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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/18/24 Ivy Funds N-14 5:2.2M Pietrzykowski Kris… R/FA → Delaware Ivy Global Bond Fund ⇒ Class A (IVSAX) — Class C (IVSCX) — Class I (IVSIX) — Class R6 (IVBDX) → Delaware Ivy High Income Fund ⇒ Class A (WHIAX) — Class I (IVHIX) — Class R6 (IHIFX) → Delaware Ivy High Yield Fund ⇒ Class A (IPNAX) — Class I (IPNIX) — Class R6 (IPNNX) → Delaware Ivy Total Return Bond Fund ⇒ Class A (IRBAX) — Class C (IRBCX) — Class I (IRBIX) — Class R6 (IRBRX) |
Document/Exhibit Description Pages Size 1: N-14 Registration Statement by an Open-End Investment HTML 2.08M Company or Business Development Company (BDC) - Securities for a Merger 2: EX-99 Miscellaneous Exhibit HTML 13K 3: EX-99 Miscellaneous Exhibit HTML 5K 4: EX-99 Miscellaneous Exhibit HTML 5K 5: EX-99 Miscellaneous Exhibit HTML 24K
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1 | 1st Page – Filing Submission | ||||
" | Form of Agreement and Plan of Reorganization | ||||
" | Statement of Additional Information | ||||
" | Sai |
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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/ /
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Post-Effective Amendment No.
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/ /
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(Check appropriate box or boxes)
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IVY FUNDS
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(Exact Name of Registrant as Specified in Charter)
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(800) 523-1918
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Registrant’s Area Code and Telephone Number
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(Address of Principal Executive Offices: Number, Street, City, State, Zip Code)
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(Name and Address of Agent for Service)
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Please send copies of all communications to:
Taylor Brody, Esq.
Jonathan M. Kopcsik, Esq.
Stradley, Ronon, Stevens & Young, LLP
(215) 564-8071
(215) 564-8099
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Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.
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Title of the securities being registered: Class A, Class C, Class I, and Class R6 shares, $0.001 par value per share, of the Delaware Ivy Global Bond Fund and Class A, Class I, and Class R6 shares, $0.001 par value per share, of the
Delaware Ivy High Income Fund. No filing fee is due because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended.
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It is proposed that the filing will become effective on February 17, 2024 pursuant to Rule 488 under the Securities Act of 1933.
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1.
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Facing Page
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2.
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Contents Page
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3.
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Part A – Information Statement/Prospectus
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4.
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Part B - Statement of Additional Information
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5.
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Part C - Other Information
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6.
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Signatures
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7.
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Exhibits
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Acquired Funds
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Acquiring Funds
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Delaware Ivy Total Return Bond Fund, a series of Ivy Funds
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Delaware Ivy Global Bond Fund, a series of Ivy Funds
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Delaware Ivy High Yield Fund, a series of Ivy Funds
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Delaware Ivy High Income Fund, a series of Ivy Funds
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THE REORGANIZATIONS
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3
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COMPARISON OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS, AND FUNDAMENTAL INVESTMENT RESTRICTIONS
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3
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How do the investment objectives, principal investment strategies, principal risks, and fundamental investment restrictions of the Acquired Funds compare against those of the Acquiring
Funds?
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3
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INFORMATION ABOUT THE FUNDS
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17
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What are the fees and expenses of each Fund and what are the anticipated fees and expenses after the Reorganization?
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17
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How can I compare the costs of investing in Acquired Fund shares with the cost of investing in Acquiring Fund shares of the comparable class?
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21
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What are the general tax consequences of the Reorganizations?
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22
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Who manages the Funds?
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23
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How do the performance records of the Funds compare?
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24
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Where can I find more financial information about the Funds?
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29
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WHAT ARE OTHER KEY FEATURES OF THE FUNDS?
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29
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REASONS FOR THE REORGANIZATIONS
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52
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INFORMATION ABOUT THE REORGANIZATIONS AND THE PLAN
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53
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How will the Reorganizations be carried out?
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53
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Who will pay the expenses of the Reorganizations?
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54
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What are the tax consequences of each Reorganization?
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54
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What should I know about shares of the Acquired Fund and Acquiring Fund
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57
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What are the capitalizations of the Funds and what might the capitalization be after the Reorganizations?
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58
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Do the Trustees and Officers own shares of the Funds?
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60
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Who are the control persons and owners of record or beneficially 5% or more of any class of a Fund’s outstanding equity securities?
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60
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MORE INFORMATION ABOUT THE FUNDS
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61
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EXHIBITS TO INFORMATION STATEMENT/PROSPECTUS
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1
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Acquisition of the Assets of:
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DELAWARE IVY TOTAL RETURN BOND FUND
(a series of Ivy Funds)
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By and in exchange for shares of:
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DELAWARE IVY GLOBAL BOND FUND
(a series of Ivy Funds)
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Acquisition of the Assets of:
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DELAWARE IVY HIGH YIELD FUND
(a series of Ivy Funds)
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By and in exchange for shares of:
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DELAWARE IVY HIGH INCOME FUND
(a series of Ivy Funds)
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Acquired Funds
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Acquiring Funds
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Delaware Ivy Total Return Bond Fund, a series of Ivy Funds
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Delaware Ivy Global Bond Fund, a series of Ivy Funds
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Delaware Ivy High Yield Fund, a series of Ivy Funds
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Delaware Ivy High Income Fund, a series of Ivy Funds
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Acquired Fund Prospectuses
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Acquiring Fund Prospectuses
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Delaware Ivy Total Return Bond Fund (Acquired Fund)
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Delaware Ivy Global Bond Fund (Acquiring Fund)
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What is the Fund’s investment objective?
Delaware Ivy Total Return Bond Fund seeks to provide total return through a combination of current income and capital appreciation.
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What is the Fund’s investment objective?
Delaware Ivy Global Bond Fund seeks to provide a combination of current income and capital appreciation.
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Delaware Ivy Total Return Bond Fund (Acquired Fund)
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Delaware Ivy Global Bond Fund (Acquiring Fund)
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What are the Fund’s principal investment strategies?
Delaware Ivy Total Return Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds. Under normal circumstances, the Fund invests at least 40%
of its total assets in securities of non-US issuers. The Fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the US dollar, although the Fund will limit its foreign
currency exposure (from non-US dollar-denominated securities or currencies) to 75% of its total assets as described below. The Fund has the flexibility to invest in any form of debt security, including, but not limited to, US government
and foreign government securities, corporate bonds, convertible and non-convertible bonds, inflation-indexed bonds, asset- and mortgage-backed securities. The Fund also may invest in currencies. The Fund may invest directly in the debt
securities listed above, as well as in derivative instruments that provide investment exposure to such debt securities. The Fund is unconstrained in its investment approach, meaning that it is not limited by the types of investments in a
particular securities index, nor is it limited to any single type of investment strategy.
For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Global Limited (MIMGL), with respect to its role as sub-advisor of the Fund.
The Manager may consider analysis of environmental, social and governance (ESG) factors in evaluating investments for the Fund. This analysis considers various inputs, including metrics sourced from external
parties and ESG research providers; commitments on ESG progress from issuers; specific bond formats (such as green or sustainability-linked bonds); issuer engagement; and other external and proprietary inputs to judge the issuer’s
contribution to improvements in ESG practice. The Fund may favor securities of issuers that are judged by the
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What are the Fund’s principal investment strategies?
Delaware Ivy Global Bond Fund seeks to achieve its objectives by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of bonds of foreign and US issuers. The Fund
may invest in debt securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), issued by foreign or US companies of any size, including those in emerging markets, as well as in debt
securities issued by foreign or US governments. Under normal circumstances, the Fund invests at least 40% (or, if the Manager deems it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers,
including those located in at least three countries including the United States. Non-US issuers are those that are (1) economically tied to a non-US country or countries, or (2) issued or guaranteed by a company domiciled in, or government
of, a non-US country. The Fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the US dollar. The Fund may invest in securities of any maturity.
The Fund may invest in both investment and non-investment-grade securities. It may invest up to 35% of its total assets in non-investment-grade bonds, commonly called “high-yield” or “junk” bonds, that
include bonds rated BB+ or lower by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager
to be of comparable quality. The Fund will invest in non-investment-grade securities only if the Manager deems the risks to be consistent with the Fund’s objectives.
The Manager may consider analysis of environmental, social and governance (ESG) factors in evaluating investments for the Fund. This analysis considers various inputs, including metrics sourced from external
parties and ESG research providers; commitments on ESG progress from issuers; specific
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Manager to meet high ESG standards, and may avoid investment in certain industry sectors, or in securities of issuers that are judged to not meet the Manager’s ESG requirements. The Manager relies on a
proprietary ESG framework where issuers are assessed on their exposure to, and management of, environmental, social and governance risks. The Manager’s ESG framework relies on its quantitative and qualitative analysis of factors such as
industry sector, issuer specific factors such as history and management, and data from multiple sources, including government reports, company filings and external data providers. This framework is subjective in nature and not intended to
be an exhaustive list of all possible risks and are provided as an indication of the types of factors being utilized by the Manager.
As described in more detail below, the Fund expects to use derivatives for various purposes. The Fund may take long positions in derivatives (the values of which typically move in the same direction as the
prices of the underlying investments) and short positions in derivatives (the values of which typically move in the opposite direction from the prices of the underlying investments).
The Fund may invest in debt securities of any credit rating and may invest up to 50% of its total assets in non-investment grade debt securities, or high yield or junk bonds, which include bonds rated BB+ or
below by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined to be of comparable quality by the
Manager.
The Fund may invest in debt securities from any market or country or denominated in any currency, including issuers located in, and/or generating revenue from, both developed and emerging markets. The Fund
will limit its foreign currency exposure (from non-US dollar-denominated securities or currencies) to 75% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from
fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. The Fund expects to use a variety of derivative instruments for various purposes.
The Fund may invest in bonds of any maturity or duration.
The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may
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bond formats (such as green or sustainability-linked bonds); issuer engagement; and other external and proprietary inputs to judge the issuer’s contribution to improvements in ESG practice. The Fund may favor
securities of issuers that are judged by the Manager to meet high ESG standards, and may avoid investment in certain industry sectors, or in securities of issuers that are judged to not meet the Manager’s ESG requirements. The Manager
relies on a proprietary ESG framework where issuers are assessed on their exposure to, and management of, environmental, social and governance risks. The Manager’s ESG framework relies on its quantitative and qualitative analysis of factors
such as industry sector, issuer specific factors such as history and management, and data from multiple sources, including government reports, company filings and external data providers. This framework is subjective in nature and not
intended to be an exhaustive list of all possible risks and are provided as an indication of the types of factors being utilized by the Manager.
The Fund may invest in mortgage-backed securities and other asset-backed securities.
The Fund may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forwards, and swaps. The Fund will use derivatives for both hedging
and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a
security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to
gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.
Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through
investments in these companies, even if the Fund is not invested directly in such markets.
The Manager may look at a number of factors in selecting securities for the Fund’s portfolio including: identifying fundamental global themes; country analysis (economic, legislative/judicial and demographic
trends); credit analysis of the issuer (financial strength, cash flow, balance sheet, capital
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invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security,
or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure
to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.
MIMGL, an affiliate of the Fund’s investment manager, Delaware Management Company (Manager), serves as the Fund’s sub-advisor and manages the Fund’s assets. The Manager may seek investment
advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) and Macquarie Investment Management Europe Limited (MIMEL) (together with MIMGL, the “Affiliated Sub-Advisors”). The Manager
may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an
Affiliated Sub-Advisor’s specialized market knowledge.
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structure, management, strategy and accounting); the maturity, quality, and denomination (US dollar, euro, yen, other) of the issue; domicile, market share and industry of the issuer; and
analysis of the issuer’s profit history through various economic cycles.
Generally, in determining whether to sell a security, the Manager continues to analyze the factors considered for buying the security. The Manager also considers its assumptions regarding a
company, an industry, the markets, an individual economy and/or the global economy. The Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment
opportunities or to raise cash.
The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited
(MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise
investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.
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Acquired Fund
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Acquiring Fund
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Capital repatriation risk
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Capital repatriation risk
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Convertible security risk
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Credit risk
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Credit risk
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Derivatives risk
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Derivatives risk
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Duration risk
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Emerging markets risk
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Emerging markets risk
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Prepayment risk
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Fixed income risk
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Fixed income risk
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Foreign currency exchange transactions and forward foreign currency contracts risk
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Currency risk
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Currency risk
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Foreign government/supranational risk
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Foreign risk
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Foreign risk
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Interest rate risk
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Interest rate risk
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Bank loans and other direct indebtedness risk
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High yield (junk bond) risk
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High yield (junk bond) risk
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Mortgage-backed and asset-backed securities risk
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Mortgage-backed and asset-backed securities risk
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Portfolio turnover risk
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Geographic focus risk
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US government securities risk
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US government securities risk
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Environmental, social and governance (ESG) investing risk
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Environmental, social and governance (ESG) investing risk
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Liquidity risk
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Liquidity risk
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Government and regulatory risk
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Government and regulatory risk
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IBOR risk
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IBOR risk
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Active management and selection risk
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Active management and selection risk
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[__]
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[__]
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Delaware Ivy High Yield Fund (Acquired Fund)
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Delaware Ivy High Income Fund (Acquiring Fund)
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What is the Fund’s investment objective?
Delaware Ivy High Yield Fund seeks to provide total return through a combination of high current income and capital appreciation.
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What is the Fund’s investment objective?
Delaware Ivy High Income Fund seeks to provide total return through a combination of high current income and capital appreciation.
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Delaware Ivy High Yield Fund (Acquired Fund)
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Delaware Ivy High Income Fund (Acquiring Fund)
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What are the Fund’s principal investment strategies?
Delaware Ivy High Yield Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, lower-quality fixed-income securities of US and foreign issuers, the risks of which
are, in the judgment of Delaware Management Company (Manager), consistent with the Fund’s investment objective. Under normal circumstances, the Fund invests at least 80% of its net assets in non-investment grade debt securities, commonly
called “high yield” or “junk” bonds. Such bonds include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating
organization (NRSRO), or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade debt securities.
The Fund also may invest up to 20% of its total assets in lower-quality debt securities that are considered investment grade securities rated by S&P (or comparably rated by another NRSRO, or, if unrated,
determined by the Manager to be of comparable quality). The Fund may invest in fixed-income
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What are the Fund’s principal investment strategies?
Delaware Ivy High Income Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan
assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the judgment of Delaware Management Company (Manager) consistent with the Fund’s objective. The Fund invests
primarily in lower-quality debt securities, which include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating
organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment-grade debt securities, commonly called “high-yield” or “junk” bonds, which
include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in fixed-income securities of any maturity.
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securities of any maturity and in companies of any size, but intends to invest primarily in intermediate and long-term corporate obligations.
The Fund may invest up to 100% of its total assets in foreign debt securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse
operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.
In selecting securities for the Fund, the Manager combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) investment philosophy, with a strong focus on a
security’s relative value. From a top-down perspective, the Manager considers both industry specific trends and other macroeconomic events that are impacting issuers.
Generally, in determining whether to sell a security, the Manager utilizes the same factors it considers for buying a security, in addition to its relative valuation. The Manager also may sell a security to
reduce the Fund’s holding in that security, to take advantage of what it believes to be more attractive opportunities, or to raise cash.
The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and
Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment
discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.
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The Fund may invest up to 100% of its total assets in foreign securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations,
with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.
The Fund may invest in restricted securities.
Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decisions for a particular instrument primarily on its own credit analysis and not on a
NRSRO’s credit rating. In selecting securities, the Manager may conduct an initial screening of issuers based on characteristics such as yield, performance, maturity and relative value across and within sectors. Following its initial
screening, the Manager may look at a number of factors beginning with a primarily bottom-up (researching individual issuers) analysis that includes extensive modeling and talking with a company’s management team, industry consultants and
sell-side research to help formulate opinions, and progressing to consideration of the current economic environment, the direction and level of interest rates and inflation, and industry fundamentals and trends in the general economy. Other
factors considered include a company’s financial strength, growth of operating cash flows, strength of management, borrowing requirements, improving credit metrics, potential to improve credit standing, responsiveness to changes in interest
rates and business conditions, strength of business model, competitive advantage and capital structure and future capital needs. Initial position sizes are determined based on factors that include size of issue, rating, duration, coupon,
call-ability, exposure to a specific industry and leverage.
The Manager attempts to optimize the Fund’s risk/reward by investing in the debt portion of the capital structure that the Manager believes to be most attractive, which may include secured and/or unsecured
loans, floating rate notes and/or secured and/or unsecured high-yield bonds. For example, if the Manager believes that market conditions are favorable for a particular type of fixed-income instrument, such as high-yield bonds, most or all
of the fixed-income instruments in which the Fund invests may be high-yield bonds. Similarly, if the Manager believes that market conditions are favorable for loans, most or all of the fixed-income instruments in which the Fund invests
may be loans,
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including second-lien loans which typically are lower in the capital structure and less liquid than first-lien loans.
Generally, in determining whether to sell a security, the Manager considers the dynamics of an industry and/or company change or anticipated change, a change in strategy by a company, a
deterioration of the company’s financial model, credit quality or credit standing, and/or a change in management’s consideration of its creditors. The Manager also may sell a security if, in the Manager’s opinion, the price of the
security has risen to fully reflect the company’s improved creditworthiness and other investments with greater potential exist. The Manager also may sell a security to take advantage of what it believes are more attractive investment
opportunities, to reduce the Fund’s holding in that security or to raise cash.
The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG,
and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment
discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.
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Acquired
Fund |
Acquiring Fund |
Credit risk
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Credit risk
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Bank loans and other direct indebtedness risk
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Restricted securities risk
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Fixed income risk
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Fixed income risk
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Currency risk
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Foreign risk
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Foreign risk
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Interest rate risk
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Interest rate risk
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High yield (junk bond) risk
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High yield (junk bond) risk
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Liquidity risk
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Liquidity risk
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Prepayment risk
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IBOR risk
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IBOR risk
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Active management and selection risk
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Active management and selection risk
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Funds
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Portfolio Turnover Rate
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Delaware Ivy Total Return Bond Fund (Acquired Fund)
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Fiscal year ended 9/30/23
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127%
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Fiscal year ended 9/30/22
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105%
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Delaware Ivy Global Bond Fund (Acquiring Fund)
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Fiscal year ended 3/31/23
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124%
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Fiscal year ended 3/31/22
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50%
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Delaware Ivy High Yield Fund (Acquired Fund)
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Fiscal year ended 9/30/23
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42%
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Fiscal year ended 9/30/22
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47%
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Delaware Ivy High Income Fund (Acquiring Fund)
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Fiscal year ended 3/31/23
|
50%
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Fiscal year ended 3/31/22
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48%
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Shareholder Fees
(fees paid directly from your investment)
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Class
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Maximum Sales Charge (Load) Imposed on Purchases
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Maximum Deferred Sales Charge (Load)
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Management Fees
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Distribution and/or Service (12b-1) Fees
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Other Expenses
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Total Annual Fund Operating Expenses
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Fee Waiver and Expense Reimbursement
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Total Annual Operating Expenses After Fee Waivers and Expense Reimbursements
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Delaware Ivy Total Return Bond Fund as of September 30, 2023
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Class A into Acquiring Fund Class A
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4.50%
|
1.00%1
|
0.90%
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0.25%
|
1.16%
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2.31%
|
(1.11%)2
|
1.20%
|
||
Class C into Acquiring Fund Class C
|
None
|
1.00%1
|
0.90%
|
1.00%
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1.25%
|
3.15%
|
(1.20%)2
|
1.95%
|
||
Class I into Acquiring Fund Class I
|
None
|
None
|
0.90%
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None
|
1.01%
|
1.91%
|
(0.96%)2
|
0.95%
|
||
Class R6 into Acquiring Fund Class R6
|
None
|
None
|
0.90%
|
None
|
0.88%
|
1.78%
|
(0.91%)2
|
0.87%
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||
Delaware Ivy Global Bond Fund as of September 30, 2023
|
||||||||||
Class A
|
4.50%
|
None1
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0.63%
|
0.25%
|
0.18%
|
1.06%
|
(0.10%)3
|
0.96%
|
||
Class C
|
None
|
1.00%1
|
0.63%
|
1.00%
|
0.18%
|
1.81%
|
(0.10%)3
|
1.71%
|
||
Class I
|
None
|
None
|
0.63%
|
None
|
0.18%
|
0.81%
|
(0.10%)3
|
0.71%
|
||
Class R6
|
None
|
None
|
0.63%
|
None
|
0.14%
|
0.77%
|
(0.18%)3
|
0.59%
|
||
Pro Forma
Delaware Ivy Global Bond Fund as of April 26, 2024
|
||||||||||
Class A
|
4.50%
|
None1
|
0.62%
|
0.25%
|
0.31%
|
1.18%
|
(0.22%)4
|
0.96%
|
||
Class C
|
None
|
1.00%1
|
0.62%
|
1.00%
|
0.31%
|
1.93%
|
(0.22%)4
|
1.71%
|
||
Class I
|
None
|
None
|
0.62%
|
None
|
0.31%
|
0.93%
|
(0.22%)4
|
0.71%
|
||
Class R6
|
None
|
None
|
0.62%
|
None
|
0.17%
|
0.79%
|
(0.20%)4
|
0.59%
|
Shareholder Fees
(fees paid directly from your investment)
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|||||||||
Class
|
Maximum Sales Charge (Load) Imposed on Purchases
|
Maximum Deferred Sales Charge (Load)
|
Management Fees
|
Distribution and/or Service (12b-1) Fees
|
Other Expenses
|
Total Annual Fund Operating Expenses
|
Fee Waiver and Expense Reimbursements
|
Total Annual Operating Expenses After Fee Waivers and Expense Reimbursements
|
||
|
|
|
|
|
|
|
|
|
|
|
Delaware Ivy High Yield Fund as of September 30, 2023
|
|
|
|
|
|
|
|
|
||
Class A into Acquiring Fund Class A
|
4.50%
|
1.00%1
|
0.63%
|
0.25%
|
0.53%
|
1.41%
|
(0.44%)2
|
0.97%
|
||
Class I into Acquiring Fund Class I
|
None
|
None
|
0.63%
|
None
|
0.50%
|
1.13%
|
(0.41%)2
|
0.72%
|
||
Class R6 into Acquiring Fund Class R6
|
None
|
None
|
0.63%
|
None
|
0.49%
|
1.12%
|
(0.40%)2
|
0.72%
|
||
Delaware Ivy High Income Fund as of September 30, 2023
|
||||||||||
Class A
|
4.50%
|
None1
|
0.56%
|
0.25%
|
0.17%
|
0.98%
|
(0.01%)3
|
0.97%
|
||
Class I
|
None
|
None
|
0.56%
|
None
|
0.17%
|
0.73%
|
(0.01%)3
|
0.72%
|
||
Class R6
|
None
|
None
|
0.56%
|
None
|
0.13%
|
0.69%
|
(0.06%)3
|
0.63%
|
||
Pro Forma
|
Delaware Ivy High Income Fund as of April 26, 2024
|
||||||||||
Class A
|
4.50%
|
1.00%1
|
0.55%
|
0.25%
|
0.19%
|
0.99%
|
(0.02%)4
|
0.97%
|
||
Class I
|
None
|
None
|
0.55%
|
None
|
0.19%
|
0.74%
|
(0.02%)4
|
0.72%
|
||
Class R6
|
None
|
None
|
0.55%
|
None
|
0.10%
|
0.65%
|
(0.02%)4
|
0.63%
|
Class A
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 567
|
$ 1,037
|
$ 1,533
|
$ 2,895
|
Acquiring Fund
|
$ 544
|
$ 763
|
$ 999
|
$ 1,677
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 544
|
$ 787
|
$ 1,050
|
$ 1,799
|
Class C (if not redeemed)
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 198
|
$ 859
|
$ 1,545
|
$ 3,374
|
Acquiring Fund
|
$ 174
|
$ 560
|
$ 971
|
$ 2,118
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 174
|
$ 585
|
$ 1,022
|
$ 2,236
|
Class C
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 298
|
$ 859
|
$ 1,545
|
$ 3,374
|
Acquiring Fund
|
$ 274
|
$ 560
|
$ 971
|
$ 2,118
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 274
|
$ 585
|
$ 1,022
|
$ 2,236
|
Class I
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 97
|
$ 507
|
$ 942
|
$ 2,155
|
Acquiring Fund
|
$ 73
|
$ 249
|
$ 440
|
$ 992
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 73
|
$ 274
|
$ 493
|
$ 1,123
|
Class R6
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 89
|
$ 472
|
$ 879
|
$ 2,019
|
Acquiring Fund
|
$ 60
|
$ 228
|
$ 410
|
$ 937
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 60
|
$ 232
|
$ 419
|
$ 959
|
Class A
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 545
|
$ 835
|
$ 1,146
|
$ 2,028
|
Acquiring Fund
|
$ 545
|
$ 747
|
$ 966
|
$ 1,596
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 545
|
$ 749
|
$ 971
|
$ 1,607
|
Class I
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Acquired Fund
|
$ 74
|
$ 318
|
$ 583
|
$ 1,338
|
Acquiring Fund
|
$ 74
|
$ 232
|
$ 405
|
$ 906
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 74
|
$ 235
|
$ 410
|
$ 917
|
Class R6
|
||||
Acquired Fund
|
$ 74
|
$ 316
|
$ 578
|
$ 1,327
|
Acquiring Fund
|
$ 64
|
$ 215
|
$ 378
|
$ 853
|
Pro forma Acquiring Fund (after the Reorganization)
|
$ 64
|
$ 206
|
$ 360
|
$ 809
|
Fund
|
Aggregate Fee
|
Delaware Ivy Global Bond Fund (Acquiring Fund)
|
0.60%
|
Delaware Ivy Total Return Bond Fund (Acquired Fund)
|
0.64%
|
Delaware Ivy High Income Fund (Acquiring Fund)
|
0.55%
|
Delaware Ivy High Yield Fund (Acquired Fund)
|
0.48%
|
1 year
|
5 years
|
10 years
or lifetime
|
|
Class A return before taxes (1/4/16-12/31/22)
|
-14.07%
|
-1.73%
|
-0.80%
|
Class A return after taxes on distributions (1/4/16-12/31/22)
|
-17.01%
|
-3.21%
|
-2.03%
|
Class A return after taxes on distributions and sale of Fund shares (lifetime:1/4/16-12/31/22)
|
-8.31%
|
-1.85%
|
-1.06%
|
Class C return before taxes (lifetime: 1/4/16-12/31/22)
|
-11.49%
|
-1.28%
|
-0.66%
|
Class I return before taxes (lifetime: 1/4/16-12/31/22)
|
-9.69%
|
-0.31%
|
0.30%
|
Class R6 return before taxes (lifetime: 1/4/16-12/31/22)
|
-9.51%
|
-0.17%
|
0.43%
|
Bloomberg Global Aggregate 1-10 Year Index, Hedged to USD (reflects no deduction for fees, expenses, or taxes) (lifetime: 1/4/16-12/31/22)
|
-7.37%
|
0.71%
|
1.19%
|
Bloomberg Global Aggregate Bond Index, Hedged to USD* (reflects no deduction for fees, expenses or taxes) (lifetime: 1/4/16-12/31/22)
|
-11.22%
|
0.36%
|
1.70%
|
1 year
|
5 years
|
10 years or lifetime
|
|
Class A return before taxes
|
-13.16%
|
-0.37%
|
0.81%
|
Class A return after taxes on distributions
|
-14.28%
|
-1.44%
|
-0.32%
|
Class A return after taxes on distributions and sale of Fund shares
|
-7.78%
|
-0.70%
|
0.14%
|
Class C return before taxes
|
-10.61%
|
0.07%
|
0.82%
|
Class I return before taxes
|
-8.82%
|
1.07%
|
1.67%
|
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)
|
-8.79%
|
1.09%
|
1.37%
|
Class R return before taxes
|
-9.40%
|
0.34%
|
0.93%
|
Class Y return before taxes
|
-9.13%
|
0.81%
|
1.41%
|
Bloomberg Global Aggregate 1-10yr TR, Hedged to USD* (reflects no deduction for fees, expenses or taxes)
|
-7.37%
|
0.71%
|
1.48%
|
Bloomberg Global Aggregate Bond Index, Hedged to USD* (reflects no deduction for fees, expenses or taxes)
|
-11.22%
|
0.36%
|
1.70%
|
1 year
|
5 years
|
Lifetime
|
|||||||||
Class A return before taxes (lifetime: 5/18/17-12/31/22)
|
-16.62%
|
0.44%
|
0.92%
|
||||||||
Class A return after taxes on distributions (lifetime: 5/18/17-12/31/22)
|
-18.55%
|
-1.84%
|
-1.35%
|
||||||||
Class A return after taxes on distributions and sale of Fund shares (lifetime: 5/18/17-12/31/22)
|
-9.80%
|
-0.57%
|
-0.21%
|
||||||||
Class I return before taxes (lifetime: 5/18/17-12/31/22)
|
-12.43%
|
1.91%
|
2.26%
|
||||||||
Class R6 return before taxes (lifetime: 5/18/17-12/31/22)
|
-12.39%
|
1.90%
|
2.26%
|
||||||||
ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)(lifetime: 5/18/17-12/31/22)
|
-11.21%
|
2.10%
|
2.45%
|
||||||||
|
|
|
|
|
|
|
|
|
|
1 year
|
5 years
|
10 years
or lifetime
|
||
Class A return before taxes
|
-15.36%
|
0.31%
|
2.87%
|
|
Class A return after taxes on distributions
|
-17.65%
|
-2.39%
|
-0.18%
|
|
Class A return after taxes on distributions and sale of Fund shares
|
-9.05%
|
-0.85%
|
0.85%
|
|
Class C return before taxes
|
-12.84%
|
0.79%
|
2.90%
|
|
Class I return before taxes
|
-11.17%
|
1.74%
|
3.72%
|
|
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)
|
-11.05%
|
1.89%
|
2.91%
|
|
Class R return before taxes
|
-11.66%
|
1.14%
|
3.12%
|
|
Class Y return before taxes
|
-11.39%
|
1.51%
|
3.48%
|
|
ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses or taxes)
|
-11.21%
|
2.10%
|
3.94%
|
Acquired Fund
Investment Advisory Fee
|
Acquiring Fund
Investment Advisory Fee
|
0.90% up to $1 billion
0.85% over $1 billion and up to $2 billion
0.80% over $2 billion and up to $5 billion
0.75% over $5 billion
|
0.625% up to $500 million
0.60% over $500 million and up to $1 billion 0.55% over $1 billion and up to $1.5 billion 0.50% over $1.5 billion and up to $5 billion 0.49% over $5 billion and up to $10 billion 0.48% over $10 billion |
Fund
|
MIMAK
|
MIMEL
|
MIMGL
|
Delaware Ivy Total Return Bond Fund (Acquired Fund)
|
$2,665 (0.00% of the Fund’s average daily net assets)
|
$1,988 (0.00% of the Fund’s average daily net assets)
|
$185,573 (0.15% of the Fund’s average daily net assets)
|
Delaware Ivy Global Bond Fund (Acquiring Fund)
|
$14,559 (0.00% of the Fund’s average daily net assets)
|
$826,382 (0.19% of the Fund’s average daily net assets)
|
None
|
Investment Advisory Fee
|
0.625% of net assets up to $500 million
0.60% of net assets over $500 million and up to $1 billion 0.55% of net assets over $1 billion and up to $1.5 billion 0.50% of net assets over $1.5 billion and up to $10 billion 0.49% of net assets over $10 billion and up to $20 billion 0.48% of net assets over $20 billion |
Fund
|
MIMAK
|
MIMEL
|
MIMGL
|
Delaware Ivy High Yield Fund (Acquired Fund)
|
$114 (0.00% of the Fund’s average daily net assets)
|
$110 (0.00% of the Fund’s average daily net assets)
|
$70 (0.00% of the Fund’s average daily net assets)
|
Delaware Ivy High Income Fund (Acquiring Fund)
|
$9,439 (0.00% of the Fund’s average daily net assets)
|
None
|
$18,239 (0.00% of the Fund’s average daily net assets)
|
• |
Class A shares have an upfront sales charge that is noted in the Class A sales charges table below.
