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37270 | &nbsp;&nbsp; 2862620 |
|  |  | &nbsp;&nbsp; 6814314 |
| &nbsp;&nbsp;Gold — 15.04% | &nbsp;&nbsp;Gold — 15.04% | &nbsp;&nbsp;Gold — 15.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;271093 | &nbsp;&nbsp; 1604871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining | &nbsp;&nbsp;&nbsp;&nbsp;247045 | &nbsp;&nbsp; 5804800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;135229 | &nbsp;&nbsp; 6528856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining † | &nbsp;&nbsp;&nbsp;&nbsp;283459 | &nbsp;&nbsp; 2840401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals | &nbsp;&nbsp;&nbsp;&nbsp;106658 | &nbsp;&nbsp; 8279860 |
|  |  | &nbsp;&nbsp; 25058788 |
| &nbsp;&nbsp;Integrated Oil & Gas — 9.01% | &nbsp;&nbsp;Integrated Oil & Gas — 9.01% | &nbsp;&nbsp;Integrated Oil & Gas — 9.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;332850 | &nbsp;&nbsp; 12146342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;102512 | &nbsp;&nbsp; 2863365 |
|  |  | &nbsp;&nbsp; 15009707 |
| &nbsp;&nbsp;Oil & Gas Drilling — 2.42% | &nbsp;&nbsp;Oil & Gas Drilling — 2.42% | &nbsp;&nbsp;Oil & Gas Drilling — 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83972 | &nbsp;&nbsp; 2193348 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Oil & Gas Drilling (continued) | &nbsp;&nbsp;Oil & Gas Drilling (continued) | &nbsp;&nbsp;Oil & Gas Drilling (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy | &nbsp;&nbsp;&nbsp;&nbsp;223176 | $1834507 |
|  |  | &nbsp;&nbsp; 4027855 |
| &nbsp;&nbsp;Oil & Gas Exploration & Production — 16.94% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 16.94% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 16.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;236790 | &nbsp;&nbsp; 4760317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19293 | &nbsp;&nbsp; 2174707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13823 | &nbsp;&nbsp; 2210021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54973 | &nbsp;&nbsp; 6119594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;345130 | &nbsp;&nbsp; 4831820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | &nbsp;&nbsp;&nbsp;&nbsp;197021 | &nbsp;&nbsp; 1837339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;158101 | &nbsp;&nbsp; 2189699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourmaline Oil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85253 | &nbsp;&nbsp;&nbsp; 4111434 |
|  |  | &nbsp;&nbsp; 28234931 |
| &nbsp;&nbsp;Oil & Gas Refining & Marketing — 4.74% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 4.74% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50208 | &nbsp;&nbsp; 1650839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47263 | &nbsp;&nbsp; 6242024 |
|  |  | &nbsp;&nbsp; 7892863 |
| &nbsp;&nbsp;Oil & Gas Storage & Transportation — 1.00% | &nbsp;&nbsp;Oil & Gas Storage & Transportation — 1.00% | &nbsp;&nbsp;Oil & Gas Storage & Transportation — 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | &nbsp;&nbsp;&nbsp;&nbsp;158657 | &nbsp;&nbsp; 1665899 |
|  |  | &nbsp;&nbsp; 1665899 |
| &nbsp;&nbsp;Paper Packaging — 3.35% | &nbsp;&nbsp;Paper Packaging — 3.35% | &nbsp;&nbsp;Paper Packaging — 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;104554 | &nbsp;&nbsp; 5577956 |
|  |  | &nbsp;&nbsp; 5577956 |
| &nbsp;&nbsp;Renewable Electricity — 0.39% | &nbsp;&nbsp;Renewable Electricity — 0.39% | &nbsp;&nbsp;Renewable Electricity — 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spruce Power Holding † | &nbsp;&nbsp;&nbsp;&nbsp;273022 | &nbsp;&nbsp; 657983 |
|  |  | &nbsp;&nbsp; 657983 |
| &nbsp;&nbsp;Semiconductors — 1.20% | &nbsp;&nbsp;Semiconductors — 1.20% | &nbsp;&nbsp;Semiconductors — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845 | &nbsp;&nbsp; 2003283 |
|  |  | &nbsp;&nbsp; 2003283 |
| &nbsp;&nbsp;Specialty Chemicals — 2.75% | &nbsp;&nbsp;Specialty Chemicals — 2.75% | &nbsp;&nbsp;Specialty Chemicals — 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72871 | &nbsp;&nbsp; 4585772 |
|  |  | &nbsp;&nbsp; 4585772 |
| &nbsp;&nbsp;Steel — 3.95% | &nbsp;&nbsp;Steel — 3.95% | &nbsp;&nbsp;Steel — 3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallus † | &nbsp;&nbsp;&nbsp;&nbsp;178022 | &nbsp;&nbsp; 2378374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33613 | &nbsp;&nbsp; 4204314 |
|  |  | &nbsp;&nbsp; 6582688 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $187,421,222)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $187,421,222)** | &nbsp;&nbsp;**164084295** |
| &nbsp;&nbsp;**Short-Term Investments — 1.51%** | &nbsp;&nbsp;**Short-Term Investments — 1.51%** | &nbsp;&nbsp;**Short-Term Investments — 1.51%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.51% | &nbsp;&nbsp;Money Market Mutual Funds — 1.51% | &nbsp;&nbsp;Money Market Mutual Funds — 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;626991 | &nbsp;&nbsp; 626991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;626991 | &nbsp;&nbsp; 626991 |

---

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Natural Resources Fund

---

| | | |
|:---|:---|:---|
|  | **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 4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;626991 | $626991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | &nbsp;&nbsp;&nbsp;&nbsp;626992 | &nbsp;&nbsp; 626992 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,507,965)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,507,965)** | &nbsp;&nbsp; **2507965** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.98%<br> (cost $189,929,187)** |  | **$166592260** |

---

† Non-income producing security. <br> = 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.

24&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Real Estate Securities Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.42%** | &nbsp;&nbsp;**Common Stocks — 99.42%** | &nbsp;&nbsp;**Common Stocks — 99.42%** |
| &nbsp;&nbsp;Internet Services & Infrastructure — 1.54% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.54% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTDC † | 208539 | $1473756 |
|  |  | &nbsp;&nbsp; 1473756 |
| &nbsp;&nbsp;Real Estate Operating Companies/Developer — 1.10% | &nbsp;&nbsp;Real Estate Operating Companies/Developer — 1.10% | &nbsp;&nbsp;Real Estate Operating Companies/Developer — 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta ADR | 46133 | &nbsp;&nbsp; 1052294 |
|  |  | &nbsp;&nbsp; 1052294 |
| &nbsp;&nbsp;Real Estate Services — 0.77% | &nbsp;&nbsp;Real Estate Services — 0.77% | &nbsp;&nbsp;Real Estate Services — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;5655 | &nbsp;&nbsp; 739561 |
|  |  | &nbsp;&nbsp; 739561 |
| &nbsp;&nbsp;REIT Asset Management & Custody Banks — 1.45% | &nbsp;&nbsp;REIT Asset Management & Custody Banks — 1.45% | &nbsp;&nbsp;REIT Asset Management & Custody Banks — 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group | 157720 | &nbsp;&nbsp; 1391090 |
|  |  | &nbsp;&nbsp; 1391090 |
| &nbsp;&nbsp;REIT Data Center — 14.62% | &nbsp;&nbsp;REIT Data Center — 14.62% | &nbsp;&nbsp;REIT Data Center — 14.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust | 13328 | &nbsp;&nbsp; 1909769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 13681 | &nbsp;&nbsp;11154804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keppel REIT | 597600 | &nbsp;&nbsp; 951984 |
|  |  | &nbsp;&nbsp;14016557 |
| &nbsp;&nbsp;REIT Diversified — 2.51% | &nbsp;&nbsp;REIT Diversified — 2.51% | &nbsp;&nbsp;REIT Diversified — 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadstone Net Lease | 51270 | &nbsp;&nbsp; 873641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust | 47075 | &nbsp;&nbsp; 1536528 |
|  |  | &nbsp;&nbsp; 2410169 |
| &nbsp;&nbsp;REIT Healthcare — 19.75% | &nbsp;&nbsp;REIT Healthcare — 19.75% | &nbsp;&nbsp;REIT Healthcare — 19.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT | 105427 | &nbsp;&nbsp; 3194438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas | 56792 | &nbsp;&nbsp; 3905018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 77235 | &nbsp;&nbsp;11833174 |
|  |  | &nbsp;&nbsp;18932630 |
| &nbsp;&nbsp;REIT Hotel — 2.29% | &nbsp;&nbsp;REIT Hotel — 2.29% | &nbsp;&nbsp;REIT Hotel — 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Class A | &nbsp;&nbsp;&nbsp;&nbsp;7509 | &nbsp;&nbsp; 919853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | 14001 | &nbsp;&nbsp; 1280251 |
|  |  | &nbsp;&nbsp; 2200104 |
| &nbsp;&nbsp;REIT Industrial — 11.56% | &nbsp;&nbsp;REIT Industrial — 11.56% | &nbsp;&nbsp;REIT Industrial — 11.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 70683 | &nbsp;&nbsp; 3814055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | 50479 | &nbsp;&nbsp; 896733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | 105682 | &nbsp;&nbsp; 914149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 34917 | &nbsp;&nbsp; 3903371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 39591 | &nbsp;&nbsp; 1549988 |
|  |  | &nbsp;&nbsp;11078296 |
| &nbsp;&nbsp;REIT Multifamily — 10.65% | &nbsp;&nbsp;REIT Multifamily — 10.65% | &nbsp;&nbsp;REIT Multifamily — 10.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities | 19200 | &nbsp;&nbsp; 4120704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 43748 | &nbsp;&nbsp; 3131482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;7609 | &nbsp;&nbsp; 2332691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterRent Real Estate Investment Trust | 79412 | &nbsp;&nbsp; 622471 |
|  |  | &nbsp;&nbsp;10207348 |
| &nbsp;&nbsp;REIT Office — 1.78% | &nbsp;&nbsp;REIT Office — 1.78% | &nbsp;&nbsp;REIT Office — 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | 52022 | &nbsp;&nbsp; 1704241 |
|  |  | &nbsp;&nbsp; 1704241 |
| &nbsp;&nbsp;REIT Retail — 15.58% | &nbsp;&nbsp;REIT Retail — 15.58% | &nbsp;&nbsp;REIT Retail — 15.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust | 81485 | &nbsp;&nbsp;&nbsp; 1707111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | 54901 | &nbsp;&nbsp; 4237808 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Kite Realty Group Trust | 93882 | $2100141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 79478 | &nbsp;&nbsp; 1259726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | 22254 | &nbsp;&nbsp; 3695944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanger | 57228 | &nbsp;&nbsp; 1933734 |
|  |  | &nbsp;&nbsp;14934464 |
| &nbsp;&nbsp;REIT Self-Storage — 4.92% | &nbsp;&nbsp;REIT Self-Storage — 4.92% | &nbsp;&nbsp;REIT Self-Storage — 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;6380 | &nbsp;&nbsp; 947366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 12581 | &nbsp;&nbsp; 3765368 |
|  |  | &nbsp;&nbsp; 4712734 |
| &nbsp;&nbsp;REIT Single Family — 4.64% | &nbsp;&nbsp;REIT Single Family — 4.64% | &nbsp;&nbsp;REIT Single Family — 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | 70788 | &nbsp;&nbsp; 2466962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities | 15367 | &nbsp;&nbsp; 1976811 |
|  |  | &nbsp;&nbsp; 4443773 |
| &nbsp;&nbsp;REIT Specialty — 4.94% | &nbsp;&nbsp;REIT Specialty — 4.94% | &nbsp;&nbsp;REIT Specialty — 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 145310 | &nbsp;&nbsp; 4740012 |
|  |  | &nbsp;&nbsp; 4740012 |
| &nbsp;&nbsp;REIT Telecom Tower — 1.32% | &nbsp;&nbsp;REIT Telecom Tower — 1.32% | &nbsp;&nbsp;REIT Telecom Tower — 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;5813 | &nbsp;&nbsp; 1264909 |
|  |  | &nbsp;&nbsp; 1264909 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $59,623,735)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $59,623,735)** | &nbsp;&nbsp;**95301938** |
| &nbsp;&nbsp;**Short-Term Investments — 0.47%** | &nbsp;&nbsp;**Short-Term Investments — 0.47%** | &nbsp;&nbsp;**Short-Term Investments — 0.47%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.47% | &nbsp;&nbsp;Money Market Mutual Funds — 0.47% | &nbsp;&nbsp;Money Market Mutual Funds — 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 112178 | &nbsp;&nbsp; 112178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 112179 | &nbsp;&nbsp; 112179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 112178 | &nbsp;&nbsp; 112178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 112178 | &nbsp;&nbsp; 112178 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $448,713)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $448,713)** | &nbsp;&nbsp; **448713** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.89%<br> (cost $60,072,448)** |  | **$95750651** |

