https://www.sec.gov/Archives/edgar/data/883622/000113743923000756/ivyemmkt052023497.htm
IVY FUNDS
Delaware Ivy Emerging Markets Local Currency Debt Fund (the “Fund”)
Supplement to the Fund’s Summary Prospectus and Statutory Prospectus
each dated January 30, 2023, as amended
On May 24, 2023, the Board of Trustees of Ivy Funds unanimously voted to approve a proposal to liquidate and dissolve the Fund. The liquidation and dissolution are expected to take effect on or about August 31, 2023 (“Liquidation Date”). Retirement accounts held directly on the transfer agency platform within the Fund will be liquidated on or about the Liquidation Date and the proceeds (less mandatory tax withholding) will be mailed to the address of record if no action is taken.
Shortly before the Liquidation Date, the Fund may convert to cash and cash equivalent positions as a temporary defensive measure to preserve value. After the Fund is converted to cash, it may not achieve its investment objective. For Fund accounts with automated purchases, exchanges, and/or withdrawals established, these transactions will cease prior to liquidation if no action is taken.
The Fund will be closed to new investors and all sales efforts will cease as of the date of this Supplement. However, the Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five (5) business days before the Liquidation Date.
Until the Liquidation Date, shareholders of the Fund will have the opportunity to exchange their shares for shares of the same class of any other Delaware Funds by Macquarie® fund. Any exchange would be made at the current net asset values of the Fund and the selected Delaware Fund. Shareholders may redeem their Fund shares at any time prior to the Liquidation Date. No applicable contingent deferred sales charge will be assessed in connection with any redemption of shares from the Fund prior to the Liquidation Date.
Effective the date of this Supplement, the following is inserted before the first paragraph in the section of the prospectus entitled “Fund summaries – Delaware Ivy Emerging Markets Local Currency Debt Fund – Purchase and redemption of Fund shares”:
The Fund is liquidating and is therefore closed to new investors. Existing shareholders of the Fund may continue to purchase shares until five (5) business days before August 31, 2023.
Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund or acting on a distribution check (if applicable).
Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
Please keep this Supplement for future reference.
This Supplement is dated May 31, 2023.

Stable-Value (SV) Rates, 6/1/23
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 6.50%, RA 6.25%
Flexible RCP 5.75%, SRA 5.50%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 3.625%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1050/thread

Well supposedly Treasury 'only' had like $45B on-hand the other day, so they probably need all the cash they can get to meet daily outflows/payments.

A "cash management" bill offering: yup, to put it mildly. Treasury must need the $25B to bridge to the June 5 x-day.
It's been added to the TD Upcoming Auctions page.
Treasury may need more accounting employees before the next debt ceiling fiasco.

This isn't a joke.
Treasury is offering 3-day T-Bills with Auction on June 1, issue/settle June 2, maturity June 5 (drop-dead date for debt-ceiling).
https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/A_20230531_1.pdf

As of March 2023:
SPX Apr3 4035.0P 0.09%
SPX Apr3 3995.0P 0.03%
SPX Apr3 4000.0P 0.00%
SPX Apr3 3870.0P 0.00%
SPX Mar3 3905. OP 0.00%
SPY Mar3 4010 OP 0 00%

As of Feb 2023:
SPX MAR3 3995.0P 0.48%
SPX MAR3 3970.0P 0.41%
SPX FEB3 3990.0P 0.20%
SPX MAR3 3920.0P 0.14%
SPX FEB3 3970.0P 0.00%

As of Jan 2023:
SPX FEB3 4030.0P 0.28%
SPX FEB3 4015.0P 0.24%
SPX FEB3 3950.0P 0.11%
SPX FEB3 3960.0P 0.10%
SPX FEB3 3925.0P 0.04%

Retiring FLPSX Tillinghast on M* The Long View. Click Transcript to read.
https://www.morningstar.com/podcasts/the-long-view/c53407bf-1682-4142-abb6-7e05cbf59479

Franklin-Templeton buys Putnam.
https://twitter.com/EricBalchunas/status/1663895559277535232
https://citywire.com/pro-buyer/news/franklin-to-acquire-putnam-for-925m/a2418242?re=109563&refea=346756
More
https://finance.yahoo.com/news/1-franklin-templeton-buy-putnam-120207281.html
https://www.morningstar.com/news/marketwatch/20230531301/franklin-templeton-buying-putnam-investments-from-great-west-lifeco