|
• |
If you invest the amounts noted in the Class A sales charges table below, your front-end sales charge will be reduced.
|
• |
You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.
|
• |
Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See “Dealer compensation” below for further information.
|
• |
Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the table below.
|
• |
Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class I and Class R6 shares.
|
• |
In addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.
|
|
|
|
|
|
|
|
Amount of purchase
|
Sales charge as a % of offering price
|
Sales charge as a % of net amount invested
|
||||
Less than $100,000
|
|
4.50%
|
|
|
5.13%
|
|
$100,000 but less than $250,000
|
|
3.50%
|
|
|
4.00%
|
|
$250,000 but less than $500,000
|
|
2.50%
|
|
|
3.00%
|
|
$500,000 but less than $1,000,000
|
|
2.00%
|
|
|
2.44%
|
|
$1 million or more
|
|
none*
|
|
|
none*
|
|
• |
Class C shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. However, you will pay a CDSC of 1.00% if you redeem your shares within 12 months after you buy them.
|
• |
In determining whether the CDSC applies to a redemption of Class C shares, it will be assumed that shares held for more than 12 months are redeemed first, followed by shares acquired through the reinvestment of
dividends or distributions, and finally by shares held for 12 months or less. For further information on how the CDSC is determined, please see “Calculation of contingent deferred sales charges — Class C” below.
|
• |
Under certain circumstances, the CDSC may be waived; please see “Waivers of contingent deferred sales charges” below for further information.
|
• |
For approximately eight years after you buy your Class C shares, they are subject to an annual 12b-1 fee no greater than 1.00% of average daily net assets (of which 0.25% is a service fee) paid to the
Distributor, dealers, or others for providing services and maintaining shareholder accounts.
|
• |
Class C shares are eligible to automatically convert to Class A shares with a 12b-1 fee of no more than 0.25% approximately eight years after you buy Class C shares. Conversion may occur as late as one month
after the eighth anniversary of purchase, during which time Class C's higher 12b-1 fee applies. Please refer to the Fund's SAI for more details on this automatic conversion feature.
|
• |
You may purchase only up to $1 million of Class C shares at any one time. Orders that equal or exceed $1 million will be rejected.
|
• |
Because of their higher 12b-1 fee, Class C shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class R, Class I, and Class R6 shares.
|
• |
Class C shares with no financial intermediary will be converted to Class A shares at NAV within a certain time frame after a financial intermediary resigns, as determined by the Manager. Additionally, investors
may only open an account to purchase Class C shares if they have appointed a financial intermediary.
|
• |
Class I shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund.
|
• |
Class I shares are not subject to a CDSC.
|
• |
Class I shares do not assess a 12b-1 fee.
|
• |
Class I shares are available for purchase only by the following:
|
o |
retirement plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities
performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs;
|
o |
tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;
|
o |
a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in
purchasing Class I shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;
|
o |
registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to an RIA for investment purposes for
accounts requiring Class I shares (use of the Class I shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);
|
o |
programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Class I shares; (2) a financial
intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class I shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment
consulting or similar services, or (ii) offers the Class I shares through a no-commission network or platform;
|
o |
through a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing purchases of Class I shares in such
programs;
|
o |
exchanges from the Institutional Class shares of Delaware Investments Ultrashort Fund;
|
o |
private investment vehicles, including, but not limited to, foundations and endowments; or
|
o |
current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, or any of the Manager’s affiliates, or any predecessor fund to a Delaware Fund, provided that such shares are
either held in an account opened directly with a Fund or are held through an account with a financial intermediary that permits the purchase of such shares. At the direction of such persons, their family members (regardless of age), and
any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing individuals identified in this paragraph may also purchase Class I shares subject to the same account
requirements.
|
• |
In addition, you may have received Class I shares as the result of a merger or reorganization of a predecessor fund.
|
• |
A shareholder transacting in Class I shares through a broker or other financial intermediary may be required to pay a commission and/or other forms of compensation to the financial intermediary.
|
• |
Class R shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R shares are not subject to a CDSC.
|
• |
Class R shares are subject to an annual 12b-1 fee no greater than 0.50% of average daily net assets.
|
• |
Class R shares generally are available only to: (i) qualified and nonqualified plan shareholders covering multiple employees (including 401(k), 401(a), 457, and noncustodial 403(b) plans, as well as certain
other nonqualified deferred compensation plans); and (ii) individual retirement account (IRA) rollovers from legacy Delaware Investments plans that were previously maintained on the Delaware Investments retirement recordkeeping system or
the retirement recordkeeping system of Ascensus that are offering Class R shares to participants.
|
• |
Except as noted above, no other IRAs are eligible for Class R shares (for example, no traditional IRAs, Roth IRAs, SIMPLE IRAs, SEPs, or SARSEPs).
|
• |
Unlike Class C shares, Class R shares do not automatically convert into another class.
|
• |
Because of their higher 12b-1 fee, Class R shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class I, and Class R6 shares.
|
• |
Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to a CDSC.
|
• |
Class R6 shares do not assess a 12b-1 fee.
|
• |
Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any brokers, dealers, or other financial intermediaries.
|
• |
Class R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans and money purchase pension plans, defined benefit plans,
employer-sponsored benefit plans, and non-qualified deferred compensation plans. In addition, for these employer-sponsored retirement plans, Class R6 shares must be held through plan level or omnibus accounts held on the books of the Fund,
and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.
|
• |
Class R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms (including but not limited to, brokers, dealers,
banks, trust companies, or entities performing trading/clearing functions), provided that the financial intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs,
platforms or accounts.
|
• |
Class R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the 1940 Act and collective trusts) of funds.
|
• |
In addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high net worth individuals who make a minimum initial investment directly in
a Fund’s Class R6 shares of $1,000,000 or more and who have completed an application and been approved by
|
• |
Class R6 shares may not be available through certain financial intermediaries.
|
• |
In addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.
|
• |
participants of employee benefit plans established under Section 401(a) (including a 401(k) plan), 403(b) or 457(b) of the Code for which an unaffiliated third party intermediary provides administrative,
distribution and/or other support services to the plan;
|
• |
individuals investing in fee-based brokerage or advisory accounts, wrap accounts and asset allocation programs that charge asset-based fees, through certain investment advisers and broker-dealers, including banks,
trust institutions, investment fund administrators and other third parties investing for their own accounts or for the accounts of their customers, and for which entity an unaffiliated third party provides administrative, distribution
and/or other support services;
|
• |
government entities or authorities and corporations whose investment within the first 12 months after initial investment is $10 million or more and to which entity an unaffiliated third party intermediary provides
certain administrative, distribution and/or other support services; or
|
• |
clients of financial intermediaries who have self-directed brokerage accounts (that may or may not charge transaction fees to those clients), provided that such financial intermediaries have entered into an
agreement with the Distributor and have been approved by the Distributor to offer Class Y shares within such self-directed brokerage accounts.
|
Commission (%)
|
Class A1
|
Class C2
|
Investment less than $100,000
|
4.00%
|
1.00%
|
$100,000 but less than $250,000
|
3.00%
|
--
|
$250,000 but less than $500,000
|
2.00%
|
--
|
$500,000 but less than $1 million
|
1.60%
|
--
|
$1 million but less than $5 million
|
1.00%
|
--
|
$5 million but less than $25 million
|
0.50%
|
--
|
$25 million or more
|
0.25%
|
--
|
12b-1 fee to dealer
|
0.25%
|
1.00%
|
Class A
|
Class C
|
Available.
|
Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of
intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.
|
Class A
|
Class C
|
Available.
|
Not available.
|
Class A
|
Class C
|
Available.
|
Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although
the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.
|
• |
Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.
|
• |
Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager's current affiliates and those that may in the future be created, or any
predecessor fund to a Delaware Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company (IICO), Waddell & Reed, or any other fund families acquired or merged into the
Delaware Funds; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer's agreements with the Distributor. At the
direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.
|
• |
Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Delaware Funds.
|
• |
Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.
|
• |
Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial
intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment
consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial
intermediary that offers these programs.
|
• |
Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor
providing for
|
• |
Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase Class I shares, if applicable.
|
• |
Purchases by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing
similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliates) related to such plans or programs.
|
• |
Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.
|
• |
Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.
|
• |
Purchases by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts (IRA Program) where the financial intermediary has entered
into an agreement specifically relating to such IRA Program with the Distributor and/or the transfer agent.
|
• |
Purchases by certain participants of particular group retirement plans as described in the SAI.
|
• |
Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund’s eligibility requirements set by the predecessor fund’s company.
|
• |
Investments made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.
|
• |
Redemptions in accordance with a systematic withdrawal plan: Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn
under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.
|
• |
Redemptions that result from the right to liquidate a shareholder’s account: Redemptions that result from the right to liquidate a shareholder’s account if the aggregate NAV
of the shares held in the account is less than the then-effective minimum account size.
|
• |
Section 401(a) qualified retirement plan distributions: Distributions to participants or beneficiaries from a retirement plan trading on a recordkeeping platform qualified
under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).
|
• |
Section 401(a) qualified retirement plan redemptions: Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading on a recordkeeping
platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.
|
• |
Periodic distributions or systematic withdrawals from a retirement account or qualified plan: Periodic distributions or systematic withdrawals from an individual retirement
account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section
72(t)(2)(A) of the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii) of the Internal Revenue Code.
|
• |
Returns of excess contributions due to any regulatory limit: Returns of excess contributions due to any regulatory limit from an individual retirement account (traditional
IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans).
|
• |
Distributions by other employee benefit plans: Distributions by other employee benefit plans to pay benefits
|
• |
Distributions from an account of a redemption resulting from death or disability: Distributions from an account of a redemption resulting from the death or disability (as
defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors
Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.
|
• |
Redemptions by certain legacy retirement assets: Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI, as
|
• |
applicable.
|
• |
Redemptions in connection with a fund liquidation: Redemptions subsequent to the fund liquidation notice to shareholders.
|
• |
Redemptions from a fund (as applicable) prior to the closing of its respective Reorganization.
|
• |
By check — Sent to your address of record, provided there has not been an address change in the last 30 days.
|
• |
By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.
|
• |
By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.
|
• |
Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.
|
• |
Each Acquiring Fund and its corresponding Acquired Fund share substantially similar or identical investment objectives, similar principal investment strategies and principal risks, and identical fundamental investment restrictions.
|
• |
Each Acquiring Fund and its corresponding Acquired Fund have a high degree of portfolio holding overlap and the same portfolio management teams, which is anticipated to minimize transaction costs in connection with each Reorganization.
|
• |
Each Acquiring Fund’s overall total expense ratios are expected to be equal to or lower than the corresponding Acquired Fund’s total expense ratio following the Reorganizations after taking into account applicable expense limitation
arrangements.
|
• |
Each Acquiring Fund’s expense limitation agreements will remain in place for a minimum of twelve months following the Reorganization.
|
• |
The assets under management of each Fund (e.g., smaller funds going into larger funds) and DMC’s view on ability to garner additional assets of each Fund outside of the Reorganizations.
|
• |
Each Acquiring Fund’s assets will increase as a result of the Reorganization which may result in increased economies of scale and lower operating expenses for shareholders.
|
• |
Potential increased distribution attention due to the reduced number of substantially similar Funds (within the Delaware Funds by Macquarie complex) and increased Fund sizes.
|
• |
The performance of the Acquiring Funds across various periods is generally favorable as compared to the corresponding Acquired Fund in most cases, with the exception of the Reorganization of the Delaware Ivy High Yield Fund into the
Delaware Ivy High Income Fund where the 5-year performance of the Delaware Ivy High Yield Fund is more favorable.
|
• |
The Reorganization will be effected on the basis of each Fund’s net asset value per share and will not result in the dilution of the interests of shareholders of any Fund.
|
• |
The total costs of each Reorganization will be split as follows: two thirds paid by the Acquiring Funds and Acquired Funds together, with individual Fund contributions to be assessed based on proportional assets, to ensure that smaller
funds are not disadvantaged, and one third by DMC.
|
• |
Each Reorganization will be effected on a tax-free basis.
|
• |
That Acquired Fund shareholders who do not wish to become shareholders of the Acquiring Fund will have an opportunity to sell their Acquired Fund shares before the Reorganization.
|
Estimated Expense Amount / Split
|
Total
|
bps
|
Total
|
bps
|
Total Estimated Costs
|
$ 252,064
|
$ 317,017
|
||
Delaware Management Company (DMC)
|
$ 84,021
|
$ 105,672
|
||
Acquired Funds:
|
||||
Delaware Ivy Total Return Bond Fund
|
$ 1,490
|
0.006%
|
$ 1,874
|
0.007%
|
Delaware Ivy High Yield Fund
|
$ 1,801
|
0.006%
|
$ 2,265
|
0.007%
|
Total Acquired Funds
|
$ 3,291
|
0.006%
|
$ 4,139
|
0.007%
|
Acquiring Funds:
|
||||
Delaware Ivy Global Bond Fund
|
$ 26,135
|
0.006%
|
$ 32,869
|
0.007%
|
Delaware Ivy High Income Fund
|
$ 138,617
|
0.006%
|
$ 174,336
|
0.007%
|
Total Acquiring Funds
|
$ 164,752
|
0.006%
|
$ 207,205
|
0.007%
|
|
Delaware Ivy Total Return Bond Fund as of 9/30/23
|
Delaware Ivy Global Bond Fund as of
3/31/2023 |
Aggregate Capital Loss Carryovers
|
$(14,131,444)
|
$(96,328,272)
|
Net Unrealized Appreciation/(Depreciation) on a Tax Basis
|
$(3,519,556)
|
$(10,182,596)
|
Net Assets
|
$41,919,213
|
$428,202,059
|
Approximate Annual Limitation for Capital Losses*
|
None
|
None
|
|
Delaware Ivy High Yield Fund as of 9/30/2023
|
Delaware Ivy High Income Fund as of 3/31/2023
|
Aggregate Capital Loss Carryovers
|
$(9,061,917)
|
$(1,512,607,993)
|
Net Unrealized Appreciation/(Depreciation) on a Tax Basis
|
$(2,233,286)
|
$(582,636,304)
|
Net Assets
|
$30,483,075
|
$2,536,502,149
|
Approximate Annual Limitation for Capital Losses*
|
None
|
$(32,328,589)
|
• |
receive a greater amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is greater than the Acquired Fund’s;
|
• |
receive a lesser amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is lesser than the Acquired Fund’s;
|
• |
receive a greater amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is lesser than the Acquired Fund’s; or
|
• |
receive a lesser amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is greater than the Acquired Fund’s.