---

† Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| REIT – Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;25

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Science and Technology Fund

March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.37%♦** | &nbsp;&nbsp;**Common Stocks — 99.37%♦** | &nbsp;&nbsp;**Common Stocks — 99.37%♦** |
| &nbsp;&nbsp;Communication Services — 14.00% | &nbsp;&nbsp;Communication Services — 14.00% | &nbsp;&nbsp;Communication Services — 14.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;712644 | $410739496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;113685 | &nbsp;&nbsp; 106014673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software † | &nbsp;&nbsp;&nbsp;&nbsp;555748 | &nbsp;&nbsp; 115178773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies † | 7509560 | &nbsp;&nbsp; 75095600 |
|  |  | &nbsp;&nbsp; 707028542 |
| &nbsp;&nbsp;Consumer Discretionary — 12.66% | &nbsp;&nbsp;Consumer Discretionary — 12.66% | &nbsp;&nbsp;Consumer Discretionary — 12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 1356327 | &nbsp;&nbsp; 258054775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash Class A † | &nbsp;&nbsp;&nbsp;&nbsp;458199 | &nbsp;&nbsp; 83745031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Class A † | 2383631 | &nbsp;&nbsp; 79160385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;59842 | &nbsp;&nbsp; 116743963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | 1219621 | &nbsp;&nbsp; 101728588 |
|  |  | &nbsp;&nbsp; 639432742 |
| &nbsp;&nbsp;Financials — 0.89% | &nbsp;&nbsp;Financials — 0.89% | &nbsp;&nbsp;Financials — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global Class A † | &nbsp;&nbsp;&nbsp;&nbsp;260098 | &nbsp;&nbsp; 44796679 |
|  |  | &nbsp;&nbsp; 44796679 |
| &nbsp;&nbsp;Healthcare — 5.18% | &nbsp;&nbsp;Healthcare — 5.18% | &nbsp;&nbsp;Healthcare — 5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific † | 1002626 | &nbsp;&nbsp; 101144911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;325477 | &nbsp;&nbsp; 85473515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;151631 | &nbsp;&nbsp; 75098285 |
|  |  | &nbsp;&nbsp; 261716711 |
| &nbsp;&nbsp;Industrials — 5.37% | &nbsp;&nbsp;Industrials — 5.37% | &nbsp;&nbsp;Industrials — 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | 1018870 | &nbsp;&nbsp; 57657853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;667428 | &nbsp;&nbsp; 86585435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies † | 1741541 | &nbsp;&nbsp; 126888677 |
|  |  | &nbsp;&nbsp; 271131965 |
| &nbsp;&nbsp;Information Technology — 61.27% | &nbsp;&nbsp;Information Technology — 61.27% | &nbsp;&nbsp;Information Technology — 61.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;841008 | &nbsp;&nbsp; 86405162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | &nbsp;&nbsp;&nbsp;&nbsp;282728 | &nbsp;&nbsp; 57017756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;647578 | &nbsp;&nbsp; 143846501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks † | 1218609 | &nbsp;&nbsp; 94417825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;168764 | &nbsp;&nbsp;&nbsp; 111828089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;808705 | &nbsp;&nbsp; 48255427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | 1378904 | &nbsp;&nbsp; 230869897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems † | &nbsp;&nbsp;&nbsp;&nbsp;451826 | &nbsp;&nbsp; 114912907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;814581 | &nbsp;&nbsp; 130544751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;121605 | &nbsp;&nbsp; 69471720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | 1765607 | &nbsp;&nbsp; 128359629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | 1202022 | &nbsp;&nbsp; 104443692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;853563 | &nbsp;&nbsp; 320419015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com † | &nbsp;&nbsp;&nbsp;&nbsp;297515 | &nbsp;&nbsp; 72343747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 2258299 | &nbsp;&nbsp; 244754446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation † | &nbsp;&nbsp;&nbsp;&nbsp;407458 | &nbsp;&nbsp; 49440954 |

---

---

| | | |
|:---|:---|:---|
|  | **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;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;941044 | $252613851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 3513998 | &nbsp;&nbsp; 298514130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify Class A † | &nbsp;&nbsp;&nbsp;&nbsp;936269 | &nbsp;&nbsp; 89394964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;441699 | &nbsp;&nbsp; 64558726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 1357833 | &nbsp;&nbsp; 225400278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software † | 3322789 | &nbsp;&nbsp; 65093436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;324920 | &nbsp;&nbsp; 91809395 |
|  |  | &nbsp;&nbsp;3094716298 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,405,294,807)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,405,294,807)** | &nbsp;&nbsp;**5018822937** |
| &nbsp;&nbsp;**Short-Term Investments — 0.79%** | &nbsp;&nbsp;**Short-Term Investments — 0.79%** | &nbsp;&nbsp;**Short-Term Investments — 0.79%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.79% | &nbsp;&nbsp;Money Market Mutual Funds — 0.79% | &nbsp;&nbsp;Money Market Mutual Funds — 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | 9930421 | &nbsp;&nbsp; 9930421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 9930421 | &nbsp;&nbsp; 9930421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | 9930421 | &nbsp;&nbsp; 9930421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | 9930422 | &nbsp;&nbsp; 9930422 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $39,721,685)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $39,721,685)** | &nbsp;&nbsp; **39721685** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.16%<br> (cost $3,445,016,492)** |  | **$5058544622** |

---

♦ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

† 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;26

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Funds

March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund | &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;$1608845321 | &nbsp;&nbsp;$1481640631 | &nbsp;&nbsp;$98466976 | &nbsp;&nbsp;$166592260 | &nbsp;&nbsp;$95750651 | &nbsp;&nbsp;$5058544622 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;102621055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;9562482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &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;675273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;501094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;7257520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399008 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1159815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227610 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381209 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241336 |
| &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;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;58380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 appreciation 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;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1738623541 | &nbsp;&nbsp;&nbsp;&nbsp;1489266577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98954657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167240711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96336438 | &nbsp;&nbsp;&nbsp;&nbsp;5066909494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;27

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund | &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;Due to custodian | &nbsp;&nbsp;$— | &nbsp;&nbsp;$225326 | &nbsp;&nbsp;$196 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15567108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14839522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2214351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781185 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1007587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632854 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310127 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070204 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888708 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316245 |
| &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;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to 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;107653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333325 |
| &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;7609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;21785418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18624472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16332648 |
| **Total Net Assets** | &nbsp;&nbsp;$1716838123 | &nbsp;&nbsp;$1470642105 | &nbsp;&nbsp;$98527511 | &nbsp;&nbsp;$166627567 | &nbsp;&nbsp;$95857817 | &nbsp;&nbsp;$5050576846 |
| **Net Assets Consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1959914311 | &nbsp;&nbsp;$1178395819 | &nbsp;&nbsp;$269307247 | &nbsp;&nbsp;$792536990 | &nbsp;&nbsp;$54370429 | &nbsp;&nbsp;$2870334748 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243076188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292246286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170779736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625909423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41487388 | &nbsp;&nbsp;&nbsp;&nbsp;2180242098 |
| **Total Net Assets** | &nbsp;&nbsp;$1716838123 | &nbsp;&nbsp;$1470642105 | &nbsp;&nbsp;$98527511 | &nbsp;&nbsp;$166627567 | &nbsp;&nbsp;$95857817 | &nbsp;&nbsp;$5050576846 |

---

&nbsp;&nbsp;&nbsp;&nbsp;28

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund | &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;$1232911604 | &nbsp;&nbsp;$1080933025 | &nbsp;&nbsp;$40972175 | &nbsp;&nbsp;$102746718 | &nbsp;&nbsp;$59981368 | &nbsp;&nbsp;$3241372404 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57493576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46566120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69689700 |
| Net asset value per share | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$23.21 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$46.51 |
| 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;$22.75 | &nbsp;&nbsp;$24.63 | &nbsp;&nbsp;$9.17 | &nbsp;&nbsp;$15.97 | &nbsp;&nbsp;$15.83 | &nbsp;&nbsp;$49.35 |
| **Class C:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$31468658 | &nbsp;&nbsp;$34220813 | &nbsp;&nbsp;$3164184 | &nbsp;&nbsp;$1874521 | &nbsp;&nbsp;$379849 | &nbsp;&nbsp;$64679809 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157626 |
| Net asset value per share | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$22.72 | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$13.93 | &nbsp;&nbsp;$20.48 |
| **Class R:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$20596277 | &nbsp;&nbsp;$9793684 | &nbsp;&nbsp;$14060187 | &nbsp;&nbsp;$6304582 | &nbsp;&nbsp;$618076 | &nbsp;&nbsp;$90042878 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218931 |
| Net asset value per share | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;$23.10 | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$14.83 | &nbsp;&nbsp;$40.58 |
| **Institutional Class:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$340532021 | &nbsp;&nbsp;$327848405 | &nbsp;&nbsp;$36514372 | &nbsp;&nbsp;$42164866 | &nbsp;&nbsp;$29108039 | &nbsp;&nbsp;$1253021392 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14105576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19614223 |
| Net asset value per share | &nbsp;&nbsp;$21.99 | &nbsp;&nbsp;$23.24 | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$15.88 | &nbsp;&nbsp;$15.27 | &nbsp;&nbsp;$63.88 |
| **Class R6:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$16141753 | &nbsp;&nbsp;$8677944 | &nbsp;&nbsp;$1430516 | &nbsp;&nbsp;$4730264 | &nbsp;&nbsp;$3373017 | &nbsp;&nbsp;$143734945 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195482 |
| Net asset value per share | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$23.31 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$15.86 | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;$65.47 |
| **Class Y:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$75187810 | &nbsp;&nbsp;$9168234 | &nbsp;&nbsp;$2386077 | &nbsp;&nbsp;$8806616 | &nbsp;&nbsp;$2397468 | &nbsp;&nbsp;$257725418 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658220 |
| Net asset value per share | &nbsp;&nbsp;$21.56 | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$8.85 | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;$15.14 | &nbsp;&nbsp;$55.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;29

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund | &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;$1310551648 | &nbsp;&nbsp;$1185609566 | &nbsp;&nbsp;$96989784 | &nbsp;&nbsp;$189929187 | &nbsp;&nbsp;$60072448 | &nbsp;&nbsp;$3445016492 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611975644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;9559867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &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;30

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Statements of operations
Ivy Funds

