Ivy Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-06569

Exact name of registrant as specified in charter:		Ivy Funds

Address of principal executive offices:		610 Market Street
		Philadelphia, PA 19106

Name and address of agent for service:		David F. Connor, Esq.
		610 Market Street
		Philadelphia, PA 19106

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		March 31

Date of reporting period:		September 30, 2022

Item 1. Reports to Stockholders

Table of Contents

Semiannual report

Equity funds

Delaware Ivy Core Equity Fund

Delaware Ivy Large Cap Growth Fund

Delaware Ivy Mid Cap Growth Fund

Delaware Ivy Mid Cap Income Opportunities Fund

Delaware Ivy Small Cap Growth Fund

Delaware Ivy Smid Cap Core Fund
(formerly, Delaware Ivy Small Cap Core Fund)

Delaware Ivy Value Fund

Fixed income funds

Delaware Ivy Core Bond Fund

(formerly, Delaware Ivy Securian Core Bond Fund)

Delaware Ivy Global Bond Fund

Delaware Ivy High Income Fund

Delaware Ivy Limited-Term Bond Fund

Delaware Ivy Municipal Bond Fund

Delaware Ivy Municipal High Income Fund

Global / international equity funds

Delaware Global Value Equity Fund

(formerly, Delaware Ivy Global Equity Income Fund)

Delaware Ivy Global Growth Fund

Delaware Ivy International Core Equity Fund

Delaware Ivy International Value Fund

Delaware Ivy Systematic Emerging Markets Equity Fund
(formerly, Delaware Ivy Emerging Markets Equity Fund)

Multi-asset fund

Delaware Ivy Managed International Opportunities Fund

September 30, 2022

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawarefunds.com/edelivery.

Table of Contents

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for the Funds at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of September 30, 2022, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

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

Table of Contents

Disclosure of Fund expenses

For the six-month period from April 1, 2022 to September 30, 2022 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2022 to September 30, 2022.

Actual expenses

The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Delaware Global Value Equity Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	821.70		1.20	%	$	5.48
Class C		1,000.00		817.60		2.12	%		9.66
Class I		1,000.00		823.00		0.92	%		4.20
Class R		1,000.00		820.00		1.52	%		6.93
Class R6		1,000.00		823.00		0.82	%		3.75
Class Y		1,000.00		821.60		1.18	%		5.39
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05		1.20	%	$	6.07
Class C		1,000.00		1,014.44		2.12	%		10.71
Class I		1,000.00		1,020.46		0.92	%		4.66
Class R		1,000.00		1,017.45		1.52	%		7.69
Class R6		1,000.00		1,020.96		0.82	%		4.15
Class Y		1,000.00		1,019.15		1.18	%		5.97

Delaware Ivy Core Bond Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	903.90		0.86	%	$	4.10
Class C		1,000.00		898.90		1.74	%		8.28
Class I		1,000.00		905.60		0.45	%		2.15
Class R		1,000.00		902.60		1.11	%		5.29
Class R6		1,000.00		904.70		0.45	%		2.15
Class Y		1,000.00		904.00		0.82	%		3.91
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.76		0.86	%	$	4.36
Class C		1,000.00		1,016.34		1.74	%		8.80
Class I		1,000.00		1,022.81		0.45	%		2.28
Class R		1,000.00		1,019.50		1.11	%		5.62
Class R6		1,000.00		1,022.81		0.45	%		2.28
Class Y		1,000.00		1,020.96		0.82	%		4.15

Table of Contents

Disclosure of Fund expenses

Delaware Ivy Core Equity Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	814.40		1.01	%	$	4.59
Class C		1,000.00		810.80		1.91	%		8.67
Class I		1,000.00		815.40		0.80	%		3.64
Class R		1,000.00		812.60		1.35	%		6.13
Class R6		1,000.00		815.60		0.67	%		3.05
Class Y		1,000.00		815.00		0.89	%		4.05
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.00		1.01	%	$	5.11
Class C		1,000.00		1,015.49		1.91	%		9.65
Class I		1,000.00		1,021.06		0.80	%		4.05
Class R		1,000.00		1,018.30		1.35	%		6.83
Class R6		1,000.00		1,021.71		0.67	%		3.40
Class Y		1,000.00		1,020.61		0.89	%		4.51

Delaware Ivy Global Bond Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	924.50		0.96	%	$	4.63
Class C		1,000.00		921.20		1.72	%		8.28
Class I		1,000.00		925.40		0.73	%		3.52
Class R		1,000.00		922.50		1.38	%		6.65
Class R6		1,000.00		925.60		0.72	%		3.48
Class Y		1,000.00		924.70		0.96	%		4.63
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.26		0.96	%	$	4.86
Class C		1,000.00		1,016.44		1.72	%		8.69
Class I		1,000.00		1,021.41		0.73	%		3.70
Class R		1,000.00		1,018.15		1.38	%		6.98
Class R6		1,000.00		1,021.46		0.72	%		3.65
Class Y		1,000.00		1,020.26		0.96	%		4.86

Delaware Ivy Global Growth Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	794.60		1.33	%	$	5.98
Class C		1,000.00		790.60		2.33	%		10.46
Class I		1,000.00		795.70		1.03	%		4.64
Class R		1,000.00		793.30		1.63	%		7.33
Class R6		1,000.00		796.10		0.97	%		4.37
Class Y		1,000.00		794.40		1.33	%		5.98
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.40		1.33	%	$	6.73
Class C		1,000.00		1,013.39		2.33	%		11.76
Class I		1,000.00		1,019.90		1.03	%		5.22
Class R		1,000.00		1,016.90		1.63	%		8.24
Class R6		1,000.00		1,020.21		0.97	%		4.91
Class Y		1,000.00		1,018.40		1.33	%		6.73

Delaware Ivy High Income Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	860.80		1.01	%	$	4.71
Class C		1,000.00		857.80		1.69	%		7.87
Class I		1,000.00		861.80		0.77	%		3.59
Class R		1,000.00		859.40		1.33	%		6.20
Class R6		1,000.00		862.50		0.63	%		2.94
Class Y		1,000.00		860.80		1.02	%		4.76
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.00		1.01	%	$	5.11
Class C		1,000.00		1,016.60		1.69	%		8.54
Class I		1,000.00		1,021.21		0.77	%		3.90
Class R		1,000.00		1,018.40		1.33	%		6.73
Class R6		1,000.00		1,021.91		0.63	%		3.19
Class Y		1,000.00		1,019.95		1.02	%		5.16

Table of Contents

Delaware Ivy International Core Equity Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	777.90		1.17	%	$	5.21
Class C		1,000.00		775.00		1.88	%		8.37
Class I		1,000.00		779.60		0.79	%		3.52
Class R		1,000.00		776.60		1.46	%		6.50
Class R6		1,000.00		779.30		0.79	%		3.52
Class Y		1,000.00		778.10		1.14	%		5.08
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20		1.17	%	$	5.92
Class C		1,000.00		1,015.64		1.88	%		9.50
Class I		1,000.00		1,021.11		0.79	%		4.00
Class R		1,000.00		1,017.75		1.46	%		7.38
Class R6		1,000.00		1,021.11		0.79	%		4.00
Class Y		1,000.00		1,019.35		1.14	%		5.77

Delaware Ivy International Value Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	768.90		1.52	%	$	6.74
Class C		1,000.00		766.50		2.25	%		9.96
Class I		1,000.00		770.40		1.13	%		5.02
Class R		1,000.00		768.80		1.66	%		7.36
Class R6		1,000.00		771.10		0.99	%		4.40
Class Y		1,000.00		769.70		1.37	%		6.08
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.45		1.52	%	$	7.69
Class C		1,000.00		1,013.79		2.25	%		11.36
Class I		1,000.00		1,019.40		1.13	%		5.72
Class R		1,000.00		1,016.75		1.66	%		8.39
Class R6		1,000.00		1,020.10		0.99	%		5.01
Class Y		1,000.00		1,018.20		1.37	%		6.93

Delaware Ivy Large Cap Growth Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	765.00		0.96	%	$	4.25
Class C		1,000.00		761.60		1.81	%		7.99
Class I		1,000.00		766.10		0.64	%		2.83
Class R		1,000.00		763.50		1.30	%		5.75
Class R6		1,000.00		766.00		0.64	%		2.83
Class Y		1,000.00		764.60		1.00	%		4.42
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.26		0.96	%	$	4.86
Class C		1,000.00		1,015.99		1.81	%		9.15
Class I		1,000.00		1,021.86		0.64	%		3.24
Class R		1,000.00		1,018.55		1.30	%		6.58
Class R6		1,000.00		1,021.86		0.64	%		3.24
Class Y		1,000.00		1,020.05		1.00	%		5.06

Delaware Ivy Limited-Term Bond Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	972.20		0.89	%	$	4.40
Class C		1,000.00		968.20		1.72	%		8.49
Class I		1,000.00		973.30		0.66	%		3.26
Class R		1,000.00		970.60		1.22	%		6.03
Class R6		1,000.00		973.80		0.54	%		2.67
Class Y		1,000.00		972.10		0.91	%		4.50
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.61		0.89	%	$	4.51
Class C		1,000.00		1,016.44		1.72	%		8.69
Class I		1,000.00		1,021.76		0.66	%		3.35
Class R		1,000.00		1,018.95		1.22	%		6.17
Class R6		1,000.00		1,022.36		0.54	%		2.74
Class Y		1,000.00		1,020.51		0.91	%		4.61

Table of Contents

Disclosure of Fund expenses

Delaware Ivy Managed International Opportunities Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	778.10		0.51	%	$	2.27
Class C		1,000.00		775.20		1.35	%		6.01
Class I		1,000.00		779.80		0.20	%		0.89
Class R		1,000.00		777.80		0.70	%		3.12
Class R6		1,000.00		779.10		0.29	%		1.29
Class Y		1,000.00		779.10		0.43	%		1.92
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,022.51		0.51	%	$	2.59
Class C		1,000.00		1,018.30		1.35	%		6.83
Class I		1,000.00		1,024.07		0.20	%		1.01
Class R		1,000.00		1,021.56		0.70	%		3.55
Class R6		1,000.00		1,023.61		0.29	%		1.47
Class Y		1,000.00		1,022.91		0.43	%		2.18

Delaware Ivy Mid Cap Growth Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	762.60		1.13	%	$	4.99
Class C		1,000.00		759.10		1.95	%		8.60
Class I		1,000.00		763.80		0.79	%		3.49
Class R		1,000.00		761.10		1.46	%		6.45
Class R6		1,000.00		763.70		0.79	%		3.49
Class Y		1,000.00		762.40		1.14	%		5.04
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.40		1.13	%	$	5.72
Class C		1,000.00		1,015.29		1.95	%		9.85
Class I		1,000.00		1,021.11		0.79	%		4.00
Class R		1,000.00		1,017.75		1.46	%		7.38
Class R6		1,000.00		1,021.11		0.79	%		4.00
Class Y		1,000.00		1,019.35		1.14	%		5.77

Delaware Ivy Mid Cap Income Opportunities Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	837.20		1.18	%	$	5.43
Class C		1,000.00		833.80		1.93	%		8.87
Class I		1,000.00		838.20		0.83	%		3.82
Class R		1,000.00		835.70		1.50	%		6.90
Class R6		1,000.00		838.60		0.83	%		3.83
Class Y		1,000.00		837.00		1.20	%		5.53
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.15		1.18	%	$	5.97
Class C		1,000.00		1,015.39		1.93	%		9.75
Class I		1,000.00		1,020.91		0.83	%		4.20
Class R		1,000.00		1,017.55		1.50	%		7.59
Class R6		1,000.00		1,020.91		0.83	%		4.20
Class Y		1,000.00		1,019.05		1.20	%		6.07

Delaware Ivy Municipal Bond Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	906.60		0.82	%	$	3.92
Class C		1,000.00		902.20		1.80	%		8.58
Class I		1,000.00		907.40		0.66	%		3.16
Class R6		1,000.00		907.70		0.60	%		2.87
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.96		0.82	%	$	4.15
Class C		1,000.00		1,016.04		1.80	%		9.10
Class I		1,000.00		1,021.76		0.66	%		3.35
Class R6		1,000.00		1,022.06		0.60	%		3.04

Table of Contents

Delaware Ivy Municipal High Income Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	887.90		0.90	%	$	4.26
Class C		1,000.00		884.90		1.58	%		7.47
Class I		1,000.00		889.20		0.61	%		2.89
Class R6		1,000.00		889.20		0.62	%		2.94
Class Y		1,000.00		887.90		0.92	%		4.35
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.56		0.90	%	$	4.56
Class C		1,000.00		1,017.15		1.58	%		7.99
Class I		1,000.00		1,022.01		0.61	%		3.09
Class R6		1,000.00		1,021.96		0.62	%		3.14
Class Y		1,000.00		1,020.46		0.92	%		4.66

Delaware Ivy Small Cap Growth Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	778.20		1.27	%	$	5.66
Class C		1,000.00		774.80		1.99	%		8.85
Class I		1,000.00		779.80		0.89	%		3.97
Class R		1,000.00		777.40		1.56	%		6.95
Class R6		1,000.00		779.70		0.89	%		3.97
Class Y		1,000.00		778.20		1.24	%		5.53
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.70		1.27	%	$	6.43
Class C		1,000.00		1,015.09		1.99	%		10.05
Class I		1,000.00		1,020.61		0.89	%		4.51
Class R		1,000.00		1,017.25		1.56	%		7.89
Class R6		1,000.00		1,020.61		0.89	%		4.51
Class Y		1,000.00		1,018.85		1.24	%		6.28

Delaware Ivy Smid Cap Core Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	828.00		1.31	%	$	6.00
Class C		1,000.00		825.20		2.06	%		9.43
Class I		1,000.00		829.80		0.89	%		4.08
Class R		1,000.00		827.20		1.56	%		7.15
Class R6		1,000.00		829.90		0.89	%		4.08
Class Y		1,000.00		828.30		1.26	%		5.77
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.50		1.31	%	$	6.63
Class C		1,000.00		1,014.74		2.06	%		10.40
Class I		1,000.00		1,020.61		0.89	%		4.51
Class R		1,000.00		1,017.25		1.56	%		7.89
Class R6		1,000.00		1,020.61		0.89	%		4.51
Class Y		1,000.00		1,018.75		1.26	%		6.38

Delaware Ivy Systematic Emerging Markets Equity Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			4/1/22 to
	4/1/22		9/30/22		Ratio			9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	776.80		1.12	%	$	4.99
Class C		1,000.00		774.00		1.88	%		8.36
Class I		1,000.00		778.00		0.81	%		3.61
Class R		1,000.00		775.80		1.43	%		6.37
Class R6		1,000.00		778.30		0.77	%		3.43
Class Y		1,000.00		777.00		1.14	%		5.08
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.45		1.12	%	$	5.67
Class C		1,000.00		1,015.64		1.88	%		9.50
Class I		1,000.00		1,021.01		0.81	%		4.10
Class R		1,000.00		1,017.90		1.43	%		7.23
Class R6		1,000.00		1,021.21		0.77	%		3.90
Class Y		1,000.00		1,019.35		1.14	%		5.77

Table of Contents

Disclosure of Fund expenses

Delaware Ivy Value Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	843.20		1.11	%	$	5.13
Class C		1,000.00		839.70		1.93	%		8.90
Class I		1,000.00		843.80		0.88	%		4.07
Class R		1,000.00		840.20		1.80	%		8.30
Class R6		1,000.00		844.60		0.74	%		3.42
Class Y		1,000.00		843.30		1.13	%		5.22
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.50		1.11	%	$	5.62
Class C		1,000.00		1,015.39		1.93	%		9.75
Class I		1,000.00		1,020.66		0.88	%		4.46
Class R		1,000.00		1,016.04		1.80	%		9.10
Class R6		1,000.00		1,021.36		0.74	%		3.75
Class Y		1,000.00		1,019.40		1.13	%		5.72

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds’ expenses reflected on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

Table of Contents

Security type / country and sector allocations

Delaware Global Value Equity Fund

As of September 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different from another fund's sector designations.

Security type / country	Percentage of net assets
Common Stocks by Country		98.39	%
Denmark		3.69	%
France		10.73	%
Germany		8.79	%
Japan		6.35	%
Netherlands		3.67	%
Norway		0.01	%
South Africa		0.01	%
Spain		3.95	%
Sweden		5.46	%
Switzerland		9.93	%
United Kingdom		12.19	%
United States		33.61	%
Exchange-Traded Fund		0.93	%
Rights		0.46	%
Securities Lending Collateral		3.09	%
Total Value of Securities		102.87	%
Obligation to Return Securities Lending Collateral		(3.09	%)
Receivables and Other Assets Net of Liabilities		0.22	%
Total Net Assets		100.00	%

Common stocks and preferred stocks by sector♦	Percentage of net assets
Communication Services		1.89	%
Consumer Discretionary		9.06	%
Consumer Staples*		42.77	%
Energy		0.01	%
Financials		0.00	%
Healthcare		23.51	%
Industrials		8.46	%
Information Technology		9.33	%
Materials		3.36	%
Utilities		0.00	%
Total		98.39	%

♦ Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

* To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, and Household Products/Wares. As of September 30, 2022, such amounts, as a percentage of total net assets were 5.22%, 8.12%, 22.18%, and 7.25%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

Table of Contents

Security type / sector allocations

Delaware Ivy Core Bond Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		2.25	%
Agency Commercial Mortgage-Backed Security		1.20	%
Agency Mortgage-Backed Securities		15.17	%
Corporate Bonds		42.34	%
Banking		11.47	%
Basic Industry		0.66	%
Basic Materials		0.15	%
Brokerage		0.91	%
Capital Goods		1.03	%
Communications		2.27	%
Consumer Cyclical		2.92	%
Consumer Non-Cyclical		3.39	%
Electric		5.53	%
Energy		5.60	%
Finance Companies		2.20	%
Industrials		0.16	%
Insurance		1.56	%
Natural Gas		0.82	%
Real Estate Investment Trusts		0.20	%
Technology		1.39	%
Transportation		2.08	%
Municipal Bonds		1.82	%
Non-Agency Asset-Backed Securities		8.84	%
Non-Agency Collateralized Mortgage Obligations		9.99	%
Non-Agency Commercial Mortgage-Backed Securities		6.21	%
Sovereign Bonds		2.56	%
US Treasury Obligations		8.31	%
Preferred Stock		0.57	%
Total Value of Securities		99.26	%
Receivables and Other Assets Net of Liabilities		0.74	%
Total Net Assets		100.00	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Core Equity Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		95.22	%
Communication Services		5.51	%
Consumer Discretionary		6.04	%
Consumer Staples		4.75	%
Energy		3.07	%
Financials		18.00	%
Healthcare		17.69	%
Industrials		9.74	%
Information Technology		23.27	%
Materials		3.82	%
Utilities		3.33	%
Short-Term Investments		4.78	%
Securities Lending Collateral		0.05	%
Total Value of Securities		100.05	%
Obligation to Return Securities Lending Collateral		(0.05	%)
Receivables and Other Assets Net of Liabilities		0.00	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Microsoft		7.91	%
UnitedHealth Group		6.27	%
Alphabet Class A		3.68	%
NextEra Energy		3.33	%
Danaher		3.32	%
Apple		3.25	%
Progressive		2.86	%
Eli Lilly & Co.		2.72	%
United Rentals		2.70	%
TE Connectivity		2.68	%