|
Acquired Fund Name
|
Unrealized Appreciation or (Depreciation) as a % of NAV
|
Acquiring Fund Name
|
Unrealized Appreciation or (Depreciation) as a % of NAV
|
Approximate Unrealized Appreciation or (Depreciation) as a % of NAV on a combined basis
|
Delaware Ivy Total Return Bond Fund
|
(7.04)% as of 9/30/2023
|
Delaware Ivy Global Bond Fund
|
(4.68)% as of 9/30/2023
|
(4.89)%
|
Delaware Ivy High Yield Fund
|
(6.99)% as of 9/30/2023
|
Delaware Ivy High Income Fund
|
(18.63)% as of 9/30/2023
|
(18.48)%
|
Acquired Fund/Classes*
|
Acquiring Fund/Classes*
|
Delaware Ivy Total Return Bond Fund $25.1, a series of Ivy Funds
|
Delaware Ivy Global Bond Fund $440.7, a series of Ivy Funds1
|
Class A
|
Class A
|
Class C
|
Class C
|
Class I
|
Class I
|
Class R6
|
Class R6
|
Delaware Ivy High Yield Fund $30.4, a series of Ivy Funds
|
Delaware Ivy High Income Fund $2,337.6, a series of Ivy Funds2
|
Class A
|
Class A
|
Class I
|
Class I
|
Class R6
|
Class R6
|
|
Acquired Fund
(unaudited)
|
Acquiring Fund
(unaudited)
|
Pro Forma Adjustments to Capitalization1,2
|
Acquiring Fund after Reorganization1
(estimated)
(unaudited)
|
Net assets (all classes)
|
$42,024,699.22
|
$418,863,398.54
|
$460,888,097.76
|
|
Total shares outstanding
|
5,227,485.813
|
47,943,041.644
|
(419,144.704)
|
52,751,382.753
|
|
|
|
|
|
Class A net assets
|
$5,778,531.37
|
$98,619,347.28
|
$104,397,878.65
|
|
Class A shares outstanding
|
723,710.642
|
11,285,892.316
|
(62,551.446)
|
11,947,051.512
|
Class A net asset value per share
|
$7.98
|
$8.74
|
|
$8.74
|
Class C net assets
Class C shares outstanding
Class C net asset value per share
|
$176,407.24
22,390.304
$7.88
|
$1,661,526.52
190,246.937
$8.73
|
(2,183.289)
|
$1,837,933.76
210,453.952
$8.73
|
Class I net assets
|
$19,416,702.38
|
173,779,193.84
|
$193,195,896.22
|
|
Class I shares outstanding
|
2,411,270.144
|
19,892,830.414
|
(189,679.483)
|
22,114,421.075
|
Class I net asset value per share
|
$8.05
|
$8.74
|
|
$8.74
|
|
|
|
|
|
Class R6 net assets
|
$16,653,058.23
|
$142,727,295.78
|
$159,380,354.01
|
|
Class R6 shares outstanding
|
2,070,114.723
|
16,336,392.638
|
(164,730.486)
|
18,241,776.875
|
Class R6 net asset value per share
|
$8.04
|
$8.74
|
|
$8.74
|
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization.
2 Adjustments reflect the costs of the Reorganization incurred by each Fund.
|
|
Acquired Fund
(unaudited)
|
Acquiring Fund
(unaudited)
|
Pro Forma Adjustments to Capitalization1,2
|
Acquiring Fund after Reorganization1
(estimated)
(unaudited)
|
Net assets (all classes)
|
$30,573,749.93
|
$2,363,501,599.18
|
1,547,876.227
|
$2,394,075,349.11
|
Total shares outstanding
|
3,741,699.885
|
409,227,193.162
|
414,516,769.274
|
|
|
||||
Class A net assets
|
$7,584,407.56
|
$1,106,969,582.67
|
383,336.218
|
$1,114,553,990.23
|
Class A shares outstanding
|
928,845.021
|
191,666,691.656
|
192,978,872.895
|
|
Class A net asset value per share
|
$8.17
|
$5.78
|
$5.78
|
|
|
||||
Class I net assets
|
$22,974,498.57
|
$997,017,997.65
|
1,163,776.100
|
$1,019,992,496.22
|
Class I shares outstanding
|
2,811,050.642
|
172,629,215.248
|
176,604,041.990
|
|
Class I net asset value per share
|
$8.17
|
$5.78
|
$5.78
|
|
Class R6 net assets
|
$14,843.80
|
$47,061,559.82
|
763.909
|
$47,076,403.62
|
Class R6 shares outstanding
|
1,804.222
|
8,148,073.198
|
8,150,641.329
|
|
Class R6 net asset value per share
|
$8.23
|
$5.78
|
$5.78
|
Fund Name
|
Name and Address of Account
|
Percentage
|
DELAWARE IVY TOTAL RETURN BOND FUND CLASS A
|
[ ]
|
[ ]%
|
DELAWARE IVY TOTAL RETURN BOND FUND CLASS C
|
[ ]
|
[ ]%
|
DELAWARE IVY TOTAL RETURN BOND FUND CLASS I
|
[ ]
|
[ ]%
|
DELAWARE IVY TOTAL RETURN BOND FUND CLASS R6
|
[ ]
|
[ ]%
|
DELAWARE IVY GLOBAL BOND FUND CLASS A
|
[ ]
|
[ ]%
|
DELAWARE IVY GLOBAL BOND FUND CLASS C
|
[ ]
|
[ ]%
|
DELAWARE IVY GLOBAL BOND FUND CLASS I
|
[ ]
|
[ ]%
|
DELAWARE IVY GLOBAL BOND FUND CLASS R6
|
[ ]
|
[ ]%
|
DELAWARE IVY HIGH YIELD FUND CLASS A
|
[ ]
|
[ ]%
|
DELAWARE IVY HIGH YIELD FUND CLASS I
|
[ ]
|
[ ]%
|
DELAWARE IVY HIGH YIELD FUND CLASS R6
|
[ ]
|
[ ]%
|
DELAWARE IVY HIGH INCOME FUND CLASS A
|
[ ]
|
[ ]%
|
DELAWARE IVY HIGH INCOME FUND CLASS I
|
[ ]
|
[ ]%
|
DELAWARE IVY HIGH INCOME FUND CLASS R6
|
[ ]
|
[ ]%
|
• |
Transfer Agent: Delaware Investments® Fund Services Company (DIFSC), an affiliate of the
Manager, is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and serves as the Funds’ shareholder servicing, dividend disbursing, and transfer agent (the “Transfer Agent”) pursuant to a Shareholder Services
Agreement. The Transfer Agent is an indirect subsidiary of MMHI and, therefore, of Macquarie. The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for the other Delaware Funds. The Transfer Agent
is paid a fee by the Fund for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Fund will pay, such compensation monthly. Omnibus and networking fees
charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Fund. The Transfer Agent’s compensation is fixed each year and approved by the Board, including a majority of the Independent
Trustees.
|
• |
Subtransfer Agent: BNY Mellon Investment Servicing (US) Inc. (BNYMIS) provides subtransfer agency services to the Funds. In connection with these services, BNYMIS
administers the overnight investment of cash pending investment in the Funds or payment of redemptions. The proceeds of this investment program are used to offset the Funds' transfer agency expenses.
|
• |
Fund Accountants: The Bank of New York Mellon (BNY Mellon), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration
services to the Funds. Those services include performing functions related to calculating the Funds’ NAVs and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these
services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges. DIFSC provides fund accounting and financial administration oversight services to the
Funds. Those services include overseeing the Funds’ pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. DIFSC also manages
the process for the payment of dividends and distributions and the dissemination of Fund NAVs and performance data. For these services, the Funds pay DIFSC an asset-based fee, subject to certain fee minimums, plus certain out-of-pocket
expenses, and transactional charges. The fees payable to BNY Mellon and DIFSC under the service agreements described above will be allocated among all funds in the Delaware Funds on a relative NAV basis.
|
• |
Custodian: BNY Mellon is the custodian of each Fund’s securities and cash. As custodian for the Funds, BNY Mellon maintains a separate account or accounts for each Fund; receives, holds, and
releases portfolio securities on account of each Fund; receives and disburses money on behalf of each Fund; and collects and receives income and other payments and distributions on account of each Fund’s portfolio securities. BNY Mellon also serves as the Funds' custodian for their investments in foreign securities.
|
• |
Legal Counsel: Stradley Ronon Stevens & Young, LLP serves as the Trust’s legal counsel.
|
• |
Independent Registered Public Accountants: PricewaterhouseCoopers LLP serves as the independent registered public accounting firm for each Trust.
|
• |
Securities Lending Agent: BNY Mellon serves as the Funds’ securities lending agent.
|
• |
Delaware Ivy Total Return Bond Fund (Acquired Fund) Prospectus dated January 30, 2023 (File No. 033-45961)
|
• |
Supplement dated September 28, 2023 to the Acquired Fund Prospectus
|
• |
Supplement dated May 31, 2023 to the Acquired Fund Prospectus
|
• |
Supplement dated May 31, 2023 to the Acquired Fund Prospectus
|
• |
Supplement dated February 23, 2023 to the Acquired Fund Prospectus
|
• |
Delaware Ivy Global Bond Fund (Acquiring Fund) Prospectus dated July 31, 2023 (File No. 033-45961)
|
• |
Supplement dated September 28, 2023 to the Acquiring Fund Prospectus
|
• |
Delaware Ivy High Yield Fund (Acquired Fund) Prospectus dated January 30, 2023 (File No. 033-45961)
|
• |
Supplement dated November 29, 2023 to the Acquired Fund Prospectus
|
• |
Supplement dated September 28, 2023 to the Acquired Fund Prospectus
|
• |
Supplement dated May 31, 2023 to the Acquired Fund Prospectus
|
• |
Supplement dated February 23, 2023 to the Acquired Fund Prospectus
|
• |
Delaware Ivy High Income Fund (Acquiring Fund) Prospectus dated July 31, 2023 (File No. 033-45961)
|
• |
Supplement dated November 29, 2023 to the Acquiring Fund Prospectus
|
• |
Supplement dated September 28, 2023 to the Acquiring Fund Prospectus
|
A |
Form of Agreement and Plan of Reorganization
|
B |
Financial Highlights
|
1. |
DESCRIPTION OF THE REORGANIZATIONS
|
2. |
VALUATION
|
3. |
CLOSING AND CLOSING DATE
|
4. |
REPRESENTATIONS AND WARRANTIES
|
5. |
COVENANTS OF THE ACQUIRING FUNDS AND THE TARGET FUNDS
|
6. |
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE TARGET FUNDS
|
7. |
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUNDS
|
8. |
FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUNDS AND THE TARGET FUNDS
|
9. |
EXPENSES
|
10. |
FINAL TAX RETURNS AND FORMS 1099 OF THE TARGET FUND
|
11. |
ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS
|
12. |
TERMINATION
|
13. |
AMENDMENTS
|
14. |
HEADINGS; GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF LIABILITY
|
Delaware Group Adviser Funds
Delaware Group Equity Funds II
Delaware Group Equity Funds IV Delaware Group Global & International Funds Delaware Group Income Funds Delaware Group Limited-Term Government
Funds Delaware VIP Trust
Ivy Funds Ivy Variable Insurance Portfolios Voyageur Intermediate Tax Free Funds
Voyageur Mutual Funds III
Voyageur Tax Free Funds,
each on behalf of its respective series identified on Exhibit A hereto By: _________________________________
Name:
Title:
|
||
With respect to Section 9.1 only, Delaware Management Company, a series of Macquarie Investment Management Business Trust
By: _________________________________
Name:
Title:
|
||
TARGET FUND (AND TARGET SHARE CLASSES) AND TARGET ENTITY
|
ACQUIRING FUND (AND SHARE CLASSES) AND ACQUIRING ENTITY
|
||
Group A Info Statement Funds
|
|||
Delaware Ivy Total Return Bond Fund, a series of Ivy Funds
|
Delaware Ivy Global Bond Fund,
a series of Ivy Funds |
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Class I
|
Class I
|
||
Class R6
|
Class R6
|
||
Delaware Ivy High Yield Fund,
a series of Ivy Funds |
Delaware Ivy High Income Fund,
a series of Ivy Funds |
||
Class A
|
Class A
|
||
Class I
|
Class I
|
||
Class R6
|
Class R6
|
||
Group B Proxy Statement Funds
|
|||
Delaware High-Yield Opportunities Fund,
a series of Delaware Group Income Funds |
Delaware Ivy High Income Fund,
a series of Ivy Funds |
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Institutional Class
|
Class I
|
||
Class R
|
Class R
|
||
Class R6
|
Class R6
|
||
Delaware Ivy Core Bond Fund,
a series of Ivy Funds |
Delaware Diversified Income Fund, a series of Delaware Group Adviser Funds
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Class I
|
Institutional Class
|
||
Class R
|
Class R
|
Class R6
|
Class R6
|
||
Class Y
|
Class A
|
||
Delaware Ivy Accumulative Fund, a series of Ivy Funds
|
Delaware Ivy Large Cap Growth Fund, a series of Ivy Funds
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Class I
|
Class I
|
||
Delaware Select Growth Fund, a series of Voyageur Mutual Funds III
|
Delaware Ivy Large Cap Growth Fund, a series of Ivy Funds
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Institutional Class
|
Class I
|
||
Class R
|
Class R
|
||
Delaware Mid Cap Growth Equity Fund, a series of Delaware Group Equity Funds IV
|
Delaware Ivy Mid Cap Growth Fund,
a series of Ivy Funds |
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Institutional Class
|
Class I
|
||
Class R
|
Class R
|
||
Class R6
|
Class R6
|
||
Delaware Small Cap Growth Fund, a series of Delaware Group Equity Funds IV
|
Delaware Ivy Small Cap Growth Fund, a series of Ivy Funds
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Institutional Class
|
Class I
|
||
Class R
|
Class R
|
||
Delaware Ivy Value Fund, a series of Ivy Funds
|
Delaware Value Fund, a series of Delaware Group Equity Funds II
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Class I
|
Institutional Class
|
||
Class R
|
Class R
|
Class R6
|
Class R6
|
||
Class Y
|
Class A
|
||
Delaware Global Equity Fund, a series of Delaware Group Equity Funds IV
|
Delaware Ivy Global Growth Fund,
a series of Ivy Funds |
||
Class A
|
Class A
|
||
Institutional Class
|
Class I
|
||
Class R6
|
Class R6
|
||
Delaware Global Equity Fund II1, a series of Ivy Funds
|
Delaware Ivy Global Growth Fund, a series of Ivy Funds
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Class I
|
Class I
|
||
Class R
|
Class R
|
||
Class R6
|
Class R6
|
||
Class Y
|
Class Y
|
||
Delaware International Equity Fund2, a series of Delaware Group Global & International Funds
|
Delaware Ivy International Core Equity Fund,
a series of Ivy Funds |
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Institutional Class
|
Class I
|
||
Class R
|
Class R
|
||
Class R6
|
Class R6
|
||
Delaware Ivy International Fund II3, a series of Ivy Funds
|
Delaware Ivy International Core Equity Fund, a series of Ivy Funds
|
||
Class A
|
Class A
|
||
Class I
|
Class I
|
||
Class R6
|
Class R6
|
||
Group C Proxy Statement Funds
|
Delaware Ivy Government Securities Fund, a series of Ivy Funds
|
Delaware Limited-Term Diversified Income Fund, a series of Delaware Group Limited-Term Government Funds
|
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Class I
|
Institutional Class
|
||
Class R6
|
Class R6
|
||
Group D Proxy Statement Funds
|
|||
Delaware Tax-Free Minnesota Intermediate Fund, a series of Voyageur Intermediate Tax Free Funds
|
Delaware Tax-Fee Minnesota Fund,
a series of Voyageur Tax Free Funds |
||
Class A
|
Class A
|
||
Class C
|
Class C
|
||
Institutional Class
|
Institutional Class
|
||
Group E Proxy Statement Funds – VIP Funds
|
|||
Delaware VIP Global Equity, a series of Ivy Variable Insurance Portfolios
|
Delaware Ivy VIP Global Growth,
a series of Ivy Variable Insurance Portfolios |
||
Class II
|
Class II
|
||
Delaware VIP International Series, a series of Delaware VIP Trust
|
Delaware Ivy VIP International Core Equity,
a series of Ivy Variable Insurance Portfolios |
||
Standard Class
|
Class I
|
||
Service Class
|
Class II
|
|
|
Year ended
|
||||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
||||||||||||||||
Net asset value, beginning of period
|
|
$
|
8.49
|
$
|
10.16
|
|
|
$
|
10.22
|
|
|
$
|
10.22
|
|
|
$
|
10.02
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income1
|
|
|
0.22
|
|
0.08
|
|
|
|
0.10
|
|
|
|
0.09
|
|
|
|
0.17
|
|
||||
Net realized and unrealized gain (loss)
|
|
|
0.09
|
(1.50
|
)
|
|
|
(0.04
|
)
|
|
|
0.10
|
|
|
0.52
|
|||||||
Total from investment operations
|
|
|
0.31
|
(1.42
|
)
|
|
|
0.06
|
|
|
|
0.19
|
|
|
0.69
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income
|
|
|
(0.82)
|
(0.09
|
)
|
|
|
(0.02
|
)
|
|
|
(0.16
|
)
|
|
|
(0.49
|
)
|
|||||
Net realized gain
|
|
|
—
|
(0.16
|
)
|
|
|
(0.10
|
)
|
|
|
(0.03
|
)
|
|
|
—
|
||||||
Total dividends and distributions
|
|
|
(0.82
|
)
|
(0.25
|
)
|
|
|
(0.12
|
)
|
|
|
(0.19
|
)
|
|
|
(0.49
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value, end of period
|
|
$
|
7.98
|
|
$
|
8.49
|
|
|
$
|
10.16
|
|
|
$
|
10.22
|
|
|
$
|
10.22
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total return2
|
|
|
3.56
|
%
|
(14.25)%
|
|
|
0.77%
|
|
|
2.07%
|
|
|
7.23%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net assets, end of period (000 omitted)
|
|
$
|
5,782
|
|
$
|
7,125
|
|
|
$
|
133
|
|
|
$
|
233
|
|
|
$
|
233
|
|
|||
Ratio of expenses to average net assets4
|
|
|
1.21
|
%
|
1.33%
|
|
|
|
1.24%
|
|
|
|
1.22%
|
|
|
|
1.22%
|
|
||||
Ratio of expenses to average net assets prior to fees waived4
|
|
|
2.31
|
%
|
1.59%
|
|
|
|
1.42%
|
|
|
|
1.41%
|
|
|
|
1.40%
|
|
||||
Ratio of net investment income to average net assets
|
|
|
2.62
|
%
|
0.81%
|
|
|
|
0.95%
|
|
|
|
0.90%
|
|
|
0.74%
|
|
|||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
1.52
|
%
|
0.55%
|
|
|
0.77%
|
|
|
|
0.71%
|
|
|
|
1.56%
|
|
|||||
Portfolio turnover
|
|
|
127
|
%
|
105%
|
|
|
|
119%
|
|
|
|
112%
|
|
|
121%
|
|
|||||
|
|
|||||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
|||||||||||||||||||||
2
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact
of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
|||||||||||||||||||||
3
|
Net assets reported in millions.