Year ended March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund | &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;$28397640 | &nbsp;&nbsp;$23840973 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;19512564 | &nbsp;&nbsp;&nbsp;14282958 | &nbsp;&nbsp;&nbsp;3008189 | &nbsp;&nbsp;&nbsp;4390493 | &nbsp;&nbsp;&nbsp;2852048 | &nbsp;&nbsp;&nbsp;&nbsp;30739117 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;2772517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2589635 |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1265008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149920) | &nbsp;&nbsp;&nbsp;&nbsp;(147795) | &nbsp;&nbsp;&nbsp;&nbsp;(140518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6916) | &nbsp;&nbsp;&nbsp;&nbsp;(1154433) |
|  | &nbsp;&nbsp;&nbsp;49272044 | &nbsp;&nbsp;&nbsp;37974011 | &nbsp;&nbsp;&nbsp;2860394 | &nbsp;&nbsp;&nbsp;4249975 | &nbsp;&nbsp;&nbsp;2845132 | &nbsp;&nbsp;&nbsp;&nbsp;32174319 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;12252211 | &nbsp;&nbsp;&nbsp;10561089 | &nbsp;&nbsp;&nbsp;1068086 | &nbsp;&nbsp;&nbsp;1604427 | &nbsp;&nbsp;&nbsp;&nbsp;960582 | &nbsp;&nbsp;&nbsp;&nbsp;46307140 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;3253063 | &nbsp;&nbsp;&nbsp;&nbsp;2831016 | &nbsp;&nbsp;&nbsp;&nbsp;130827 | &nbsp;&nbsp;&nbsp;&nbsp;291128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163113 | &nbsp;&nbsp;&nbsp;&nbsp;9369966 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812843 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534603 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732824 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;2065895 | &nbsp;&nbsp;&nbsp;&nbsp;1508292 | &nbsp;&nbsp;&nbsp;&nbsp;228590 | &nbsp;&nbsp;&nbsp;&nbsp;350351 | &nbsp;&nbsp;&nbsp;&nbsp;175233 | &nbsp;&nbsp;&nbsp;&nbsp;5378458 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923646 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337446 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37994 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73652 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227844 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360864 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266351 |
| &nbsp;&nbsp;&nbsp;Investment interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &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;142074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236856 |
|  | &nbsp;&nbsp;&nbsp;19567384 | &nbsp;&nbsp;&nbsp;16199040 | &nbsp;&nbsp;&nbsp;1834307 | &nbsp;&nbsp;&nbsp;2652720 | &nbsp;&nbsp;&nbsp;1554221 | &nbsp;&nbsp;&nbsp;&nbsp;65600487 |
| &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;(496440) | &nbsp;&nbsp;&nbsp;&nbsp;(324872) | &nbsp;&nbsp;&nbsp;&nbsp;(129028) | &nbsp;&nbsp;&nbsp;&nbsp;(366214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65110) |
| &nbsp;&nbsp;&nbsp;Payment by affiliates<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 operating expenses | &nbsp;&nbsp;&nbsp;19512813 | &nbsp;&nbsp;&nbsp;15674396 | &nbsp;&nbsp;&nbsp;1508785 | &nbsp;&nbsp;&nbsp;2522632 | &nbsp;&nbsp;&nbsp;1187439 | &nbsp;&nbsp;&nbsp;&nbsp;65535377 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;29759231 | &nbsp;&nbsp;&nbsp;22299615 | &nbsp;&nbsp;&nbsp;1351609 | &nbsp;&nbsp;&nbsp;1727343 | &nbsp;&nbsp;&nbsp;1657693 | &nbsp;&nbsp;&nbsp;(33361058) |

---

&nbsp;&nbsp;&nbsp;&nbsp;31

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> Balanced<br> Fund | &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>\*, 2</sup> | &nbsp;&nbsp;$143215892 | &nbsp;&nbsp;$117127378 | &nbsp;&nbsp;$(10398621) | &nbsp;&nbsp;$(4447294) | &nbsp;&nbsp;$21635313 | &nbsp;&nbsp;$1204700608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(864564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;84837 | &nbsp;&nbsp;&nbsp;&nbsp;(1010012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;(43200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;142337237 | &nbsp;&nbsp;&nbsp;115860960 | &nbsp;&nbsp;&nbsp;(10436371) | &nbsp;&nbsp;&nbsp;(4454439) | &nbsp;&nbsp;&nbsp;&nbsp;21636594 | &nbsp;&nbsp;&nbsp;1204678718 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(59115170) | &nbsp;&nbsp;&nbsp;(38663793) | &nbsp;&nbsp;&nbsp;&nbsp;3979497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91803 | &nbsp;&nbsp;&nbsp;(13832549) | &nbsp;&nbsp;&nbsp;&nbsp;(937798028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;64215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;74579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;&nbsp;72631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(57452229) | &nbsp;&nbsp;&nbsp;(38748453) | &nbsp;&nbsp;&nbsp;&nbsp;3980084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93715 | &nbsp;&nbsp;&nbsp;(13832570) | &nbsp;&nbsp;&nbsp;&nbsp;(937796843) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;84885008 | &nbsp;&nbsp;&nbsp;&nbsp;77112507 | &nbsp;&nbsp;&nbsp;&nbsp;(6456287) | &nbsp;&nbsp;&nbsp;(4360724) | &nbsp;&nbsp;&nbsp;&nbsp;7804024 | &nbsp;&nbsp;&nbsp;&nbsp;266881875 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$114644239 | &nbsp;&nbsp;$99412122 | &nbsp;&nbsp;$(5104678) | &nbsp;&nbsp;$(2633381) | &nbsp;&nbsp;$9461717 | &nbsp;&nbsp;$233520817 |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated statement of operations. |
| <sup>\*</sup> | Includes $5,249,129 in proceeds received from the settlement of class action litigation for Macquarie Science and Technology Fund. |
| <sup>1</sup> | See Note 2 in "Notes to financial statements." |
| <sup>2</sup> | Includes $(58238) capital gains taxes paid for Macquarie Asset Strategy Fund. |
| <sup>3</sup> | Includes net change of $(1769475) 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;32

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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> Balanced Fund | &nbsp;&nbsp;Macquarie<br> Balanced Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$29778784<sup>1</sup> | &nbsp;&nbsp;$41373348 | &nbsp;&nbsp;$22299615 | &nbsp;&nbsp;$20546608 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;142332783<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85236164 | &nbsp;&nbsp;&nbsp;115860960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876162 |
| &nbsp;&nbsp;&nbsp;Payment by affiliates | &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;&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;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;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(57452229) | &nbsp;&nbsp;&nbsp;200573380 | &nbsp;&nbsp;&nbsp;&nbsp;(38748453) | &nbsp;&nbsp;&nbsp;242374655 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;114644239 | &nbsp;&nbsp;&nbsp;327182892 | &nbsp;&nbsp;&nbsp;&nbsp;99412122 | &nbsp;&nbsp;&nbsp;271797425 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(92175091) | &nbsp;&nbsp;&nbsp;&nbsp;(39270395) | &nbsp;&nbsp;&nbsp;&nbsp;(11389226) | &nbsp;&nbsp;&nbsp;&nbsp;(23910606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2518996) | &nbsp;&nbsp;&nbsp;&nbsp;(1067484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24861015) | &nbsp;&nbsp;&nbsp;&nbsp;(11636024) | &nbsp;&nbsp;&nbsp;&nbsp;(4091219) | &nbsp;&nbsp;&nbsp;&nbsp;(8940097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5709664) | &nbsp;&nbsp;&nbsp;&nbsp;(2423940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215763) |
|  | &nbsp;&nbsp;&nbsp;(128325362) | &nbsp;&nbsp;&nbsp;&nbsp;(55622946) | &nbsp;&nbsp;&nbsp;&nbsp;(15952865) | &nbsp;&nbsp;&nbsp;&nbsp;(34095926) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33631437<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44931480 | &nbsp;&nbsp;&nbsp;&nbsp;71882899 | &nbsp;&nbsp;&nbsp;&nbsp;81275122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817077<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340415<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58278808<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33052991 | &nbsp;&nbsp;&nbsp;&nbsp;67538672 | &nbsp;&nbsp;&nbsp;&nbsp;63991794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248769<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427278<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301139 |
| &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;90758925 | &nbsp;&nbsp;&nbsp;&nbsp;38690447 | &nbsp;&nbsp;&nbsp;&nbsp;11293680 | &nbsp;&nbsp;&nbsp;&nbsp;23715226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24657046 | &nbsp;&nbsp;&nbsp;&nbsp;11540884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8896319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;231358082 | &nbsp;&nbsp;&nbsp;145283391 | &nbsp;&nbsp;&nbsp;163443540 | &nbsp;&nbsp;&nbsp;187735846 |

---

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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> Balanced Fund | &nbsp;&nbsp;Macquarie<br> Balanced Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(208789425) | &nbsp;&nbsp;$(208660883) | &nbsp;&nbsp;$(203398302) | &nbsp;&nbsp;$(235831690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12065800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20744272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16089844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32723525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4819141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4202310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1775742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98480579) | &nbsp;&nbsp;&nbsp;&nbsp;(134531404) | &nbsp;&nbsp;&nbsp;&nbsp;(137592457) | &nbsp;&nbsp;&nbsp;&nbsp;(161584942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9314775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3611221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3037166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2962231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14680873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15775675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3072535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2782488) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(348150593) | &nbsp;&nbsp;&nbsp;&nbsp;(387525765) | &nbsp;&nbsp;&nbsp;&nbsp;(364543200) | &nbsp;&nbsp;&nbsp;&nbsp;(437660618) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(116792511) | &nbsp;&nbsp;&nbsp;&nbsp;(242242374) | &nbsp;&nbsp;&nbsp;&nbsp;(201099660) | &nbsp;&nbsp;&nbsp;&nbsp;(249924772) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(130473634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29317572 | &nbsp;&nbsp;&nbsp;&nbsp;(117640403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12223273) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;1847311757 | &nbsp;&nbsp;&nbsp;1817994185 | &nbsp;&nbsp;&nbsp;1588282508 | &nbsp;&nbsp;&nbsp;1600505781 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$1716838123 | &nbsp;&nbsp;$1847311757 | &nbsp;&nbsp;$1470642105 | &nbsp;&nbsp;$1588282508 |

---

<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>φ</sup> Consolidated statements of changes in net assets.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;34