Table of Contents

Security type / country and sector allocations

Delaware Ivy Global Bond Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Agency Mortgage-Backed Securities		3.03	%
Corporate Bonds		49.57	%
Australia		1.97	%
Brazil		0.44	%
Canada		0.79	%
Chile		0.77	%
China		0.39	%
Colombia		0.30	%
Czech Republic		0.13	%
France		0.91	%
Germany		1.86	%
Guatemala		0.42	%
India		1.92	%
Indonesia		1.33	%
Israel		0.64	%
Italy		0.18	%
Japan		0.95	%
Kazakhstan		0.97	%
Kuwait		1.23	%
Malaysia		0.14	%
Mexico		2.21	%
Netherlands		2.94	%
New Zealand		0.28	%
Paraguay		0.36	%
Peru		0.92	%
Republic of Korea		0.44	%
Singapore		0.51	%
South Africa		0.17	%
Spain		0.87	%
Switzerland		0.79	%
Tanzania		0.27	%
Thailand		0.16	%
United Arab Emirates		0.82	%
United Kingdom		1.31	%
United States		22.18	%
Sovereign Bonds		18.39	%
Albania		0.15	%
Angola		0.45	%
Armenia		0.16	%
Bermuda		0.50	%
Chile		1.19	%
Colombia		1.55	%
Dominican Republic		1.02	%
Egypt		0.20	%
Finland		1.68	%
Georgia		0.17	%
Germany		0.79	%
Indonesia		0.84	%
Italy		0.65	%
Ivory Coast		1.05	%
Morocco		0.61	%
Netherlands		0.52	%
Norway		1.40	%
Paraguay		1.55	%
Republic of North Macedonia		0.31	%
Senegal		0.38	%
South Africa		0.73	%
Spain		0.60	%
United Kingdom		0.68	%
Uzbekistan		1.21	%
Supranational Banks		2.07	%
US Treasury Obligations		25.54	%
Options Purchased		0.18	%
Securities Lending Collateral		1.11	%
Options Written		(0.07	%)
Total Value of Securities		99.82	%
Obligation to Return Securities Lending Collateral		(1.11	%)
Receivables and Other Assets Net of Liabilities		1.29	%
Total Net Assets		100.00	%

Table of Contents

Corporate bonds by sector	Percentage of net assets
Banking		25.98	%
Basic Industry		1.12	%
Brokerage		0.16	%
Capital Goods		1.02	%
Communications		2.12	%
Consumer Cyclical		2.21	%
Consumer Non-Cyclical		1.57	%
Electric		2.11	%
Energy		3.33	%
Finance Companies		0.97	%
Financials		1.21	%
Industrials		0.17	%
Information Technology		0.60	%
Insurance		0.94	%
Natural Gas		1.21	%
Technology		1.61	%
Transportation		1.58	%
Utilities		1.66	%
Total		49.57	%

Table of Contents

Security type / sector and country allocations

Delaware Ivy Global Growth Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		99.44	%
Canada		3.47	%
China		2.46	%
China/Hong Kong		2.85	%
Denmark		1.72	%
France		5.81	%
Germany		5.09	%
Hong Kong		1.16	%
India		5.45	%
Israel		1.79	%
Italy		1.19	%
Japan		3.47	%
Taiwan		2.18	%
United Kingdom		3.47	%
United States		59.33	%
Short-Term Investments		0.43	%
Securities Lending Collateral		0.21	%
Total Value of Securities		100.08	%
Obligation to Return Securities Lending Collateral		(0.21	%)
Receivables and Other Assets Net of Liabilities		0.13	%
Total Net Assets		100.00	%


Common stocks by sector	Percentage of net assets
Communication Services		7.25	%
Consumer Discretionary		13.75	%
Consumer Staples		7.21	%
Energy		6.60	%
Financials		12.34	%
Healthcare		16.89	%
Industrials		10.85	%
Information Technology		21.39	%
Materials		0.86	%
Utilities		2.30	%
Total		99.44	%

Table of Contents

Security type / sector allocations

Delaware Ivy High Income Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Convertible Bond		0.16	%
Corporate Bonds		78.95	%
Automotive		0.58	%
Banking		0.44	%
Basic Industry		3.01	%
Capital Goods		3.07	%
Communications		8.33	%
Consumer Goods		2.28	%
Energy		11.43	%
Financial Services		4.27	%
Healthcare		8.28	%
Insurance		3.49	%
Leisure		5.56	%
Media		11.76	%
Real Estate		0.06	%
Retail		3.15	%
Services		4.50	%
Technology & Electronics		3.72	%
Transportation		2.49	%
Utilities		2.53	%
Municipal Bonds		0.69	%
Loan Agreements		12.21	%
Common Stocks		3.14	%
Basic Industry		0.66	%
Consumer Goods		0.00	%
Energy		0.53	%
Leisure		0.51	%
Media		0.00	%
Retail		0.35	%
Services		1.03	%
Utilities		0.06	%
Preferred Stock		0.08	%
Warrants		0.02	%
Short-Term Investments		3.26	%
Securities Lending Collateral		1.01	%
Total Value of Securities		99.52	%
Obligation to Return Securities Lending Collateral		(1.01	%)
Receivables and Other Assets Net of Liabilities		1.49	%
Total Net Assets		100.00	%

(continues)

Table of Contents

Security type / sector and country allocations

Delaware Ivy International Core Equity Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		95.96%
Australia		1.26%
Austria		1.00%
Brazil		4.12%
Canada		7.69%
China		11.94%
Denmark		4.02%
France		13.07%
Germany		11.14%
Hong Kong		1.52%
India		0.76%
Japan		9.15%
Netherlands		3.76%
Norway		1.43%
Republic of Korea		3.76%
Spain		1.48%
Switzerland		0.96%
Taiwan		1.92%
United Kingdom		10.71%
United States		6.27%
Short-Term Investments		2.62%
Securities Lending Collateral		1.33%
Total Value of Securities		99.91%
Obligation to Return Securities Lending Collateral		(1.33%	)
Receivables and Other Assets Net of Liabilities		1.42%
Total Net Assets		100.00%


Common stocks by sector	Percentage of net assets
Communication Services		3.65%
Consumer Discretionary		17.42%
Consumer Staples		8.95%
Energy		10.78%
Financials		16.37%
Healthcare		10.50%
Industrials		15.15%
Information Technology		7.38%
Materials		3.22%
Utilities		2.54%
Total		95.96%

Table of Contents

Security type / sector and country allocations

Delaware Ivy International Value Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		96.14%
Denmark		5.03%
Finland		0.01%
France		16.92%
Germany		11.72%
Hong Kong		0.01%
Japan		11.39%
Netherlands		4.74%
Spain		5.63%
Sweden		8.13%
Switzerland		15.52%
United Kingdom		17.04%
Exchange-Traded Funds		1.96%
Rights		0.72%
Securities Lending Collateral		3.38%
Total Value of Securities		102.20%
Obligation to Return Securities Lending Collateral		(3.38%	)
Receivables and Other Assets Net of Liabilities		1.18%
Total Net Assets		100.00%

Common stocks by sector t	Percentage of net assets
Communication Services		5.60%
Consumer Discretionary		14.21%
Consumer Staples*		34.90%
Energy		0.02%
Financials		0.03%
Healthcare		16.71%
Industrials		10.03%
Information Technology		9.80%
Materials		4.84%
Total		96.14%

t Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food and Retail. As of September 30, 2022, such amounts, as a percentage of total net assets were 7.24%, 11.04%, 16.61%, and 0.01%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

(continues)

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Large Cap Growth Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks t		98.70%
Communication Services		9.59%
Consumer Discretionary		13.48%
Consumer Staples		3.35%
Financials		4.57%
Healthcare		9.33%
Industrials		10.50%
Information Technology*		47.88%
Securities Lending Collateral		0.13%
Total Value of Securities		98.83%
Obligation to Return Securities Lending Collateral		(0.13%	)
Receivables and Other Assets Net of Liabilities		1.30%
Total Net Assets		100.00%

t Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of communications, consumer, non-cyclical, financial and technology. As of September 30, 2022, such amounts, as a percentage of total net assets were 8.74%, 1.14%, 5.33%, and 32.67% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Microsoft		12.49%
Apple		9.05%
Amazon.com		6.52%
Alphabet Class A		5.57%
Visa Class A		5.32%
CoStar Group		4.60%
Motorola Solutions		4.54%
UnitedHealth Group		4.33%
VeriSign		4.21%
Electronic Arts		3.15%

Table of Contents

Security type / sector allocations

Delaware Ivy Limited-Term Bond Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		0.39%
Agency Commercial Mortgage-Backed Securities		9.93%
Collateralized Debt Obligations		8.81%
Corporate Bonds		65.81%
Banking		17.49%
Basic Industry		1.62%
Brokerage		0.65%
Capital Goods		6.02%
Communications		6.51%
Consumer Cyclical		5.56%
Consumer Non-Cyclical		5.32%
Electric		3.50%
Energy		5.04%
Finance Companies		1.76%
Insurance		4.67%
Natural Gas		0.54%
Real Estate Investment Trusts		2.39%
Technology		4.18%
Transportation		0.56%
Non-Agency Asset-Backed Securities		3.98%
Supranational Bank		0.21%
US Treasury Obligations		8.72%
Short-Term Investments		0.73%
Securities Lending Collateral		0.13%
Total Value of Securities		98.71%
Obligation to Return Securities Lending Collateral		(0.13%	)
Receivables and Other Assets Net of Liabilities		1.42%
Total Net Assets		100.00%


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Table of Contents

Security type

Delaware Ivy Managed International Opportunities Fund

As of September 30, 2022 (Unaudited)

Security type	Percentage of net assets
Affiliated Mutual Funds		99.55%
Short-Term Investments		0.58%
Total Value of Securities		100.13%
Liabilities Net of Receivables and Other Assets		(0.13%	)
Total Net Assets		100.00%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Mid Cap Growth Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks t		100.05%
Communication Services		7.94%
Consumer Discretionary		17.38%
Consumer Staples		1.31%
Financials		6.72%
Healthcare		18.91%
Industrials		15.22%
Information Technology*		32.55%
Materials		0.02%
Short-Term Investments		0.03%
Securities Lending Collateral		1.41%
Total Value of Securities		101.49%
Obligation to Return Securities Lending Collateral		(1.41%	)
Liabilities Net of Receivables and Other Assets		(0.08%	)
Total Net Assets		100.00%

t Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electronic Component & Equipment, Electronics, Office/Business Equipment, Semiconductors, software, and telecommunications. As of September 30, 2022, such amounts, as a percentage of total net assets were 2.87%, 3.22%, 5.28%, 0.30%, 9.02%, 8.82%, and 3.04% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
CoStar Group		4.73%
Dexcom		3.29%
Chipotle Mexican Grill		3.05%
Arista Networks		3.04%
Monolithic Power Systems		2.89%
Pinterest Class A		2.49%
MarketAxess Holdings		2.49%
Paycom Software		2.40%
HEICO Class A		2.27%
Microchip Technology		2.18%


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Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Mid Cap Income Opportunities Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.08%
Consumer Discretionary		22.59%
Consumer Staples		8.28%
Financials		20.14%
Healthcare		2.76%
Industrials		17.16%
Information Technology		16.72%
Materials		11.43%
Short-Term Investments		0.88%
Total Value of Securities		99.96%
Receivables and Other Assets Net of Liabilities		0.04%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Glacier Bancorp		3.11%
Umpqua Holdings		3.08%
Tractor Supply		2.97%
Fastenal		2.94%
Service Corp. International		2.92%
nVent Electric		2.92%
Arthur J. Gallagher & Co.		2.91%
Vail Resorts		2.90%
Darden Restaurants		2.90%
Watsco		2.90%

Table of Contents

Security type / sector / state / territory allocations

Delaware Ivy Municipal Bond Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Municipal Bonds*		99.03%
Corporate Revenue Bonds		11.98%
Education Revenue Bonds		5.62%
Electric Revenue Bonds		8.08%
Healthcare Revenue Bonds		11.81%
Housing Revenue Bonds		0.90%
Lease Revenue Bonds		5.80%
Local General Obligation Bonds		4.67%
Pre-Refunded/Escrowed to Maturity Bonds		2.04%
Special Tax Revenue Bonds		17.59%
State General Obligation Bonds		8.18%
Transportation Revenue Bonds		16.19%
Water & Sewer Revenue Bonds		6.17%
Short-Term Investments		0.08%
Total Value of Securities		99.11%
Receivables and Other Assets Net of Liabilities		0.89%
Total Net Assets		100.00%

*As of the date of this report, Delaware Ivy Municipal Bond Fund held bonds issued by or on behalf of territories and the states of the US as follows:

State / territory	Percentage of net assets
Alabama		0.95%
Arizona		3.63%
California		12.50%
Colorado		0.51%
District of Columbia		1.78%
Florida		4.58%
Georgia		0.86%
Guam		1.19%
Hawaii		0.35%
Illinois		6.34%
Indiana		0.46%
Iowa		0.43%
Massachusetts		0.72%
Michigan		1.91%
Missouri		1.67%
Nebraska		0.69%
New Jersey		2.04%
New York		17.21%
North Carolina		1.61%
Ohio		3.58%
Oregon		1.40%
Pennsylvania		2.74%
Puerto Rico		15.30%
South Carolina		0.06%
Texas		12.90%
US Virgin Islands		0.71%
Utah		0.97%
Washington		1.60%
Wisconsin		0.42%
Total Value of Securities		99.11%


(continues)	21

Table of Contents

Security type / sector / state / territory allocations

Delaware Ivy Municipal High Income Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Municipal Bonds*		97.69%
Corporate Revenue Bonds		19.72%
Education Revenue Bonds		14.99%
Electric Revenue Bonds		3.97%
Healthcare Revenue Bonds		14.70%
Housing Revenue Bond		0.08%
Lease Revenue Bonds		1.98%
Local General Obligation Bonds		3.10%
Pre-Refunded/Escrowed to Maturity Bonds		5.48%
Special Tax Revenue Bonds		14.79%
State General Obligation Bonds		8.80%
Transportation Revenue Bonds		9.15%
Water & Sewer Revenue Bond		0.93%
Short-Term Investments		0.75%
Total Value of Securities		98.44%
Receivables and Other Assets Net of Liabilities		1.56%
Total Net Assets		100.00%

*As of the date of this report, Delaware Ivy Municipal High Income Fund held bonds issued by or on behalf of territories and the states of the US as follows:

State / territory	Percentage of net assets
Alabama		4.29%
Arizona		2.07%
Arkansas		0.57%
California		11.33%
Colorado		2.93%
Connecticut		0.36%
District of Columbia		1.57%
Florida		4.12%
Georgia		2.00%
Guam		0.88%
Illinois		4.00%
Indiana		0.97%
Iowa		0.77%
Kansas		0.79%
Kentucky		0.64%
Louisiana		0.00%
Maine		0.16%
Massachusetts		0.86%
Michigan		3.76%
Missouri		1.97%
Nevada		0.45%
New Hampshire		0.25%
New Jersey		0.88%
New York		6.24%
North Carolina		0.53%
Ohio		2.74%
Oklahoma		0.40%
Oregon		0.40%
Pennsylvania		4.43%
Puerto Rico		20.61%
Rhode Island		0.79%
Texas		9.92%
US Virgin Islands		0.21%
Utah		0.57%
Vermont		0.15%
Virginia		2.19%
Washington		0.80%
Wisconsin		2.84%
Total Value of Securities		98.44%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Small Cap Growth Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.43%
Communication Services		2.68%
Consumer Discretionary		13.98%
Consumer Staples		5.46%
Energy		4.50%
Financials		4.04%
Healthcare		24.34%
Industrials		17.50%
Information Technology		24.94%
Materials		1.26%
Real Estate		0.73%
Short-Term Investments		0.67%
Securities Lending Collateral		1.52%
Total Value of Securities		101.62%
Obligation to Return Securities Lending Collateral		(1.52%	)
Liabilities Net of Receivables and Other Assets		(0.10%	)
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
BJ’s Wholesale Club Holdings		3.07%
Globant		2.59%
Marriott Vacations Worldwide		2.53%
Paycor HCM		2.52%
Nexstar Media Group		2.45%
Clean Harbors		2.28%
Viavi Solutions		2.18%
Progyny		2.10%
Kinsale Capital Group		2.07%
Pacira BioSciences		2.07%


(continues)	23

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Smid Cap Core Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.65%
Basic Materials		7.70%
Business Services		4.97%
Capital Goods		11.39%
Communication Services		0.83%
Consumer Discretionary		5.69%
Consumer Services		2.01%
Consumer Staples		2.87%
Credit Cyclicals		2.65%
Energy		5.93%
Financials		15.46%
Healthcare		12.96%
Media		1.57%
Real Estate Investment Trusts		6.50%
Technology		13.19%
Transportation		2.94%
Utilities		1.99%
Short-Term Investments		1.73%
Securities Lending Collateral		1.41%
Total Value of Securities		101.79%
Obligation to Return Securities Lending Collateral		(1.41%	)
Liabilities Net of Receivables and Other Assets		(0.38%	)
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Diamondback Energy		2.20%
Reliance Steel & Aluminum		1.90%
Liberty Energy Class A		1.87%
Chesapeake Energy		1.85%
Quanta Services		1.57%
ExlService Holdings		1.43%
East West Bancorp		1.43%
Casey’s General Stores		1.35%
Huntsman		1.34%
Five Below		1.29%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Systematic Emerging Markets Equity Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.06%
Communication Services		11.14%
Consumer Discretionary		12.84%
Consumer Staples		7.74%
Energy		6.41%
Financials		21.01%
Healthcare		1.91%
Industrials		5.29%
Information Technology		21.79%
Materials		8.02%
Real Estate		1.39%
Utilities		0.52%
Preferred Stocks		1.89%
Short-Term Investments		0.20%
Securities Lending Collateral		0.28%
Total Value of Securities		100.43%
Obligation to Return Securities Lending Collateral		(0.28%	)
Liabilities Net of Receivables and Other Assets		(0.15%	)
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Taiwan Semiconductor Manufacturing		6.71%
Samsung Electronics		5.37%
Tencent Holdings		4.49%
ICICI Bank		2.47%
Bharti Airtel		2.13%
Reliance Industries		2.00%
Infosys		1.88%
Larsen & Toubro		1.69%
Bank Central Asia		1.59%
Al Rajhi Bank		1.46%


(continues)	25

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Value Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		97.77%
Communication Services		6.63%
Consumer Discretionary		6.80%
Consumer Staples		6.44%
Energy		8.66%
Financials		19.09%
Healthcare		17.86%
Industrials		10.36%
Information Technology		7.81%
Materials		4.39%
Real Estate		2.27%
REIT Diversified		2.31%
Utilities		5.15%
Short-Term Investments		1.98%
Total Value of Securities Before Options Written		99.75%
Options Written		0.00%
Receivables and Other Assets Net of Liabilities		0.25%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Exxon Mobil		4.90%
Marathon Petroleum		3.76%
CVS Health		3.38%
Elevance Health		3.33%
Philip Morris International		3.23%
Walmart		3.22%
McKesson		3.09%
Allstate		2.91%
Wells Fargo & Co.		2.88%
Regeneron Pharmaceuticals		2.84%

Table of Contents

Schedules of investments

Delaware Global Value Equity Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 98.39%Δ
Denmark — 3.69%
Novo Nordisk Class B		124,430	$	12,395,444
				12,395,444
France — 10.73%
Air Liquide		98,440		11,251,605
Danone		196,940		9,312,374
Euroapi †		25		415
Orange		701,040		6,340,583
Sodexo		121,700		9,139,716
				36,044,693
Germany — 8.79%
adidas AG		68,700		7,897,837
Fresenius Medical Care AG & Co.		185,060		5,213,699
Knorr-Bremse		122,720		5,269,996
SAP		136,670		11,137,945
				29,519,477
Japan — 6.35%
Asahi Group Holdings		169,100		5,271,875
Kao		231,200		9,407,612
Makita		192,800		3,741,350
Seven & i Holdings		72,600		2,916,345
				21,337,182
Netherlands — 3.67%
Koninklijke Ahold Delhaize		484,340		12,336,840
				12,336,840
Norway — 0.01%
Aker BP *		475		13,649
				13,649
South Africa — 0.01%
Anglo American		500		15,013
				15,013
Spain — 3.95%
Amadeus IT Group †		286,360		13,276,406
				13,276,406
Sweden — 5.46%
Essity Class B		355,920		7,031,840
H & M Hennes & Mauritz Class B *		520,710		4,814,017
Orron Energy		500		892
Securitas Class B *		935,230		6,492,403
				18,339,152
Switzerland — 9.93%
Nestle		140,740		15,222,062
Roche Holding		29,270		9,528,344
Swatch Group		38,320		8,606,614
				33,357,020
United Kingdom — 12.19%
3i Group		1,000		12,007
Diageo		290,900		12,245,008
Intertek Group		133,400		5,473,279
Smith & Nephew		1,071,390		12,366,826
Unilever		246,580		10,834,689
				40,931,809
United States — 33.61%
Clorox		96,880		12,438,423
Conagra Brands		297,270		9,699,920
Henry Schein †		198,930		13,083,626
Ingredion		125,250		10,085,130
Kimberly-Clark		105,690		11,894,353
Lamb Weston Holdings		192,910		14,927,376
Merck & Co.		181,650		15,643,697
Otis Worldwide		56,560		3,608,528
Parker-Hannifin		15,950		3,864,844
Pfizer		244,560		10,701,946
Visa Class A *		38,920		6,914,138
				112,861,981
Total Common Stocks (cost $414,167,913)				330,428,666

Exchange-Traded Fund – 0.93%
Vanguard S&P 500 ETF		9,530		3,128,699
Total Exchange-Traded Fund (cost $3,398,294)				3,128,699

Rights – 0.46%Δ
Sweden — 0.46%
Securitas Class B *, †		3,740,920		1,560,732
Total Rights (cost $2,182,590)				1,560,732
Total Value of Securities Before Securities Lending Collateral–99.78% (cost $419,748,797)				335,118,097

Table of Contents

Schedules of investments

Delaware Global Value Equity Fund

	Number of shares		Value (US $)
Securities Lending Collateral** – 3.09%
Money Market Mutual Fund — 3.09%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		10,376,075	$	10,376,075
Total Securities Lending Collateral (cost $10,376,075)				10,376,075
Total Value of Securities–102.87% (cost $430,124,872)			$	345,494,172■


Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 7 in “Security type / country and sector allocations.”
†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $17,472,258 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $7,944,181.