|
|||||||||||||||||||||
4
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Year ended
|
||||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
|
|||||||||||||||
Net asset value, beginning of period
|
|
$
|
8.33
|
$
|
10.03
|
|
|
$
|
10.10
|
|
|
$
|
10.10
|
|
|
$
|
9.91
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income1
|
|
|
0.15
|
|
—
|
2
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.10
|
|
||||
Net realized and unrealized gain (loss)
|
|
|
0.11
|
(1.47
|
)
|
|
|
(0.03
|
)
|
|
|
0.10
|
|
|
0.51
|
|
||||||
Total from investment operations
|
|
|
0.26
|
(1.47
|
)
|
|
|
(0.01
|
)
|
|
|
0.12
|
|
|
0.61
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income
|
|
|
(0.71
|
)
|
(0.07
|
)
|
|
|
(0.01
|
)
|
|
|
(0.10
|
)
|
|
|
(0.42
|
)
|
|
|||
Net realized gain
|
|
|
—
|
(0.16
|
)
|
|
|
(0.05
|
)
|
|
|
(0.03
|
)
|
|
|
—
|
|
|||||
Total dividends and distributions
|
|
|
(0.71
|
)
|
(0.23
|
)
|
|
|
(0.06
|
)
|
|
|
(0.12
|
)
|
|
|
(0.42
|
)
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net asset value, end of period
|
|
$
|
7.88
|
|
$
|
8.33
|
|
|
$
|
10.03
|
|
|
$
|
10.10
|
|
|
$
|
10.10
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total return3
|
|
|
2.93
|
%
|
(14.92)%
|
|
|
(0.17)%
|
|
|
1.32%
|
|
|
6.45%
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net assets, end of period (000 omitted)
|
|
$
|
175
|
|
$
|
348
|
|
|
$
|
14
|
|
|
$
|
54
|
|
|
$
|
44
|
|
|
||
Ratio of expenses to average net assets5
|
|
|
1.95
|
%
|
2.08%
|
|
|
|
1.95%
|
|
|
|
1.92%
|
|
|
|
1.92%
|
|
|
|||
Ratio of expenses to average net assets prior to fees waived5
|
|
|
3.15
|
%
|
2.58%
|
|
|
|
2.13%
|
|
|
|
2.11%
|
|
|
|
2.10%
|
|
|
|||
Ratio of net investment income to average net assets
|
|
|
1.83
|
%
|
0.05%
|
|
|
|
0.22%
|
|
|
|
0.20%
|
|
|
1.05%
|
|
|
||||
Ratio of net investment income (loss) to average net assets prior to fees waived
|
|
|
0.63
|
%
|
(0.45)%
|
|
|
0.04%
|
|
|
|
0.01%
|
|
|
|
0.87%
|
|
|
||||
Portfolio turnover
|
|
|
127
|
%
|
105%
|
|
|
|
119%
|
|
|
|
112%
|
|
|
121%
|
|
|
||||
|
|
|||||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
|||||||||||||||||||||
2
|
Amount is less than $0.005 per share.
|
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact
of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
4
|
Net assets reported in millions.
|
5
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Year ended
|
|
||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
|||||||||||||||
Net asset value, beginning of period
|
|
$
|
8.54
|
$
|
10.20
|
|
|
$
|
10.25
|
|
|
$
|
10.26
|
|
|
$
|
10.06
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income1
|
|
|
0.23
|
|
0.10
|
|
|
0.12
|
|
|
|
0.11
|
|
|
0.20
|
|
|||||
Net realized and unrealized gain (loss)
|
|
|
0.11
|
(1.50
|
)
|
|
|
(0.02
|
)
|
|
|
0.09
|
|
|
0.51
|
||||||
Total from investment operations
|
|
|
0.34
|
(1.40
|
)
|
|
|
0.10
|
|
|
0.20
|
|
|
0.71
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income
|
|
|
(0.83
|
)
|
(0.10
|
)
|
|
|
(0.03
|
)
|
|
|
(0.18
|
)
|
|
|
(0.51
|
)
|
|||
Net realized gain
|
|
|
—
|
(0.16
|
)
|
|
|
(0.12
|
)
|
|
|
(0.03
|
)
|
|
|
—
|
|||||
Total dividends and distributions
|
|
|
(0.83
|
)
|
(0.26
|
)
|
|
|
(0.15
|
)
|
|
|
(0.21
|
)
|
|
|
(0.51
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net asset value, end of period
|
|
$
|
8.05
|
|
$
|
8.54
|
|
|
$
|
10.20
|
|
|
$
|
10.25
|
|
|
$
|
10.26
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total return2
|
|
|
3.93
|
%
|
(14.03)%
|
|
|
0.96%
|
|
|
2.19%
|
|
|
7.45%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net assets, end of period (000 omitted)
|
|
$
|
19,323
|
|
$
|
37,651
|
|
|
$
|
993
|
|
|
$
|
1023
|
|
|
$
|
1203
|
|
||
Ratio of expenses to average net assets4
|
|
|
0.97
|
%
|
1.00%
|
|
|
|
1.00%
|
|
|
|
1.00%
|
|
|
|
1.00%
|
|
|||
Ratio of expenses to average net assets prior to fees waived4
|
|
|
1.91
|
%
|
1.27%
|
|
|
|
1.23%
|
|
|
|
1.24%
|
|
|
|
1.23%
|
|
|||
Ratio of net investment income to average net assets
|
|
2.81
|
%
|
1.10%
|
|
|
|
1.20%
|
|
|
|
1.12%
|
|
|
1.98%
|
|
|||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
1.87
|
%
|
0.83%
|
|
|
0.98%
|
|
|
|
0.88%
|
|
|
|
1.75%
|
|
||||
Portfolio turnover
|
|
|
127
|
%
|
105%
|
|
|
|
119%
|
|
|
|
112%
|
|
|
121%
|
|
||||
|
|
||||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
||||||||||||||||||||
2
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period
reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
|
||||||||||||||||||||
3
|
Net assets reported in millions.
|
||||||||||||||||||||
4
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Year ended
|
||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
||||||||||||||
Net asset value, beginning of period
|
|
$
|
8.57
|
$
|
10.23
|
|
|
$
|
10.28
|
|
|
$
|
10.28
|
|
|
$
|
10.08
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income1
|
|
|
0.24
|
|
0.12
|
|
|
0.14
|
|
|
|
0.13
|
|
|
0.21
|
|
||||
Net realized and unrealized gain (loss)
|
|
|
0.11
|
(1.51
|
)
|
|
|
(0.03
|
)
|
|
|
0.09
|
|
|
0.51
|
|||||
Total from investment operations
|
|
|
0.35
|
(1.39
|
)
|
|
|
0.11
|
|
|
0.22
|
|
|
0.72
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income
|
|
|
(0.88
|
)
|
(0.11
|
)
|
|
|
(0.03
|
)
|
|
|
(0.19
|
)
|
|
|
(0.52
|
)
|
||
Net realized gain
|
|
|
—
|
(0.16
|
)
|
|
|
(0.13
|
)
|
|
|
(0.03
|
)
|
|
|
—
|
||||
Total dividends and distributions
|
|
|
(0.88
|
)
|
(0.27
|
)
|
|
|
(0.16
|
)
|
|
|
(0.22
|
)
|
|
|
(0.52
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net asset value, end of period
|
|
$
|
8.04
|
|
$
|
8.57
|
|
|
$
|
10.23
|
|
|
$
|
10.28
|
|
|
$
|
10.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total return2
|
|
|
3.94
|
%
|
(13.95)%
|
|
|
1.08%
|
|
|
2.41%
|
|
|
7.57%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net assets, end of period (000 omitted)
|
|
$
|
16,639
|
|
$
|
34,574
|
|
|
$
|
60
|
3
|
|
$
|
56
|
3
|
|
$
|
70
|
3
|
|
Ratio of expenses to average net assets4
|
|
|
0.87
|
%
|
0.87%
|
|
|
|
0.87%
|
|
|
|
0.87%
|
|
|
|
0.87%
|
|
||
Ratio of expenses to average net assets prior to fees waived4
|
|
|
1.78
|
%
|
1.13%
|
|
|
|
1.06%
|
|
|
|
1.07%
|
|
|
|
1.06%
|
|
||
Ratio of net investment income to average net assets
|
|
2.88
|
%
|
1.26%
|
|
|
|
1.33%
|
|
|
|
1.24%
|
|
|
2.11%
|
|
||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
1.97
|
%
|
1.00%
|
|
|
1.14%
|
|
|
|
1.04%
|
|
|
|
1.92%
|
|
|||
Portfolio turnover
|
|
|
127
|
%
|
105%
|
|
|
|
119%
|
|
|
|
112%
|
|
|
121%
|
|
|||
|
|
|||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
|||||||||||||||||||
2
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period
reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
|
|||||||||||||||||||
3
|
Net assets reported in millions.
|
|||||||||||||||||||
4
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Six months ended 9/30/231
(Unaudited)
|
Year ended
|
|
||||||||||||||||||||||||||||||||||
|
|
3/31/23
|
|
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
|||||||||||||||||||||||||||||
Net asset value, beginning of period
|
|
$
|
9.09
|
|
|
$
|
9.57
|
|
|
$
|
10.26
|
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|
$
|
9.68
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net investment income2
|
|
|
0.16
|
|
|
|
0.24
|
|
|
0.25
|
|
|
|
0.32
|
|
|
|
0.34
|
|
|
|
0.32
|
|
|||||||||||||||
Net realized and unrealized gain (loss)
|
|
|
(0.35
|
)
|
|
|
(0.44
|
)
|
|
|
(0.69
|
)
|
|
|
0.95
|
|
|
(0.59
|
)
|
|
|
0.01
|
|
|||||||||||||||
Total from investment operations
|
|
|
(0.19
|
)
|
|
|
(0.20
|
)
|
|
|
(0.44
|
)
|
|
1.27
|
|
|
(0.25
|
)
|
|
|
0.33
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net investment income
|
|
|
(0.16
|
)
|
|
|
(0.28
|
)
|
|
|
(0.25
|
)
|
|
|
(0.27
|
)
|
|
|
(0.20
|
)
|
|
|
(0.28
|
)
|
||||||||||||||
Net realized gain
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
|||||||||||||||||||
Total dividends and distributions
|
|
|
(0.16
|
)
|
|
|
(0.28
|
)
|
|
|
(0.25
|
)
|
|
|
(0.27
|
)
|
|
|
(0.20
|
)
|
|
|
(0.30
|
)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net asset value, end of period
|
|
$
|
8.74
|
|
|
$
|
9.09
|
|
|
$
|
9.57
|
|
|
$
|
10.26
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total return3
|
|
|
(2.10)
|
%
|
|
|
(2.00)
|
%
|
|
|
(4.39)
|
%
|
|
|
13.77
|
%
|
|
|
(2.69)
|
%
|
|
|
3.47
|
%
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net assets, end of period (000 omitted)
|
|
$
|
98,581
|
|
|
$
|
111,266
|
|
|
$
|
150,133
|
|
|
$
|
178
|
4
|
|
$
|
170
|
4
|
|
$
|
211
|
4
|
||||||||||||||
Ratio of expenses to average net assets5
|
|
|
0.96
|
%
|
|
|
0.96
|
%
|
|
|
0.96
|
%
|
|
|
0.96
|
%
|
|
|
0.99
|
%
|
|
|
0.99
|
%
|
||||||||||||||
Ratio of expenses to average net assets prior to fees waived5
|
|
|
1.06
|
%
|
|
|
1.24
|
%
|
|
|
1.19
|
%
|
|
|
1.20
|
%
|
|
|
1.22
|
%
|
|
|
1.23
|
%
|
||||||||||||||
Ratio of net investment income to average net assets
|
|
|
3.58
|
%
|
|
|
2.64
|
%
|
|
|
2.46
|
%
|
|
|
3.18
|
%
|
|
|
3.43
|
%
|
|
|
3.32
|
%
|
||||||||||||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
3.48
|
%
|
|
|
2.36
|
%
|
|
|
2.23
|
%
|
|
|
2.94
|
%
|
|
|
3.20
|
%
|
|
|
3.08
|
%
|
||||||||||||||
Portfolio turnover
|
|
|
71
|
%
|
|
|
124
|
%
|
|
|
50
|
%
|
|
|
43
|
%
|
|
|
38
|
%
|
|
|
35
|
%
|
||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
|||||||||||||||||||||||||||||||||||||
2
|
Calculated using average shares outstanding.