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1351609 | &nbsp;&nbsp;$2048487 | &nbsp;&nbsp;$1727343 | &nbsp;&nbsp;$5874672 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10436371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1412216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4454439) | &nbsp;&nbsp;&nbsp;&nbsp;2532552 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980084 | &nbsp;&nbsp;&nbsp;(11434052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332767) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(5104678) | &nbsp;&nbsp;&nbsp;(10797781) | &nbsp;&nbsp;&nbsp;&nbsp;(2633381) | &nbsp;&nbsp;&nbsp;&nbsp;8074457 |
| **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;(553956) | &nbsp;&nbsp;&nbsp;&nbsp;(1677303) | &nbsp;&nbsp;&nbsp;&nbsp;(5008256) | &nbsp;&nbsp;&nbsp;&nbsp;(2524051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520196) | &nbsp;&nbsp;&nbsp;&nbsp;(2003299) | &nbsp;&nbsp;&nbsp;&nbsp;(1900818) | &nbsp;&nbsp;&nbsp;&nbsp;(1200289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188509) |
| &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;(920612) | &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;&nbsp;(17427) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61026) | &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;&nbsp;(372775) | &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;(41853) | &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;(78530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(1287617) | &nbsp;&nbsp;&nbsp;&nbsp;(4475885) | &nbsp;&nbsp;&nbsp;&nbsp;(9362757) | &nbsp;&nbsp;&nbsp;&nbsp;(4227869) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946092 | &nbsp;&nbsp;&nbsp;&nbsp;4368512 | &nbsp;&nbsp;&nbsp;&nbsp;10394117 | &nbsp;&nbsp;&nbsp;&nbsp;3498832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460714 | &nbsp;&nbsp;&nbsp;&nbsp;1661970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921101 | &nbsp;&nbsp;&nbsp;&nbsp;1380948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957678 | &nbsp;&nbsp;&nbsp;&nbsp;11508925 | &nbsp;&nbsp;&nbsp;&nbsp;7424689 | &nbsp;&nbsp;&nbsp;&nbsp;7951354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321724 | &nbsp;&nbsp;&nbsp;&nbsp;1756156 | &nbsp;&nbsp;&nbsp;&nbsp;1367688 | &nbsp;&nbsp;&nbsp;&nbsp;2877230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555629 | &nbsp;&nbsp;&nbsp;&nbsp;1122867 | &nbsp;&nbsp;&nbsp;&nbsp;1547040 |
| &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;551238 | &nbsp;&nbsp;&nbsp;&nbsp;1670129 | &nbsp;&nbsp;&nbsp;&nbsp;5842905 | &nbsp;&nbsp;&nbsp;&nbsp;2484496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511578 | &nbsp;&nbsp;&nbsp;&nbsp;1623425 | &nbsp;&nbsp;&nbsp;&nbsp;2260305 | &nbsp;&nbsp;&nbsp;&nbsp;1194060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12332822 | &nbsp;&nbsp;&nbsp;&nbsp;24168889 | &nbsp;&nbsp;&nbsp;30744531 | &nbsp;&nbsp;&nbsp;22003580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(19737362) | &nbsp;&nbsp;$(30919405) | &nbsp;&nbsp;$(29201965) | &nbsp;&nbsp;$(35559107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(1610955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4790609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796846) | &nbsp;&nbsp;&nbsp;&nbsp;(2096537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(6197732) | &nbsp;&nbsp;&nbsp;&nbsp;(14079163) | &nbsp;&nbsp;&nbsp;&nbsp;(3591430) | &nbsp;&nbsp;&nbsp;&nbsp;(4813266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(23746750) | &nbsp;&nbsp;&nbsp;&nbsp;(49341479) | &nbsp;&nbsp;&nbsp;&nbsp;(16578963) | &nbsp;&nbsp;&nbsp;&nbsp;(34512105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1687383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2076974) | &nbsp;&nbsp;&nbsp;&nbsp;(1917989) | &nbsp;&nbsp;&nbsp;&nbsp;(1858746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(2255231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3096385) | &nbsp;&nbsp;&nbsp;&nbsp;(2685356) | &nbsp;&nbsp;&nbsp;&nbsp;(4109178) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(55235413) | &nbsp;&nbsp;&nbsp;(104304015) | &nbsp;&nbsp;&nbsp;&nbsp;(54772549) | &nbsp;&nbsp;&nbsp;&nbsp;(82948939) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(42902591) | &nbsp;&nbsp;&nbsp;&nbsp;(80135126) | &nbsp;&nbsp;&nbsp;&nbsp;(24028018) | &nbsp;&nbsp;&nbsp;&nbsp;(60945359) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(49294886) | &nbsp;&nbsp;&nbsp;&nbsp;(95408792) | &nbsp;&nbsp;&nbsp;&nbsp;(36024156) | &nbsp;&nbsp;&nbsp;&nbsp;(57098771) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;147822397 | &nbsp;&nbsp;&nbsp;&nbsp;243231189 | &nbsp;&nbsp;&nbsp;202651723 | &nbsp;&nbsp;&nbsp;259750494 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$98527511 | &nbsp;&nbsp;$147822397 | &nbsp;&nbsp;$166627567 | &nbsp;&nbsp;$202651723 |

---

<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;36

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1657693 | &nbsp;&nbsp;$2325103 | &nbsp;&nbsp;$(33361058) | &nbsp;&nbsp;$(22670400) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;21636594 | &nbsp;&nbsp;&nbsp;&nbsp;5079990 | &nbsp;&nbsp;&nbsp;1204678718 | &nbsp;&nbsp;&nbsp;&nbsp;432461645 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(13832570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142931 | &nbsp;&nbsp;&nbsp;&nbsp;(937796843) | &nbsp;&nbsp;&nbsp;1380411995 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;9461717 | &nbsp;&nbsp;&nbsp;&nbsp;7548024 | &nbsp;&nbsp;&nbsp;&nbsp;233520817 | &nbsp;&nbsp;&nbsp;1790203240 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(8551816) | &nbsp;&nbsp;&nbsp;&nbsp;(7712823) | &nbsp;&nbsp;&nbsp;&nbsp;(582131194) | &nbsp;&nbsp;&nbsp;&nbsp;(355376805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23329935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16181874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18547939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11620540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4353447) | &nbsp;&nbsp;&nbsp;&nbsp;(4925373) | &nbsp;&nbsp;&nbsp;&nbsp;(169976670) | &nbsp;&nbsp;&nbsp;&nbsp;(107732191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19798380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10701010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39121322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23082328) |
|  | &nbsp;&nbsp;&nbsp;(13898603) | &nbsp;&nbsp;&nbsp;(13239278) | &nbsp;&nbsp;&nbsp;&nbsp;(852905440) | &nbsp;&nbsp;&nbsp;&nbsp;(524694748) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;2196186 | &nbsp;&nbsp;&nbsp;&nbsp;2151589 | &nbsp;&nbsp;&nbsp;&nbsp;102330044 | &nbsp;&nbsp;&nbsp;&nbsp;139037583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15859535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11120824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6676645 | &nbsp;&nbsp;&nbsp;&nbsp;6274295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225619311 | &nbsp;&nbsp;&nbsp;&nbsp;203842581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1856846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40950556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40792680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51276586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44331959 |
| &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;8508903 | &nbsp;&nbsp;&nbsp;&nbsp;7690370 | &nbsp;&nbsp;&nbsp;&nbsp;578353136 | &nbsp;&nbsp;&nbsp;&nbsp;352856784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23301928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16176948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18544760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11618702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4350002 | &nbsp;&nbsp;&nbsp;&nbsp;4918755 | &nbsp;&nbsp;&nbsp;&nbsp;169146364 | &nbsp;&nbsp;&nbsp;&nbsp;107191200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19201734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39011904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23026908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;24980369 | &nbsp;&nbsp;&nbsp;&nbsp;22610237 | &nbsp;&nbsp;&nbsp;1289880989 | &nbsp;&nbsp;&nbsp;&nbsp;967173424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

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;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(18231348) | &nbsp;&nbsp;$(22975290) | &nbsp;&nbsp;$(750542261) | &nbsp;&nbsp;$(729084455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34123626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57471373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39866893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28920233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(20942173) | &nbsp;&nbsp;&nbsp;&nbsp;(33299075) | &nbsp;&nbsp;&nbsp;&nbsp;(434166523) | &nbsp;&nbsp;&nbsp;&nbsp;(526628929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59195289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39217747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(1088902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87738455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75210729) |
|  | &nbsp;&nbsp;&nbsp;(41300249) | &nbsp;&nbsp;&nbsp;&nbsp;(58381726) | &nbsp;&nbsp;&nbsp;(1405633047) | &nbsp;&nbsp;&nbsp;(1456533466) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(16319880) | &nbsp;&nbsp;&nbsp;&nbsp;(35771489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115752058) | &nbsp;&nbsp;&nbsp;&nbsp;(489360042) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(20756766) | &nbsp;&nbsp;&nbsp;&nbsp;(41462743) | &nbsp;&nbsp;&nbsp;&nbsp;(735136681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776148450 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;116614583 | &nbsp;&nbsp;&nbsp;158077326 | &nbsp;&nbsp;&nbsp;&nbsp;5785713527 | &nbsp;&nbsp;&nbsp;&nbsp;5009565077 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$95857817 | &nbsp;&nbsp;$116614583 | &nbsp;&nbsp;$5050576846 | &nbsp;&nbsp;$5785713527 |

---

<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;38

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.66 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</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;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;—<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;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;(0.34) | &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;(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;(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;—<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;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$21.66 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$23.05 | &nbsp;&nbsp;$24.45 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.79%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%<sup>5</sup> | &nbsp;&nbsp;&nbsp;44.79% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1232911 | &nbsp;&nbsp;$1327361 | &nbsp;&nbsp;$1259211 | &nbsp;&nbsp;$1531209 | &nbsp;&nbsp;$1601<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &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>7</sup> | &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;1.61% | &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;1.61% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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> | Payments by affiliates had no impact on net asset value and total return. |
| <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;39

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$19.54 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>2</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;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;—<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;— |
| Total from investment operations | &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;(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;(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;(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;—<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;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$19.54 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$21.25 | &nbsp;&nbsp;$22.75 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;19.26%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.80%) | &nbsp;&nbsp;&nbsp;&nbsp;4.49%<sup>5</sup> | &nbsp;&nbsp;&nbsp;43.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$31469 | &nbsp;&nbsp;$37710 | &nbsp;&nbsp;$48216 | &nbsp;&nbsp;$89955 | &nbsp;&nbsp;$146<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &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>7</sup> | &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;0.87% | &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;0.87% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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> | Payments by affiliates had no impact on net asset value and total return. |
| <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.

40&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.23 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>2</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;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;—<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;— |
| Total from investment operations | &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;(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;(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;(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;—<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;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$22.68 | &nbsp;&nbsp;$24.09 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.16%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;19.88%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.10%) | &nbsp;&nbsp;&nbsp;&nbsp;4.98%<sup>5</sup> | &nbsp;&nbsp;&nbsp;44.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$20596 | &nbsp;&nbsp;$21732 | &nbsp;&nbsp;$20073 | &nbsp;&nbsp;$23787 | &nbsp;&nbsp;$28<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &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>7</sup> | &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;1.36% | &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;1.36% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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> | Payments by affiliates had no impact on net asset value and total return. |
| <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;41

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.17 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>2</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;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;—<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;1.50 | &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;(0.40) | &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;(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;(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;—<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;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.99 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$24.85 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.69%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20.49%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.58%) | &nbsp;&nbsp;&nbsp;&nbsp;5.59%<sup>5</sup> | &nbsp;&nbsp;&nbsp;45.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$340532 | &nbsp;&nbsp;$358336 | &nbsp;&nbsp;$393751 | &nbsp;&nbsp;$597362 | &nbsp;&nbsp;$713<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &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>7</sup> | &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;1.86% | &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;1.86% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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> | Payments by affiliates had no impact on net asset value and total return. |
| <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.

42&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.23 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>2</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;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;—<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;— |
| Total from investment operations | &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;(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;(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;(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;—<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;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$22.23 | &nbsp;&nbsp;$19.08 | &nbsp;&nbsp;$23.55 | &nbsp;&nbsp;$24.92 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.80%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;20.45%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.39%) | &nbsp;&nbsp;&nbsp;&nbsp;5.73%<sup>5</sup> | &nbsp;&nbsp;&nbsp;45.35% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$16142 | &nbsp;&nbsp;$20788 | &nbsp;&nbsp;$17914 | &nbsp;&nbsp;$16520 | &nbsp;&nbsp;$19<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &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>7</sup> | &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;1.96% | &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;1.96% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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> | Payments by affiliates had no impact on net asset value and total return. |
| <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;43

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.77 | &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>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</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;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;—<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;— |
| Total from investment operations | &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;(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;(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;(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;—<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;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.56 | &nbsp;&nbsp;$21.77 | &nbsp;&nbsp;$18.69 | &nbsp;&nbsp;$23.14 | &nbsp;&nbsp;$24.53 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.42%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;20.15%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.72%) | &nbsp;&nbsp;&nbsp;&nbsp;5.35%<sup>5,6</sup> | &nbsp;&nbsp;&nbsp;44.75%<sup>6</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$75188 | &nbsp;&nbsp;$81385 | &nbsp;&nbsp;$78829 | &nbsp;&nbsp;$96913 | &nbsp;&nbsp;$109<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &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>8</sup> | &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;1.61% | &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;1.61% | &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;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> | Calculated using average shares outstanding. |
| <sup>2</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>3</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>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> | Payments by affiliates had no impact on net asset value and total return. |
| <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.

44&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.02 | &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>1</sup> | &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;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>2</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;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;(0.23) | &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;(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;(0.23) | &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;$23.21 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.53 | &nbsp;&nbsp;$27.29 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.36%<sup>2,4</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;$1080933 | &nbsp;&nbsp;$1140285 | &nbsp;&nbsp;$1102496 | &nbsp;&nbsp;$1485004 | &nbsp;&nbsp;$1509<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;1.40% | &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;1.37% | &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;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>1</sup> Calculated using average shares outstanding.