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BNYM	DKK	(845,379)	USD	111,300	10/3/22	$	—	$	(155	)
BNYM	EUR	(329,534)	USD	322,468	10/3/22		—		(556	)
BNYM	EUR	(394,516)	USD	386,807	10/4/22		56		—
BNYM	GBP	(309,560)	USD	342,003	10/3/22		—		(3,658	)
BNYM	GBP	(142,409)	USD	159,085	10/4/22		64		—
Total Foreign Currency Exchange Contracts						$	120	$	(4,369	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

AG – Aktiengesellschaft

BNYM – Bank of New York Mellon

ETF – Exchange-Traded Fund

S&P – Standard & Poor’s Financial Services LLC

Summary of currencies:

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Core Bond Fund

September 30, 2022 (Unaudited)

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 2.25%
Fannie Mae Connecticut Avenue Securities
Series 2014-C01 M2 7.484% (LIBOR01M + 4.40%) 1/25/24 ●		1,298,749	$	1,316,521
Series 2015-C01 1M2 7.384% (LIBOR01M + 4.30%) 2/25/25 ●		385,243		393,131
Freddie Mac REMICs Series 2557 HL 5.30% 1/15/33		22,902		23,196
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-DNA1 M3 6.384% (LIBOR01M + 3.30%) 10/25/27 ●		2,804,561		2,830,212
Series 2016-DNA1 M3 8.634% (LIBOR01M + 5.55%) 7/25/28 ●		2,475,780		2,604,267
Series 2017-DNA2 M2R 4.034% (LIBOR01M + 0.95%) 10/25/29 ●		4,522,987		4,244,715
Freddie Mac Whole Loan Securities Trust
Series 2015-SC01 1A 3.50% 5/25/45		577,195		535,875
Series 2016-SC02 1A 3.00% 10/25/46		186,698		170,576
GNMA Series 2005-23 IO 1.00% 6/17/45 ●, ^		61,356		4
Total Agency Collateralized Mortgage Obligations (cost $12,449,152)				12,118,497

Agency Commercial Mortgage-Backed Security — 1.20%
Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10 144A 6.334% (LIBOR01M + 3.25%, Floor 3.25%) 10/25/49 #, ●		6,828,844		6,475,125
Total Agency Commercial Mortgage-Backed Security (cost $6,887,013)				6,475,125

Agency Mortgage-Backed Securities — 15.17%
Fannie Mae 2.50% 11/1/27		209,322		191,515
Fannie Mae S.F. 15 yr
3.50% 11/1/25		47,459		44,974
3.50% 6/1/26		108,712		103,343
4.50% 4/1/25		15,504		15,250
6.00% 8/1/23		5,646		5,643
Fannie Mae S.F. 20 yr
3.50% 12/1/32		493,404		465,524
4.00% 8/1/42		596,835		560,407
4.00% 9/1/42		2,858,001		2,683,555
5.00% 7/1/23		4,219		4,134
5.50% 2/1/24		3,019		3,004
Fannie Mae S.F. 30 yr
2.00% 4/1/51		4,134,510		3,366,527
2.50% 2/1/52		3,218,920		2,710,696
3.00% 9/1/42		762,581		683,958
3.00% 5/1/43		1,063,439		952,435
3.00% 1/1/46		478,665		421,954
3.00% 12/1/51		1,727,851		1,518,048
3.50% 4/1/41		656,696		604,847
3.50% 11/1/41		984,850		904,873
3.50% 1/1/42		264,846		244,444
3.50% 8/1/42		668,678		616,653
3.50% 1/1/43		321,587		295,378
3.50% 2/1/43		586,461		543,737
3.50% 5/1/45		241,042		221,445
3.50% 6/1/45		555,819		510,847
3.50% 7/1/45		649,988		597,277
3.50% 8/1/45		242,869		223,149
3.50% 8/1/45		202,369		186,032
3.50% 9/1/45		537,716		494,015
3.50% 12/1/47		4,513,828		4,116,201
4.00% 12/1/40		208,268		197,740
4.00% 4/1/41		448,729		427,732
4.00% 8/1/41		194,028		184,975
4.00% 9/1/41		242,527		231,182
4.00% 10/1/41		370,873		353,510
4.00% 1/1/44		439,969		420,936
4.00% 4/1/44		872,687		829,344
4.00% 2/1/47		183,095		171,306
4.50% 5/1/35		51,889		50,717
4.50% 7/1/35		66,748		64,960
4.50% 6/1/39		41,290		40,453
4.50% 10/1/40		217,530		213,121
4.50% 4/1/41		82,751		81,069
4.50% 4/1/41		373,073		365,489
4.50% 4/1/41		123,348		120,851
4.50% 7/1/41		77,225		75,462
4.50% 7/1/41		167,275		163,892
5.00% 3/1/34		4,057		4,005
5.00% 5/1/34		2,961		2,911
5.00% 12/1/34		110,261		110,925
5.00% 7/1/35		14,107		13,957
5.00% 7/1/35		109,884		110,742
5.00% 7/1/35		17,240		17,375
5.00% 7/1/35		1,533		1,511
5.00% 7/1/35		3,012		2,940
5.00% 7/1/35		1,884		1,838
5.00% 2/1/36		10,692		10,756

Table of Contents

Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.00% 4/1/38		67,849	$	67,719
5.00% 12/1/39		119,739		120,687
5.00% 3/1/40		243,793		244,919
5.00% 4/1/41		76,865		77,472
5.00% 9/1/52		5,709,304		5,567,658
5.00% 10/1/52		4,593,000		4,479,010
5.50% 8/1/52		5,157,615		5,147,527
5.50% 10/1/52		3,490,202		3,476,941
6.00% 8/1/29		7,251		7,374
6.00% 9/1/32		6,627		6,965
6.00% 10/1/32		76,096		79,201
6.00% 10/1/32		38,968		40,089
6.00% 11/1/32		88,218		92,726
6.00% 11/1/32		24,156		25,308
6.00% 3/1/33		20,644		20,985
6.00% 3/1/33		11,026		11,310
6.00% 3/1/33		67,593		71,010
6.00% 6/1/33		19,539		19,862
6.00% 10/1/33		15,109		15,359
6.00% 12/1/33		32,375		33,901
6.00% 1/1/34		12,456		13,085
6.00% 8/1/34		11,021		11,205
6.00% 9/1/34		26,504		27,845
6.00% 11/1/34		41,900		42,644
6.00% 11/1/36		14,242		14,963
6.00% 1/1/37		15,372		16,151
6.00% 5/1/37		36,631		38,487
6.00% 8/1/37		18,889		19,736
6.00% 10/1/38		40,396		42,641
6.50% 12/1/31		2,596		2,680
6.50% 2/1/32		14,335		14,853
6.50% 2/1/32		7,881		8,156
6.50% 2/1/32		14,565		15,092
6.50% 4/1/32		5,229		5,437
6.50% 5/1/32		5,110		5,267
6.50% 5/1/32		3,255		3,355
6.50% 7/1/32		3,368		3,474
6.50% 8/1/32		2,312		2,382
6.50% 8/1/32		3,600		3,712
6.50% 9/1/32		6,821		7,030
6.50% 9/1/32		1,990		2,051
6.50% 9/1/32		5,954		6,136
6.50% 10/1/32		12,020		12,388
6.50% 8/1/33		6,830		7,039
6.50% 9/1/34		23,522		24,242
6.50% 11/1/34		2,141		2,217
6.50% 3/1/35		49,579		51,505
7.00% 9/1/31		1,895		1,927
7.00% 11/1/31		26,573		27,164
7.00% 2/1/32		3,203		3,246
7.00% 2/1/32		15,819		16,504
7.00% 3/1/32		34,210		36,012
7.50% 5/1/31		9,676		9,968
Freddie Mac S.F. 15 yr
2.50% 4/1/28		127,456		121,625
3.50% 8/1/26		83,289		79,151
5.00% 4/1/23		5,170		5,187
Freddie Mac S.F. 20 yr
3.50% 5/1/32		324,718		306,375
5.00% 5/1/29		11,943		11,694
Freddie Mac S.F. 30 yr
2.50% 5/1/52		696,427		585,023
3.00% 8/1/42		451,104		404,594
3.00% 1/1/43		623,788		558,974
3.00% 2/1/43		795,806		713,743
3.50% 8/1/42		440,673		404,896
4.00% 10/1/40		104,480		97,953
4.00% 11/1/40		227,031		216,394
4.00% 2/1/41		476,020		451,426
4.00% 3/1/41		160,917		152,591
4.00% 6/1/41		179,539		171,140
4.00% 8/1/41		73,027		69,519
4.00% 11/1/41		918,036		875,036
4.00% 8/1/52		1,396,072		1,299,070
4.00% 9/1/52		1,665,000		1,548,483
4.50% 1/1/41		153,061		149,556
4.50% 3/1/41		94,401		92,238
4.50% 4/1/41		162,715		159,411
4.50% 4/1/41		126,343		122,598
4.50% 9/1/52		2,883,000		2,756,364
4.50% 9/1/52		2,343,000		2,238,365
4.50% 9/1/52		5,966,000		5,699,566
5.00% 9/1/34		201		196
5.00% 8/1/35		13,270		13,375
5.00% 11/1/35		39,782		40,094
5.00% 12/1/35		7,829		7,865
5.00% 11/1/39		35,169		35,332
5.00% 1/1/40		288,968		291,250
5.00% 4/1/40		51,349		51,754
5.00% 8/1/40		52,260		52,502
5.00% 7/1/52		1,388,902		1,356,369
5.50% 9/1/52		3,008,000		3,024,371
5.50% 9/1/52		1,095,000		1,107,661
5.50% 10/1/52		3,081,025		3,072,159
6.00% 11/1/33		13,831		14,530
6.50% 9/1/32		11,021		11,585
6.50% 5/1/34		59,286		61,899
6.50% 7/1/36		5,820		6,045

Table of Contents

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr 7.00% 12/1/37		12,808	$	12,931
GNMA I 6.25% 7/15/24		10,764		10,268
GNMA I S.F. 30 yr
3.00% 3/15/45		1,043,187		926,654
4.00% 1/15/41		179,605		172,889
4.00% 10/15/41		107,737		102,575
4.50% 6/15/40		145,799		144,308
5.00% 7/15/33		36,701		36,813
5.00% 7/15/34		26,346		26,294
5.00% 1/15/35		48,686		49,102
5.00% 12/15/35		78,914		78,265
5.00% 12/15/39		47,581		48,083
5.00% 1/15/40		243,387		245,500
5.00% 7/15/40		41,807		41,467
GNMA II 3.25% 11/20/35		366,301		337,027
4.00% 8/20/31		277,275		270,658
4.00% 6/20/36		435,224		413,449
GNMA II S.F. 30 yr 3.00% 12/20/51		1,543,983		1,367,430
3.50% 10/20/43		431,948		400,043
3.50% 2/20/45		528,575		489,524
3.50% 4/20/46		194,737		178,118
4.00% 12/20/40		204,500		194,705
4.00% 12/20/44		137,601		130,576
Vendee Mortgage Trust 5.831% 2/15/25		14,304		14,340
7.793% 2/15/25		1,401		1,420
Total Agency Mortgage-Backed Securities (cost $85,763,353)				81,794,579

Corporate Bonds — 42.34%
Banking — 11.47%
Bank Hapoalim 144A 3.255% 1/21/32 #, µ		1,000,000		835,869
Bank of America 1.922% 10/24/31 µ		7,500,000		5,558,638
2.482% 9/21/36 µ		1,860,000		1,346,258
6.125% 4/27/27 µ, Ψ		865,000		819,588
Bank of New York Mellon 3.75% 12/20/26 µ, Ψ		3,000,000		2,325,000
4.70% 9/20/25 µ, Ψ		1,430,000		1,372,800
Barclays 5.501% 8/9/28 µ		250,000		234,619
BBVA Bancomer 144A 5.875% 9/13/34 #, µ		1,000,000		857,640
Citigroup 5.61% 9/29/26 µ		1,670,000		1,661,947
Credit Suisse Group 144A 6.442% 8/11/28 #, µ		1,480,000		1,378,212
Goldman Sachs Group 1.542% 9/10/27 µ		2,610,000		2,207,687
2.383% 7/21/32 µ		2,995,000		2,261,659
JPMorgan Chase & Co. 1.764% 11/19/31 µ		5,150,000		3,769,462
4.851% 7/25/28 µ		1,720,000		1,653,285
KeyCorp 4.789% 6/1/33 µ		619,000		568,440
NBK SPC 144A 1.625% 9/15/27 #, µ		1,000,000		860,712
PNC Bank 3.875% 4/10/25		6,550,000		6,349,535
PNC Financial Services Group 6.20% 9/15/27 µ, Ψ		1,455,000		1,378,613
State Street 2.20% 3/3/31		1,947,000		1,519,097
Synovus Financial 3.125% 11/1/22		3,725,000		3,719,057
Truist Financial 4.916% 7/28/33 µ		9,760,000		8,833,813
4.95% 9/1/25 µ, Ψ		3,000,000		2,889,870
6.395% (LIBOR03M + 3.10%) 12/15/24 Ψ, ●		2,165,000		2,088,142
US Bancorp 3.00% 7/30/29		2,700,000		2,325,308
Wells Fargo & Co. 2.393% 6/2/28 µ		4,250,000		3,649,978
3.00% 10/23/26		1,500,000		1,361,232
				61,826,461
Basic Industry — 0.66%
Braskem Netherlands Finance 144A 4.50% 1/31/30 #		1,000,000		809,950
Celanese US Holdings 6.05% 3/15/25		855,000		836,019
Methanex 5.25% 12/15/29		1,645,000		1,311,690
Novelis 144A 4.75% 1/30/30 #		745,000		612,785
				3,570,444
Basic Materials — 0.15%
Freeport Indonesia 144A 5.315% 4/14/32 #		1,000,000		832,500
				832,500
Brokerage — 0.91%
Charles Schwab 5.375% 6/1/25 µ, Ψ		1,150,000		1,124,125
6.397% (LIBOR03M + 3.32%) 12/1/22 Ψ, ●		3,825,000		3,779,997
				4,904,122
Capital Goods — 1.03%
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 #		1,330,000		1,086,643
Boeing 3.75% 2/1/50		2,075,000		1,356,540
Eaton 4.15% 3/15/33		910,000		823,492

Table of Contents

Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Standard Industries 144A 3.375% 1/15/31 #		1,150,000	$	811,210
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #		1,000,000		922,546
United Rentals North America 3.875% 2/15/31		705,000		574,850
				5,575,281
Communications — 2.27%
AT&T 3.55% 9/15/55		3,343,000		2,202,868
3.65% 6/1/51		1,100,000		746,132
CCO Holdings 144A 4.25% 1/15/34 #		2,000,000		1,436,250
Charter Communications Operating 3.85% 4/1/61		2,835,000		1,662,374
Crown Castle Towers 144A 4.241% 7/15/48 #		2,675,000		2,441,054
Discovery Communications 4.00% 9/15/55		2,205,000		1,304,884
IHS Holding 144A 5.625% 11/29/26 #		1,000,000		796,250
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		1,000,000		726,934
Vmed O2 UK Financing I 144A 4.25% 1/31/31 #		1,215,000		923,400
				12,240,146
Consumer Cyclical — 2.92%
Alsea 144A 7.75% 12/14/26 #		1,000,000		931,315
Amazon.com 2.50% 6/3/50		1,695,000		1,063,480
Aptiv 3.10% 12/1/51		2,375,000		1,334,688
Carnival 144A 4.00% 8/1/28 #		665,000		537,566
Ford Motor Credit 2.90% 2/10/29		1,775,000		1,347,615
General Motors Financial 3.675% (SOFR + 0.76%) 3/8/24 ●		4,250,000		4,191,790
5.25% 3/1/26		2,865,000		2,791,363
Hyundai Capital America 144A 2.85% 11/1/22 #		2,665,000		2,661,310
Kia 144A 2.75% 2/14/27 #		1,000,000		886,317
				15,745,444
Consumer Non-Cyclical — 3.39%
Amgen 2.80% 8/15/41		1,970,000		1,349,486
Anheuser-Busch InBev Worldwide 4.50% 6/1/50		1,605,000		1,325,545
Bunge Finance 1.63% 8/17/25		1,192,000		1,073,408
2.75% 5/14/31		1,750,000		1,378,737
Central American Bottling 144A 5.25% 4/27/29 #		1,000,000		868,835
CVS Health 2.70% 8/21/40		2,035,000		1,340,574
New York and Presbyterian Hospital 2.256% 8/1/40		4,150,000		2,726,456
2.606% 8/1/60		1,600,000		912,813
NYU Langone Hospitals 3.38% 7/1/55		4,900,000		3,403,031
4.428% 7/1/42		1,775,000		1,502,737
Tenet Healthcare 144A 4.25% 6/1/29 #		1,250,000		1,036,806
Viatris 4.00% 6/22/50		2,225,000		1,336,593
				18,255,021
Electric — 5.53%
Alfa Desarrollo 144A 4.55% 9/27/51 #		996,355		659,861
American Electric Power 2.031% 3/15/24		3,000,000		2,873,154
Cleco Corporate Holdings 3.743% 5/1/26		1,000,000		932,602
Duke Energy Carolinas 4.25% 12/15/41		4,550,000		3,816,248
Duke Energy Progress 4.15% 12/1/44		1,644,000		1,330,840
Entergy Mississippi 3.25% 12/1/27		2,400,000		2,148,989
Entergy Texas 3.45% 12/1/27		3,600,000		3,328,497
Exelon 4.05% 4/15/30		2,500,000		2,268,718
FirstEnergy Transmission 144A 5.45% 7/15/44 #		3,446,000		3,125,618
Florida Power & Light 2.45% 2/3/32		2,400,000		1,952,093
JSW Hydro Energy 144A 4.125% 5/18/31 #		920,000		723,230
Pacific Gas and Electric 3.25% 2/16/24		4,600,000		4,442,765
3.30% 8/1/40		2,095,000		1,345,519
PG&E 5.25% 7/1/30		1,000,000		853,230
				29,801,364
Energy — 5.60%
Boardwalk Pipelines 3.375% 2/1/23		856,000		854,791
BP Capital Markets 4.875% 3/22/30 µ, Ψ		1,575,000		1,359,422
El Paso Natural Gas 8.375% 6/15/32		2,000,000		2,235,989
Energean Israel Finance 144A 4.875% 3/30/26 #		1,000,000		887,500
Energy Transfer 6.25% 4/15/49		1,470,000		1,308,431
6.85% 2/15/40		1,265,000		1,182,990