|
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact
of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
4
|
Net assets reported in millions.
|
5
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Six months ended 9/30/231
(Unaudited)
|
Year ended
|
|
||||||||||||||||||||||||||||
|
|
3/31/23
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
|||||||||||||||||||||||||
Net asset value, beginning of period
|
|
|
$
|
9.09
|
|
$
|
9.57
|
|
|
$
|
10.25
|
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|
$
|
9.68
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net investment income2
|
|
|
|
0.13
|
|
|
0.17
|
|
|
0.17
|
|
|
|
0.25
|
|
|
|
0.26
|
|
|
|
0.25
|
|
|||||||||
Net realized and unrealized gain (loss)
|
|
|
|
(0.36
|
)
|
|
(0.43
|
)
|
|
|
(0.68
|
)
|
|
|
0.94
|
|
|
(0.59
|
)
|
|
|
0.01
|
|
|||||||||
Total from investment operations
|
|
|
|
(0.23
|
)
|
|
(0.26
|
)
|
|
|
(0.51
|
)
|
|
1.19
|
|
|
(0.33
|
)
|
|
|
0.26
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net investment income
|
|
|
|
(0.13
|
)
|
|
(0.22
|
)
|
|
|
(0.17
|
)
|
|
|
(0.20
|
)
|
|
|
(0.12
|
)
|
|
|
(0.21
|
)
|
||||||||
Net realized gain
|
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
|||||||||||||
Total dividends and distributions
|
|
|
|
(0.13
|
)
|
|
(0.22
|
)
|
|
|
(0.17
|
)
|
|
|
(0.20
|
)
|
|
|
(0.12
|
)
|
|
|
(0.23
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net asset value, end of period
|
|
|
$
|
8.73
|
|
$
|
9.09
|
|
|
$
|
9.57
|
|
|
$
|
10.25
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total return3
|
|
|
|
(2.59)
|
%
|
|
(2.68)
|
%
|
|
|
(5.04)
|
%
|
|
|
12.81
|
%
|
|
|
(3.42)
|
%
|
|
|
2.71
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net assets, end of period (000 omitted)
|
|
|
$
|
1,662
|
|
$
|
2,675
|
|
|
$
|
3,499
|
|
|
$
|
4
|
4
|
|
$
|
6
|
4
|
|
$
|
9
|
4
|
||||||||
Ratio of expenses to average net assets5
|
|
|
|
1.71
|
%
|
|
1.71
|
%
|
|
|
1.72
|
%
|
|
|
1.72
|
%
|
|
|
1.74
|
%
|
|
|
1.73
|
%
|
||||||||
Ratio of expenses to average net assets prior to fees waived5
|
|
|
|
1.81
|
%
|
|
2.06
|
%
|
|
|
1.97
|
%
|
|
|
1.96
|
%
|
|
|
1.98
|
%
|
|
|
1.93
|
%
|
||||||||
Ratio of net investment income to average net assets
|
|
|
|
2.82
|
%
|
|
1.91
|
%
|
|
1.69
|
%
|
|
|
2.45
|
%
|
|
|
2.68
|
%
|
|
|
2.58
|
%
|
|||||||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
|
2.72
|
%
|
|
1.56
|
%
|
|
|
1.44
|
%
|
|
|
2.21
|
%
|
|
|
2.44
|
%
|
|
|
2.38
|
%
|
||||||||
Portfolio turnover
|
|
|
|
71
|
%
|
|
124
|
%
|
|
|
50
|
%
|
|
|
43
|
%
|
|
|
38
|
%
|
|
|
35
|
%
|
||||||||
|
|
|||||||||||||||||||||||||||||||
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
|||||||||||||||||||||||||||||||
2
|
Calculated using average shares outstanding.
|
|||||||||||||||||||||||||||||||
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact
of a sales charge. Total return
|
during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
|
4
|
Net assets reported in millions.
|
5
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
Six months ended 9/30/231
(Unaudited)
|
Year ended
|
|||||||||||||||||||||||||
|
3/31/23
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
|||||||||||||||||||||
Net asset value, beginning of period
|
|
$
|
9.09
|
|
$
|
9.57
|
|
|
$
|
10.25
|
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|
$
|
9.68
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income2
|
|
|
0.17
|
|
|
0.26
|
|
|
0.27
|
|
|
|
0.35
|
|
|
|
0.36
|
|
|
|
0.34
|
|
|||||
Net realized and unrealized gain (loss)
|
|
|
(0.35
|
)
|
|
(0.43
|
)
|
|
|
(0.68
|
)
|
|
|
0.93
|
|
|
(0.59
|
)
|
|
|
0.01
|
|
|||||
Total from investment operations
|
|
|
(0.18
|
)
|
|
(0.17
|
)
|
|
|
(0.41
|
)
|
|
1.28
|
|
|
(0.23
|
)
|
|
|
0.35
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income
|
|
|
(0.17
|
)
|
|
(0.31
|
)
|
|
|
(0.27
|
)
|
|
|
(0.29
|
)
|
|
|
(0.22
|
)
|
|
|
(0.30
|
)
|
||||
Net realized gain
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
|||||||||
Total dividends and distributions
|
|
|
(0.17
|
)
|
|
(0.31
|
)
|
|
|
(0.27
|
)
|
|
|
(0.29
|
)
|
|
|
(0.22
|
)
|
|
|
(0.32
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value, end of period
|
|
$
|
8.74
|
|
$
|
9.09
|
|
|
$
|
9.57
|
|
|
$
|
10.25
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total return3
|
|
|
(1.97)
|
%
|
|
(1.76)
|
%
|
|
|
(4.08)
|
%
|
13.90
|
%
|
|
|
(2.45)
|
%
|
|
|
3.73
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net assets, end of period (000 omitted)
|
|
$
|
173,737
|
|
$
|
179,446
|
|
|
$
|
198,358
|
|
|
$
|
241
|
4
|
|
$
|
204
|
4
|
|
$
|
240
|
4
|
||||
Ratio of expenses to average net assets5
|
|
|
0.71
|
%
|
|
0.72
|
%
|
|
|
0.74
|
%
|
|
|
0.74
|
%
|
|
|
0.74
|
%
|
|
|
0.74
|
%
|
||||
Ratio of expenses to average net assets prior to fees waived5
|
|
|
0.81
|
%
|
|
0.75
|
%
|
|
|
0.86
|
%
|
|
|
0.89
|
%
|
|
|
0.89
|
%
|
|
|
0.88
|
%
|
||||
Ratio of net investment income to average net assets
|
|
|
3.83
|
%
|
|
2.91
|
%
|
|
2.67
|
%
|
|
|
3.39
|
%
|
|
|
3.67
|
%
|
|
|
3.58
|
%
|
|||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
3.73
|
%
|
|
2.88
|
%
|
|
|
2.55
|
%
|
|
|
3.24
|
%
|
|
|
3.52
|
%
|
|
|
3.44
|
%
|
||||
Portfolio turnover
|
|
|
71
|
%
|
|
124
|
%
|
|
|
50
|
%
|
|
|
43
|
%
|
|
|
38
|
%
|
|
|
35
|
%
|
||||
|
|
||||||||||||||||||||||||||
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
||||||||||||||||||||||||||
2
|
Calculated using average shares outstanding.
|
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period
reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
|
4
|
Net assets reported in millions.
|
5
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
Six months ended 9/30/231
(Unaudited)
|
Year ended
|
|||||||||||||||||||||
|
3/31/23
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
|||||||||||||||||
Net asset value, beginning of period
|
|
$
|
9.09
|
|
$
|
9.57
|
|
|
$
|
10.26
|
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|
$
|
9.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income2
|
|
|
0.17
|
|
|
0.26
|
|
|
0.27
|
|
|
|
0.34
|
|
|
|
0.36
|
|
|
|
0.34
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(0.35
|
)
|
|
(0.43
|
)
|
|
|
(0.68
|
)
|
|
|
0.95
|
|
|
(0.58
|
)
|
|
|
0.01
|
|
|
Total from investment operations
|
|
|
(0.18
|
)
|
|
(0.17
|
)
|
|
|
(0.41
|
)
|
|
1.29
|
|
|
(0.22
|
)
|
|
|
0.35
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income
|
|
|
(0.17
|
)
|
|
(0.31
|
)
|
|
|
(0.28
|
)
|
|
|
(0.29
|
)
|
|
|
(0.23
|
)
|
|
|
(0.31
|
)
|
Net realized gain
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
|||||
Total dividends and distributions
|
|
|
(0.17
|
)
|
|
(0.31
|
)
|
|
|
(0.28
|
)
|
|
|
(0.29
|
)
|
|
|
(0.23
|
)
|
|
|
(0.33
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value, end of period
|
|
$
|
8.74
|
|
$
|
9.09
|
|
|
$
|
9.57
|
|
|
$
|
10.26
|
|
$
|
9.26
|
|
|
$
|
9.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total return3
|
|
|
(1.96)
|
%4
|
|
(1.75)
|
%
|
|
|
(4.14)
|
%
|
|
|
14.02
|
%
|
|
|
(2.42)
|
%
|
|
|
3.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net assets, end of period (000 omitted)
|
|
$
|
142,656
|
|
$
|
132,679
|
|
|
$
|
143,870
|
|
|
$
|
62
|
5
|
|
$
|
23
|
5
|
|
$
|
31
|
5
|
Ratio of expenses to average net assets6
|
|
|
0.67
|
%
|
|
0.73
|
%
|
|
|
0.70
|
%
|
|
|
0.72
|
%
|
|
|
0.73
|
%
|
|
|
0.71
|
%
|
Ratio of expenses to average net assets prior to fees waived6
|
0.77
|
%
|
0.73
|
%
|
0.70
|
%
|
0.72
|
%
|
0.73
|
%
|
0.71
|
%
|
|||||||||||
Ratio of net investment income to average net assets
|
|
|
3.87
|
%
|
|
2.90
|
%
|
|
2.65
|
%
|
|
|
3.32
|
%
|
|
|
3.69
|
%
|
|
|
3.61
|
%
|
|
Ratio of net investment income to average net assets prior to fees waived
|
3.77
|
%
|
2.90
|
%
|
2.65
|
%
|
3.32
|
%
|
3.69
|
%
|
3.61
|
%
|
Portfolio turnover
|
|
|
71
|
%
|
|
124
|
%
|
|
|
50
|
%
|
|
|
43
|
%
|
|
|
38
|
%
|
|
|
35
|
%
|
|||
|
|
|||||||||||||||||||||||||
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
|||||||||||||||||||||||||
2
|
Calculated using average shares outstanding.
|
|||||||||||||||||||||||||
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
|
|||||||||||||||||||||||||
4
|
Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
|
|||||||||||||||||||||||||
5
|
Net assets reported in millions.
|
|||||||||||||||||||||||||
6
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Year ended
|
||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
||||||||||||||
Net asset value, beginning of period
|
|
$
|
7.96
|
$
|
10.24
|
|
|
$
|
9.72
|
|
|
$
|
9.88
|
|
|
$
|
9.81
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income1
|
|
|
0.53
|
|
0.47
|
|
|
|
0.47
|
|
|
|
0.48
|
|
|
|
0.52
|
|
||
Net realized and unrealized gain (loss)
|
|
|
0.24
|
(1.98
|
)
|
|
|
0.54
|
|
|
(0.16
|
)
|
|
|
0.06
|
|||||
Total from investment operations
|
|
|
0.77
|
(1.51
|
)
|
|
|
1.01
|
|
|
|
0.32
|
|
|
0.58
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income
|
|
|
(0.56
|
)
|
(0.50
|
)
|
|
|
(0.49
|
)
|
|
|
(0.48
|
)
|
|
|
(0.51
|
)
|
||
Net realized gain
|
|
|
—
|
(0.27
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
||||||
Total dividends and distributions
|
|
|
(0.56
|
)
|
(0.77
|
)
|
|
|
(0.49
|
)
|
|
|
(0.48
|
)
|
|
|
(0.51
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net asset value, end of period
|
|
$
|
8.17
|
|
$
|
7.96
|
|
|
$
|
10.24
|
|
|
$
|
9.72
|
|
|
$
|
9.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total return2
|
|
|
9.81
|
%
|
(15.64)
|
%
|
|
|
10.50
|
%
|
|
|
3.40
|
%
|
|
|
6.27
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net assets, end of period (000 omitted)
|
|
$
|
7,584
|
|
$
|
9,968
|
|
|
$
|
14
|
3
|
|
$
|
15
|
3
|
|
$
|
10
|
3
|
|
Ratio of expenses to average net assets4
|
|
|
0.97
|
%
|
0.99
|
%
|
|
|
0.99
|
%
|
|
|
0.99
|
%
|
|
|
1.00
|
%
|
||
Ratio of expenses to average net assets prior to fees waived4
|
|
|
1.41
|
%
|
1.28
|
%
|
|
|
1.13
|
%
|
|
|
1.16
|
%
|
|
|
1.15
|
%
|
||
Ratio of net investment income to average net assets
|
|
|
6.37
|
%
|
5.05
|
%
|
|
|
4.64
|
%
|
|
|
5.02
|
%
|
|
5.32
|
%
|
|||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
5.93
|
%
|
4.76
|
%
|
|
4.50
|
%
|
|
|
4.85
|
%
|
|
|
5.17
|
%
|
|||
Portfolio turnover
|
|
|
42
|
%
|
47
|
%
|
|
|
83
|
%
|
|
|
80
|
%
|
|
|
69
|
%
|
||
|
|
|||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
|||||||||||||||||||
2
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact
of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
|||||||||||||||||||
3
|
Net assets reported in millions.