<sup>2</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>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;45

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.60 | &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>1</sup> | &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;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29<sup>2</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;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;(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;(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;(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;$22.72 | &nbsp;&nbsp;$21.60 | &nbsp;&nbsp;$18.49 | &nbsp;&nbsp;$25.21 | &nbsp;&nbsp;$26.98 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.66%<sup>4</sup> | &nbsp;&nbsp;&nbsp;18.44%<sup>2,4</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;$34221 | &nbsp;&nbsp;$43118 | &nbsp;&nbsp;$63537 | &nbsp;&nbsp;$117058 | &nbsp;&nbsp;$183<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;0.65% | &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;0.62% | &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;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>1</sup> Calculated using average shares outstanding.

<sup>2</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>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.

46&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$21.93 | &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>1</sup> | &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;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35<sup>2</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;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;(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;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &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;$23.10 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;$18.78 | &nbsp;&nbsp;$25.46 | &nbsp;&nbsp;$27.22 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;6.23%<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.04%<sup>2,4</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;$9794 | &nbsp;&nbsp;$9503 | &nbsp;&nbsp;$8650 | &nbsp;&nbsp;$10852 | &nbsp;&nbsp;$11<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;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;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;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>1</sup> Calculated using average shares outstanding.

<sup>2</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>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;47

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.03 | &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>1</sup> | &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;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>2</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;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;(0.28) | &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;(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;(0.28) | &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;$23.24 | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$18.86 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.76%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.63%<sup>2,4</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;$327848 | &nbsp;&nbsp;$375021 | &nbsp;&nbsp;$406338 | &nbsp;&nbsp;$745878 | &nbsp;&nbsp;$846<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;1.65% | &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;1.62% | &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;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>1</sup> Calculated using average shares outstanding.

<sup>2</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>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.

48&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.09 | &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>1</sup> | &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;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>2</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;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;(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;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &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;$23.31 | &nbsp;&nbsp;$22.09 | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$25.60 | &nbsp;&nbsp;$27.36 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;6.86%<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.72%<sup>2,4</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;$8678 | &nbsp;&nbsp;$9906 | &nbsp;&nbsp;$9291 | &nbsp;&nbsp;$10232 | &nbsp;&nbsp;$11<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;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;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;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>1</sup> Calculated using average shares outstanding.

<sup>2</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>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;49

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Balanced Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$22.02 | &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>1</sup> | &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;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>2</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;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;(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;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &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;$23.22 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;6.51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.35%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.71%) | &nbsp;&nbsp;&nbsp;&nbsp;4.59%<sup>4</sup> | &nbsp;&nbsp;&nbsp;42.81%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$9168 | &nbsp;&nbsp;$10450 | &nbsp;&nbsp;$10194 | &nbsp;&nbsp;$12699 | &nbsp;&nbsp;$16<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;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;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;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>1</sup> Calculated using average shares outstanding.

<sup>2</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>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.

50&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.25 | &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>1</sup> | &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;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)<sup>2</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;(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;(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;(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;$8.64 | &nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$6.18 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(5.52%) | &nbsp;&nbsp;&nbsp;(3.92%)<sup>2</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;$40972 | &nbsp;&nbsp;$60980 | &nbsp;&nbsp;$91379 | &nbsp;&nbsp;$104280 | &nbsp;&nbsp;$72<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>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.

&nbsp;&nbsp;&nbsp;&nbsp;51

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$8.48 | &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>1</sup> | &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;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44)<sup>2</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;(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;(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;(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;$7.91 | &nbsp;&nbsp;$8.48 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.88 | &nbsp;&nbsp;$5.68 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(6.29%) | &nbsp;&nbsp;&nbsp;(4.57%)<sup>2</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;$3164 | &nbsp;&nbsp;$4902 | &nbsp;&nbsp;$9909 | &nbsp;&nbsp;$13503 | &nbsp;&nbsp;$9<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>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.

52&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.13 | &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>1</sup> | &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;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)<sup>2</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;(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;(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;(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;$8.53 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$6.10 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;(5.72%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(4.14%)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>4</sup> | &nbsp;&nbsp;&nbsp;58.80% | &nbsp;&nbsp;&nbsp;93.40%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$14060 | &nbsp;&nbsp;$19602 | &nbsp;&nbsp;$33606 | &nbsp;&nbsp;$36368 | &nbsp;&nbsp;$24<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>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;53

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.69 | &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>1</sup> | &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;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)<sup>2</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;(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;(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;(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;$9.06 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.34 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$6.45 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(5.32%) | &nbsp;&nbsp;&nbsp;(3.69%)<sup>2</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;$36515 | &nbsp;&nbsp;$55024 | &nbsp;&nbsp;$97636 | &nbsp;&nbsp;$110841 | &nbsp;&nbsp;$97<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</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% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>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.

54&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.73 | &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>1</sup> | &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;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)<sup>2</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;(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;(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;(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;$9.10 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$6.49 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(5.17%) | &nbsp;&nbsp;&nbsp;(3.58%)<sup>2</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;$1431 | &nbsp;&nbsp;$2879 | &nbsp;&nbsp;$3411 | &nbsp;&nbsp;$6610 | &nbsp;&nbsp;$3<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>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;55

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Climate Solutions Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$9.46 | &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>1</sup> | &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;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49)<sup>2</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;(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;(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;(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;$8.85 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$6.28 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(5.63%) | &nbsp;&nbsp;&nbsp;(3.89%)<sup>2</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;$2386 | &nbsp;&nbsp;$4435 | &nbsp;&nbsp;$7290 | &nbsp;&nbsp;$11467 | &nbsp;&nbsp;$8<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>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.

56&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Natural Resources Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.75 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$12.42 | &nbsp;&nbsp;$7.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &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;(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;(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;(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;(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;(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;$15.05 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$15.75 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$12.42 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(1.80%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;(5.03%)<sup>3</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;$102747 | &nbsp;&nbsp;$123472 | &nbsp;&nbsp;$150383 | &nbsp;&nbsp;$170746 | &nbsp;&nbsp;$136<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;57

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Natural Resources Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;(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;(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;(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;(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;(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;$11.92 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$12.71 | &nbsp;&nbsp;$13.81 | &nbsp;&nbsp;$10.22 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;(2.52%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;(5.76%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;38.45% | &nbsp;&nbsp;&nbsp;57.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1874 | &nbsp;&nbsp;$2394 | &nbsp;&nbsp;$3846 | &nbsp;&nbsp;$3460 | &nbsp;&nbsp;$3<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;0.03% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

58&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Natural Resources Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.93 | &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>1</sup> | &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;(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;(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;(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;(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;(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;$14.87 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$16.69 | &nbsp;&nbsp;$12.25 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;(2.00%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;(5.21%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;39.60% | &nbsp;&nbsp;&nbsp;58.67% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$6305 | &nbsp;&nbsp;$9011 | &nbsp;&nbsp;$12202 | &nbsp;&nbsp;$14145 | &nbsp;&nbsp;$12<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;59

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$16.99 | &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>1</sup> | &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;(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;(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;(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;(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;(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;$15.88 | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$16.52 | &nbsp;&nbsp;$17.72 | &nbsp;&nbsp;$12.99 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;(1.57%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;(4.73%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;40.30% | &nbsp;&nbsp;&nbsp;59.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$42165 | &nbsp;&nbsp;$51824 | &nbsp;&nbsp;$76474 | &nbsp;&nbsp;$84343 | &nbsp;&nbsp;$71<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;1.05% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

60&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$16.96 | &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>1</sup> | &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;(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;(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;(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;(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;(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;$15.86 | &nbsp;&nbsp;$16.96 | &nbsp;&nbsp;$16.56 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$13.03 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;(1.41%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;(4.63%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;40.61% | &nbsp;&nbsp;&nbsp;59.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$4730 | &nbsp;&nbsp;$5446 | &nbsp;&nbsp;$4213 | &nbsp;&nbsp;$2228 | &nbsp;&nbsp;$1<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;61

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$16.63 | &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>1</sup> | &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;(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;(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;(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;(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;(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;$15.53 | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$12.74 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;(1.79%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;(4.95%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;40.08% | &nbsp;&nbsp;&nbsp;59.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$8807 | &nbsp;&nbsp;$10505 | &nbsp;&nbsp;$12632 | &nbsp;&nbsp;$14348 | &nbsp;&nbsp;$11<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

62&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.74 | &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>1</sup> | &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;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;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;(0.26) | &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;(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;(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;$14.92 | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$27.72 | &nbsp;&nbsp;$24.82 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.89%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.55%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.26%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26.90% | &nbsp;&nbsp;&nbsp;34.24%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$59981 | &nbsp;&nbsp;$70391 | &nbsp;&nbsp;$86795 | &nbsp;&nbsp;$143562 | &nbsp;&nbsp;$130<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;1.12% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;63

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$14.86 | &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>1</sup> | &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;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;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;(0.17) | &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;(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;(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;$13.93 | &nbsp;&nbsp;$14.86 | &nbsp;&nbsp;$15.60 | &nbsp;&nbsp;$26.73 | &nbsp;&nbsp;$24.11 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;8.07%<sup>3</sup> | &nbsp;&nbsp;&nbsp;5.79%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(21.00%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;25.74% | &nbsp;&nbsp;&nbsp;33.03%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$380 | &nbsp;&nbsp;$577 | &nbsp;&nbsp;$815 | &nbsp;&nbsp;$1707 | &nbsp;&nbsp;$2<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

64&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.67 | &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>1</sup> | &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;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;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;(0.24) | &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;(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;(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;$14.83 | &nbsp;&nbsp;$15.67 | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$27.66 | &nbsp;&nbsp;$24.78 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;8.67%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6.33%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.50%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;26.55% | &nbsp;&nbsp;&nbsp;33.88%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$618 | &nbsp;&nbsp;$477 | &nbsp;&nbsp;$497 | &nbsp;&nbsp;$555 | &nbsp;&nbsp;$—<sup>4,5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>4</sup> Net assets reported in millions.

<sup>5</sup> Rounds to less than $500 thousands.

<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

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$16.04 | &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>1</sup> | &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;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;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;(0.28) | &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;(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;(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;$15.27 | &nbsp;&nbsp;$16.04 | &nbsp;&nbsp;$16.70 | &nbsp;&nbsp;$28.05 | &nbsp;&nbsp;$25.05 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.84%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.07%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27.32% | &nbsp;&nbsp;&nbsp;34.68%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$29108 | &nbsp;&nbsp;$40263 | &nbsp;&nbsp;$64516 | &nbsp;&nbsp;$133161 | &nbsp;&nbsp;$127<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;1.40% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

66&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$16.07 | &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>1</sup> | &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;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;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;(0.31) | &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;(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;(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;$15.30 | &nbsp;&nbsp;$16.07 | &nbsp;&nbsp;$16.74 | &nbsp;&nbsp;$28.10 | &nbsp;&nbsp;$25.09 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;9.36%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6.94%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(19.99%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;27.48% | &nbsp;&nbsp;&nbsp;34.84%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3373 | &nbsp;&nbsp;$1938 | &nbsp;&nbsp;$1973 | &nbsp;&nbsp;$1112 | &nbsp;&nbsp;$1<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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;67

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$15.93 | &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>1</sup> | &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;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;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;(0.25) | &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;(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;(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;$15.14 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$27.79 | &nbsp;&nbsp;$24.87 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;8.93%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6.57%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.27%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;26.98% | &nbsp;&nbsp;&nbsp;34.45%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2398 | &nbsp;&nbsp;$2969 | &nbsp;&nbsp;$3481 | &nbsp;&nbsp;$90376 | &nbsp;&nbsp;$70<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;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;1.17% | &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;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> Calculated using average shares outstanding.

<sup>2</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>3</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>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.