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Enterprise Products Operating 3.30% 2/15/53		3,270,000	$	2,136,140
5.86% (LIBOR03M + 2.78%) 6/1/67 ●		5,000,000		4,292,770
Geopark 144A 5.50% 1/17/27 #		1,000,000		782,107
Guara Norte 144A 5.198% 6/15/34 #		936,150		747,052
HF Sinclair 144A 2.625% 10/1/23 #		6,500,000		6,294,010
NuStar Logistics 6.375% 10/1/30		1,530,000		1,312,543
Saudi Arabian Oil 144A 4.25% 4/16/39 #		1,000,000		859,368
Targa Resources Partners 5.00% 1/15/28		1,185,000		1,098,678
Tennessee Gas Pipeline 8.375% 6/15/32		3,200,000		3,547,056
Valero Energy 3.65% 12/1/51		1,940,000		1,326,127
				30,224,974
Finance Companies — 2.20%
AerCap Ireland Capital DAC 3.00% 10/29/28		2,085,000		1,673,951
3.40% 10/29/33		1,825,000		1,326,759
Air Lease 2.875% 1/15/32		1,430,000		1,079,834
4.625% 10/1/28		1,805,000		1,622,253
Huarong Finance 2017 4.25% 11/7/27		1,000,000		758,750
Inversiones La Construccion 144A 4.75% 2/7/32 #		1,000,000		742,340
MAF Global Securities 7.875% 6/30/27 µ, Ψ		1,000,000		985,630
Owl Rock Capital 3.125% 4/13/27		4,500,000		3,651,777
				11,841,294
Industrials — 0.16%
Bidvest Group UK 144A 3.625% 9/23/26 #		1,000,000		853,300
				853,300
Insurance — 1.56%
Centene 3.375% 2/15/30		700,000		573,772
MetLife 3.85% 9/15/25 µ, Ψ		915,000		820,842
Pine Street Trust I 144A 4.572% 2/15/29 #		2,100,000		1,936,814
Security Benefit Global Funding 144A 1.25% 5/17/24 #		5,450,000		5,085,554
				8,416,982
Natural Gas — 0.82%
ENN Energy Holdings 144A 2.625% 9/17/30 #		1,000,000		809,455
Piedmont Natural Gas 3.35% 6/1/50		3,400,000		2,266,157
Southern Co. Gas Capital 5.15% 9/15/32		350,000		335,039
Southern Gas Capital 3.875% 11/15/25		1,050,000		1,005,894
				4,416,545
Real Estate Investment Trusts — 0.20%
American Homes 4 Rent 3.625% 4/15/32		1,310,000		1,081,885
				1,081,885
Technology — 1.39%
Autodesk 2.40% 12/15/31		1,760,000		1,371,920
Broadcom 144A 3.469% 4/15/34 #		3,530,000		2,654,844
CDW 3.276% 12/1/28		1,640,000		1,371,688
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #		1,660,000		1,287,310
KLA 4.95% 7/15/52		880,000		801,562
				7,487,324
Transportation — 2.08%
Air Canada 2020-2 Class A Pass Through Trust 144A 5.25% 10/1/30 #, ♦		2,434,335		2,287,976
British Airways 2020-1 Class A Pass Through Trust 144A 4.25% 11/15/32 #, ♦		915,301		823,484
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		939,173		803,467
United Airlines 144A 4.625% 4/15/29 #		1,680,000		1,394,350
United Airlines 2020-1 Class A Pass Through Trust 5.875% 4/15/29 ♦		6,139,594		5,921,830
				11,231,107
Total Corporate Bonds (cost $255,378,796)				228,304,194

Municipal Bonds — 1.82%
Douglas County, Washington Public Utility District No. 1 (Taxable) Series A 5.45% 9/1/40		1,205,000		1,211,748
Municipal Electric Authority of Georgia (Build America Bonds Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		2,500,000		2,766,700

Table of Contents

Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount^°		Value (US $)
Municipal Bonds (continued)
Port Authority of New York & New Jersey (Consolidated Bonds, One Hundred Seventy-Fourth Series) 4.458% 10/1/62		3,710,000	$	3,252,149
(Consolidated Bonds, One Hundred Sixty-Eighth Series) 4.926% 10/1/51		2,690,000		2,583,503
Total Municipal Bonds (cost $10,694,420)				9,814,100

Non-Agency Asset-Backed Securities — 8.84%
American Tower Trust #1 Series 13 2A 144A 3.07% 3/15/48 #		3,100,000		3,078,486
AMSR Trust Series 2021-SFR2 D 144A 2.278% 8/17/38 #		2,750,000		2,335,700
Series 2021-SFR4 B 144A 2.417% 12/17/38 #		5,250,000		4,543,560
Ares LXIV CLO Series 2022-64A A1 144A 2.479% (TSFR3M + 1.44%, Floor 1.44%) 4/15/35 #, ●		3,000,000		2,906,565
BlueMountain CLO XXX Series 2020-30A AR 144A 3.698% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, ●		3,300,000		3,146,877
CIFC Funding Series 2022-3A A 144A 2.649% (TSFR3M + 1.41%, Floor 1.41%) 4/21/35 #, ●		3,000,000		2,855,253
FirstKey Homes Trust Series 2021-SFR1 B 144A 1.788% 8/17/38 #		4,800,000		4,085,533
Series 2021-SFR2 D 144A 2.058% 9/17/38 #		4,400,000		3,693,983
Home Partners of America Trust Series 2021-1 A 144A 1.698% 9/17/41 #		4,045,051		3,354,813
Series 2021-3 B 144A 2.649% 1/17/41 #		4,851,498		4,179,457
Invitation Homes Trust Series 2018-SFR1 C 144A 4.243% (LIBOR01M + 1.25%) 3/17/37 #, ●		4,499,355		4,427,745
Progress Residential Trust Series 2021-SFR7 D 144A 2.341% 8/17/40 #		3,450,000		2,726,965
Tricon American Homes Trust Series 2020-SFR2 B 144A 1.832% 11/17/39 #		2,475,000		2,045,397
Tricon Residential Trust Series 2021-SFR1 B 144A 2.244% 7/17/38 #		4,875,000		4,261,654
Total Non-Agency Asset-Backed Securities (cost $53,573,036)				47,641,988

Non-Agency Collateralized Mortgage Obligations — 9.99%
Agate Bay Mortgage Trust Series 2013-1 B4 144A 3.564% 7/25/43 #		1,482,562		1,428,601
Series 2015-5 B3 144A 3.578% 7/25/45 #		1,439,327		1,286,541
Series 2015-6 B1 144A 3.599% 9/25/45 #		3,322,466		3,018,541
Series 2016-1 B1 144A 3.658% 12/25/45 #		3,924,807		3,627,574
Bear Stearns Mortgage Securities Series 1996-6 B2 8.00% 11/25/29		17,273		8,627
CHL Mortgage Pass Through Trust Series 2004-J4 3B1 5.25% 5/25/34 ♦		16,334		14,270
Citigroup Global Markets Mortgage Securities VII Series 1997-HUD1 B2 3.138% 12/25/30		705,608		155,261
Citigroup Mortgage Loan Trust Series 2013-J1 B4 144A 3.482% 10/25/43 #, ●		869,647		825,185
Series 2018-RP1 A1 144A 3.00% 9/25/64 #		1,210,145		1,174,146
CSMC Trust Series 2013-7 B4 144A 3.544% 8/25/43 #		1,454,350		1,183,571
Series 2017-HL1 A12 144A 3.50% 6/25/47 #		1,859,946		1,641,773
Eagle RE Series 2020-1 M1B 144A 4.534% (LIBOR01M + 1.45%) 1/25/30 #, ●		725,000		719,479
JP Morgan Mortgage Trust Series 2004-A3 4A2 3.633% 7/25/34		3,011		2,937
Series 2016-3 B3 144A 3.28% 10/25/46 #		1,974,488		1,774,934
Series 2017-4 A13 144A 3.50% 11/25/48 #, ●		6,328,422		5,566,332
Series 2021-4 A5 144A 2.50% 8/25/51 #, ●		6,000,000		4,092,104

Table of Contents

	Principal amount^°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
MRFC Mortgage Pass Through Trust Series Series 1998-2 B1 6.75% 6/25/28 ♦		525	$	499
PMT Credit Risk Transfer Trust Series 21-1R A 144A 5.984% (LIBOR01M + 2.90%, Floor 2.90%) 2/27/24 #, ●		3,516,789		3,441,038
Prudential Home Mortgage Securities Series 1994-A 5B 144A 6.73% 4/28/24 #, ●		33		32
Series 1994-E 5B 144A 7.48% 9/28/24 #		45		44
Radnor RE Series 2020-1 M1B 144A 4.534% (LIBOR01M + 1.45%, Floor 1.45%) 1/25/30 #, ●		4,650,000		4,596,824
Seasoned Credit Risk Transfer Trust Series Series 2017-3 M1 4.00% 7/25/56 ●		3,771,671		3,686,863
Sequoia Mortgage Trust Series 2015-3 B1 144A 3.722% 7/25/45 #		1,799,817		1,693,720
Shellpoint -Originator Trust Series 2015-1 B3 144A 3.788% 8/25/45 #		2,894,019		2,514,045
Sofi Mortgage Trust Series 2016-1A B2 144A 3.09% 11/25/46 #		1,473,799		1,352,036
Structured Asset Mortgage Investments Series 1998-2 B 6.75% 5/2/30		3,279		98
Series 1998-2 C 6.75% 5/2/30		1,487		37
Towd Point Mortgage Trust Series 2015-2 2M2 144A 4.034% 11/25/57 #, ●		7,050,000		6,981,346
WinWater Mortgage Loan Trust Series 2015-5 B1 144A 3.755% 8/20/45 #		3,527,185		3,069,139
Total Non-Agency Collateralized Mortgage Obligations (cost $60,538,081)				53,855,597

Non-Agency Commercial Mortgage-Backed Securities — 6.21%
BAMLL Commercial Mortgage Securities Trust Series 2014-520M A 144A 4.325% 8/15/46 #		4,130,000		3,443,474
Citigroup Commercial Mortgage Trust Series 2018-TBR A 144A 3.648% (LIBOR01M + 0.83%, Floor 0.83%) 12/15/36 #, ●		10,000,000		9,723,619
GS Mortgage Securities Series 2012-BWTR C 144A 3.329% 11/5/34 #		1,000,000		881,360
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5 A5 3.723% 3/15/50		1,500,000		1,406,524
KKR Industrial Portfolio Trust Series 2021-KDIP B 144A 3.618% (LIBOR01M + 0.80%, Floor 0.80%) 12/15/37 #, ●		2,250,000		2,142,822
One Market Plaza Trust Series 2017-1MKT A 144A 3.614% 2/10/32 #		4,000,000		3,867,184
UBS Commercial Mortgage Trust Series 2017-C1 AS 3.724% 6/15/50		4,000,000		3,517,125
Series 2017-C6 A5 3.58% 12/15/50		7,000,000		6,439,829
Series 2017-C7 AS 4.061% 12/15/50		2,300,000		2,091,092
Total Non-Agency Commercial Mortgage-Backed Securities (cost $36,757,916)				33,513,029

Sovereign Bonds — 2.56%Δ
Azerbaijan — 0.13%
Republic of Azerbaijan International Bond 144A 3.50% 9/1/32 #		850,000		687,181
				687,181
Bahrain — 0.17%
Bahrain Government International Bond 144A 7.375% 5/14/30 #		974,000		931,060
				931,060
Brazil — 0.13%
Brazilian Government International Bond 4.75% 1/14/50		1,000,000		683,870
				683,870
Colombia — 0.17%
Colombia Government International Bond 3.25% 4/22/32		1,321,000		896,121
				896,121

Table of Contents

Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount^°		Value (US $)
Sovereign Bonds Δ(continued)
Dominican Republic — 0.17%
Dominican Republic International Bond 144A 4.875% 9/23/32 #		1,189,000	$	898,362
				898,362
Ivory Coast — 0.16%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		1,147,000		877,455
				877,455
Mexico — 0.14%
Mexico Government International Bond 3.50% 2/12/34		1,000,000		762,363
				762,363
Nigeria — 0.16%
Nigeria Government International Bond 144A 7.875% 2/16/32 #		1,342,000		867,442
				867,442
Oman — 0.17%
Oman Government International Bond 144A 6.75% 1/17/48 #		1,110,000		893,699
				893,699
Paraguay — 0.14%
Paraguay Government International Bond 144A 5.40% 3/30/50 #		1,000,000		738,943
				738,943
Peru — 0.17%
Peruvian Government International Bond 2.844% 6/20/30		1,140,000		938,351
				938,351
Qatar — 0.17%
Qatar Government International Bond 144A 4.00% 3/14/29 #		973,000		934,103
				934,103
Saudi Arabia — 0.18%
Saudi Government International Bond 144A 3.625% 3/4/28 #		1,012,000		958,844
				958,844
Turkey — 0.17%
Turkey Government International Bond 7.625% 4/26/29		1,085,000		926,527
				926,527
Uruguay — 0.16%
Uruguay Government International Bond 4.375% 1/23/31		906,000		868,901
				868,901
Uzbekistan — 0.17%
Republic of Uzbekistan International Bond 144A 5.375% 2/20/29 #		1,104,000		928,620
				928,620
Total Sovereign Bonds (cost $15,051,130)				13,791,842

US Treasury Obligations — 8.31%
US Treasury Bonds 2.875% 5/15/52		19,945,000		16,731,986
3.00% 8/15/52		8,800,000		7,596,876
3.25% 5/15/42		16,475,000		14,626,711
US Treasury Note 2.75% 8/15/32		6,375,000		5,830,137
Total US Treasury Obligations (cost $49,616,577)				44,785,710

	Number of shares
Preferred Stock — 0.57%
Brookfield Infrastructure Partners 5.00%		200,000		3,096,000
Total Preferred Stock (cost $5,000,000)				3,096,000
Total Value of Securities—99.26% (cost $591,709,474)			$	535,190,661


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

Table of Contents

•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $187,890,030, which represents 34.85% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
♦	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
Δ	Securities have been classified by country of risk.

The following future contracts were outstanding at September 30, 2022:¹

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount		Notional Cost (Proceeds)		Expiration Date	Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
256	US Treasury 10 yr Notes	$	28,688,000	$	29,283,109	12/20/22	$	(595,110	)	$	(104,064	)
	US Treasury 10 yr Ultra
50	Notes		5,924,219		6,271,608	12/20/22		(347,389	)		(25,000	)
Total Futures Contracts				$	35,554,717		$	(942,499	)	$	(129,064	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amount presented above represents the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

GNMA – Government National Mortgage Association

GS – Goldman Sachs

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

TSFR03M – 3 Month Term Secured Overnight Financing Rate

USD – US Dollar

yr – Year

Table of Contents

Schedules of investments

Delaware Ivy Core Bond Fund

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Core Equity Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 95.22%
Communication Services — 5.51%
Alphabet Class A †		1,304,936	$	124,817,128
Take-Two Interactive Software †		568,329		61,947,861
				186,764,989
Consumer Discretionary — 6.04%
Amazon.com †		560,007		63,280,791
Aptiv *, †		822,209		64,304,966
AutoZone †		35,873		76,837,455
				204,423,212
Consumer Staples — 4.75%
Costco Wholesale		164,462		77,670,469
Sysco		1,179,258		83,385,333
				161,055,802
Energy — 3.07%
ConocoPhillips		767,061		78,501,023
Schlumberger		713,453		25,612,962
				104,113,985
Financials — 18.00%
American Express		307,953		41,545,939
Aon Class A		179,052		47,962,659
Artisan Partners Asset Management Class A		1,393,386		37,523,885
Bank of America		1,408,255		42,529,301
Blackstone *		565,811		47,358,381
Charles Schwab		1,139,001		81,860,002
CME Group Class A		287,811		50,979,962
Intercontinental Exchange		529,373		47,828,851
KKR & Co.		1,281,519		55,105,317
Morgan Stanley		761,143		60,137,908
Progressive		834,918		97,025,821
				609,858,026
Healthcare — 17.69%
Danaher		434,859		112,319,731
Eli Lilly & Co.		284,959		92,141,493
HCA Healthcare		324,139		59,573,507
UnitedHealth Group		420,590		212,414,773
Vertex Pharmaceuticals †		164,042		47,496,721
Zoetis		507,322		75,230,779
				599,177,004
Industrials — 9.74%
Airbus ADR *		2,970,711		63,781,165
Caterpillar		103,715		17,017,557
Deere & Co.		186,406		62,239,100
Equifax *		267,656		45,884,268
Union Pacific		255,681		49,811,773
United Rentals †		338,011		91,303,531
				330,037,394
Information Technology — 23.27%
Apple		797,582		110,225,832
Applied Materials		344,183		28,198,913
Fiserv †		586,931		54,919,134
Intuit		128,955		49,946,851
Mastercard Class A		221,000		62,839,140
Microchip Technology		1,345,467		82,113,851
Microsoft		1,149,992		267,833,137
TE Connectivity		824,122		90,950,104
VeriSign †		237,885		41,320,624
				788,347,586
Materials — 3.82%
Linde		282,921		76,272,673
Sherwin-Williams		259,699		53,173,370
				129,446,043
Utilities — 3.33%
NextEra Energy		1,436,477		112,634,162
				112,634,162
Total Common Stocks (cost $2,299,128,293)				3,225,858,203

Short-Term Investments — 4.78%
Money Market Mutual Funds — 4.78%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		40,525,298		40,525,298
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		40,525,298		40,525,298
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		40,525,298		40,525,298
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		40,525,298		40,525,298
Total Short-Term Investments (cost $162,101,192)				162,101,192
Total Value of Securities Before Securities Lending Collateral—100.00% (cost $2,461,229,485)				3,387,959,395■

Table of Contents

Schedules of investments

Delaware Ivy Core Equity Fund

	Number of shares		Value (US $)
Securities Lending Collateral** — 0.05%
Money Market Mutual Fund — 0.05%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		1,734,050	$	1,734,050
Total Securities Lending Collateral (cost $1,734,050)				1,734,050
Total Value of Securities—100.05% (cost $2,462,963,535)			$	3,389,693,445


†	Non-income producing security.
*	Fully or partially on loan.
■	Includes $32,024,154 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $31,254,149.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.