|
|||||||||||||||||||
4
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Year ended
|
||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
||||||||||||||
Net asset value, beginning of period
|
|
$
|
7.96
|
$
|
10.25
|
|
|
$
|
9.72
|
|
|
$
|
9.88
|
|
|
$
|
9.81
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income1
|
|
|
0.55
|
|
0.49
|
|
|
|
0.50
|
|
|
|
0.51
|
|
|
|
0.54
|
|
||
Net realized and unrealized gain (loss)
|
|
|
0.24
|
(1.98
|
)
|
|
|
0.54
|
|
|
(0.17
|
)
|
|
|
0.07
|
|||||
Total from investment operations
|
|
|
0.79
|
(1.49
|
)
|
|
|
1.04
|
|
|
|
0.34
|
|
|
0.61
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income
|
|
|
(0.58
|
)
|
(0.53
|
)
|
|
|
(0.51
|
)
|
|
|
(0.50
|
)
|
|
|
(0.54
|
)
|
||
Net realized gain
|
|
|
—
|
(0.27
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
||||||
Total dividends and distributions
|
|
|
(0.58
|
)
|
(0.80
|
)
|
|
|
(0.51
|
)
|
|
|
(0.50
|
)
|
|
|
(0.54
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net asset value, end of period
|
|
$
|
8.17
|
|
$
|
7.96
|
|
|
$
|
10.25
|
|
|
$
|
9.72
|
|
|
$
|
9.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total return2
|
|
|
10.07
|
%
|
(15.51)
|
%
|
|
|
10.91
|
%
|
|
|
3.68
|
%
|
|
|
6.44
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net assets, end of period (000 omitted)
|
|
$
|
22,884
|
|
$
|
32,938
|
|
|
$
|
85
|
3
|
|
$
|
87
|
3
|
|
$
|
54
|
3
|
|
Ratio of expenses to average net assets4
|
|
|
0.72
|
%
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
||
Ratio of expenses to average net assets prior to fees waived4
|
|
|
1.13
|
%
|
1.03
|
%
|
|
|
0.97
|
%
|
|
|
1.01
|
%
|
|
|
1.02
|
%
|
||
Ratio of net investment income to average net assets
|
|
|
6.62
|
%
|
5.23
|
%
|
|
|
4.90
|
%
|
|
|
5.30
|
%
|
|
5.60
|
%
|
|||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
6.21
|
%
|
4.92
|
%
|
|
4.65
|
%
|
|
|
5.01
|
%
|
|
|
5.30
|
%
|
|||
Portfolio turnover
|
|
|
42
|
%
|
47
|
%
|
|
|
83
|
%
|
|
|
80
|
%
|
|
|
69
|
%
|
||
|
|
|||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
|||||||||||||||||||
2
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period
reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
|
|||||||||||||||||||
3
|
Net assets reported in millions.
|
|||||||||||||||||||
4
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
|
Year ended
|
||||||||||||||||||
|
|
9/30/23
|
9/30/22
|
9/30/21
|
9/30/20
|
9/30/19
|
||||||||||||||
Net asset value, beginning of period
|
|
$
|
8.01
|
$
|
10.24
|
|
|
$
|
9.71
|
|
|
$
|
9.88
|
|
|
$
|
9.80
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income1
|
|
|
0.56
|
|
0.49
|
|
|
|
0.50
|
|
|
|
0.51
|
|
|
|
0.54
|
|
||
Net realized and unrealized gain (loss)
|
|
|
0.24
|
(1.99
|
)
|
|
|
0.54
|
|
|
(0.18
|
)
|
|
|
0.08
|
|||||
Total from investment operations
|
|
|
0.80
|
(1.50
|
)
|
|
|
1.04
|
|
|
|
0.33
|
|
|
0.62
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net investment income
|
|
|
(0.58
|
)
|
(0.46
|
)
|
|
|
(0.51
|
)
|
|
|
(0.50
|
)
|
|
|
(0.54
|
)
|
||
Net realized gain
|
|
|
—
|
(0.27
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
||||||
Total dividends and distributions
|
|
|
(0.58
|
)
|
(0.73
|
)
|
|
|
(0.51
|
)
|
|
|
(0.50
|
)
|
|
|
(0.54
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net asset value, end of period
|
|
$
|
8.23
|
|
$
|
8.01
|
|
|
$
|
10.24
|
|
|
$
|
9.71
|
|
|
$
|
9.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total return2
|
|
|
10.15
|
%
|
(15.56)
|
%
|
|
|
10.92
|
%
|
|
|
3.58
|
%
|
|
|
6.55
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net assets, end of period (000 omitted)
|
|
$
|
15
|
|
$
|
14
|
|
|
$
|
35
|
3
|
|
$
|
40
|
3
|
|
$
|
38
|
3
|
|
Ratio of expenses to average net assets4
|
|
|
0.72
|
%
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
|
|
0.72
|
%
|
||
Ratio of expenses to average net assets prior to fees waived4
|
|
|
1.12
|
%
|
0.87
|
%
|
|
|
0.80
|
%
|
|
|
0.83
|
%
|
|
|
0.84
|
%
|
||
Ratio of net investment income to average net assets
|
|
|
6.68
|
%
|
5.20
|
%
|
|
|
4.91
|
%
|
|
|
5.29
|
%
|
|
5.59
|
%
|
|||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
6.28
|
%
|
5.05
|
%
|
|
4.83
|
%
|
|
|
5.18
|
%
|
|
|
5.47
|
%
|
|||
Portfolio turnover
|
|
|
42
|
%
|
47
|
%
|
|
|
83
|
%
|
|
|
80
|
%
|
|
|
69
|
%
|
||
|
|
|||||||||||||||||||
1
|
Calculated using average shares outstanding.
|
|||||||||||||||||||
2
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period
reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
|
|||||||||||||||||||
3
|
Net assets reported in millions.
|
|||||||||||||||||||
4
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
Six months ended 9/30/231
(Unaudited)
|
Year ended
|
|
||||||||||||||||||||||||
|
3/31/23
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
|||||||||||||||||||||
Net asset value, beginning of period
|
|
$
|
5.87
|
|
$
|
6.73
|
|
|
$
|
7.10
|
|
|
$
|
5.91
|
|
|
$
|
7.20
|
|
|
$
|
7.49
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income2
|
|
|
0.22
|
|
|
0.44
|
|
|
0.46
|
|
|
|
0.41
|
|
|
|
0.49
|
|
|
|
0.50
|
|
|||||
Net realized and unrealized gain (loss)
|
|
(0.10
|
)
|
(0.86
|
)
|
|
|
(0.38
|
)
|
|
|
1.21
|
|
|
(1.29
|
)
|
|
|
(0.29
|
)
|
|||||||
Total from investment operations
|
|
|
0.12
|
|
(0.42
|
)
|
|
|
0.08
|
|
1.62
|
|
|
(0.80
|
)
|
|
|
0.21
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income
|
|
(0.21
|
)
|
(0.44
|
)
|
|
|
(0.45
|
)
|
|
|
(0.43
|
)
|
|
|
(0.49
|
)
|
|
|
(0.50
|
)
|
||||||
Total dividends and distributions
|
|
|
(0.21
|
)
|
|
(0.44
|
)
|
|
|
(0.45
|
)
|
|
|
(0.43
|
)
|
|
|
(0.49
|
)
|
|
|
(0.50
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value, end of period
|
|
$
|
5.78
|
|
$
|
5.87
|
|
|
$
|
6.73
|
|
|
$
|
7.10
|
|
$
|
5.91
|
|
|
$
|
7.20
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total return3
|
|
|
2.09
|
%
|
|
(6.02)
|
%4
|
|
|
1.09
|
%5
|
|
|
28.16
|
%
|
|
|
(12.03)
|
%
|
|
|
2.93
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net assets, end of period (000 omitted)
|
|
$
|
1,111,081
|
|
$
|
1,196,375
|
|
|
$
|
1,576,813
|
|
|
$
|
1,816
|
6
|
|
$
|
1,465
|
6
|
|
$
|
1,930
|
6
|
||||
Ratio of expenses to average net assets7
|
|
|
0.98
|
%
|
|
1.00
|
%
|
|
|
0.95
|
%
|
|
|
0.97
|
%
|
|
|
0.95
|
%
|
|
|
0.95
|
%
|
||||
Ratio of expenses to average net assets prior to fees waived7
|
|
|
0.98
|
%
|
|
1.02
|
%
|
|
|
0.95
|
%
|
|
|
0.97
|
%
|
|
|
0.95
|
%
|
|
|
0.95
|
%
|
||||
Ratio of net investment income to average net assets
|
|
|
7.36
|
%
|
|
7.38
|
%
|
|
6.44
|
%
|
|
|
6.16
|
%
|
|
|
6.89
|
%
|
|
|
6.81
|
%
|
|||||
Ratio of net investment income to average net assets prior to fees waived
|
|
|
7.36
|
%
|
|
7.36
|
%
|
|
|
6.44
|
%
|
|
|
6.16
|
%
|
|
|
6.89
|
%
|
|
|
6.81
|
%
|
||||
Portfolio turnover
|
|
|
14
|
%
|
|
50
|
%
|
|
|
48
|
%
|
|
|
59
|
%
|
|
|
30
|
%
|
|
|
41
|
%
|
||||
|
|
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2
|
Calculated using average shares outstanding.
|
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales
charge.
|
4
|
Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
5
|
Payments from affiliates had no impact on net asset value and total return.
|
6
|
Net assets reported in millions.
|
7
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
Six months ended 9/30/231
(Unaudited)
|
Year ended
|
|
|||||||||||||||||||||||
|
3/31/23
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
||||||||||||||||||||
Net asset value, beginning of period
|
|
$
|
5.87
|
|
$
|
6.73
|
|
|
$
|
7.10
|
|
|
$
|
5.91
|
|
|
$
|
7.20
|
|
|
$
|
7.49
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income2
|
|
|
0.22
|
|
|
0.45
|
|
|
0.47
|
|
|
|
0.43
|
|
|
|
0.50
|
|
|
|
0.52
|
|
||||
Net realized and unrealized gain (loss)
|
|
(0.09
|
)
|
(0.85
|
)
|
|
|
(0.37
|
)
|
|
|
1.21
|
|
|
(1.29
|
)
|
|
|
(0.29
|
)
|
||||||
Total from investment operations
|
|
|
0.13
|
|
(0.40
|
)
|
|
|
0.10
|
|
1.64
|
|
|
(0.79
|
)
|
|
|
0.23
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income
|
|
(0.22
|
)
|
(0.46
|
)
|
|
|
(0.47
|
)
|
|
|
(0.45
|
)
|
|
|
(0.50
|
)
|
|
|
(0.52
|
)
|
|||||
Total dividends and distributions
|
|
|
(0.22
|
)
|
|
(0.46
|
)
|
|
|
(0.47
|
)
|
|
|
(0.45
|
)
|
|
|
(0.50
|
)
|
|
|
(0.52
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net asset value, end of period
|
|
$
|
5.78
|
|
$
|
5.87
|
|
|
$
|
6.73
|
|
|
$
|
7.10
|
|
$
|
5.91
|
|
|
$
|
7.20
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total return3
|
|
|
2.22
|
%
|
|
(5.79)
|
%
|
|
|
1.31
|
%4
|
|
|
28.44
|
%
|
|
|
(11.83)
|
%
|
|
|
3.18
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net assets, end of period (000 omitted)
|
|
$
|
1,001,071
|
|
$
|
1,035,891
|
|
|
$
|
1,454,150
|
|
|
$
|
1,868
|
5
|
|
$
|
1,487
|
5
|
|
$
|
2,058
|
5
|
|||
Ratio of expenses to average net assets6
|
|
|
0.73
|
%
|
|
0.75
|
%
|
|
|
0.74
|
%
|
|
0.75
|
%
|
|
|
0.73
|
%
|
|
|
0.72
|
%
|
||||
Ratio of net investment income to average net assets
|
|
|
7.60
|
%
|
|
7.61
|
%
|
|
6.66
|
%
|
|
|
6.38
|
%
|
|
|
7.11
|
%
|
|
|
7.05
|
%
|
||||
Portfolio turnover
|
|
|
14
|
%
|
|
50
|
%
|
|
|
48
|
%
|
|
|
59
|
%
|
|
|
30
|
%
|
|
|
41
|
%
|
|||
|
|
|||||||||||||||||||||||||
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
|||||||||||||||||||||||||
2
|
Calculated using average shares outstanding.
|
|||||||||||||||||||||||||
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
|
|||||||||||||||||||||||||
4
|
Payments from affiliates had no impact on net asset value and total return.
|
|||||||||||||||||||||||||
5
|
Net assets reported in millions.
|
6
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
|
Six months ended 9/30/231
(Unaudited)
|
|
Year ended
|
|
|||||||||||||||||||||||
|
|
3/31/23
|
3/31/22
|
3/31/21
|
3/31/20
|
3/31/19
|
|
||||||||||||||||||||
Net asset value, beginning of period
|
$
|
5.87
|
|
|
$
|
6.73
|
|
|
$
|
7.10
|
|
|
$
|
5.91
|
|
|
$
|
7.20
|
|
|
$
|
7.49
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income2
|
|
0.23
|
|
|
|
0.46
|
|
|
0.48
|
|
|
0.44
|
|
|
|
0.51
|
|
|
|
0.53
|
|
||||||
Net realized and unrealized gain (loss)
|
(0.10
|
)
|
|
(0.86
|
)
|
|
|
(0.37
|
)
|
|
|
1.21
|
|
|
(1.29
|
)
|
|
|
(0.29
|
)
|
|||||||
Total from investment operations
|
|
0.13
|
|
|
(0.40
|
)
|
|
|
0.11
|
|
1.65
|
|
|
(0.78
|
)
|
|
|
0.24
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income
|
(0.22
|
)
|
|
(0.46
|
)
|
|
|
(0.48
|
)
|
|
|
(0.46
|
)
|
|
|
(0.51
|
)
|
|
|
(0.53
|
)
|
||||||
Total dividends and distributions
|
|
(0.22
|
)
|
|
|
(0.46
|
)
|
|
|
(0.48
|
)
|
|
|
(0.46
|
)
|
|
|
(0.51
|
)
|
|
(0.53
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value, end of period
|
$
|
5.78
|
|
|
$
|
5.87
|
|
|
$
|
6.73
|
|
|
$
|
7.10
|
|
$
|
5.91
|
|
|
$
|
7.20
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total return3
|
|
2.23
|
%
|
|
|
(5.68)
|
%
|
|
|
1.45
|
%4
|
|
|
28.63
|
%
|
|
|
(11.69)
|
%
|
|
|
3.35
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ratios and supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net assets, end of period (000 omitted)
|
$
|
47,154
|
|
|
$
|
59,659
|
|
|
$
|
64,630
|
|
|
$
|
67
|
5
|
|
$
|
64
|
5
|
|
$
|
71
|
5
|
||||
Ratio of expenses to average net assets6
|
|
0.69
|
%
|
|
|
0.64
|
%
|
|
|
0.60
|
%
|
|
0.60
|
%
|
|
|
0.58
|
%
|
|
|
0.56
|
%
|
|||||
Ratio of net investment income to average net assets
|
|
7.70
|
%
|
|
|
7.78
|
%
|
|
6.78
|
%
|
|
|
6.54
|
%
|
|
|
7.27
|
%
|
|
7.22
|
%
|
||||||
Portfolio turnover
|
|
14
|
%
|
|
|
50
|
%
|
|
|
48
|
%
|
|
|
59
|
%
|
|
|
30
|
%
|
|
|
41
|
%
|
||||
|
|
||||||||||||||||||||||||||
1
|
Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
||||||||||||||||||||||||||
2
|
Calculated using average shares outstanding.
|
||||||||||||||||||||||||||
3
|
Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
|
||||||||||||||||||||||||||
4
|
Payments from affiliates had no impact on net asset value and total return.
|
||||||||||||||||||||||||||
5
|
Net assets reported in millions.
|
6
|
Expense ratios do not include expenses of any investment companies in which the Fund invests.