68&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&nbsp;&nbsp;3.02<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25<sup>2</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;&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;(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;(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;$46.51 | &nbsp;&nbsp;$53.07 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$63.48 | &nbsp;&nbsp;$92.04 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.88%<sup>2</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;$3241372 | &nbsp;&nbsp;$3743633 | &nbsp;&nbsp;$3186208 | &nbsp;&nbsp;$4958005 | &nbsp;&nbsp;$5696<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;(0.63%) | &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;(0.63%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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;69

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Macquarie Science and Technology Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$28.00 | &nbsp;&nbsp;$24.76 | &nbsp;&nbsp;$43.75 | &nbsp;&nbsp;$72.44 | &nbsp;&nbsp;$48.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.89<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.81 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.86 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.94) |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.48 | &nbsp;&nbsp;$28.00 | &nbsp;&nbsp;$24.76 | &nbsp;&nbsp;$43.75 | &nbsp;&nbsp;$72.44 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>2</sup> | &nbsp;&nbsp;&nbsp;39.82%<sup>2</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;$64680 | &nbsp;&nbsp;$88952 | &nbsp;&nbsp;$109544 | &nbsp;&nbsp;$237610 | &nbsp;&nbsp;$413<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;(1.38%) | &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;(1.38%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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.

70&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&nbsp;2.83<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.60<sup>2</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;&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;(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;(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;$40.58 | &nbsp;&nbsp;$47.42 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$59.21 | &nbsp;&nbsp;$87.86 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.80%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40.53%<sup>2</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;$90043 | &nbsp;&nbsp;$109957 | &nbsp;&nbsp;$94005 | &nbsp;&nbsp;$120945 | &nbsp;&nbsp;$151<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;(0.88%) | &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;(0.88%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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;71

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&nbsp;&nbsp;3.65<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14<sup>2</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;&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;(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;(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;$63.88 | &nbsp;&nbsp;$69.75 | &nbsp;&nbsp;$54.09 | &nbsp;&nbsp;$76.68 | &nbsp;&nbsp;$105.32 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.23%<sup>2</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;$1253021 | &nbsp;&nbsp;$1403120 | &nbsp;&nbsp;$1281422 | &nbsp;&nbsp;$2354813 | &nbsp;&nbsp;$2878<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;(0.38%) | &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;(0.38%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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.

72&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&nbsp;&nbsp;3.70<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56<sup>2</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;&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;(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;(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;$65.47 | &nbsp;&nbsp;$71.23 | &nbsp;&nbsp;$55.11 | &nbsp;&nbsp;$77.75 | &nbsp;&nbsp;$106.48 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.40%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41.31%<sup>2</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;$143735 | &nbsp;&nbsp;$155573 | &nbsp;&nbsp;$108424 | &nbsp;&nbsp;$173276 | &nbsp;&nbsp;$192<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &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>5</sup> | &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;(0.30%) | &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;(0.30%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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> 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;73

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &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;$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>1</sup> | &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;&nbsp;&nbsp;3.35<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.76<sup>2</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;&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;(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;(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;$55.33 | &nbsp;&nbsp;$61.62 | &nbsp;&nbsp;$48.45 | &nbsp;&nbsp;$70.42 | &nbsp;&nbsp;$98.99 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40.88%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;67.64%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$257726 | &nbsp;&nbsp;$284479 | &nbsp;&nbsp;$229962 | &nbsp;&nbsp;$351136 | &nbsp;&nbsp;$455<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &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>6</sup> | &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;(0.63%) | &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;(0.63%) | &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;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> Calculated using average shares outstanding.

<sup>2</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>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;

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Notes to financial statements
Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

March 31, 2025

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 19 funds. These financial statements and the related notes pertain to 6 funds: 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. Institutional Class, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

**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 9, 2013, respectively. As of March 31, 2025, the total net assets held by the Subsidiary is $102,901,422, or approximately 5.99% of the Fund's net assets and the total net assets held by the Company is $1,375,763, or approximately 0.08% 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**

&nbsp;&nbsp;&nbsp;&nbsp;75

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

1. Significant Accounting Policies (continued)

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 year ended March 31, 2025, and for all open tax years (years ended March 31, 2022–March 31, 2024), and has concluded that no provision for federal income tax is required in each Fund's financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended March 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;76

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

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. Accordingly, estimated charges to Macquarie Asset Strategy Fund's closing agreement liability is presented as a reduction of "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Consolidated statement of operations" and its estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Consolidated statement of assets and liabilities." Any fees associated with these closing agreements are included on the "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):

---

| | | | |
|:---|:---|:---|:---|
| **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.

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.**

&nbsp;&nbsp;&nbsp;&nbsp;77

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

1. Significant Accounting Policies (continued)

**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 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 that Fund. Other expenses common to various funds within the Macquarie Funds (formerly, Delaware Funds by Macquarie<sup>®</sup>) 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**

&nbsp;&nbsp;&nbsp;&nbsp;78

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. When a loan agreement is purchased, each Fund may pay an assignment fee. On an ongoing basis, each Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. 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. DMC, each Fund's investment adviser, acts as each Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund's 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 expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$31249 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;25895 |
| 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;34 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;59961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;79

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

1. Significant Accounting Policies (continued)

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2025, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$3769 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;2309 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;5149 |

---

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. |
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;80

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| 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, 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, 2024 (except as noted) through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> net assets for<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> 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;0.80% | &nbsp;&nbsp;&nbsp;0.71% |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.82%<sup>1</sup> |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;0.80% |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a |

---

<sup>1</sup>Effective July 31, 2024. Prior to July 31, 2024, the amount was 0.83%.

<sup>2</sup>Effective July 31, 2024. Prior to July 31, 2024, the amounts for all share classes other than R6 and Class R6 were 1.08%, and 0.92%, respectively.

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, 2024 (except as noted) through July 30, 2025, 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 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;1.05% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;1.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;81

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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 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%<sup>1</sup> | &nbsp;&nbsp;&nbsp;1.24% |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;n/a<sup>2</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;&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 |

---

<sup>1</sup>Effective July 31, 2024. Prior to July 31, 2024, the amount for Class R6 shares was 0.83%.

<sup>2</sup>Effective July 31, 2024. Prior to July 31, 2024, these amounts for Class A, Class C, Class R, Institutional Class, Class R6, and Class Y shares were 1.33%, 2.08%, 1.58%, 1.08%, 0.92%, and 1.33%, respectively.

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. DMC and MIMAK are primarily responsible for the day-to-day management of the Macquarie Asset Strategy Fund and Macquarie Balanced Fund portfolios. In addition, DMC may also seek fixed income investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK's specialized market knowledge. For its services, MIMAK receives a sub-advisory fee from DMC.

With respect to 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 sub-advisor to Macquarie Asset Strategy, Macquarie Balanced, Macquarie Climate Solutions, Macquarie Natural Resources and Macquarie Science and Technology Funds, executing security trades on behalf of DMC. 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.

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 year ended March 31, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Asset Strategy Fund | $85962 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;74169 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;9694 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;12554 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;8838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;82

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Science and Technology Fund | $268298 |

---

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 and transfer agent fees and expenses." For the year ended March 31, 2025, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie Asset Strategy Fund | $117852 |
| Macquarie Balanced Fund | &nbsp;&nbsp;100894 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;8181 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;12296 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;6954 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;379938 |

---

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 and transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 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 year ended March 31, 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 | $47097 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;34723 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;2930 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;4312 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;130535 |

---

For the year ended March 31, 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 | $44095 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;92430 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;3956 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;6921 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;3683 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;229186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;83

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

For the year ended March 31, 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;$779 | &nbsp;&nbsp;&nbsp;$2261 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp;2481 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;7122 | &nbsp;&nbsp;&nbsp;&nbsp;5208 |

---

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.

An affiliated issuer includes any company in which the 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 the 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 year ended March 31, 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 investments | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Dividend<br> Income |
| **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—0.07%** | **Common Stocks—0.07%** | **Common Stocks—0.07%** |  |  |  |  |  |  |
| 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;$554181 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(813673) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1514034 | &nbsp;&nbsp;&nbsp;$1254542 | &nbsp;&nbsp;&nbsp;640301 | &nbsp;&nbsp;&nbsp;$— |
| Media Group Holdings Series T | Media Group Holdings Series T | Media Group Holdings Series T | Media Group Holdings Series T | Media Group Holdings Series T |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;80253 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$554181 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(813673) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1514034 | &nbsp;&nbsp;&nbsp;$1254542 |  | &nbsp;&nbsp;&nbsp;$— |

---

<sup>1</sup> The amount shown includes return of capital.

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 on the "Consolidated statement of operations" under "Payment by affiliates" and an amount of $399,684 is included on the "Consolidated statements of changes in net assets" under "Proceeds from shares sold." 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 statement of operations. Payment by affiliates had no impact on total return.

&nbsp;&nbsp;&nbsp;&nbsp;84

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

3. Investments

For the year ended March 31, 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;$823064598 | &nbsp;&nbsp;&nbsp;$346982119 | &nbsp;&nbsp;&nbsp;$1069856734 | &nbsp;&nbsp;&nbsp;$307276268 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585667048 | &nbsp;&nbsp;&nbsp;&nbsp;557505853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740064808 | &nbsp;&nbsp;&nbsp;&nbsp;633104007 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24943785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67824217 | &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;88020198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120883181 | &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;47491907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74981333 | &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;2576808159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3581630959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 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;$2614696826 | &nbsp;&nbsp;&nbsp;$765462397 | &nbsp;&nbsp;&nbsp;$(1667013696) | &nbsp;&nbsp;&nbsp;$(901551299) |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;1194417297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326726895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39908910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286817985 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99805161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14899027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16237212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338185) |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192499533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25394022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51301295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25907273) |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60989198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38666437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3904984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34761453 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;3447229078 | &nbsp;&nbsp;&nbsp;&nbsp;1831239780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219924236) | &nbsp;&nbsp;&nbsp;&nbsp;1611315544 |

---

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)

&nbsp;&nbsp;&nbsp;&nbsp;85

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

3. Investments (continued)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of March 31, 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;$4695627 | &nbsp;&nbsp;&nbsp;&nbsp;$4695627 |
| 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;108450228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108450228 |
| Bullion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102621055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102621055 |
| Collateralized Debt 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;2750398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750398 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88844164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89625748 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123198747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124453289 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85316873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85316873 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18188598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18188598 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151750775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21752685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173504926 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105307734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105307734 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129267648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129267648 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252623363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252623363 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17576130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17576130 |
| &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;&nbsp;&nbsp;18992613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18992613 |
| 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;2418518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418518 |
| 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;282618292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282618292 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73321651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73321651 |
| 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;&nbsp;&nbsp;2993981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993981 |
| 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;&nbsp;17774850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17774850 |
| 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;&nbsp;&nbsp;809885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809885 |
| 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;10151693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10151693 |
| 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;26885153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26885153 |
| 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;192570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192570 |
| 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;40130587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40130587 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22049508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22049508 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1170066246 | &nbsp;&nbsp;&nbsp;&nbsp;$533502935 | &nbsp;&nbsp;&nbsp;&nbsp;$9151737 | &nbsp;&nbsp;&nbsp;&nbsp;$1712720918 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$184022 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$184022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;86

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(161679) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(161679) |

---

<sup>1</sup> Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year 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;$8183013 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$8183013 |
| 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;147796849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147796849 |
| Collateralized Debt 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;7120077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410077 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792597513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792602825 |
| 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;166929538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166929538 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119496443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119496443 |
| 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;7943380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7943380 |
| 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;17706483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17706483 |
| 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;12686582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686582 |
| 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;45793187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45793187 |
| 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;698250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698250 |
| 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;99227084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99227084 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55166920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55166920 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$967260876 | &nbsp;&nbsp;&nbsp;&nbsp;$514084443 | &nbsp;&nbsp;&nbsp;&nbsp;$295312 | &nbsp;&nbsp;&nbsp;&nbsp;$1481640631 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$1042325 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1042325 |
| Liabilities: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(48142) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(48142) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1399532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1399532) |