These are some of the options that hurt CCOR and the weights as of April 2023
SPX Mav3 4070.0P 0.25% Cash Options
SPX Mav3 4065.OP 0.06% Cash Options
SPX Mav3 4125.OP 0.05% Cash Options
SPX Mav3 4100.0P 0.01% Cash Options
SPX Apr3 4050.0P 0.00% Cash Options

Make sure you're looking at the summary and not the existing account (which didn't change). The new accounts should show up there, I believe. I couldn't find the originally either
Btw, for those involved, if you had the $15 trading fees originally from ThinkOrSwim, I was assured that they would carry over onto the Schwab platform. I can't verify that just yet, but something to watch for/

A couple of dividends showed up on 31 May. One was the domestic Postal REIT. PSTL. As instructed, TRP reinvested the dividend to buy more shares. Smooth and transparent.
On the NHYDY dividend, I'm left to worry and guess at what they did. NHYDY = Norsk Hydro ADR. First thing I see is the amount of the dividend. $145.56. NEXT, I see the FIVE PERCENT fee that was taken from that amount: $7.28. (foreign company.) Then I looked to confirm that the remainder of $138.28 was reinvested. But only $101.89 was reinvested. Where did these doinks hide or lose or steal the rest of it? $36.39 is just plain missing.
This licks pus, I tell you.

Several past posts:
1) "MSF describes it—blend—a blue chip stock with its heady growth days in the past.
"Agree with msf and Lewis assessment. The fast growing business (iPhones, computers, music, and AppleTV) since Steve Jobs's returned has plateaued. In some area Apple is trailing."
2) "Growth is about revenues, cash flow and earnings versus the benchmark and industry peers and it’s forward looking, not from five or ten years ago."
FD: Reality check, after close to 3 years, Apple proved to be MORE THAN JUST A BLEND BLUE CHIP
One year performance......AAPL +12.3....VFINX -6.6%......JPM -23.7%
Three year performance...AAPL +49.65...VFINX +14.9%...JPM +6.1%
In just 3 years AAPL made 174% more than VFINX(SP500)....221.8 vs 47.8%...see (chart)

Checking again, several posters claimed that Apple is just another blue chip + its heady growth days in the past.
Apple still beat SPY for 1,3,5,10,15 years. See the chart for one year (https://schrts.co/FgWjnDmE) Apple made 4+ times more.

If Vanguard hires a single subadvisor for, say, 0.50%, and that subadvisor has its own branded funds that it charges 1% for, what is the motivation for investors to buy any of the subadvisor's higher-cost branded funds? A single sub-advisor Vanguard fund runs the risk of cannibalizing that sub-advisor's external business. ...
Wellington and Primecap are interesting exceptions, but then Primecap only opened its branded funds when Vanguard closed its Primecap subadvised ones to new investors, so there was less risk of cannibalization. Meanwhile, Wellington has been with Vanguard since its founding, and the relationship there is a unique and enduring one.

Does Wellington have its own branded funds? It doesn't seem to fit this pattern.
Primecap (VPMCX) opened and closed at various times. If Primecap was waiting until the Vanguard funds closed, it looks like the third time was the charm.
In 1994, its minimum was $3,000 (or $10,000; the prospectus is gives both figures). March 7, 1995, Vanguard closed the fund and limited additional investments to $25K/year. On Jan 1, 1996, Vanguard unambiguously reduced the minimum to $3K, were fund were to reopen. On Oct 31, 1996, the fund did reopen. The fund was closed again on April 22, 1998, with a $25K/year limit on additional investments. On April 23, 2001, the fund once again reopened, but this time with a $25K minimum and a 1% redemption fee for shares redeemed within five years of purchase. Finally, several months after Vanguard closed the fund again on March 4, 2004, Primecap Odyssey launched its funds in November 2004.
The initial management fee of 0.60% was slightly higher than the Vanguard management fee at the time of 0.48%. Though counterbalancing that relatively slight difference was the five year redemption fee that Vanguard imposed and Primecap Odyssey did not.
An exception that may prove the rule is Vanguard Global Environmental Opportunities Fund (VEOIX). It began Nov 22, 2022, a bit more than a year after the management firm, Ninety One, started it own fund, Global Environment Fund ZGEIX.
Yogi may be right about a new company looking to grow AUM, even if it has to give up 20 basis points in fees. Though if that were its objective, Vanguard hasn't been too successful at that. Each fund has only about $40M AUM, and looking at the Vanguard fund, half of its AUM came at launch (seed money?).