Summary of abbreviations:

ADR – American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Global Bond Fund

September 30, 2022 (Unaudited)

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities – 3.03%
Fannie Mae S.F. 20 yr 4.00% 8/1/42		515,409	$	483,951
Fannie Mae S.F. 30 yr
3.50% 1/1/52		2,220,139		2,003,551
5.00% 9/1/52		2,844,143		2,773,580
5.50% 10/1/52		2,207,000		2,198,615
Freddie Mac S.F. 15 yr 4.50% 9/1/37		879,416		865,640
Freddie Mac S.F. 30 yr
4.00% 8/1/52		1,371,337		1,276,053
4.50% 10/1/35		121,109		118,720
4.50% 9/1/52		1,421,000		1,358,583
5.00% 7/1/52		1,676,603		1,637,331
Total Agency Mortgage-Backed Securities (cost $13,159,367)				12,716,024

Corporate Bonds∆ – 49.57%
Australia – 1.97%
Ausgrid Finance 144A 3.85% 5/1/23 #		4,400,000		4,367,636
Australia & New Zealand Banking Group 144A 4.40% 5/19/26 #		3,000,000		2,852,492
CSL Finance 144A 4.05% 4/27/29 #		580,000		534,942
WestConnex Finance Pty 3.15% 3/31/31		1,000,000		498,700
				8,253,770
Brazil – 0.44%
Itau Unibanco Holding 144A 3.25% 1/24/25 #		1,230,000		1,165,425
XP 144A 3.25% 7/1/26 #		800,000		692,560
				1,857,985
Canada – 0.79%
Royal Bank of Canada 4.65% 1/27/26		1,500,000		1,460,887
TransCanada PipeLines 4.25% 5/15/28		2,000,000		1,854,976
				3,315,863
Chile – 0.77%
Banco del Estado de Chile 144A 2.704% 1/9/25 #		1,500,000		1,406,008
Saci Falabella 3.75% 4/30/23		1,850,000		1,834,297
				3,240,305
China – 0.39%
ENN Energy Holdings 144A 2.625% 9/17/30 #		2,000,000		1,618,909
				1,618,909
Colombia – 0.30%
Geopark 144A 5.50% 1/17/27 #		1,635,000		1,278,745
				1,278,745
Czech Republic – 0.13%
Energo-Pro 144A 8.50% 2/4/27 #		600,000		559,917
				559,917
France – 0.91%
AXA 5.125% 7/4/43 *, µ		1,700,000		1,683,007
TotalEnergies 2.708% 5/5/23 µ, Ψ		1,500,000		1,447,063
Verallia 1.875% 11/10/31		1,000,000		672,902
				3,802,972
Germany – 1.86%
Aroundtown 1.625% 1/31/28 *		1,700,000		1,308,963
Bayer US Finance II 144A 4.25% 12/15/25 #		2,000,000		1,915,740
Deutsche Bank
0.75% 2/17/27 µ		1,300,000		1,088,872
5.625% 5/19/31 µ		1,200,000		1,121,410
Volkswagen Leasing 0.50% 1/12/29		1,500,000		1,154,562
Vonovia Finance 2.25% 4/7/30		1,500,000		1,202,622
				7,792,169
Guatemala – 0.42%
Central American Bottling 144A 5.25% 4/27/29 #		1,500,000		1,303,253
CT Trust 144A 5.125% 2/3/32 #		600,000		452,751
				1,756,004
India – 1.92%
Greenko Mauritius 144A 6.25% 2/21/23 #		1,350,000		1,333,125
Greenko Power II 144A 4.30% 12/13/28 #		391,000		308,401
State Bank of India
144A 4.375% 1/24/24 #		2,500,000		2,476,767
144A 4.875% 4/17/24 #		2,300,000		2,289,228
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		2,300,000		1,671,948
				8,079,469
Indonesia – 1.33%
Perusahaan Listrik Negara
144A 5.375% 1/25/29 #		4,800,000		4,527,432
144A 5.45% 5/21/28 #		1,100,000		1,050,264
				5,577,696

Table of Contents

Schedules of investments

Delaware Ivy Global Bond Fund

	Principal amount°		Value (US $)
Corporate BondsΔ (continued)
Israel – 0.64%
Bank Hapoalim 144A 3.255% 1/21/32 #, µ		2,055,000	$	1,717,711
Energean Israel Finance 144A 4.875% 3/30/26 #		1,100,000		976,250
				2,693,961
Italy – 0.18%
Autostrade per l’Italia 2.00% 12/4/28		1,000,000		760,683
				760,683
Japan – 0.95%
Mitsubishi UFJ Financial Group 3.287% 7/25/27		1,500,000		1,362,888
Sumitomo Mitsui Financial Group 3.748% 7/19/23 *		2,650,000		2,629,187
				3,992,075
Kazakhstan – 0.97%
Development Bank of Kazakhstan
144A 5.75% 5/12/25 #		2,000,000		1,995,204
144A 10.95% 5/6/26 #		429,000,000		736,137
KazTransGas JSC 144A 4.375% 9/26/27 #		1,588,000		1,349,800
				4,081,141
Kuwait – 1.23%
NBK SPC 144A 1.625% 9/15/27 #, µ		6,000,000		5,164,272
				5,164,272
Malaysia – 0.14%
Petronas Capital 144A 3.50% 4/21/30 #		650,000		593,807
				593,807
Mexico – 2.21%
Banco Santander Mexico
144A 4.125% 11/9/22 #		3,800,000		3,797,093
144A 5.375% 4/17/25 #		1,150,000		1,120,008
144A 5.95% 10/1/28 #, µ		850,000		822,515
BBVA Bancomer
144A 1.875% 9/18/25 #		1,400,000		1,255,732
144A 5.875% 9/13/34 #, µ		1,700,000		1,457,988
Corp Inmobiliaria Vesta 144A 3.625% 5/13/31 #		1,100,000		828,392
				9,281,728
Netherlands – 2.94%
ABN AMRO Bank 2.875% 1/18/28 µ		3,800,000		3,714,023
ING Groep
2.125% 5/26/31 *, µ		1,200,000		1,047,438
3.00% 4/11/28 µ		7,800,000		7,583,196
				12,344,657
New Zealand – 0.28%
ANZ New Zealand Int’l 144A 3.45% 1/21/28 #		1,300,000		1,179,543
				1,179,543
Paraguay – 0.36%
Rutas 2 and 7 Finance 144A 4.551% 9/30/36 #, ^		2,532,667		1,534,872
				1,534,872
Peru – 0.92%
Banco Internacional del Peru 144A 3.25% 10/4/26 #		800,000		725,539
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 #		1,300,000		1,080,450
SAN Miguel Industrias Pet 144A 3.50% 8/2/28 #		2,550,000		2,065,270
				3,871,259
Republic of Korea – 0.44%
SK Hynix 3.00% 9/17/24		1,925,000		1,839,060
				1,839,060
Singapore – 0.51%
DBS Group Holdings 1.50% 4/11/28 µ		2,200,000		2,123,671
				2,123,671
South Africa – 0.17%
Bidvest Group UK 144A 3.625% 9/23/26 #		822,000		701,413
				701,413
Spain – 0.87%
Abertis Infraestructuras 1.875% 3/26/32		1,300,000		992,022
Abertis Infraestructuras Finance 3.248% 11/24/25 µ, ψ		700,000		558,591
Banco Santander 2.706% 6/27/24		2,200,000		2,101,853
				3,652,466
Switzerland – 0.79%
Credit Suisse Group 144A 4.282% 1/9/28 #		1,800,000		1,530,724
Holcim Finance Luxembourg 0.50% 4/23/31		1,500,000		1,038,761

Table of Contents

	Principal amount°		Value (US $)
Corporate BondsΔ (continued)
Switzerland (continued)
UBS Group 144A 4.751% 5/12/28 #, µ		800,000	$	751,958
				3,321,443
Tanzania – 0.27%
AngloGold Ashanti Holdings 3.75% 10/1/30		1,450,000		1,126,805
				1,126,805
Thailand – 0.16%
Thaioil Treasury Center 144A 2.50% 6/18/30 #		850,000		665,903
				665,903
United Arab Emirates – 0.82%
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 #		1,873,242		1,705,269
MAF Sukuk 3.933% 2/28/30		1,901,000		1,740,964
				3,446,233
United Kingdom – 1.31%
Babcock International Group 1.375% 9/13/27		1,450,000		1,167,902
Barclays 2.00% 2/7/28 µ		4,500,000		4,343,498
				5,511,400
United States – 22.18%
Air Lease 2.875% 1/15/32		1,765,000		1,332,802
Aircastle 4.40% 9/25/23		2,800,000		2,749,912
Amazon.com 3.60% 4/13/32		1,720,000		1,565,664
Aon 5.00% 9/12/32		1,025,000		983,368
Aptiv 3.25% 3/1/32		405,001		322,950
Autodesk 2.40% 12/15/31		695,000		541,752
Bank of America
2.551% 2/4/28 µ		1,235,000		1,075,656
3.593% 7/21/28 µ		3,175,000		2,870,653
3.648% 3/31/29 *, µ		1,500,000		1,418,649
4.375% 1/27/27 µ, Ψ		850,000		684,250
4.948% 7/22/28 µ		2,815,000		2,707,668
6.125% 4/27/27 µ, Ψ		1,165,000		1,103,837
Bank of New York Mellon 4.596% 7/26/30 µ		400,000		379,551
BP Capital Markets America 2.721% 1/12/32		2,025,000		1,646,922
CDW 3.276% 12/1/28		760,000		635,660
Celanese US Holdings
6.05% 3/15/25		990,000		968,022
6.165% 7/15/27		485,000		459,623
Charter Communications Operating 3.85% 4/1/61		400,000		234,550
Citigroup
3.07% 2/24/28 µ		1,210,000		1,079,815
3.52% 10/27/28 µ		3,125,000		2,793,538
5.61% 9/29/26 µ		2,190,000		2,179,439
Crown Castle International 4.00% 3/1/27		3,000,000		2,796,703
Discovery Communications 4.00% 9/15/55		900,000		532,606
Duke Energy
2.55% 6/15/31		261,000		205,051
3.10% 6/15/28		1,200,000		1,103,174
Entegris Escrow 144A 4.75% 4/15/29 #		1,660,000		1,465,904
Eversource Energy 2.90% 3/1/27		1,275,000		1,158,810
Fells Point Funding Trust 144A 3.046% 1/31/27 #		1,160,000		1,034,986
Fidelity National Information Services 4.70% 7/15/27		680,000		655,561
Fifth Third Bancorp 4.337% 4/25/33 µ		1,155,000		1,025,473
Ford Motor Credit
2.30% 2/10/25		475,000		421,523
2.90% 2/10/29		695,000		527,658
General Motors 5.60% 10/15/32		1,480,000		1,323,009
Goldman Sachs Group
1.542% 9/10/27 µ		670,000		566,724
3.102% 2/24/33 µ		460,000		365,915
3.615% 3/15/28 µ		1,690,000		1,539,711
3.814% 4/23/29 µ		2,600,000		2,308,794
HCA 144A 3.125% 3/15/27 #		660,000		585,211
Huntington National Bank 4.552% 5/17/28 µ		875,000		843,294
JBS USA LUX 144A 3.625% 1/15/32 #		2,865,000		2,244,083
JPMorgan Chase & Co.
1.953% 2/4/32 µ		1,610,000		1,193,203
3.54% 5/1/28 µ		2,132,000		1,932,140
4.00% 4/1/25 µ, y		1,250,000		1,031,250
4.851% 7/25/28 µ		1,620,000		1,557,164
4.912% 7/25/33 µ		1,190,000		1,098,947
KeyCorp 4.789% 6/1/33 µ		1,035,000		950,462
Mileage Plus Holdings 144A 6.50% 6/20/27 #		1,154,250		1,131,904
Morgan Stanley
2.475% 1/21/28 µ		895,000		783,194
2.95% 5/7/32 µ		2,200,000		1,907,286
PayPal Holdings
3.90% 6/1/27 *		440,000		422,017
4.40% 6/1/32 *		2,230,000		2,080,543

Table of Contents

Schedules of investments

Delaware Ivy Global Bond Fund

	Principal amount°		Value (US $)
Corporate BondsΔ (continued)
United States (continued)
PNC Financial Services Group
6.00% 5/15/27 *, µ, Ψ		865,000	$	804,450
6.20% 9/15/27 µ, Ψ		355,000		336,363
PPG Industries 2.75% 6/1/29		1,400,000		1,246,602
Raytheon Technologies 2.15% 5/18/30		600,000		514,387
Sagicor Financial 144A 5.30% 5/13/28 #		1,400,000		1,311,520
Southern Co. Gas Capital 5.15% 9/15/32		3,591,000		3,437,506
State Street 2.203% 2/7/28 µ		1,650,000		1,448,439
SVB Financial Group 4.57% 4/29/33 µ		1,510,000		1,325,628
Truist Financial 4.916% 7/28/33 µ		4,080,000		3,692,823
US Bancorp
2.215% 1/27/28 µ		970,000		855,717
2.677% 1/27/33 µ		1,010,000		813,086
Valero Energy 3.65% 12/1/51		880,000		601,542
VICI Properties 4.95% 2/15/30 *		2,310,000		2,092,479
Vistra Operations 144A 5.125% 5/13/25 #		2,105,000		2,040,756
Warnermedia Holdings
144A 3.755% 3/15/27 #		2,680,000		2,401,141
144A 4.054% 3/15/29 #		450,000		389,197
144A 4.279% 3/15/32 #		465,000		383,145
Wells Fargo & Co.
4.30% 7/22/27		3,000,000		2,808,029
4.808% 7/25/28 µ		1,685,000		1,608,768
Westlake 1.625% 7/17/29		1,200,000		885,721
Workday
3.50% 4/1/27		275,000		254,775
3.70% 4/1/29		425,000		381,679
3.80% 4/1/32		1,123,000		976,049
				93,136,383
Total Corporate Bonds (cost $235,000,668)				208,156,579

Sovereign BondsΔ – 18.39%
Albania – 0.15%
Albania Government International Bond 144A 3.50% 11/23/31 #		896,000		645,633
Angola – 0.45%
Angolan Government International Bonds 144A 8.75% 4/14/32 #		2,200,000		1,637,130
8.75% 4/14/32		345,000		256,732
				1,893,862
Armenia – 0.16%
Republic of Armenia International Bond 144A 3.60% 2/2/31 #		993,000		676,332
Bermuda – 0.50%
Bermuda Government International Bonds
144A 2.375% 8/20/30 #		1,688,000		1,351,227
144A 5.00% 7/15/32 #		800,000		761,598
				2,112,825
Chile – 1.19%
Chile Government International Bonds
3.10% 5/7/41		1,914,000		1,301,625
2.55% 7/27/33		3,000,000		2,252,503
4.34% 3/7/42		1,800,000		1,429,847
				4,983,975
Colombia – 1.55%
Colombia Government International Bonds
3.00% 1/30/30 *		2,300,000		1,652,734
3.125% 4/15/31		5,089,000		3,537,688
4.125% 2/22/42		2,268,000		1,295,169
				6,485,591
Dominican Republic – 1.02%
Dominican Republic International Bonds
144A 4.875% 9/23/32 #		3,577,000		2,702,643
144A 5.50% 2/22/29 #		1,800,000		1,556,093
				4,258,736
Egypt – 0.20%
Egypt Government International Bond 5.25% 10/6/25		1,064,000		831,473
Finland – 1.68%
Finland Government Bond 144A 1.375% 4/15/27 #		7,500,000		7,042,806
Georgia – 0.17%
Georgia Government International Bond 144A 2.75% 4/22/26 #		854,000		730,260
Germany – 0.79%
Bundesobligation 1.30% 10/15/27		2,200,000		2,086,345
Bundesrepublik Deutschland Bundesanleihe 0.000% 2/15/32		1,500,000		1,211,838
				3,298,183

Table of Contents

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Indonesia – 0.84%
Indonesia Government International Bonds
2.95% 1/11/23		2,900,000	$	2,889,296
3.85% 10/15/30 *		700,000		629,900
				3,519,196
Italy – 0.65%
Italy Buoni Poliennali Del Tesoro
144A 4.00% 4/30/35 #		2,500,000		2,339,009
2.50% 12/1/32		450,000		369,851
				2,708,860
Ivory Coast – 1.05%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		5,768,000		4,412,520
Morocco – 0.61%
Morocco Government International Bonds
5.50% 12/11/42		700,000		518,000
144A 2.375% 12/15/27 #		2,500,000		2,060,198
				2,578,198
Netherlands – 0.52%
Netherlands Government Bond 144A 0.50% 7/15/ 32 #		2,690,000		2,197,917
Norway – 1.40%
Norway Government Bond 144A 3.50% 10/6/42 #		62,990,000		5,885,662
Paraguay – 1.55%
Paraguay Government International Bonds
144A 4.95% 4/28/31 #		5,767,000		5,152,488
144A 2.739% 1/29/33 #		1,887,000		1,364,318
				6,516,806
Republic of North Macedonia – 0.31%
North Macedonia Government International Bond 144A 1.625% 3/10/28 #		1,777,000		1,301,198
Senegal – 0.38%
Senegal Government International Bond 144A 6.25% 5/23/33 #		2,122,000		1,601,121
South Africa – 0.73%
Republic of South Africa Government International Bonds 5.65% 9/27/47		4,756,000		3,070,730
Spain – 0.60%
Spain Government Bonds 144A 1.00% 10/31/50 #		130,000		69,413
Spain Government Bonds 144A 3.45% 7/30/43 #		2,590,000		2,465,914
				2,535,327
United Kingdom – 0.68%
United Kingdom Gilt 1.50% 7/31/53		4,280,000		2,838,150
Uzbekistan – 1.21%
Republic of Uzbekistan International Bond 144A 4.75% 2/20/24 #		750,000		708,371
Republic of Uzbekistan International Bonds
144A 5.375% 2/20/29 #		3,481,000		2,928,012
144A 14.00% 7/19/24 #		7,800,000,000		679,376
Uzbekneftegaz 4.75% 11/16/ 28		1,000,000		760,000
				5,075,759
Total Sovereign Bonds (cost $84,808,289)				77,201,120

Supranational Banks – 2.07%
Banco Latinoamericano de Comercio Exterior 144A 2.375% 9/14/25 #		2,000,000		1,822,750
Central American Bank for Economic Integration 144A 1.14% 2/9/26 #		2,000,000		1,770,570
Corp Andina de Fomento 2.375% 5/12/23		650,000		641,770
Banque Ouest Africaine de Developpement 5.00% 7/27/27		1,800,000		1,651,590
European Union 1.00% 7/6/32		3,420,000		2,804,293
Total Supranational Banks (cost $9,550,103)				8,690,973

US Treasury Obligations – 25.54%
US Treasury Notes
0.125% 10/15/23		2,000,000		1,915,878
0.25% 7/31/25		8,000,000		7,152,031
0.25% 10/31/25		4,800,000		4,251,656
0.375% 11/30/25		11,000,000		9,754,550
0.375% 12/31/25		7,400,000		6,544,953
0.375% 7/31/27		4,000,000		3,359,219
0.375% 9/30/27		4,600,000		3,838,664
0.50% 2/28/26		4,800,000		4,236,562
0.50% 10/31/27		2,000,000		1,674,688
1.25% 4/30/28		8,680,000		7,469,886
1.25% 5/31/28		5,000,000		4,294,531
2.125% 3/31/24		755,000		731,200
2.25% 11/15/25		2,450,000		2,307,881
2.375% 5/15/27		8,525,000		7,903,608

Table of Contents

Schedules of investments

Delaware Ivy Global Bond Fund

	Principal amount°			Value (US $)
US Treasury Obligations (continued)
US Treasury Notes
2.375% 3/31/29		21,035,000		$	19,051,465
2.75% 5/15/25		8,680,000			8,354,161
2.875% 7/31/25 *		355,000			342,090
2.875% 5/15/28		3,000,000			2,820,351
2.875% 4/30/29		9,000,000			8,403,750
2.875% 5/15/32		3,080,000			2,848,278
Total US Treasury Obligations (cost $118,281,141)					107,255,402

		Number of contracts
Options Purchased – 0.18%
Foreign Currency Put Option – 0.03%
EUR vs JPY strike price $128 EUR, expiration date 5/23/23, notional amount 1,168,000,000 (JPMCB)
		9,125,000			143,236
Put Swaptions – 0.15%
CDX.NA.IG 38 5 yr strike price $85, expiration date 10/19/22 (JPMCB)		89,700,000			615,761
Total Options Purchased (cost $418,664)					758,997
Total Value of Securities Before Securities Lending Collateral and Options Written–98.78% (cost $461,218,232)					414,779,095

	Number of shares
Securities Lending Collateral** – 1.11%
Money Market Mutual Fund – 1.11%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		4,660,200			4,660,200
Total Securities Lending Collateral (cost $4,660,200)					4,660,200

	Number of contracts
Options Written – (0.07)%
Foreign Currency Call Option – (0.01)%
EUR vs JPY strike price $118 EUR, expiration date 5/23/23, notional amount (1,076,750,000) (JPMCB)		(9,125,000	)		(64,366	)
Put Swaptions – (0.06)%
CDX.NA.IG 38 5 yr strike price $100, expiration date 10/19/22 1 (JPMCB)		(89,700,000	)		(242,724	)
Total Options Written (premium received $202,527)					(307,090	)
Total Value of Securities–99.82% (cost $465,675,905)				$	419,132,205■


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of risk.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $132,411,799, which represents 31.53% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
*	Fully or partially on loan.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $8,087,691 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $4,004,989.

