<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0101</schemaVersion>

    <submissionType>EFFECT</submissionType>

    <act>33</act>

    <testOrLive>LIVE</testOrLive>

    <effectiveData>
        <finalEffectivenessDispDate>2024-03-04</finalEffectivenessDispDate>
        <finalEffectivenessDispTime>10:00:00</finalEffectivenessDispTime>
        <form>N-14</form>
        <filer>
            <cik>0000027574</cik>
            <entityName>DELAWARE GROUP EQUITY FUNDS II</entityName>
            <fileNumber>333-276570</fileNumber>
            <seriesClassContractData>
                <merger>
                    <acquiringCik>0000027574</acquiringCik>
                    <acquiringEntityName>DELAWARE GROUP EQUITY FUNDS II</acquiringEntityName>
                    <acquiringSeriesId>S000002391</acquiringSeriesId>
                    <acquiringSeriesName>DELAWARE VALUE FUND</acquiringSeriesName>
                    <acquiringClassContractId>C000006333</acquiringClassContractId>
                    <acquiringClassContractName>DELAWARE VALUE FUND CLASS A</acquiringClassContractName>
                    <targetCik>0000883622</targetCik>
                    <targetEntityName>IVY FUNDS</targetEntityName>
                    <targetSeriesId>S000024832</targetSeriesId>
                    <targetSeriesName>Delaware Ivy Value Fund</targetSeriesName>
                    <targetClassContractId>C000073908</targetClassContractId>
                    <targetClassContractName>Class A</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0000027574</acquiringCik>
                    <acquiringEntityName>DELAWARE GROUP EQUITY FUNDS II</acquiringEntityName>
                    <acquiringSeriesId>S000002391</acquiringSeriesId>
                    <acquiringSeriesName>DELAWARE VALUE FUND</acquiringSeriesName>
                    <acquiringClassContractId>C000006333</acquiringClassContractId>
                    <acquiringClassContractName>DELAWARE VALUE FUND CLASS A</acquiringClassContractName>
                    <targetCik>0000883622</targetCik>
                    <targetEntityName>IVY FUNDS</targetEntityName>
                    <targetSeriesId>S000024832</targetSeriesId>
                    <targetSeriesName>Delaware Ivy Value Fund</targetSeriesName>
                    <targetClassContractId>C000073913</targetClassContractId>
                    <targetClassContractName>Class Y</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0000027574</acquiringCik>
                    <acquiringEntityName>DELAWARE GROUP EQUITY FUNDS II</acquiringEntityName>
                    <acquiringSeriesId>S000002391</acquiringSeriesId>
                    <acquiringSeriesName>DELAWARE VALUE FUND</acquiringSeriesName>
                    <acquiringClassContractId>C000006335</acquiringClassContractId>
                    <acquiringClassContractName>DELAWARE VALUE FUND CLASS C</acquiringClassContractName>
                    <targetCik>0000883622</targetCik>
                    <targetEntityName>IVY FUNDS</targetEntityName>
                    <targetSeriesId>S000024832</targetSeriesId>
                    <targetSeriesName>Delaware Ivy Value Fund</targetSeriesName>
                    <targetClassContractId>C000073910</targetClassContractId>
                    <targetClassContractName>Class C</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0000027574</acquiringCik>
                    <acquiringEntityName>DELAWARE GROUP EQUITY FUNDS II</acquiringEntityName>
                    <acquiringSeriesId>S000002391</acquiringSeriesId>
                    <acquiringSeriesName>DELAWARE VALUE FUND</acquiringSeriesName>
                    <acquiringClassContractId>C000006336</acquiringClassContractId>
                    <acquiringClassContractName>DELAWARE VALUE FUND INSTITUTIONAL CLASS</acquiringClassContractName>
                    <targetCik>0000883622</targetCik>
                    <targetEntityName>IVY FUNDS</targetEntityName>
                    <targetSeriesId>S000024832</targetSeriesId>
                    <targetSeriesName>Delaware Ivy Value Fund</targetSeriesName>
                    <targetClassContractId>C000073912</targetClassContractId>
                    <targetClassContractName>Class I</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0000027574</acquiringCik>
                    <acquiringEntityName>DELAWARE GROUP EQUITY FUNDS II</acquiringEntityName>
                    <acquiringSeriesId>S000002391</acquiringSeriesId>
                    <acquiringSeriesName>DELAWARE VALUE FUND</acquiringSeriesName>
                    <acquiringClassContractId>C000031061</acquiringClassContractId>
                    <acquiringClassContractName>DELAWARE VALUE FUND CLASS R</acquiringClassContractName>
                    <targetCik>0000883622</targetCik>
                    <targetEntityName>IVY FUNDS</targetEntityName>
                    <targetSeriesId>S000024832</targetSeriesId>
                    <targetSeriesName>Delaware Ivy Value Fund</targetSeriesName>
                    <targetClassContractId>C000122160</targetClassContractId>
                    <targetClassContractName>Class R</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0000027574</acquiringCik>
                    <acquiringEntityName>DELAWARE GROUP EQUITY FUNDS II</acquiringEntityName>
                    <acquiringSeriesId>S000002391</acquiringSeriesId>
                    <acquiringSeriesName>DELAWARE VALUE FUND</acquiringSeriesName>
                    <acquiringClassContractId>C000171459</acquiringClassContractId>
                    <acquiringClassContractName>Class R6</acquiringClassContractName>
                    <targetCik>0000883622</targetCik>
                    <targetEntityName>IVY FUNDS</targetEntityName>
                    <targetSeriesId>S000024832</targetSeriesId>
                    <targetSeriesName>Delaware Ivy Value Fund</targetSeriesName>
                    <targetClassContractId>C000146692</targetClassContractId>
                    <targetClassContractName>Class R6</targetClassContractName>
                </merger>
            </seriesClassContractData>
        </filer>
    </effectiveData>
</edgarSubmission>