---

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

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

&nbsp;&nbsp;&nbsp;&nbsp;87

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

3. Investments (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Climate Solutions Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$98137197 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329779 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$98466976 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &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 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Products | &nbsp;&nbsp;&nbsp;&nbsp;$3482459 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3482459 |
| &nbsp;&nbsp;&nbsp;Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983269 |
| &nbsp;&nbsp;&nbsp;Commodity Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103044 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209117 |
| &nbsp;&nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218002 |
| &nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880929 |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15719256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15719256 |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12376180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12376180 |
| &nbsp;&nbsp;&nbsp;Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814314 |
| &nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25058788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25058788 |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15009707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15009707 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027855 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28234931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28234931 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Refining & Marketing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7892863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7892863 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Storage & Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665899 |
| &nbsp;&nbsp;&nbsp;Paper Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577956 |
| &nbsp;&nbsp;&nbsp;Renewable Electricity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657983 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003283 |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585772 |
| &nbsp;&nbsp;&nbsp;Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582688 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507965 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$166592260 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$166592260 |

---

<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;

&nbsp;&nbsp;&nbsp;&nbsp;88

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
| | &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;$1473756 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1473756 |
| &nbsp;&nbsp;&nbsp;Real Estate Operating Companies/Developer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052294 |
| &nbsp;&nbsp;&nbsp;Real Estate Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739561 |
| &nbsp;&nbsp;&nbsp;REIT Asset Management & Custody Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391090 |
| &nbsp;&nbsp;&nbsp;REIT Data Center | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13064573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14016557 |
| &nbsp;&nbsp;&nbsp;REIT Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410169 |
| &nbsp;&nbsp;&nbsp;REIT Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18932630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18932630 |
| &nbsp;&nbsp;&nbsp;REIT Hotel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200104 |
| &nbsp;&nbsp;&nbsp;REIT Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11078296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11078296 |
| &nbsp;&nbsp;&nbsp;REIT Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10207348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10207348 |
| &nbsp;&nbsp;&nbsp;REIT Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704241 |
| &nbsp;&nbsp;&nbsp;REIT Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14934464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14934464 |
| &nbsp;&nbsp;&nbsp;REIT Self-Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712734 |
| &nbsp;&nbsp;&nbsp;REIT Single Family | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443773 |
| &nbsp;&nbsp;&nbsp;REIT Specialty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740012 |
| &nbsp;&nbsp;&nbsp;REIT Telecom Tower | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264909 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448713 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$94798667 | &nbsp;&nbsp;&nbsp;&nbsp;$951984 | &nbsp;&nbsp;&nbsp;&nbsp;$95750651 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Science and Technology Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$5018822937 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39721685 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$5058544622 |

---

During the year ended March 31, 2025, Macquarie Balanced Fund, Macquarie Climate Solutions Fund, Macquarie Natural Resources Fund, Macquarie Real Estate Securities Fund, and Macquarie Science and Technology Fund had no transfers into or out of Level 3 investments. During the year ended March 31, 2025, Macquarie Asset Strategy Fund had transfers into Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to that Fund's net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Macquarie Asset Strategy Fund, Macquarie Balanced Fund, and Macquarie Natural Resources Fund's net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Macquarie Asset Strategy Fund, Macquarie Balanced Fund, and Macquarie Natural Resources Fund's net assets at the end of the year. As of March 31, 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;89

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Return of<br> capital | &nbsp;&nbsp;&nbsp;Total |
| Year ended March 31, 2025: |  |  |  |  |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$54719173 | &nbsp;&nbsp;&nbsp;$73606189 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$128325362 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15952865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15952865 |
| Macquarie Climate Solutions Fund | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287617 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1492223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9362757 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11989085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13898603 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;102240091 | &nbsp;&nbsp;&nbsp;&nbsp;750665349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;852905440 |
| Year ended March 31, 2024: |  |  |  |  |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55622946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55622946 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34095926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34095926 |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475885 |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227869 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10017814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13239278 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;524694748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;524694748 |

---

5. Components of Net Assets on a Tax Basis

As of March 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset<br> Strategy Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Balanced Fund | &nbsp;&nbsp;&nbsp;Macquarie Climate<br> Solutions Fund |
| Shares of beneficial interest | &nbsp;&nbsp;$1959914311 | &nbsp;&nbsp;&nbsp;$1178395819 | &nbsp;&nbsp;&nbsp;$269307247 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19652225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6231267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714316 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69941918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683360) | &nbsp;&nbsp;&nbsp;&nbsp;(170137390) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17685) |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;(332321152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286818149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338977) |
| Net assets | &nbsp;&nbsp;$1716838123 | &nbsp;&nbsp;&nbsp;$1470642105 | &nbsp;&nbsp;&nbsp;$98527511 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Natural<br> Resources Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;&nbsp;Macquarie<br> Science and<br> Technology Fund |
| Shares of beneficial interest | &nbsp;&nbsp;$792536990 | &nbsp;&nbsp;&nbsp;$54370429 | &nbsp;&nbsp;&nbsp;$2870334748 |
| Undistributed ordinary 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;404131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572455843 |
| Qualified late year loss deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3191206) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(599854865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310127) |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;(25908620) | &nbsp;&nbsp;&nbsp;&nbsp;34761337 | &nbsp;&nbsp;&nbsp;&nbsp;1611287588 |
| Net assets | &nbsp;&nbsp;$166627567 | &nbsp;&nbsp;&nbsp;$95857817 | &nbsp;&nbsp;&nbsp;$5050576846 |

---

&nbsp;&nbsp;&nbsp;&nbsp;90

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Differences between components of net assets unrealized and tax cost unrealized may arise due to unrealized appreciation/depreciation on foreign currency and foreign capital gains tax.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral losses on straddles, investments held within the wholly-owned subsidiary, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, and tax treatment of partnerships.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2025 through March 31, 2025 and November 1, 2024 through March 31, 2025, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to Fund level overdistribution, nondeductible taxes paid, tax treatment of partnerships, gain (loss) on foreign currency transactions, swap contracts, tax treatment of REITs, passive foreign investment companies (PFICs) and securities no longer deemed to be PFICs, write-off of net operating losses, earnings and profits distributed to shareholders on the redemptions of shares, paydown gain (losses of asset- and mortgage-backed securities, foreign capital gains taxes and payment by advisor tax treatment. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2025, the Funds recorded the following reclassifications:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;Total distributable earnings (loss) |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;$(412375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412375 |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;(1491589) | &nbsp;&nbsp;&nbsp;&nbsp;1491589 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;1530339 | &nbsp;&nbsp;&nbsp;&nbsp;(1530339) |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;30828043 | &nbsp;&nbsp;(30828043) |

---

Macquarie Climate Solutions Fund, and Macquarie Natural Resources Fund did not have any reclassifications for the year ended March 31, 2025.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2025, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| Macquarie Balanced Fund | $114038256 |

---

At March 31, 2025, capital loss carryforwards available to offset future realized capital gains are 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;91

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

6. 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 |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;1506903 | &nbsp;&nbsp;&nbsp;2303722 | &nbsp;&nbsp;&nbsp;3099764 | &nbsp;&nbsp;&nbsp;4086333 | &nbsp;&nbsp;&nbsp;&nbsp;208631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55004 | &nbsp;&nbsp;&nbsp;&nbsp;160499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;2566624 | &nbsp;&nbsp;&nbsp;1657808 | &nbsp;&nbsp;&nbsp;2912526 | &nbsp;&nbsp;&nbsp;3233319 | &nbsp;&nbsp;&nbsp;&nbsp;707795 | &nbsp;&nbsp;&nbsp;1175921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58528 |
| 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;4143547 | &nbsp;&nbsp;&nbsp;1952697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489740 | &nbsp;&nbsp;&nbsp;1130535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;1098023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635 |
|  | &nbsp;&nbsp;10434513 | &nbsp;&nbsp;&nbsp;7378777 | &nbsp;&nbsp;&nbsp;7056641 | &nbsp;&nbsp;&nbsp;9371691 | &nbsp;&nbsp;1285353 | &nbsp;&nbsp;&nbsp;2528511 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(9426654) | (10684583) | &nbsp;&nbsp;&nbsp;(8809378) | (11913265) | (2118137) | &nbsp;&nbsp;(3310736) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(608623) | &nbsp;&nbsp;&nbsp;(1187449) | &nbsp;&nbsp;&nbsp;&nbsp;(714473) | &nbsp;&nbsp;&nbsp;(1690424) | &nbsp;&nbsp;&nbsp;(189153) | &nbsp;&nbsp;&nbsp;&nbsp;(559682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(222536) | &nbsp;&nbsp;&nbsp;&nbsp;(219048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90650) | &nbsp;&nbsp;&nbsp;(674294) | &nbsp;&nbsp;(1540303) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(4342111) | &nbsp;&nbsp;&nbsp;(6774904) | &nbsp;&nbsp;&nbsp;(6005029) | &nbsp;&nbsp;&nbsp;(8182966) | (2410244) | &nbsp;&nbsp;&nbsp;(5113424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(410310) | &nbsp;&nbsp;&nbsp;&nbsp;(179195) | &nbsp;&nbsp;&nbsp;&nbsp;(129549) | &nbsp;&nbsp;&nbsp;&nbsp;(150751) | &nbsp;&nbsp;&nbsp;(173563) | &nbsp;&nbsp;&nbsp;&nbsp;(216166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(662234) | &nbsp;&nbsp;&nbsp;&nbsp;(802481) | &nbsp;&nbsp;&nbsp;&nbsp;(131735) | &nbsp;&nbsp;&nbsp;&nbsp;(140413) | &nbsp;&nbsp;&nbsp;(233141) | &nbsp;&nbsp;&nbsp;&nbsp;(324659) |
|  | (15672468) | (19847660) | (15848519) | (22168469) | (5798532) | (11064970) |
| Net decrease | &nbsp;&nbsp;&nbsp;(5237955) | (12468883) | &nbsp;&nbsp;&nbsp;(8791878) | (12796778) | (4513179) | &nbsp;&nbsp;(8536459) |

---

&nbsp;&nbsp;&nbsp;&nbsp;92

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_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 |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;625309 | &nbsp;&nbsp;&nbsp;&nbsp;225612 | &nbsp;&nbsp;&nbsp;&nbsp;139576 | &nbsp;&nbsp;&nbsp;&nbsp;134537 | &nbsp;&nbsp;&nbsp;1875271 | &nbsp;&nbsp;&nbsp;3048006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;438522 | &nbsp;&nbsp;&nbsp;&nbsp;487910 | &nbsp;&nbsp;&nbsp;&nbsp;410917 | &nbsp;&nbsp;&nbsp;&nbsp;385120 | &nbsp;&nbsp;&nbsp;3102959 | &nbsp;&nbsp;&nbsp;3442734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79143 | &nbsp;&nbsp;&nbsp;&nbsp;175519 | &nbsp;&nbsp;&nbsp;&nbsp;118094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832171 |
| 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;375991 | &nbsp;&nbsp;&nbsp;&nbsp;160913 | &nbsp;&nbsp;&nbsp;&nbsp;551664 | &nbsp;&nbsp;&nbsp;&nbsp;484633 | &nbsp;&nbsp;11001581 | &nbsp;&nbsp;&nbsp;8275253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;1003961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73662 | &nbsp;&nbsp;&nbsp;&nbsp;275554 | &nbsp;&nbsp;&nbsp;&nbsp;304132 | &nbsp;&nbsp;&nbsp;2344371 | &nbsp;&nbsp;&nbsp;1914128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465096 |
|  | &nbsp;&nbsp;1877351 | &nbsp;&nbsp;1388603 | &nbsp;&nbsp;1585007 | &nbsp;&nbsp;1405966 | &nbsp;&nbsp;22520200 | &nbsp;&nbsp;20389898 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1815390) | (2294363) | (1143890) | (1430947) | (13734044) | (15960329) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(61289) | &nbsp;&nbsp;&nbsp;(169114) | &nbsp;&nbsp;&nbsp;&nbsp;(18254) | &nbsp;&nbsp;&nbsp;&nbsp;(19597) | &nbsp;&nbsp;&nbsp;(1261094) | &nbsp;&nbsp;&nbsp;(2233759) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;(220151) | &nbsp;&nbsp;&nbsp;(320592) | &nbsp;&nbsp;&nbsp;&nbsp;(12476) | &nbsp;&nbsp;&nbsp;&nbsp;(10382) | &nbsp;&nbsp;&nbsp;&nbsp;(828317) | &nbsp;&nbsp;&nbsp;&nbsp;(698771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(972242) | (2139981) | (1289782) | (2041999) | &nbsp;&nbsp;&nbsp;(5948400) | &nbsp;&nbsp;&nbsp;(8930874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(113738) | &nbsp;&nbsp;&nbsp;(114378) | &nbsp;&nbsp;&nbsp;&nbsp;(35757) | &nbsp;&nbsp;&nbsp;&nbsp;(43003) | &nbsp;&nbsp;&nbsp;&nbsp;(791530) | &nbsp;&nbsp;&nbsp;&nbsp;(636208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(160383) | &nbsp;&nbsp;&nbsp;(257541) | &nbsp;&nbsp;&nbsp;&nbsp;(69260) | &nbsp;&nbsp;&nbsp;&nbsp;(58425) | &nbsp;&nbsp;&nbsp;(1380971) | &nbsp;&nbsp;&nbsp;(1426829) |
|  | (3343193) | (5295969) | (2569419) | (3604353) | (23944356) | (29886770) |
| Net decrease | (1465842) | (3907366) | &nbsp;&nbsp;&nbsp;(984412) | (2198387) | &nbsp;&nbsp;&nbsp;(1424156) | &nbsp;&nbsp;&nbsp;(9496872) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