Table of Contents

The following foreign currency exchange contracts and futures contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
GSC	AUD	4,850,786		USD	(3,411,038	)	11/18/22	$	—	$	(290,051	)
GSC	EUR	(27,828,401	)	USD	28,457,323		11/18/22		1,099,848		—
JPMCB	CLP	1,593,487,600		USD	(1,762,726	)	11/18/22		—		(130,794	)
JPMCB	EUR	(2,014,000	)	USD	2,028,161		11/18/22		47,421		—
TD	EUR	(40,028,401	)	USD	40,666,579		11/18/22		1,315,560		—
TD	GBP	(2,300,000	)	USD	2,503,048		11/18/22		—		(66,331	)
TD	JPY	925,000,000		USD	(6,929,396	)	11/18/22		—		(506,483	)
Total Foreign Currency Exchange Contracts								$	2,462,829	$	(993,659	)

Futures Contracts

Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
702	90 Day Bank Bill	$	4,301,749		$	4,353,829			3/9/23	$	—	$	(52,080	)	$	41,668
(508)	90 Day Euro		(121,297,701	)		(123,061,696	)		12/18/23		1,763,995		—			44,450
	Australian Treasury
333	10 yr Bonds		24,946,217			25,581,486			12/15/22		—		(635,269	)		117,126
	Canadian Treasury
92	10yr Bonds		8,231,281			8,328,426			12/19/22		—		(97,145	)		841
(147)	Euro-Bobl		(17,252,066	)		(17,747,385	)		12/8/22		495,319		—			(85,059	)
(27)	Euro-BTP		(2,963,142	)		(3,112,608	)		12/8/22		149,466		—			(30,449	)
(66)	Euro-Bund		(8,957,990	)		(9,036,121	)		12/8/22		78,131		—			(64,051	)
(21)	Euro-Buxl		(3,018,005	)		(3,300,327	)		12/8/22		282,322		—			(23,082	)
(293)	Euro-Schatz		(30,772,928	)		(31,086,637	)		12/8/22		313,709		—			(51,725	)
51	Long 10 yr Gilt		5,489,407			6,227,006			12/28/22		—		(737,599	)		(12,798	)
(224)	US Treasury 2 yr Notes		(46,007,500	)		(46,726,230	)		12/30/22		718,730		—			33,250
(31)	US Treasury 5 yr Notes		(3,332,742	)		(3,420,841	)		12/30/22		88,098		—			8,235
	US Treasury 10 yr
144	Notes		16,137,001			16,843,825			12/20/22		—		(706,824	)		(56,251	)
	US Treasury 10 yr Ultra
17	Notes		2,014,234			2,132,081			12/20/22		—		(117,847	)		(8,500	)
	US Treasury Long
(8)	Bonds		(1,011,250	)		(1,086,792	)		12/20/22		75,542		—			5,250
	US Treasury Ultra
(25)	Bonds		(3,425,000	)		(3,693,100	)		12/20/22		268,101		—			40,625
Total Futures Contracts					$	(178,805,084	)			$	4,233,413	$	(2,346,764	)	$	(40,470	)

The use of foreign exchange contracts and future contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin is reflected in the Fund’s net assets.

¹See Note 8 in “Notes to financial statements.”

Table of Contents

Schedules of investments

Delaware Ivy Global Bond Fund

Summary of abbreviations:

BTP – Buoni del Tesoro Poliennali

CDX.NA.IG – Credit Default Swap Index North America Investment Grade

GSC – Goldman Sachs Bank USA

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

S.F. – Single Family

TD – TD Bank

yr – Year

Summary of currencies:

AUD – Australian Dollar

CLP – Chilean Peso

EUR – European Monetary Unit

GBP – British Pound Sterling

JPY – Japanese Yen

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Global Growth Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 99.44%
Canada – 3.47%
Barrick Gold		322,172	$	4,993,666
Canadian Natural Resources		324,194		15,097,715
				20,091,381
China – 2.46%
H World Group ADR *		198,984		6,673,923
JD.com ADR *		149,920		7,540,976
				14,214,899
China/Hong Kong – 2.85%
China Mengniu Dairy †		2,613,000		10,329,464
Tencent Holdings		182,500		6,164,178
				16,493,642
Denmark – 1.72%
Genmab †		31,029		9,982,145
				9,982,145
France – 5.81%
Airbus		104,255		8,986,820
BNP Paribas		177,806		7,510,394
LVMH Moet Hennessy Louis Vuitton		8,339		4,916,464
Thales		28,481		3,138,435
TotalEnergies *		62,370		2,926,063
Vinci		75,814		6,130,379
				33,608,555
Germany – 5.09%
Bayer		201,524		9,285,126
Deutsche Telekom		764,799		13,018,159
RWE		194,696		7,156,248
				29,459,533
Hong Kong – 1.16%
Prudential		686,710		6,721,267
				6,721,267
India – 5.45%
ICICI Bank		641,258		6,732,733
Larsen & Toubro		532,221		12,015,050
NTPC		3,139,430		6,131,504
State Bank of India		1,026,289		6,646,304
				31,525,591
Israel – 1.79%
Check Point Software Technologies †		92,349		10,344,935
				10,344,935
Italy – 1.19%
Ferrari		37,233		6,895,026
				6,895,026
Japan – 3.47%
ORIX		928,500		13,007,406
Subaru		469,900		7,101,291
				20,108,697
Taiwan – 2.18%
Taiwan Semiconductor Manufacturing		954,000		12,645,644
				12,645,644
United Kingdom – 3.47%
AstraZeneca		78,132		8,589,010
Reckitt Benckiser Group		173,879		11,524,952
				20,113,962
United States – 59.33%
Abbott Laboratories		77,245		7,474,226
AGNC Investment		844,998		7,114,883
Alphabet Class A †		126,151		12,066,343
Amazon.com †		110,357		12,470,341
Ambarella †		111,816		6,281,823
Apple		78,418		10,837,368
Aptiv †		99,933		7,815,760
Autodesk †		37,370		6,980,716
Burlington Stores *, †		41,086		4,597,113
Casey’s General Stores		43,375		8,784,305
ConocoPhillips		164,048		16,788,672
Darden Restaurants		113,330		14,315,846
Eli Lilly & Co.		24,529		7,931,452
First Republic Bank		71,302		9,308,476
Frontier Communications Parent †		184,971		4,333,871
Ingersoll Rand		157,898		6,830,667
Intercontinental Exchange		68,291		6,170,092
Intuit		28,051		10,864,713
Mastercard Class A		42,961		12,215,531
Microchip Technology		84,729		5,171,011
Microsoft		121,266		28,242,851
Morgan Stanley		103,390		8,168,844
NVIDIA		41,811		5,075,437
Procter & Gamble		88,178		11,132,472
Raytheon Technologies		126,394		10,346,613
Regeneron Pharmaceuticals †		18,572		12,793,694
Schlumberger		93,026		3,339,633
Schneider Electric		55,583		6,278,143
Seagate Technology Holdings		89,133		4,744,550
Skechers USA Class A †		231,251		7,335,282
Thermo Fisher Scientific		13,350		6,770,987
T-Mobile US †		47,227		6,336,447
Union Pacific		46,700		9,098,094
UnitedHealth Group		29,487		14,892,114
VeriSign †		59,640		10,359,468

Table of Contents

Schedules of investments

Delaware Ivy Global Growth Fund

	Number of shares		Value (US $)
Common Stocks (continued)
United States (continued)
Vertex Pharmaceuticals †		40,444	$	11,710,156
Zimmer Biomet Holdings		81,090		8,477,959
				343,455,953
Total Common Stocks (cost $551,170,998)				575,661,230

Short-Term Investments – 0.43%
Money Market Mutual Funds – 0.43%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		618,254		618,254
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		618,255		618,255
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		618,255		618,255
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		618,254		618,254
Total Short-Term Investments (cost $2,473,018)				2,473,018
Total Value of Securities Before Securities Lending Collateral–99.87% (cost $553,644,016)				578,134,248

Securities Lending Collateral** – 0.21%
Money Market Mutual Fund – 0.21%
Dreyfus Institutional Preference Government Money Market Fund – Institutional Shares (seven-day effective yield 2.98%)		1,210,874		1,210,874
Total Securities Lending Collateral (cost $1,210,874)				1,210,874
Total Value of Securities–100.08% (cost $554,854,890)			$	579,345,122■


*	Fully or partially on loan.
†	Non-income producing security.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $8,146,690 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $7,105,122.

Table of Contents

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Depreciation

BNYM

EUR

(36,579)

USD

35,810

10/3/22

(47)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹	See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – Bank of New York Mellon

Summary of currencies:

EUR – European Monetary Unit

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy High Income Fund

September 30, 2022 (Unaudited)

	Principal amount^°		Value (US $)
Convertible Bond — 0.16%
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26		4,857,000	$	4,160,021
Total Convertible Bond (cost $4,311,943)				4,160,021

Corporate Bonds — 78.95%
Automotive — 0.58%
Goodyear Tire & Rubber 5.25% 7/15/31		18,975,000		15,203,244
				15,203,244
Banking — 0.44%
Deutsche Bank 6.00% 10/30/25 µ, Ψ		15,400,000		11,627,000
				11,627,000
Basic Industry — 3.01%
Cerdia Finanz 144A 10.50% 2/15/27 #		12,970,000		10,719,285
Chemours 144A 5.75% 11/15/28 #		18,340,000		15,042,651
First Quantum Minerals 144A 6.875% 10/15/27 #		4,575,000		4,127,702
FMG Resources August 2006
144A 5.875% 4/15/30 #		13,205,000		11,505,317
144A 6.125% 4/15/32 #		5,955,000		5,125,826
Novelis 144A 4.75% 1/30/30 #		24,909,000		20,488,400
Vibrantz Technologies 144A 9.00% 2/15/30 #		18,063,000		11,792,917
				78,802,098
Capital Goods — 3.07%
ARD Finance 144A PIK 6.50% 6/30/27 #, >		8,075,311		5,545,558
Bombardier 144A 6.00% 2/15/28 #		5,423,000		4,545,365
Clydesdale Acquisition Holdings 144A 6.625% 4/15/29 #		3,010,000		2,745,150
Sealed Air 144A 5.00% 4/15/29 #		8,655,000		7,736,142
TransDigm
4.625% 1/15/29		1,179,000		952,060
5.50% 11/15/27		23,552,000		20,536,520
Wesco Aircraft Holdings
144A 8.50% 11/15/24 #		31,156,000		16,356,900
144A 9.00% 11/15/26 #, *		34,006,000		20,515,820
144A 13.125% 11/15/27 #		4,540,000		1,373,350
				80,306,865
Communications — 8.33%
Altice Financing 144A 5.75% 8/15/29 #		25,860,000		19,850,395
Altice France
144A 5.125% 7/15/29 #		11,143,000		8,351,344
144A 5.50% 10/15/29 #		5,739,000		4,332,393
Altice France Holding 144A 6.00% 2/15/28 #		33,946,000		21,604,168
Connect Finco 144A 6.75% 10/1/26 #		24,994,000		21,892,050
Consolidated Communications
144A 5.00% 10/1/28 #		5,170,000		3,605,368
144A 6.50% 10/1/28 #		23,081,000		17,310,750
Digicel Group Holdings
144A PIK 7.00% 10/21/22 #, Ψ, >>		3,452,740		604,229
144A PIK 8.00% 4/1/25 #, >>>		7,105,661		2,813,904
Digicel International Finance
144A 8.00% 12/31/26 #		7,323,665		4,490,835
144A 8.75% 5/25/24 #		15,719,000		14,413,223
Frontier Communications Holdings
144A 5.875% 10/15/27 #		8,265,000		7,426,185
5.875% 11/1/29		5,789,667		4,608,691
144A 6.00% 1/15/30 #		3,564,000		2,807,363
144A 6.75% 5/1/29 #		15,295,000		12,653,477
144A 8.75% 5/15/30 #		4,190,000		4,199,511
LCPR Senior Secured Financing DAC 144A 5.125% 7/15/29 #		4,350,000		3,281,866
Ligado Networks 144A PIK 15.50% 11/1/23 #, >>		38,873,752		18,076,295
Northwest Fiber
144A 4.75% 4/30/27 #		10,425,000		9,093,363
144A 6.00% 2/15/28 #, *		7,848,000		6,098,703
144A 10.75% 6/1/28 #		6,401,000		5,970,005
Telesat Canada
144A 5.625% 12/6/26 #		29,713,000		14,257,783
144A 6.50% 10/15/27 #		5,107,000		1,899,446
Windstream Escrow 144A 7.75% 8/15/28 #, *		10,167,000		8,439,109
				218,080,456

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Goods — 2.28%
Kronos Acquisition Holdings 144A 5.00% 12/31/26 #		11,043,000	$	9,704,312
MajorDrive Holdings IV 144A 6.375% 6/1/29 #		29,962,000		20,696,254
Performance Food Group 144A 4.25% 8/1/29 #		10,117,000		8,443,345
Pilgrim’s Pride 144A 4.25% 4/15/31 #		17,908,000		14,331,504
Scotts Miracle-Gro 4.00% 4/1/31		595,000		420,186
Simmons Foods 144A 4.625% 3/1/29 #		7,408,000		6,072,782
				59,668,383
Energy — 11.43%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		3,695,000		3,295,201
144A 7.00% 11/1/26 #		8,882,000		8,572,729
144A 8.25% 12/31/28 #		741,000		713,430
Bellatrix Exploration
8.50% 9/11/23 =		6,693,000		0
12.50% 12/15/23 =		7,293,000		0
Callon Petroleum
144A 7.50% 6/15/30 #, *		7,590,000		6,659,845
144A 8.00% 8/1/28 #, *		16,270,000		15,041,208
CNX Resources 144A 6.00% 1/15/29 #, *		25,370,000		23,207,842
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		7,419,000		6,730,109
144A 6.00% 2/1/29 #		3,421,000		3,066,448
EQM Midstream Partners 144A 4.75% 1/15/31 #		33,599,000		26,748,164
Genesis Energy
7.75% 2/1/28		14,335,000		12,488,509
8.00% 1/15/27		22,288,000		19,584,911
Hilcorp Energy I
144A 6.00% 4/15/30 #		20,775,000		18,152,397
144A 6.00% 2/1/31 #		1,905,000		1,657,610
144A 6.25% 4/15/32 #		8,530,000		7,568,413
Laredo Petroleum 10.125% 1/15/28		15,088,000		14,520,918
Mesquite Energy 144A 7.25% 2/15/23 #, ‡		3,888,000		38,880
Murphy Oil 6.375% 7/15/28		33,127,000		31,352,883
NuStar Logistics
6.00% 6/1/26		16,523,000		15,159,852
6.375% 10/1/30		16,710,000		14,335,024
Occidental Petroleum
4.20% 3/15/48		955,000		766,010
4.40% 4/15/46		3,873,000		3,191,390
4.40% 8/15/49		7,410,000		6,080,365
4.50% 7/15/44		3,985,000		3,338,898
6.45% 9/15/36		8,895,000	��	8,916,882
6.60% 3/15/46		7,560,000		7,804,226
6.625% 9/1/30		7,295,000		7,421,897
Southwestern Energy
5.375% 2/1/29		2,990,000		2,717,641
5.375% 3/15/30		21,650,000		19,554,388
Weatherford International 144A 8.625% 4/30/30 #		11,875,000		10,368,642
				299,054,712
Financial Services — 4.27%
Air Lease 4.65% 6/15/26 µ, Ψ		7,786,000		6,519,835
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		15,315,000		13,044,752
Compass Group Diversified Holdings 144A 5.25% 4/15/29 #		15,933,000		12,525,170
Highlands Holdings Bond Issuer 144A PIK 7.625% 10/15/25 #, >		19,256,975		18,197,649
Medline Borrower
144A 3.875% 4/1/29 #		22,131,000		17,778,828
144A 5.25% 10/1/29 #, *		3,924,000		2,970,193
New Cotai 5.00% 2/2/27 =		21,805,540		21,751,066
StoneX Group 144A 8.625% 6/15/25 #		18,625,000		18,850,269
				111,637,762
Healthcare — 8.28%
Avantor Funding 144A 3.875% 11/1/29 #		43,155,000		35,135,290
Bausch Health 144A 6.125% 2/1/27 #		12,880,000		8,949,024
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		18,185,000		15,043,359
CHS
144A 4.75% 2/15/31 #		12,020,000		8,099,617
144A 5.25% 5/15/30 #		6,560,000		4,582,324
Consensus Cloud Solutions
144A 6.00% 10/15/26 #		6,252,000		5,543,430
144A 6.50% 10/15/28 #		10,770,000		9,162,598
Encompass Health 4.625% 4/1/31		5,620,000		4,452,461

Table of Contents

Schedules of investments

Delaware Ivy High Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Encompass Health 4.75% 2/1/30		3,915,000	$	3,226,981
Hadrian Merger Sub 144A 8.50% 5/1/26 #		8,941,000		8,213,113
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		18,383,000		14,972,494
Organon & Co. 144A 5.125% 4/30/31 #		26,785,000		21,985,931
P&L Development 144A 7.75% 11/15/25 #		22,970,000		17,268,846
Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡		16,977,000		13,452,217
Tenet Healthcare
144A 4.375% 1/15/30 #		16,530,000		13,833,296
144A 6.125% 10/1/28 #		16,925,000		14,855,137
US Renal Care 144A 10.625% 7/15/27 #		38,595,000		17,987,470
				216,763,588
Insurance — 3.49%
Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, *, >>		40,708,402		41,522,570
HUB International 144A 5.625% 12/1/29 #		26,605,000		22,267,720
NFP
144A 6.875% 8/15/28 #		27,031,000		21,128,916
144A 7.50% 10/1/30 #		6,740,000		6,404,300
				91,323,506
Leisure — 5.56%
Boyd Gaming 144A 4.75% 6/15/31 #		28,535,000		23,149,875
Carnival
144A 5.75% 3/1/27 #		24,678,000		17,343,081
144A 6.00% 5/1/29 #		29,460,000		19,393,076
144A 7.625% 3/1/26 #		7,078,000		5,390,003
144A 9.875% 8/1/27 #		7,429,000		7,294,089
144A 10.50% 2/1/26 #		1,803,000		1,786,692
Royal Caribbean Cruises
144A 5.375% 7/15/27 #		18,683,000		13,768,811
144A 5.50% 8/31/26 #		1,750,000		1,340,990
144A 5.50% 4/1/28 #		36,986,000		25,994,501
Scientific Games Holdings 144A 6.625% 3/1/30 #		18,485,000		14,847,429
Scientific Games International 144A 7.25% 11/15/29 #		16,450,000		15,331,400
				145,639,947
Media — 11.76%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #		27,779,000		22,056,387
AMC Networks 4.25% 2/15/29 *		17,696,000		13,124,513
Arches Buyer
144A 4.25% 6/1/28 #		22,177,000		17,346,517
144A 6.125% 12/1/28 #		18,049,000		14,005,302
Cars.com 144A 6.375% 11/1/28 #		11,085,000		9,470,913
CCO Holdings
144A 4.50% 8/15/30 #		10,995,000		8,722,388
144A 4.75% 2/1/32 #		13,515,000		10,547,444
144A 6.375% 9/1/29 #		24,785,000		22,800,713
Clear Channel International 144A 6.625% 8/1/25 #		2,812,000		2,616,253
CMG Media 144A 8.875% 12/15/27 #		17,022,000		13,026,937
CSC Holdings
144A 4.50% 11/15/31 #		7,627,000		5,741,606
144A 4.625% 12/1/30 #		29,266,000		19,954,290
144A 5.00% 11/15/31 #		11,141,000		7,379,860
144A 5.75% 1/15/30 #		7,623,000		5,432,150
Cumulus Media New Holdings 144A 6.75% 7/1/26 #, *		16,035,000		13,544,190
Directv Financing 144A 5.875% 8/15/27 #		26,815,000		23,178,216
DISH DBS 144A 5.75% 12/1/28 #		18,330,000		13,887,083
Nielsen Finance
144A 5.625% 10/1/28 #		11,107,000		11,047,994
144A 5.875% 10/1/30 #		9,256,000		9,238,414
Sirius XM Radio 144A 4.125% 7/1/30 #		34,885,000		28,431,275
Stagwell Global 144A 5.625% 8/15/29 #		18,723,000		15,434,773
VTR Comunicaciones 144A 4.375% 4/15/29 #		14,811,000		9,215,034
VTR Finance 144A 6.375% 7/15/28 #		5,206,000		2,928,375
VZ Secured Financing 144A 5.00% 1/15/32 #		11,580,000		8,672,737
				307,803,364
Real Estate — 0.06%
Uniti Group 144A 4.75% 4/15/28 #		1,859,000		1,472,923
				1,472,923