I noticed Vanguard is also projecting better returns from unhedged 'Ex-U.S. Developed' equities over the next decade ( https://www.morningstar.com/markets/markets-brief-why-vanguard-sees-brighter-outlook-investors-portfolios).

Fund Allocations (Cumulative), 04/30/23
There were tiny increases in stock allocations. The changes for OEFs + ETFs were based on a total AUM of about $30.29 trillion in the previous month, so +/- 1% change was about +/- $302.9 billion. Also note that these changes were from both fund inflows/outflows & price changes. #Funds #OEFs #ETFs #ICI
OEFs & ETFs: Stocks 57.99%, Hybrids 5.10%, Bonds 19.71%, M-Mkt 17.20%
https://ybbpersonalfinance.proboards.com/post/1049/thread

If I had to guess (which really is all that I am doing) I'd say that it is a combination of not owning enough of the top 5-8 market moving momentum equities + the downdraft being experienced by dividend paying stocks + their derivative strategy(ies) are not positioned correctly for the current market sentiment whatever that is.
That's probably not really helpful but when I looked at the fact sheet for the fund I can't tell what index they are tracking unless it's one they came up with in-house and their derivative strategy is listed merely as proprietary.

Yogibearbull largely has the subadvisor model correct here. If Vanguard hires a single subadvisor for, say, 0.50%, and that subadvisor has its own branded funds that it charges 1% for, what is the motivation for investors to buy any of the subadvisor's higher-cost branded funds? A single sub-advisor Vanguard fund runs the risk of cannibalizing that sub-advisor's external business. But a multi-advisor fund will be different and therefore there is less risk of cannibalization. Vanguard can play the subs off against each other on cost. Wellington and Primecap are interesting exceptions, but then Primecap only opened its branded funds when Vanguard closed its Primecap subadvised ones to new investors, so there was less risk of cannibalization. Meanwhile, Wellington has been with Vanguard since its founding, and the relationship there is a unique and enduring one. Wellington originally fired John Bogle, motivating him to found Vanguard.

A fund's board is responsible for hiring the fund's advisor(s). It may be a distinction without a difference, but at Harbor, a board hires the fund's advisor, which in turn hires the subadvisors. In contrast, at Vanguard a board hires multiple advisors directly. There are no subs.

Harbor Capital Advisors, Inc. (“Harbor Capital” or the “Advisor”) is the investment adviser to Harbor Funds. ...
The Advisor may manage funds directly or employ a “manager-of-managers” approach in selecting and overseeing investment subadvisers (each, a “Subadvisor”). The Advisor makes day-to-day investment decisions with respect to each fund that it directly manages. In the case of subadvised funds, the Advisor evaluates and allocates each Harbor fund’s assets to one or more Subadvisors. For Harbor funds that employ one or more discretionary subadvisors, the Subadvisors are responsible for the day-to-day management of the assets of the Harbor funds allocated to them.

Harbor Prospectus

For funds that are advised by independent third-party advisory firms unaffiliated with Vanguard, the board of trustees of each fund hires investment advisory firms, not individual portfolio managers, ...
... the [third-party] advisor manages the investment and reinvestment of the portion of the fund’s assets that the fund’s board of trustees determines to assign to the advisor. In this capacity, each advisor continuously reviews, supervises, and administers the fund’s investment program for its portion of the fund’s assets. ... Each advisor discharges its responsibilities subject to the supervision and oversight of Vanguard’s Portfolio Review Department and the officers and trustees of the fund. Vanguard’s Portfolio Review Department is responsible for recommending changes in a fund’s advisory arrangements to the fund’s board of trustees, including changes in the amount of assets allocated to each advisor and recommendations to hire, terminate, or replace an advisor.

Vanguard® World Fund SAI (including U.S. Growth and some other funds)