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 page and on the "Statements of changes in net assets." For the years ended March 31, 2025 and 2024, each Fund had the following exchange transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 |
|  | &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;$5344270 |  |  | &nbsp;&nbsp;&nbsp;$3475355 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;173332 | &nbsp;&nbsp;&nbsp;&nbsp;65744 |  | &nbsp;&nbsp;&nbsp;&nbsp;74045 | &nbsp;&nbsp;&nbsp;101888 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;69080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;109780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;167571 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735 | &nbsp;&nbsp;&nbsp;&nbsp;74988 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;93

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

6. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2024 |
|  | &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 Balanced Fund |  |  | &nbsp;&nbsp;&nbsp;$2350509 |  |  | &nbsp;&nbsp;&nbsp;$3439675 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;39944 | &nbsp;&nbsp;&nbsp;&nbsp;51729 |  | &nbsp;&nbsp;&nbsp;&nbsp;48619 | &nbsp;&nbsp;&nbsp;119956 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;63979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;96593 | &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;49708 |  | &nbsp;&nbsp;&nbsp;&nbsp;29811 | &nbsp;&nbsp;&nbsp;&nbsp;50624 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 |  |
| &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;1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Climate Solutions Fund |  |  | &nbsp;&nbsp;&nbsp;$77286 |  |  | &nbsp;&nbsp;&nbsp;$135824 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641 | &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;6047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6767 |  |
| &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;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Natural Resources Fund |  |  | &nbsp;&nbsp;&nbsp;$137910 |  |  | &nbsp;&nbsp;&nbsp;$165576 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 | &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;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Macquarie Real Estate Securities Fund |  |  | &nbsp;&nbsp;&nbsp;$68694 |  |  | &nbsp;&nbsp;&nbsp;$123116 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384 | &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;3019 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438 |  |
| Macquarie Science and Technology Fund |  |  | &nbsp;&nbsp;&nbsp;$7080679 |  |  | &nbsp;&nbsp;&nbsp;$5960503 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;94551 | &nbsp;&nbsp;&nbsp;&nbsp;21159 |  | &nbsp;&nbsp;&nbsp;&nbsp;62814 | &nbsp;&nbsp;&nbsp;&nbsp;58609 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;34394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;92651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;77996 |  | &nbsp;&nbsp;&nbsp;&nbsp;10028 | &nbsp;&nbsp;&nbsp;&nbsp;49344 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;5324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &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.

7. 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 March 31, 2025, or at any time during the year then ended.

8. 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 8) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;94

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

9. 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 year ended March 31, 2025, Macquarie Asset Strategy Fund and Macquarie Balanced Fund used forward foreign currency exchange contracts to hedge the US dollar value of securities they already own that are denominated in foreign currencies to decrease exposure to foreign currencies.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures contracts in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At March 31, 2025, Macquarie Asset Strategy Fund posted $501,094 and Macquarie Balanced Fund posted $1,253,597 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Consolidated statement of assets and liabilities" and "Statements of assets and liabilities", respectively. Open futures contracts, if any, are disclosed on the "Schedules of investments."**

During the year ended March 31, 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. Macquarie Balanced Fund also used futures contracts 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**

&nbsp;&nbsp;&nbsp;&nbsp;95

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

9. 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 year ended March 31, 2025, Macquarie Asset Strategy Fund entered into CDS contracts as a purchaser and Macquarie Balanced 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. Macquarie Asset Strategy Fund did not enter into seller protection.

CDS contracts may involve greater risks than if Macquarie Asset Strategy Fund and 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 year ended March 31, 2025, Macquarie Asset Strategy and Macquarie Balanced Fund used CDS contracts to hedge against credit events. Macquarie Balanced Fund also used CDS contracts to gain exposure to certain securities or markets.

At March 31, 2025, Macquarie Balanced Fund posted $560,961 in cash as collateral for certain centrally cleared derivatives, which is included in "Cash collateral due from brokers" on the "Statements of assets and liabilities."

Fair values of derivative instruments as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | &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 from broker on futures contracts\* | &nbsp;&nbsp;$184022 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;96

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | |
|:---|:---|
|  | &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;$(161679) |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie Balanced 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;$1042325 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Macquarie Balanced Fund |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(1399532) | &nbsp;&nbsp;$— |
| Variation margin due from 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;(48142) |
| Total | &nbsp;&nbsp;$(1399532) | &nbsp;&nbsp;$(48142) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through March 31, 2025. Only current day variation margin is reported on the Fund's "Statements of assets and liabilities."

The effect of derivative instruments on the "Statements of operations" for the year ended March 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Asset Strategy Fund | &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;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$(60182) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(60182) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84837 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(43200) | &nbsp;&nbsp;&nbsp;&nbsp;(43200) |
| Total | &nbsp;&nbsp;$(60182) | &nbsp;&nbsp;$84837 | &nbsp;&nbsp;$(43200) | &nbsp;&nbsp;$(18545) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;97

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

9. Derivatives (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &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;Total |
| Currency contracts | &nbsp;&nbsp;$10113 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10113 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74579 | &nbsp;&nbsp;&nbsp;&nbsp;74579 |
| Total | &nbsp;&nbsp;$10113 | &nbsp;&nbsp;$74579 | &nbsp;&nbsp;$84692 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie Balanced Fund | &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;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$(131559) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(131559) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1010012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1010012) |
| 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;(124841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124841) |
| Total | &nbsp;&nbsp;$(131559) | &nbsp;&nbsp;$(1010012) | &nbsp;&nbsp;$(124841) | &nbsp;&nbsp;$(1266412) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$21197 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21197 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(178475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(178475) |
| 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;72631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72631 |
| Total | &nbsp;&nbsp;$21197 | &nbsp;&nbsp;$(178475) | &nbsp;&nbsp;$72631 | &nbsp;&nbsp;$(84647) |

---

The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 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;993749 | $&nbsp;&nbsp;&nbsp;&nbsp;2004829 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;20180787 | &nbsp;&nbsp;63587688 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522992 | &nbsp;&nbsp;&nbsp;&nbsp;1309606 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;98

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | &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;471808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947007 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;13980506 | &nbsp;&nbsp;36469287 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497638 |

---

\*Long represents buying protection and short represents selling protection.

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 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 year ended March 31, 2025, each Fund had no securities out on loan.

&nbsp;&nbsp;&nbsp;&nbsp;99

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

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 the Funds invest will cause the NAV of the Funds to fluctuate.

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds. 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

&nbsp;&nbsp;&nbsp;&nbsp;100

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Funds invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer each Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by each Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when each Fund might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments.

As each Fund may be required to rely upon another lending institution to collect and pass on to each Fund amounts payable with respect to the loan and to enforce each Fund's rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to each Fund.

Certain Funds invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended March 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;101

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Ivy Funds&nbsp;&nbsp;&nbsp;&nbsp;

11. Credit and Market Risks (continued)

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."

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 Pronouncement

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 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 by the end of October 2025. This is subject to change.

Effective April 25, 2025, with respect to Macquarie Balanced Fund (Fund), DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, 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 0.72% of the Fund's average daily net assets for all share classes other than Class R6, and 0.64% of the Fund's Class R6 shares' average daily net assets, from April 25, 2025 through July 30, 2026.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2025, that would require recognition or disclosure in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;102

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

Report of independent registered public accounting firm

To the Board of Trustees of Ivy Funds and Shareholders of Macquarie Climate Solutions Fund, Macquarie Natural Resources Fund, Macquarie Real Estate Securities Fund, Macquarie Science and Technology Fund, Macquarie Asset Strategy Fund and Macquarie Balanced Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting Ivy Funds, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

<u>Macquarie Climate Solutions Fund<sup>(1)</sup> Macquarie Natural Resources Fund<sup>(1)</sup> Macquarie Real Estate Securities Fund<sup>(1)</sup> </u> <u>Macquarie Science and Technology Fund<sup>(1)</sup> Macquarie Asset Strategy Fund<sup>(2)</sup> Macquarie Balanced Fund<sup>(1)</sup> </u>

<sup>(1)</sup> Statement of assets and liabilities, including the schedule of investments, as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025.

<sup>(2)</sup> Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of March 31, 2025, the related consolidated statement of operations for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the consolidated financial highlights for each of the five years in the period ended March 31, 2025.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agents, portfolio companies, agent banks and brokers; when replies were not received from ￼brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 30, 2025

We have served as the auditor of one or more Macquarie investment companies since 2010.

&nbsp;&nbsp;&nbsp;&nbsp;103

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

## Other Fund information (Unaudited)
Ivy Funds

#### Tax Information
The information set forth below is for the Fund's fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund.

Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2025, each Fund reports distributions paid during the year as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions\*<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Long-Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(C)<br> Return of<br> Capital<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;Total<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(D)<br> Qualifying<br> Dividends<sup>1</sup> |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;42.64% | &nbsp;&nbsp;&nbsp;57.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;10.86% |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;54.18% |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;84.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15.94% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;13.74% | &nbsp;&nbsp;&nbsp;86.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.99% | &nbsp;&nbsp;&nbsp;88.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;14.51% |

---

------

(A), (B) and (C) are based on a percentage of each Fund's total distributions.

(D) is based on each Fund's ordinary income distributions.

<sup>1</sup>Qualified dividends represent dividends which qualify for corporate dividends received deduction.

\*For the fiscal year ended March 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are reported in the following table. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Percentage |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;28.21% |
| Macquarie Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;68.99% |
| Macquarie Climate Solutions Fund | &nbsp;&nbsp;100.00% |
| Macquarie Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.47% |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;29.86% |

---

For the fiscal year ended March 31, 2025, certain distributions paid by the Funds, determined to be Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004: the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2025, certain Funds have reported maximum Qualified Short-Term Capital Gains distributions as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Macquarie Asset Strategy Fund | &nbsp;&nbsp;$21729399 |
| Macquarie Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653599 |
| Macquarie Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;78458484 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;104

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### 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
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;105

------

[**Table of Contents**](#JOB_Ivy_D_450a4325-167c-4bd6-a3e1-d0719b874ca1_TOC_AltSty1)

#### 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.

(4443761) **ANN-IVYSPEC-0525**

This page is not part of the Financial statements and other information.

------

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.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included as part of materials filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### 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 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 \[99.CERT\].](d884606dex99cert.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.](d884606dex99906cert.htm) |

---

------

#### 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 |
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | June 5, 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.

---

| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | June 5, 2025 |
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | June 5, 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: June 5, 2025

---

| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| 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: June 5, 2025

---

| | |
|:---|:---|
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| 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: June 5, 2025 | Date: June 5, 2025 |
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| 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.