|
Acquisition of the Assets of:
|
DELAWARE IVY TOTAL RETURN BOND FUND
(a series of Ivy Funds)
|
By and in exchange for shares of:
|
DELAWARE IVY GLOBAL BOND FUND
(a series of Ivy Funds)
|
Acquisition of the Assets of:
|
DELAWARE IVY HIGH YIELD FUND
(a series of Ivy Funds)
|
By and in exchange for shares of:
|
DELAWARE IVY HIGH INCOME FUND
(a series of Ivy Funds)
|
Acquired Fund
|
Acquiring Fund
|
Delaware Ivy Total Return Bond Fund
|
Delaware Ivy Global Bond Fund
|
Delaware Ivy High Yield Fund
|
Delaware Ivy High Income Fund
|
GENERAL INFORMATION
|
3
|
3
|
|
SUPPLEMENTAL FINANCIAL INFORMATION
|
5
|
Acquired Fund
|
Acquiring Fund
|
Delaware Ivy Total Return Bond Fund, a series of Ivy Funds
|
Delaware Ivy Global Bond Fund, a series of Ivy Funds
|
Delaware Ivy High Yield Fund, a series of Ivy Funds
|
Delaware Ivy High Income Fund, a series of Ivy Funds
|
Item 15
|
Indemnification. Reference is made to Article 15 of the Distribution Agreement, filed by EDGAR on July 28, 2021 as Exhibit
No. EX-99.e.1.i to Post-Effective Amendment No. 180 and to Article VII of the Amended and Restated Agreement and Declaration of Trust,
filed by EDGAR on September 1, 2017, as Exhibit No. EX-99.(a)(18) to Post-Effective Amendment No. 146, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act.
|
||||
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that
in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
|
|||||
Item 16
|
Exhibits. The following exhibits are incorporated by reference to the Registrant’s previously filed registration statements on Form N-1A indicated below, except as noted:
|
||||
(1)
|
Copies of the charter of the Registrant as now in effect;
|
||||
(a)
|
Executed Amended and Restated Agreement and Declaration of Trust (August 15, 2017) incorporated into this filing by reference to
Post-Effective Amendment No. 146 filed September 1, 2017.
|
||||
(i)
|
Amended and Restated Schedule A (June 10, 2022) to the Amended and Restated Agreement and Declaration of Trust incorporated into
this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
||||
(2)
|
Copies of the existing By-Laws or corresponding instruments of the Registrant;
|
||||
(a)
|
By-Laws (November 13, 2008) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed
January 29, 2010.
|
||||
(3)
|
Copies of any voting trust agreement affecting more than 5 percent of any class of equity securities of the Registrant;
|
||||
Not applicable.
|
|||||
(4)
|
Copies of the agreement of acquisition, reorganization, merger, liquidation and any amendments to it;
|
||||
(a)
|
Form of Agreement and Plan of Reorganization is filed herewith as Exhibit A to the Information Statement/Prospectus.
|
||||
(5)
|
Copies of all instruments defining the rights of holders of the securities being registered, including copies, where applicable, of the relevant portion of the articles of incorporation or by-laws of the Registrant;
|
||||
None other than those contained in Exhibits (1) and (2).
|
|||||
(6)
|
Copies of all investment advisory contracts relating to the management of the assets of the Registrant;
|
||||
(a)
|
Executed Investment Management Agreement (April 30, 2021) between Delaware Management Company (a series of Macquarie Investment
Management Business Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
||||
(i)
|
Exhibit A (May 28, 2021) to the Investment Management Agreement incorporated into this filing by reference to Post-Effective Amendment
No. 180 filed July 28, 2021.
|
||||
(b)
|
and Delaware Management Company (a series of Macquarie Investment Management Business Trust) relating to Delaware Ivy Wilshire Global Allocation Fund (formerly, Ivy Wilshire Global Allocation Fund) incorporated into this filing by
reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
||||
(c)
|
Second Amended and Restated Sub-Advisory Agreement (Active Management) (March 2021) between Delaware Management Company (a series
of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(i)
|
Amendment No. 1 (November 15, 2021) to Exhibit A of the Second Amended and Restated Sub-Advisory Agreement (Active Management)
incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(d)
|
Sub-Advisory Agreement (Delaware Equity Funds) (May 30, 2019) between Delaware Management Company (a series of Macquarie Investment
Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(i)
|
Amendment No. 2 (November 15, 2021) to Schedule 1 of the Sub-Advisory Agreement (Delaware Equity Funds) incorporated into this
filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(e)
|
Sub-Advisory Agreement (Delaware Fixed Income Funds) (May 30, 2019) between Delaware Management Company (a series of Macquarie
Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(i)
|
Form of Amendment No. 3 to Schedule 1 to Sub-Advisory Agreement (Delaware Fixed Income Funds) incorporated into this filing by
reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(f)
|
Executed Sub-Advisory Agreement (Fixed Income) (May 30, 2019) between Macquarie Investment Management Europe Limited and Delaware
Management Company (a series of Macquarie Investment Management Business Trust) incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(i)
|
Executed Amendment No. 2 to Schedule 1 of the Sub-Advisory Agreement (Fixed Income) (November 12, 2021) between Macquarie Investment
Management Europe Limited and Delaware Management Company (a series of Macquarie Investment Management Business Trust) incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(g)
|
Investment Advisory Expense Limitation Letter (July 25, 2023) from Delaware Management Company (a series of Macquarie Investment
Management Business Trust) relating to the Delaware Ivy Balanced Fund, et al. incorporated into this filing by reference to Post-Effective Amendment No. 204 filed July 28, 2023.
|
|||
(h)
|
Investment Advisory Expense Limitation Letter (October 2023) from Delaware Management Company (a series of Macquarie Investment
Management Business Trust) relating to the Delaware Ivy Accumulative Fund incorporated into this filing by reference to Post-Effective Amendment No. 205 filed October 27, 2023.
|
|||
(7)
|
Copies of each underwriting or distribution contract between the Registrant and a principal underwriter, and specimens or copies of all agreements between principal underwriters and dealers;
|
|||
(a)
|
Distribution Agreement.
|
|||
(i)
|
Executed Distribution Agreement (April 30, 2021) between Delaware Distributors, L.P. and the Registrant incorporated into this filing
by reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
|||
(8)
|
Copies of all bonus, profit sharing, pension or other similar contracts or arrangements wholly or partly for the benefit of directors or officers of the Registrant in their capacity as such. Furnish a reasonably detailed description of
any plan that is not set forth in a formal document;
|
|||
Not applicable.
|
||||
(9)
|
Copies of all custodian agreements and depository contracts under Section 17(f) of the
|
Investment Company Act of 1940, as amended (the “1940 Act”), for securities and similar investments of the Registrant, including the schedule of remuneration;
|
||||
(a)
|
Executed Mutual Fund Custody and Services Agreement (July 20, 2007) between The Bank of New York Mellon
(formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(i)
|
Executed Amendment No. 2 (July 1, 2017) to Mutual Fund Custody and Services Agreement incorporated into
this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(ii)
|
Executed Amendment No. 4 (July 19, 2019) to Mutual Fund Custody and Services Agreement incorporated into
this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(iii)
|
Executed Amendment No. 5 (December 31, 2021) to Mutual Fund Custody and Services Agreement incorporated
into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(iv)
|
Executed Amendment No. 6 (December 31, 2021) to Mutual Fund Custody and Services Agreement incorporated
into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(10)
|
Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under the 1940 Act and any agreements with any person relating to implementation of the plan, and copies of any plan entered into by Registrant pursuant to Rule 18f-3
under the 1940 Act, any agreement with any person relating to implementation of the plan, any amendment to the plan, and a copy of the portion of the minutes of the meeting of the Registrant’s trustees describing any action taken to revoke
the plan;
|
|||
(a)
|
Amended Distribution and Service Plan under Rule 12b-1 for Class A, Class C, Class R and Class Y Shares of Beneficial Interest (June
10, 2022) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(b)
|
Plan Pursuant to Rule 18f-3 under the Investment Company Act of 1940 (May 18, 2022) incorporated into this filing by reference to
Post-Effective Amendment No. 200 filed August 1, 2022.
|
|||
(11)
|
An opinion and consent of counsel as to the legality of the securities being registered, indicating whether they will, when sold, be legally issued, fully paid and non-assessable;
|
|||
(a)
|
Opinion and Consent of Counsel (January 2024) attached as Exhibit No. EX-99.11.a.
|
|||
(12)
|
An opinion, and consent to their use, of counsel or, in lieu of an opinion, a copy of the revenue ruling from the Internal Revenue Service, supporting the tax matters and consequences to shareholders discussed in the prospectus;
|
|||
(a)
|
Opinion and Consent of Counsel regarding tax matters to be filed by Amendment.
|
|||
(13)
|
Copies of all material contracts of the Registrant not made in the ordinary course of business which are to be performed in whole or in part on or after the date of filing the registration statement;
|
|||
(a)
|
Shareholder Services Agreement between Delaware Investments Fund Services Company and the Registrant to be filed by Amendment.
|
|||
(i)
|
Executed Amended and Restated Schedule B (June 25, 2022) to the Shareholder Services Agreement
incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(b)
|
Executed Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014) between The Bank of New
York Mellon and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(i)
|
Executed Amendment No. 1 (July 1, 2017) to Amended and Restated Fund Accounting and Financial
Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(ii)
|
Executed Amendment No. 2 (October 11, 2021) to Amended and Restated Fund Accounting and Financial
Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27,
|
2023.
|
||||
(iii)
|
Executed Amendment No. 3 (December 31, 2021) to Amended and Restated Fund Accounting and Financial
Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(iv)
|
Executed Amendment No. 4 (January 31, 2022) to Amended and Restated Fund Accounting and Financial
Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(c)
|
Executed Amended and Restated Fund Accounting and Financial Administration Oversight Agreement (January 1, 2014) between Delaware Service
Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.
|
|||
(i)
|
Executed Assignment and Assumption Agreement (November 1, 2014) between Delaware Service Company, Inc. and Delaware Investments Fund
Services Company relating to the Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.
|
|||
(ii)
|
Executed Amendment No. 1 (September 1, 2017) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement
incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.
|
|||
(iii)
|
Executed Amendment No. 2 (October 11, 2021) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement
incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.
|
|||
(d)
|
Executed Expense Reimbursement Agreement (January 25, 2023) by and among Delaware Management Company, Delaware Distributors, L.P.,
Delaware Investments Fund Services Company and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 203 filed January 27, 2023.
|
|||
(14)
|
Copies of any other opinions, appraisals or rulings, and consents to their use relied on in preparing the registration statement and required by Section 7 of the 1933 Act;
|
|||
(a)
|
||||
(b)
|
||||
(15)
|
All financial statements omitted pursuant to Item 14(a)(1);
|
|||
Not applicable.
|
||||
(16)
|
Manually signed copies of any power of attorney pursuant to which the name of any person has been signed to the registration statement; and
|
|||
(a)
|
Powers of Attorney (January 2024) attached as Exhibit No. EX-99.16.a.
|
|||
(17)
|
Any additional exhibits which the Registrant may wish to file; and
|
|||
(a)
|
Code of Ethics for Macquarie Investment Management, Delaware Funds by Macquarie® and Optimum Fund Trust (September 8, 2020) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
|||
(b)
|
Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG (June 2021) incorporated into
this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
|||
(c)
|
Code of Ethics for Macquarie Investment Management Europe Limited (March 2021) incorporated into this
filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
|||
(d)
|
Code of Ethics for Macquarie Investment Management Global Limited (February 28, 2021) incorporated into
this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.
|
(e)
|
Code of Ethics for Wilshire Advisors, LLC (January 2023) incorporated into this filing by reference to
Post-Effective Amendment No. 205 filed October 27, 2023.
|
||
(18)
|
Furnish the following information, in substantially the tabular form indicated, as to each type and class of securities being registered.
|
||
Not applicable.
|
|||
Item 17
|
Undertakings.
|
||
(1)
|
The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter
within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the
information called for by the other items of the applicable form.
|
||
(2)
|
The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in
determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the
initial bona fide offering of them.
|
||
(3)
|
The undersigned Registrant agrees to file by Post-Effective Amendment the opinion and consent of counsel regarding the tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 within a reasonable time after
receipt of such opinion.
|
Signature
|
Title
|
Date
|
||
Shawn K. Lytle
|
*
|
President/Chief Executive Officer
|
||
Shawn K. Lytle
|
(Principal Executive Officer) and Trustee
|
|||
Jerome D. Abernathy
|
*
|
Trustee
|
||
Jerome D. Abernathy
|
||||
Ann D. Borowiec
|
*
|
Trustee
|
||
Ann D. Borowiec
|
||||
Joseph W. Chow
|
*
|
Trustee
|
||
Joseph W. Chow
|
||||
H. Jeffrey Dobbs
|
*
|
Trustee
|
||
H. Jeffrey Dobbs
|
||||
John A. Fry
|
*
|
Trustee
|
||
John A. Fry
|
||||
Joseph Harroz, Jr.
|
*
|
Trustee
|
||
Joseph Harroz, Jr.
|
||||
Sandra A.J. Lawrence
|
*
|
Trustee
|
||
Sandra A.J. Lawrence
|
||||
Frances A. Sevilla-Sacasa
|
*
|
Trustee
|
||
Frances A. Sevilla-Sacasa
|
||||
Thomas K. Whitford
|
*
|
Chair and Trustee
|
||
Thomas K. Whitford
|
||||
Christianna Wood
|
*
|
Trustee
|
||
Christianna Wood
|
||||
/s/ Richard Salus
|
Senior Vice President/Chief Financial Officer
|
|||
(Principal Financial Officer)
|
*By: /s/ Richard Salus
|
||||
as Attorney-in-Fact for each of the persons indicated
(Pursuant to Powers of Attorney filed herewith)
|
Exhibit No.
|
Exhibit
|
EX-99.11.a
|
|
EX-99.14.a
|
|
EX-99.14.b
|
|
EX-99.16.a
|
This ‘N-14’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/30/24 | ||||
4/26/24 | ||||
2/17/24 | ||||
1/30/24 | ||||
Filed on: | 1/18/24 | |||
1/16/24 | ||||
11/30/23 | 40-17G | |||
11/29/23 | 497, 497K | |||
10/27/23 | 485BPOS | |||
9/30/23 | 24F-2NT, N-CEN, N-CSR, N-CSRS | |||
9/28/23 | 497 | |||
7/31/23 | 485BPOS, 497K | |||
7/28/23 | 485BPOS | |||
6/30/23 | 24F-2NT, N-CEN, N-CSR, N-PX, NPORT-P | |||
5/31/23 | 497, 497K, DEFA14A | |||
2/23/23 | 497, 497K, NPORT-P | |||
1/30/23 | 497J, 497K | |||
1/27/23 | 485BPOS | |||
12/31/22 | N-CSRS | |||
8/1/22 | 485BPOS | |||
6/30/22 | N-CEN, N-CEN/A, N-CSR, N-MFP2, N-PX, NPORT-P | |||
1/28/22 | 485BPOS | |||
11/15/21 | 40-17G, 485BPOS, 485BXT, 497, DEF 14C | |||
9/30/21 | 24F-2NT, N-CSR, N-CSRS, N-MFP2, NPORT-P, NT N-CEN | |||
7/28/21 | 485BPOS | |||
4/30/21 | 497, 497K, DEF 14C, N-MFP2 | |||
3/31/21 | 24F-2NT, N-CSR, N-CSRS, N-MFP2, NPORT-P, NT N-CEN, NT NPORT-P, NT-NCSR | |||
9/8/20 | N-CEN | |||
6/30/20 | 24F-2NT, 497, N-CEN, N-CSR, N-MFP2, N-PX, NPORT-P | |||
3/31/20 | 24F-2NT, N-CEN, N-CSR, N-CSRS, N-MFP2, NPORT-P | |||
12/31/18 | N-CSRS, N-MFP2, N-Q | |||
9/1/17 | 485BPOS, 485BXT, CORRESP | |||
1/1/12 | ||||
1/29/10 | 485APOS | |||
List all Filings |