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Retail — 3.15%
Asbury Automotive Group
4.50% 3/1/28		12,172,650	$	10,313,826
144A 4.625% 11/15/29 #		366,000		293,494
4.75% 3/1/30		12,623,650		9,879,108
144A 5.00% 2/15/32 #		366,000		282,464
CP Atlas Buyer 144A 7.00% 12/1/28 #		5,339,000		3,984,015
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		22,964,000		20,524,419
Michaels
144A 5.25% 5/1/28 #, *		13,002,000		9,154,903
144A 7.875% 5/1/29 #		10,143,000		5,871,326
PetSmart 144A 7.75% 2/15/29 #		24,727,000		22,144,018
				82,447,573
Services — 4.50%
Adtalem Global Education 144A 5.50% 3/1/28 #		23,142,000		20,877,440
Ahern Rentals 144A 7.375% 5/15/23 #		19,386,000		13,156,274
NESCO Holdings II 144A 5.50% 4/15/29 #		22,390,000		18,690,500
PECF USS Intermediate Holding III 144A 8.00% 11/15/29 #		5,590,000		4,098,970
Sabre GLBL
144A 7.375% 9/1/25 #		1,481,000		1,328,428
144A 9.25% 4/15/25 #		3,740,000		3,585,781
Staples
144A 7.50% 4/15/26 #		13,597,000		11,435,825
144A 10.75% 4/15/27 #, *		40,861,000		30,341,131
White Cap Buyer 144A 6.875% 10/15/28 #		17,234,000		14,096,809
White Cap Parent 144A PIK 8.25% 3/15/26 #, «		130,000		110,388
				117,721,546
Technology & Electronics — 3.72%
AthenaHealth Group 144A 6.50% 2/15/30 #		18,150,000		14,382,967
Entegris Escrow
144A 4.75% 4/15/29 #		694,000		612,854
144A 5.95% 6/15/30 #		21,920,000		20,055,485
NCR
144A 5.00% 10/1/28 #		11,115,000		8,766,715
144A 5.125% 4/15/29 #		40,980,000		30,818,599
144A 5.25% 10/1/30 #		3,706,000		2,803,764
144A 5.75% 9/1/27 #		4,162,000		3,781,125
144A 6.125% 9/1/29 #		5,323,000		4,592,156
Sensata Technologies 144A 4.00% 4/15/29 #		13,855,000		11,495,419
				97,309,084
Transportation — 2.49%
American Airlines 144A 5.75% 4/20/29 #		2,795,000		2,443,599
Grupo Aeromexico 144A 8.50% 3/17/27 #		12,340,000		10,857,339
Seaspan 144A 5.50% 8/1/29 #		27,880,000		21,536,218
VistaJet Malta Finance 144A 6.375% 2/1/30 #		37,094,000		30,416,153
				65,253,309
Utilities — 2.53%
Calpine
144A 4.625% 2/1/29 #		13,165,000		10,753,238
144A 5.00% 2/1/31 #		1,495,000		1,190,031
144A 5.125% 3/15/28 #, *		21,855,000		18,815,876
Vistra
144A 7.00% 12/15/26 #, µ, Ψ		24,815,000		21,719,453
144A 8.00% 10/15/26 #, µ, Ψ		14,795,000		13,628,296
				66,106,894
Total Corporate Bonds (cost $2,528,616,993)				2,066,222,254

Municipal Bonds — 0.69%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 2.986% 7/1/24 ^		200,170		184,074
Series A-1 4.00% 7/1/33		601,590		530,380
Series A-1 4.00% 7/1/35		436,920		374,567
Series A-1 4.00% 7/1/37		464,106		382,043
Series A-1 4.362% 7/1/33 ^		774,189		428,065
Series A-1 5.625% 7/1/29		505,929		518,324
GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40		17,937,528		15,785,024
Total Municipal Bonds (cost $19,784,837)				18,202,477

Loan Agreements — 12.21%
Advantage Sales & Marketing Tranche B- 1 7.053% (LIBOR01M + 4.50%) 10/28/27 ●		10,441,273		9,364,517

Table of Contents

Schedules of investments

Delaware Ivy High Income Fund

	Principal amount^°		Value (US $)
Loan Agreements (continued)
Applied Systems 2nd Lien 8.462% (LIBOR03M + 5.50%) 9/19/25 ●		19,167,465	$	18,927,871
Ascent Resources Utica Holdings 2nd Lien 11.455% (LIBOR03M + 9.00%) 11/1/25 ●		5,650,000		5,932,500
Clydesdale Acquisition Holdings Tranche B 7.309% (SOFR01M + 4.18%) 4/13/29 ●		4,817,925		4,558,099
CNT Holdings I 2nd Lien 9.498% (SOFR01M + 6.75%) 11/6/28 ●		9,822,000		9,355,455
Covis Finco Tranche B 10.203% (SOFR03M + 6.65%) 2/18/27 ●		14,625,000		11,663,437
CP Atlas Buyer Tranche B 6.615% (LIBOR01M + 3.50%) 11/23/27 ●		13,091,590		11,469,686
Edelman Financial Engines Center 2nd Lien 9.865% (LIBOR01M + 6.75%) 7/20/26 ●		25,014,000		22,262,460
Epic Crude Services 7.08% (LIBOR03M + 5.00%) 3/2/26 ●		22,973		19,039
Foresight Energy Operating Tranche A 11.674% (LIBOR03M + 8.00%) 6/30/27 ●		7,636,193		7,559,832
Form Technologies Tranche B 7.48% (LIBOR03M + 4.50%) 7/22/25 ●		55,306,808		49,084,792
Heartland Dental 8.553% (SOFR03M + 5.00%) 4/30/25 ●		7,211,925		6,779,210
Hexion Holdings 2nd Lien 10.556% (SOFR01M + 7.54%) 3/15/30 ●		15,845,000		13,072,125
Jones DesLauriers Insurance Management 1st Lien 7.748% (CDOR03M + 4.25%) 3/27/28 ●		5,432,276		3,794,944
Jones DesLauriers Insurance Management 1st Lien TBD 3/27/28 X		23,849,877		16,575,004
Jones DesLauriers Insurance Management 2nd Lien
10.998% (CDOR03M + 7.50%) 3/26/29 ●	CAD	12,182,639		8,466,597
10.998% (CDOR03M + 7.50%) 3/26/29 ●	CAD	1,225,361		856,027
Lealand Finance Company 6.115% (LIBOR01M + 3.00%) 6/28/24 ●		563,901		352,438
MLN US HoldCo Tranche B 1st Lien 8.252% (LIBOR03M + 4.50%) 11/30/25 ●		34,246,437		21,211,387
MLN US HoldCo Tranche B 2nd Lien 12.502% (LIBOR03M + 8.75%) 11/30/26 ●		16,995,184		6,373,194
Pre Paid Legal Services 2nd Lien 10.07% (LIBOR03M + 7.00%) 12/14/29 ●		9,410,000		8,892,450
SPX Flow 7.634% (SOFR01M + 4.50%) 4/5/29 ●		18,879,000		17,486,674
Swf Holdings I 7.602% (LIBOR03M + 4.00%) 10/6/28 ●		16,403,867		12,877,036
U.S. Renal Care Tranche B 1st Lien 7.563% (LIBOR01M + 5.00%) 6/26/26 ●		17,376,146		12,545,577
UKG 2nd Lien 7.535% (LIBOR03M + 5.25%) 5/3/27 ●		24,051,000		22,848,450
United PF Holdings 1st Lien 12.174% (LIBOR03M + 8.50%) 12/30/26 ●		5,026,420		4,825,363
West Corporation Tranche B 7.115% (LIBOR01M + 4.00%) 10/10/24 ●		14,372,763		12,399,081
Total Loan Agreements (cost $369,290,128)				319,553,245

		Number of shares
Common Stocks — 3.14%
Basic Industry — 0.66%
BIS Industries Holdings <<, =, †		19,682,813		110,224
Foresight Energy <<, =, †		1,117,414		16,627,115

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Basic Industry (continued)
Westmoreland Coal =, †		211,917	$	535,090
				17,272,429
Consumer Goods — 0.00%
ASG Warrant <<, =		19,688		0
				0
Energy — 0.53%
KCA Deutag International =		164,333		11,338,977
Maritime Finance <<, =		1,750,000		2,397,335
Sabine Oil & Gas Holdings =, †		5,385		6,671
Vantage Drilling International †		5,353		98,361
				13,841,344
Leisure — 0.51%
New Cotai <<, =, †		20,316,462		0
Studio City International Holdings ADR †		2,267,875		4,966,646
Studio City International Holdings ADR		3,843,131		8,416,457
				13,383,103
Media — 0.00%
Cumulus Media Class A †		115		809
				809
Retail — 0.35%
True Religion Apparel <<, =, †		395		9,135,858
				9,135,858
Services — 1.03%
Laureate Education		2,557,942		26,986,288
				26,986,288
Utilities — 0.06%
Larchmont Resources <<, =, †		18,339		1,678,897
				1,678,897
Total Common Stocks (cost $362,363,240)				82,298,728

Preferred Stock — 0.08%
True Religion Apparel 0.000% <<, =, ω		410		2,050,430
Total Preferred Stock (cost $6,748,583)				2,050,430

Warrants — 0.02%
California Resources†		40,269		418,798
Total Warrants (cost $3,503,208)				418,798

Short-Term Investments — 3.26%
Money Market Mutual Funds — 3.26%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		21,349,588		21,349,588
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		21,349,587		21,349,587
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		21,349,587		21,349,587
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		21,349,587		21,349,587
Total Short-Term Investments (cost $85,398,349)				85,398,349
Total Value of Securities Before Securities Lending Collateral—98.51% (cost $3,380,017,281)				2,578,304,302

Securities Lending Collateral** — 1.01%
Money Market Mutual Fund — 1.01%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		26,331,620		26,331,620
Total Securities Lending Collateral (cost $26,331,620)				26,331,620
Total Value of Securities—99.52% (cost $3,406,348,901)			$	2,604,635,922■


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
ω	Perpetual security with no stated maturity date.
†	Non-income producing security.
<<	Affiliated company. See Note 2 in “Notes to financial statements.”

Table of Contents

Schedules of investments

Delaware Ivy High Income Fund

X	This loan will settle after September 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
«	PIK. The first payment of cash and/or principal will be made after September 30, 2022.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
‡	Non-income producing security. Security is currently in default.
>>>	PIK. 62.50% of the income received was in cash and 37.50% was in principal.
>>	PIK. 100% of the income received was in the form of principal.
*	Fully or partially on loan.
>	PIK. 100% of the income received was in the form of cash.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $1,776,372,969, which represents 67.87% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
Ψ	Perpetual security. Maturity date represents next call date.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
■	Includes $33,422,174 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $9,383,072.

Table of Contents

Foreign Currency Exchange Contracts

The following foreign currency exchange contract was outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Appreciation

CAD

(43,890,000)

USD

34,036,915

11/18/22

2,263,959

¹	See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

CDOR – Canadian Dollar Offered Rate

CDOR03M – 3 Month Canadian Dollar Offered Rate

DAC – Designated Activity Company

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

PIK – Payment-in-kind

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

TBD – To be determined

TD – TD Bank

Summary of currencies:

CAD – Canadian Dollar

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy International Core Equity Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 95.96% D
Australia - 1.26%
Newcrest Mining		1,381,519	$	15,167,960
				15,167,960
Austria - 1.00%
Mondi		787,425		12,096,770
				12,096,770
Brazil - 4.12%
Banco do Brasil		3,734,416		26,618,276
MercadoLibre †		27,736		22,959,306
				49,577,582
Canada - 7.69%
Canada Goose Holdings *, †		890,684		13,574,024
Canadian Pacific Railway		414,468		27,667,206
Dollarama		434,176		24,925,006
Suncor Energy		936,135		26,362,364
				92,528,600
China - 11.94%
China Mengniu Dairy †		2,997,000		11,847,457
H World Group ADR		781,981		26,227,643
JD.com ADR		475,589		23,922,127
Li Ning		3,177,000		24,106,706
Prosus †		261,046		13,581,341
SITC International Holdings		2,078,000		3,810,916
Tencent Holdings		556,000		18,779,633
ZTO Express Cayman ADR *		892,771		21,453,287
				143,729,110
Denmark - 4.02%
Ambu Class B *		387,258		3,364,904
AP Moller - Maersk Class A		3,140		5,547,635
AP Moller - Maersk Class B		5,610		10,194,652
Genmab †		90,819		29,216,809
				48,324,000
France - 13.07%
Airbus		286,995		24,739,078
BNP Paribas		429,380		18,136,693
Capgemini		138,025		22,097,878
L’Oreal		19,332		6,181,254
LVMH Moet Hennessy Louis Vuitton		20,886		12,313,859
Thales		202,511		22,315,494
TotalEnergies *		659,734		30,951,146
Vinci		254,336		20,565,806
				157,301,208
Germany - 11.14%
adidas AG		127,866		14,699,634
Bayer		470,391		21,673,051
Deutsche Telekom		1,478,306		25,163,243
HeidelbergCement		291,405		11,511,710
HelloFresh †		516,428		10,809,831
RWE		583,584		21,450,218
SAP		188,975		15,400,549
Siemens		136,276		13,320,008
				134,028,244
Hong Kong - 1.52%
Prudential		1,871,959		18,322,051
				18,322,051
India - 0.76%
NTPC		4,691,832		9,163,442
				9,163,442
Japan - 9.15%
Inpex		2,255,500		21,037,244
ORIX		1,100,209		15,412,887
Seven & i Holdings		565,900		22,732,222
Subaru		1,038,749		15,697,933
Terumo		332,928		9,358,681
Tokio Marine Holdings *		1,455,153		25,862,624
				110,101,591
Netherlands - 3.76%
ING Groep		1,981,308		16,976,694
Shell		1,131,781		28,230,154
				45,206,848
Norway - 1.43%
DNB Bank		1,081,780		17,165,757
				17,165,757
Republic of Korea - 3.76%
LG		333,862		17,125,350
Samsung Electronics		766,602		28,149,053
				45,274,403
Spain - 1.48%
Banco Bilbao Vizcaya Argentaria		3,960,630		17,766,775
				17,766,775
Switzerland - 0.96%
Alcon		199,528		11,608,539
				11,608,539
Taiwan - 1.92%
Taiwan Semiconductor Manufacturing		1,741,000		23,077,638
				23,077,638
United Kingdom - 10.71%
AstraZeneca		110,847		12,185,353
AstraZeneca ADR		362,703		19,890,632
Haleon †		3,850,916		12,007,024

Table of Contents

	Number of shares		Value (US $)
Common Stocks D (continued)
United Kingdom (continued)
Haleon ADR †		121,151	$	737,810
HSBC Holdings		4,718,823		24,433,410
Legal & General Group		6,817,615		16,273,515
Reckitt Benckiser Group		368,856		24,448,371
Tesco		8,259,414		18,955,949
				128,932,064
United States - 6.27%
Roche Holding		58,842		19,155,000
Schlumberger		643,546		23,103,301
Schneider Electric		137,439		15,523,842
Stellantis		1,497,357		17,709,016
				75,491,159
Total Common Stocks (cost $1,320,549,367)				1,154,863,741

Short-Term Investments – 2.62%
Money Market Mutual Funds – 2.62%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		7,894,925		7,894,925
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		7,894,926		7,894,926
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		7,894,926		7,894,926
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		7,894,925		7,894,925
Total Short-Term Investments (cost $31,579,702)				31,579,702
Total Value of Securities Before Securities Lending Collateral–98.58% (cost $1,352,129,069)				1,186,443,443

Securities Lending Collateral** – 1.33%
Money Market Mutual Fund - 1.33%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		15,995,647	$	15,995,647
Total Securities Lending Collateral (cost $15,995,647)				15,995,647
Total Value of Securities-99.91% (cost $1,368,124,716)			$	1,202,439,090n


D	Securities have been classified by country of risk.
†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
n	Includes $56,850,674 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $47,268,710.

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For		Settlement Date	Unrealized Depreciation
BNYM	BRL	(868,905	)	USD	160,525	10/4/22	$	(378)
BNYM	EUR	(422,871	)	USD	411,915	10/3/22		(2,605)
Total Foreign Currency Exchange Contracts							$	(2,983)

Table of Contents

Schedules of investments

Delaware Ivy International Core Equity Fund

¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

AG – Aktiengesellschaft

BNYM – Bank of New York Mellon

Summary of currencies:

BRL – Brazilian Real

EUR – European Monetary Unit

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy International Value Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 96.14% D
Denmark - 5.03%
Novo Nordisk Class B		55,220	$	5,500,895
				5,500,895
Finland - 0.01%
Nokia		3,500		15,026
				15,026
France - 16.92%
Air Liquide		46,170		5,277,190
Amundi #		250		10,408
Bouygues		400		10,464
Danone		88,700		4,194,209
Euroapi †		9		149
Orange		215,970		1,953,349
Publicis Groupe		48,460		2,296,165
Rexel		610		9,142
Sanofi		210		15,991
Schneider Electric		100		11,295
Sodexo		63,030		4,733,577
Technip Energies ADR		1,000		11,220
				18,523,159
Germany - 11.72%
adidas AG		31,940		3,671,862
BASF		310		11,897
Covestro #		500		14,296
Fresenius Medical Care AG & Co.		83,030		2,339,206
Knorr-Bremse		51,900		2,228,755
SAP		55,820		4,549,060
Siemens		130		12,706
				12,827,782
Hong Kong - 0.01%
Galaxy Entertainment Group		2,000		11,756
				11,756
Japan - 11.39%
Asahi Group Holdings		41,700		1,300,042
Bridgestone		232		7,503
Fukuoka Financial Group *		700		12,466
Honda Motor		600		13,024
Iida Group Holdings		900		12,183
Isuzu Motors		600		6,634
Kao		120,200		4,890,982
KDDI		63,900		1,868,198
Komatsu		800		14,567
Lawson		200		6,543
Makita		129,200		2,507,170
Mitsui & Co.		400		8,512
Panasonic Holdings		1,000		7,022
Seven & i Holdings		44,500		1,787,567
Sumitomo Mitsui Financial Group		400		11,089
Suzuki Motor		500		15,565
				12,469,067
Netherlands - 4.74%
Koninklijke Ahold Delhaize		203,430		5,181,656
				5,181,656
Spain - 5.63%
Amadeus IT Group †		132,960		6,164,377
				6,164,377
Sweden - 8.13%
Essity Class B		185,900		3,672,789
H & M Hennes & Mauritz Class B *		211,760		1,957,743
Securitas Class B *		470,880		3,268,867
				8,899,399
Switzerland - 15.52%
Nestle		64,610		6,988,045
Novartis		200		15,247
Roche Holding		14,950		4,866,715
Swatch Group		22,780		5,116,354
				16,986,361
United Kingdom - 17.04%
Diageo		157,480		6,628,889
Intertek Group		70,380		2,887,626
J Sainsbury		5,790		11,213
John Wood Group †		8,270		11,679
Smith & Nephew		480,860		5,550,464
Tesco		5,630		12,921
Travis Perkins		1,020		8,756
Unilever		80,270		3,527,052
Vodafone Group		8,750		9,793
				18,648,393
Total Common Stocks (cost $142,134,507)				105,227,871

Exchange-Traded Funds – 1.96%
iShares MSCI EAFE ETF *		1,210		67,772
iShares Trust iShares ESG Aware MSCI EAFE ETF		35,450		1,989,809
Vanguard FTSE Developed Markets ETF *		2,570		93,445
Total Exchange-Traded Funds (cost $2,333,158)				2,151,026

Table of Contents

Schedules of investments

Delaware Ivy International Value Fund

	Number of shares		Value (US $)
Rights – 0.72% D
Sweden - 0.72%
Securitas Class B *, †		1,883,520	$	785,815
Total Rights (cost $1,081,591)				785,815
Total Value of Securities Before Securities Lending Collateral-98.82% (cost $145,549,256)				108,164,712

Securities Lending Collateral** – 3.38%
Money Market Mutual Fund - 3.38%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		3,694,164		3,694,164
Total Securities Lending Collateral (cost $3,694,164)				3,694,164
Total Value of Securities-102.20% (cost $149,243,420)			$	111,858,876n


D	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 15 in “Security type / country and sector allocations.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $24,704, which represents 0.02% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
n	Includes $5,044,056 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $1,558,896.

