Fund Detail

Delaware Ivy Mid Cap Income Opportunities Fund

(Formerly, Ivy Mid Cap Income Opportunities Fund)
Track Fund
$20.20 NAV as of 12/7/2021
$0.23 / 1.15% Daily NAV Change
22.38% YTD (NAV) as of 12/7/2021 i

Fund Summary

Income and growth, not just for large caps
Dividend income
Focusing on resilient mid cap dividend paying companies with sound capital structures.
Two approaches to growth
Seeking companies with the potential to grow market cap and dividends over time.
High conviction
Managing a concentrated, equally weighted portfolio where every holding matters.

Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Kimberly A. Scott, CFA

    • — Delaware Management Company
    • — 7 Years with Fund
    • — 34 Years in Industry
  • Nathan A. Brown, CFA

    • — Delaware Management Company
    • — 7 Years with Fund
    • — 22 Years in Industry
  • Bradley P. Halverson, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 19 Years in Industry
Growth of a $10,000 Investment through 11/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes. If it had, performance shown would have been lower.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings
Daily Prices as of 12/7/2021
Net Asset Value (NAV) $20.20  
Daily NAV Change $0.23 1.15%
Weekly NAV Change $0.82 4.23%
Public Offering Price (POP) $20.20
Fund Facts
Ticker Symbol IVOYX
CUSIP 46600B706
Fund Code 733
Fund Type Domestic Equity
Fund Inception 10/1/2014
Class Inception 10/1/2014
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets
(as of 11/30/2021)
$1.8 bil
Total Equity Holdings
(as of 11/30/2021)
35
Total Holdings
(as of 11/30/2021)
36
Portfolio Turnover Rate
(as of 3/31/2021)
23%
Morningstar Category Mid-Cap Value
BenchmarkRussell Mid Cap TR USD

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class Y shares are not subject to sales charges.

Monthly Rates of Return Average Annual Total Returns as of 11/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 17.42% 21.83% 12.97% 11.50% N/A 11.50%
Russell Mid Cap TR USD 17.77% 23.29% 17.49% 14.44% 14.43% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 15.54% 36.94% 11.09% 12.27% N/A 11.54%
Russell Mid Cap TR USD 15.17% 38.11% 14.22% 14.39% 15.52% -
Morningstar Mid-Cap Value 19.53% 46.91% 9.41% 10.47% 12.92% -

Calendar Year Return

2016201720182019202020142015
Class Y22.38 11.96 -4.54 26.34 7.84 - -3.54
Russell Mid Cap TR USD13.80 18.52 -9.06 30.54 17.10 13.22 -2.44

Morningstar Ratings as of 10/31/2021

Category: Mid-Cap Value

Overall out of 392 ★★★★★
3 Year out of 392 ★★★★
5 Year out of 350 ★★★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2021

Category: Mid-Cap Value

  Rank Percentile
1 Year 357 /411 88
3 Year 108 /392 30
5 Year 48 /350 17

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 7/29/2021

Net 1.24%
Gross 1.31%

5-Year Standard Deviation as of 10/31/2021

Fund 18.20
Russell Mid Cap TR USD 17.77

5-Year MPT* Statistics as of 10/31/2021

Alpha -2.39
Beta 1.00
R-Squared 94.59
Sharpe Ratio 0.68
Capture Ratio

Upside: 94.79%

Downside: 106.72%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 11/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Fund Distributions

Historical Prices Inception 10/1/2014

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/1/2014

Ex-date Income Capital Gains Reinvest Gains Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Annualized 30-Day SEC Yield as of 11/30/2021

Subsidized 0.91%
Unsubsidized 0.87%

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 11/30/2021

Microchip Technology, Inc. Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications. 3.02%
Quest Diagnostics, Inc. Quest Diagnostics Incorporated is an American clinical laboratory founded in 1967 as Metropolitan Pathology Laboratory, Inc. It became an independent corporation with the Quest name on December 31, 1996. As a Fortune 500 company, Quest operates in the United States, United Kingdom, Mexico, and Brazil. 2.99%
Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. 2.98%
C.H. Robinson Worldwide, Inc. C.H. Robinson Worldwide, Inc., a third party logistics company, provides freight transportation services and logistics solutions to companies in various industries worldwide. 2.96%
Packaging Corp. of America 2.93%
Tractor Supply Co. Tractor Supply Company operates a retail farm store chain in the United States. The company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products. 2.93%
Clorox Co. (The) The Clorox Co. manufactures and markets consumer and institutional products in segments including Cleaning, Lifestyle, Household and International. These include a wide range of laundry, cleaning, packaging, food, water filtration, personal care and other products. Clorox was founded in 1913 and is headquartered in Oakland, CA. 2.92%
Service Corp. International Service Corporation International is an American provider of funeral goods and services as well as cemetery property and services. It is headquartered in Neartown, Houston, Texas. SCI operates more than 1500 funeral homes and 400 cemeteries in 43 states, eight Canadian provinces, and Puerto Rico. 2.92%
American Campus Communities, Inc. American Campus Communities, Inc. is a self-managed and self-administered equity real estate investment trust. 2.90%
Broadridge Financial Solutions, Inc. Broadridge Financial Solutions, Inc. provides technology-based outsourcing solutions to the financial services industry to help serve retail and institutional customers across the entire investment processing cycle. 2.90%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 11/30/2021
Large ( > $10 bil) 64.6%
Medium ($2 - $10 bil) 34.2%
Small ( < $2 bil) 1.2%
Median Market Cap (as of 11/30/2021) $12.4 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 11/30/2021)
Paper Packaging 8.8%
Trading Companies & Distributors 5.9%
Data Processing & Outsourced Services 5.9%
Leisure Products 5.8%
Asset Management & Custody Banks 5.7%
Industrial Machinery 5.7%
Regional Banks 5.7%
Semiconductors 3.1%
Health Care Services 3.1%
Insurance Brokers 3.0%
Sector Allocation as a % of equity assets as of 11/30/2021
Financials 20.28%
Consumer Discretionary 19.97%
Industrials 17.52%
Information Technology 14.59%
Materials 11.70%
Health Care 5.92%
Consumer Staples 5.86%
Real Estate 2.96%
Energy 1.20%
Portfolio Composition as a % of net assets as of 11/30/2021
Domestic Common Stock 98.04%
Cash and Cash Equivalents 1.96%
Equity Country Allocation as a % of equity assets as of 11/30/2021
United States 100.0%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings

Additional Fund Literature

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Significant Event On November 15, 2021, Bradley P. Halverson was added as an additional portfolio manager.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. Investing in mid-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend the company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as fixed-income investments become more attractive to investors. This risk may be greater due to the current period of historically low interest rates. The Fund typically holds a limited number of stocks (generally 35 to 50). As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a large number of securities. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The Morningstar Mid-Cap Value Category compares funds that focus on medium-sized US companies or own a mix of small-, mid-, and large-cap US stocks that are less expensive or growing more slowly than the market. The US mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the US equity market.

Index Description: The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. It is not possible to invest directly in an index.

All third-party marks cited are the property of their respective owners.?

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

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Fee Waiver and/or Expense Reimbursement: Through July 29, 2022, Delaware Management Company (Manager), the Fund’s investment manager, DDLP, and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.34%; Class C shares at 2.06%; Class I and Class R6 shares at 0.83%; Class R shares at 1.80%; and Class Y shares at 1.35%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Due to a separate contractual class waiver, certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Information is subject to change and is not intended to represent any past or future investment recommendations.