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For		Settlement Date	Unrealized Depreciation
BNYM	CHF	(145,029	)	USD	146,879	10/4/22	$	(155	)
BNYM	EUR	(166,828	)	USD	162,519	10/4/22		(1,024	)
BNYM	JPY	(4,774,559	)	USD	32,973	10/4/22		(27	)
Total Foreign Currency Exchange Contracts							$	(1,206	)

¹See Note 10 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

AG – Aktiengesellschaft

BNYM – Bank of New York Mellon

EAFE – Europe, Australasia, and Far East

ESG – Environmental, Social, and Governance

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

Summary of currencies:

CHF – Swiss Franc

EUR – European Monetary Unit

JPY – Japanese Yen

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Large Cap Growth Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.70%♦
Communication Services — 9.59%
Alphabet Class A †		2,383,616	$	227,992,870
Alphabet Class C †		373,384		35,900,872
Electronic Arts		1,115,519		129,076,704
				392,970,446
Consumer Discretionary — 13.48%
Amazon.com †		2,364,304		267,166,352
Booking Holdings †		28,069		46,123,261
Ferrari *		421,639		78,003,215
Home Depot		179,368		49,494,806
LVMH Moet Hennessy Louis Vuitton ADR *		464,911		54,627,043
NIKE Class B		683,453		56,808,613
				552,223,290
Consumer Staples — 3.35%
Coca-Cola		2,288,505		128,202,050
Estee Lauder Class A		41,801		9,024,836
				137,226,886
Financials — 4.57%
Intercontinental Exchange		984,782		88,975,054
S&P Global		321,531		98,179,491
				187,154,545
Healthcare — 9.33%
Cooper		260,459		68,735,130
Danaher		188,257		48,624,901
Intuitive Surgical †		238,234		44,654,581
UnitedHealth Group		351,206		177,373,078
Zoetis		287,515		42,635,599
				382,023,289
Industrials — 10.50%
CoStar Group †		2,704,786		188,388,345
Equifax		105,888		18,152,380
JB Hunt Transport Services		463,293		72,468,291
TransUnion		1,375,813		81,847,115
Union Pacific		168,574		32,841,587
Verisk Analytics		213,197		36,356,484
				430,054,202
Information Technology — 47.88%
Adobe †		246,590		67,861,568
Apple		2,683,902		370,915,256
Autodesk †		279,522		52,214,710
Broadridge Financial Solutions		588,767		84,970,853
Intuit		251,280		97,325,770
Microsoft		2,196,354		511,530,847
Motorola Solutions		829,791		185,848,290
NVIDIA		781,927		94,918,118
PayPal Holdings †		544,559		46,870,193
Salesforce †		407,307		58,587,039
VeriSign †		992,047		172,318,564
Visa Class A *		1,227,975		218,149,759
				1,961,510,967
Total Common Stocks (cost $2,227,056,569)				4,043,163,625
Total Value of Securities Before Securities Lending Collateral—98.70% (cost $2,227,056,569)				4,043,163,625

Securities Lending Collateral** — 0.13%
Money Market Mutual Fund — 0.13%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		5,460,590		5,460,590
Total Securities Lending Collateral (cost $5,460,590)				5,460,590
Total Value of Securities—98.83% (cost $2,232,517,159)			$	4,048,624,215■


♦	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $172,922,236 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $173,414,550.

Summary of abbreviations:

ADR – American Depositary Receipt

S&P – Standard & Poor’s Financial Services LLC

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy Limited-Term Bond Fund

September 30, 2022 (Unaudited)

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.39%
GNMA
Series 2012-39 PA 2.00% 3/16/42		1,885,087	$	1,741,611
Series 2015-151 KC 3.50% 4/20/34		941,345		917,331
Total Agency Collateralized Mortgage Obligations (cost $2,855,498)				2,658,942

Agency Commercial Mortgage-Backed Securities — 9.93%
FREMF Mortgage Trust
Series 2013-K30 C 144A 3.67% 6/25/45 #, ●		1,000,000		984,236
Series 2013-K31 C 144A 3.747% 7/25/46 #, ●		3,000,000		2,960,287
Series 2013-K33 B 144A 3.611% 8/25/46 #, ●		3,000,000		2,958,261
Series 2013-K33 C 144A 3.611% 8/25/46 #, ●		3,750,000		3,690,234
Series 2015-K47 B 144A 3.709% 6/25/48 #, ●		2,500,000		2,383,207
Series 2016-K723 C 144A 3.69% 11/25/23 #, ●		4,899,000		4,779,714
Series 2017-K724 C 144A 3.611% 12/25/49 #, ●		1,500,000		1,454,724
Series 2017-K728 B 144A 3.767% 11/25/50 #, ●		12,555,000		12,149,034
Series 2017-K728 C 144A 3.767% 11/25/50 #, ●		910,000		872,799
Series 2017-K729 B 144A 3.799% 11/25/49 #, ●		5,100,000		4,888,086
Series 2017-KF33 B 144A 5.103% (LIBOR01M + 2.55%, Floor 2.55%) 6/25/27 #, ●		968,036		980,108
Series 2017-KF39 B 144A 5.053% (LIBOR01M + 2.50%, Floor 2.50%) 11/25/24 #, ●		1,852,558		1,836,571
Series 2017-KF40 B 144A 5.253% (LIBOR01M + 2.70%, Floor 2.70%) 11/25/27 #, ●		1,447,006		1,425,372
Series 2017-KSW2 B 144A 5.203% (LIBOR01M + 2.65%, Floor 2.65%) 5/25/27 #, ●		2,051,354		2,047,237
Series 2017-KSW3 B 144A 5.303% (LIBOR01M + 2.75%, Floor 2.75%) 5/25/27 #, ●		282,824		271,957
Series 2018-K732 B 144A 4.189% 5/25/25 #, ●		985,000		942,385
Series 2018-KF46 B 144A 4.503% (LIBOR01M + 1.95%, Floor 1.95%) 3/25/28 #, ●		1,423,361		1,386,966
Series 2018-KF47 B 144A 4.553% (LIBOR01M + 2.00%, Floor 2.00%) 5/25/25 #, ●		989,299		976,283
Series 2018-KF48 B 144A 4.603% (LIBOR01M + 2.05%, Floor 2.05%) 6/25/28 #, ●		798,325		765,366
Series 2018-KF49 B 144A 4.453% (LIBOR01M + 1.90%, Floor 1.90%) 6/25/25 #, ●		923,882		896,081
Series 2018-KF51 B 144A 4.403% (LIBOR01M + 1.85%, Floor 1.85%) 8/25/25 #, ●		2,421,495		2,382,402
Series 2019-KF60 B 144A 4.903% (LIBOR01M + 2.35%, Floor 2.35%) 2/25/26 #, ●		3,185,032		3,168,767
Series 2019-KF61 B 144A 4.753% (LIBOR01M + 2.20%, Floor 2.20%) 4/25/29 #, ●		1,221,024		1,211,609
Series 2019-KF68 B 144A 4.753% (LIBOR01M + 2.20%, Floor 2.20%) 7/25/26 #, ●		2,159,402		2,106,013
Series 2019-KF69 B 144A 4.853% (LIBOR01M + 2.30%, Floor 2.30%) 8/25/29 #, ●		2,149,760		2,138,157
Series 2019-KF70 B 144A 4.853% (LIBOR01M + 2.30%, Floor 2.30%) 9/25/29 #, ●		1,205,918		1,196,140
Series 2019-KF73 B 144A 5.003% (LIBOR01M + 2.45%, Floor 2.45%) 11/25/29 #, ●		2,823,255		2,800,112
Series 2020-KF74 B 144A 4.703% (LIBOR01M + 2.15%, Floor 2.15%) 1/25/27 #, ●		3,286,262		3,255,832
Series 2020-KF75 B 144A 4.803% (LIBOR01M + 2.25%, Floor 2.25%) 12/25/29 #, ●		1,688,022		1,593,989
Total Agency Commercial Mortgage-Backed Securities (cost $70,290,627)				68,501,929

Collateralized Debt Obligations — 8.81%
Benefit Street Partners CLO XX Series 2020-20A AR 144A 3.682% (LIBOR03M + 1.17%, Floor 1.17%) 7/15/34 #, ●		5,000,000		4,792,470
BlueMountain CLO XXX Series 2020-30A AR 144A 3.698% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, ●		3,000,000		2,860,797
Canyon CLO Series 2020-1A AR 144A 3.692% (LIBOR03M + 1.18%, Floor 1.18%) 7/15/34 #, ●		4,600,000		4,423,530

Table of Contents

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
CIFC Funding Series 2022-2A A1 144A 3.873% (TSFR03M + 1.32%, Floor 1.32%) 4/19/35 #, ●		5,000,000	$	4,776,745
Dryden 77 CLO Series 2020-77A AR 144A 4.104% (LIBOR03M + 1.12%, Floor 1.12%) 5/20/34 #, ●		2,600,000		2,479,506
Galaxy XXI CLO Series 2015-21A AR 144A 3.73% (LIBOR03M + 1.02%) 4/20/31 #, ●		4,900,000		4,792,200
Golub Capital Partners CLO 50B-R Series 2020-50A A1R 144A 3.847% (TSFR03M + 1.37%, Floor 1.37%) 4/20/35 #, ●		5,000,000		4,738,485
KKR CLO 41 Series 2022-41A A1 144A 2.821% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, ●		5,000,000		4,732,025
Neuberger Berman CLO XX Series 2015-20A ARR 144A 3.672% (LIBOR03M + 1.16%, Floor 1.16%) 7/15/34 #, ●		2,000,000		1,932,078
Octagon Investment Partners 48 Series 2020-3A AR 144A 3.86% (LIBOR03M + 1.15%, Floor 1.15%) 10/20/34 #, ●		5,000,000		4,760,740
PPM CLO 3 Series 2019-3A AR 144A 3.83% (LIBOR03M + 1.09%, Floor 1.09%) 4/17/34 #, ●		3,750,000		3,572,422
Regatta XIX Funding Series 2022-1A A1 144A 2.399% (TSFR03M + 1.32%, Floor 1.32%) 4/20/35 #, ●		5,000,000		4,785,480
Sound Point CLO XXV Series 2019-4A A1R 144A 3.821% (TSFR03M + 1.28%, Floor 1.28%) 4/25/33 #, ●		5,000,000		4,814,145
Voya CLO Series 2020-3A AR 144A 3.86% (LIBOR03M + 1.15%, Floor 1.15%) 10/20/34 #, ●		3,000,000		2,883,972
Wind River CLO Series 2021-3A A 144A 3.86% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/33 #, ●		4,700,000		4,489,332
Total Collateralized Debt Obligations (cost $63,250,665)				60,833,927

Corporate Bonds — 65.81%
Banking — 17.49%
Ally Financial
1.45% 10/2/23		4,250,000		4,104,944
5.80% 5/1/25 *		5,850,000		5,881,182
Bank of America
0.523% 6/14/24 µ		2,175,000		2,101,239
1.843% 2/4/25 µ		385,000		366,111
4.00% 1/22/25		4,000,000		3,875,030
4.125% 1/22/24		3,000,000		2,977,658
4.20% 8/26/24		3,675,000		3,617,928
Bank of Montreal 2.05% 11/1/22		5,000,000		4,993,723
Barclays 5.501% 8/9/28 µ		325,000		305,005
Citigroup
2.014% 1/25/26 µ		3,445,000		3,168,480
3.07% 2/24/28 µ		575,000		513,135
3.50% 5/15/23		4,140,000		4,111,988
5.50% 9/13/25		1,900,000		1,899,032
5.61% 9/29/26 µ		385,000		383,143
Citizens Bank 4.119% 5/23/25 µ		3,925,000		3,851,925
Credit Suisse Group 144A 6.442% 8/11/28 #, µ		770,000		717,043
Discover Bank 2.45% 9/12/24		4,890,000		4,629,299
Goldman Sachs Group
3.714% 12/9/26 ●		3,700,000		3,578,871
3.85% 7/8/24		5,000,000		4,890,420
4.25% 10/21/25		7,209,000		6,965,757
Huntington National Bank 4.008% 5/16/25 µ		2,230,000		2,185,577
JPMorgan Chase & Co.
0.653% 9/16/24 *, µ		3,000,000		2,862,308
3.875% 9/10/24		2,542,000		2,488,155
4.08% 4/26/26 µ		10,270,000		9,894,569
4.851% 7/25/28 µ		520,000		499,830
KeyBank 4.15% 8/8/25		1,880,000		1,823,778
KeyCorp 3.878% 5/23/25 µ		1,910,000		1,861,120
Mitsubishi UFJ Financial Group 0.848% 9/15/24 µ		3,500,000		3,339,708
Morgan Stanley
2.475% 1/21/28 µ		440,000		385,034
3.125% 7/27/26		9,515,000		8,773,489
3.70% 10/23/24		3,650,000		3,560,375
4.666% 5/31/23 ●		1,700,000		1,698,740
National Bank of Canada 2.10% 2/1/23		3,600,000		3,564,506
PNC Financial Services Group 6.00% 5/15/27 *, µ		415,000		385,950
Toronto-Dominion Bank 4.108% 6/8/27 *		5,795,000		5,471,129
UBS Group 144A 4.703% 8/5/27 #, µ		505,000		479,261
US Bancorp 4.548% 7/22/28 µ		1,240,000		1,196,033

Table of Contents

Schedules of investments

Delaware Ivy Limited-Term Bond Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Wells Fargo & Co.
3.908% 4/25/26 µ		6,870,000	$	6,570,965
4.808% 7/25/28 µ		765,000		730,390
				120,702,830
Basic Industry — 1.62%
Celanese US Holdings
6.05% 3/15/25		330,000		322,674
6.165% 7/15/27		1,185,000		1,122,997
DuPont de Nemours 4.205% 11/15/23		2,450,000		2,436,222
Graphic Packaging International 144A 0.821% 4/15/24 #		3,650,000		3,392,189
Mosaic
3.25% 11/15/22		2,314,000		2,311,329
4.25% 11/15/23		750,000		744,322
Nucor 3.95% 5/23/25		900,000		873,260
				11,202,993
Brokerage — 0.65%
Brookfield Finance 4.00% 4/1/24		3,200,000		3,153,196
LSEGA Financing 144A 0.65% 4/6/24 #		1,460,000		1,367,368
				4,520,564
Capital Goods — 6.02%
Avery Dennison 0.85% 8/15/24		1,125,000		1,042,088
Boeing
2.20% 10/30/22		5,500,000		5,482,185
2.80% 3/1/23 *		5,623,000		5,584,245
General Electric 5.012% 1/1/24		2,067,050		2,064,011
Huntington Ingalls Industries 0.67% 8/16/23		5,000,000		4,823,511
L3Harris Technologies 3.832% 4/27/25		2,225,000		2,149,268
Lennox International 1.35% 8/1/25		3,925,000		3,505,801
Martin Marietta Materials 0.65% 7/15/23		1,800,000		1,738,682
Parker-Hannifin
3.65% 6/15/24		3,315,000		3,244,692
4.25% 9/15/27		2,440,000		2,327,887
Republic Services 0.875% 11/15/25		2,200,000		1,936,049
Roper Technologies 1.00% 9/15/25		3,600,000		3,198,558
Waste Management 0.75% 11/15/25		5,045,000		4,458,036
				41,555,013
Communications — 6.51%
AT&T 1.70% 3/25/26		3,650,000		3,249,181
AT&T 2.95% 7/15/26 ●		3,750,000		3,448,152
Charter Communications Operating
4.50% 2/1/24		3,285,000		3,249,273
4.908% 7/23/25		4,015,000		3,918,791
Crown Castle International 3.15% 7/15/23		1,195,000		1,179,363
Crown Castle Towers 144A 3.663% 5/15/45 #		2,050,000		1,984,967
Netflix 5.875% 2/15/25		3,750,000		3,751,914
SBA Tower Trust 144A 3.869% 10/8/49 #		6,500,000		6,285,792
Sprint 7.875% 9/15/23		5,130,000		5,190,893
T-Mobile USA 3.75% 4/15/27		3,500,000		3,234,562
TWDC Enterprises 18 7.55% 7/15/93		3,650,000		3,794,608
Verizon Communications 1.45% 3/20/26		2,200,000		1,944,986
Warnermedia Holdings 144A 3.638% 3/15/25 #		3,890,000		3,687,448
				44,919,930
Consumer Cyclical — 5.56%
7-Eleven 144A 0.80% 2/10/24 #		2,000,000		1,892,068
Aptiv 2.396% 2/18/25		2,805,000		2,620,347
AutoNation 3.50% 11/15/24		1,125,000		1,082,960
DR Horton 2.60% 10/15/25		2,139,000		1,966,085
Ford Motor Credit
2.30% 2/10/25		235,000		208,543
2.70% 8/10/26		1,700,000		1,412,088
3.375% 11/13/25		3,095,000		2,738,910
General Motors 4.875% 10/2/23		4,223,000		4,207,934
General Motors Financial 1.20% 10/15/24		2,175,000		1,998,392
Hyundai Capital America 144A 1.25% 9/18/23 #		2,200,000		2,116,963
Lowe’s 4.40% 9/8/25		580,000		571,573
MGM Resorts International 5.75% 6/15/25		4,825,000		4,615,933
Nissan Motor 144A 3.043% 9/15/23 #		3,750,000		3,647,544
Nordstrom 2.30% 4/8/24		730,000		679,754
PVH 4.625% 7/10/25		3,650,000		3,502,770
VICI Properties 4.95% 2/15/30		200,000		181,167
Volkswagen Group of America Finance 144A 0.875% 11/22/23 #		5,150,000		4,905,678
				38,348,709
Consumer Non-Cyclical — 5.32%
AbbVie 2.30% 11/21/22		3,600,000		3,591,520

Table of Contents

	Principal amount^°			Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Becton Dickinson and Co.
3.734% 12/15/24		998,000		$	964,755
Conagra Brands 0.50% 8/11/23		1,125,000			1,084,235
CSL Finance 144A 4.05% 4/27/29 #		280,000			258,248
Darling Ingredients 144A 5.25% 4/15/27 #		4,355,000			4,113,657
Diageo Capital 3.50% 9/18/23		3,500,000			3,458,728
HCA 144A 3.125% 3/15/27 #, *		4,125,000			3,657,566
Keurig Dr Pepper 0.75% 3/15/24		1,820,000			1,715,563
McCormick & Co.
0.90% 2/15/26		2,975,000			2,582,985
3.50% 9/1/23		1,320,000			1,303,366
Novartis Capital 3.00% 11/20/25		3,750,000			3,568,847
Royalty Pharma
0.75% 9/2/23		5,200,000			4,981,987
1.20% 9/2/25		3,940,000			3,486,770
Tyson Foods 3.95% 8/15/24		2,000,000			1,959,708
					36,727,935
Electric — 3.50%
Black Hills 1.037% 8/23/24		2,500,000			2,310,977
Edison International 3.55% 11/15/24		3,700,000			3,555,672
Enel Finance International 144A 4.25% 6/15/25 #		680,000			653,427
Eversource Energy 2.90% 3/1/27		610,000			554,411
Fells Point Funding Trust 144A 3.046% 1/31/27 #		570,000			508,571
ITC Holdings 144A 4.95% 9/22/27 #		370,000			361,564
MidAmerican Energy 3.70% 9/15/23		3,000,000			2,983,676
National Rural Utilities Cooperative Finance 1.875% 2/7/25		3,685,000			3,452,738
Southern 0.60% 2/26/24		3,635,000			3,421,900
Virginia Electric and Power 2.75% 3/15/23		5,425,000			5,372,340
Vistra Operations 144A 5.125% 5/13/25 #		985,000			954,938
					24,130,214
Energy — 5.04%
Aker BP 144A 2.875% 1/15/26 #		3,675,000			3,341,559
Cheniere Corpus Christi Holdings 7.00% 6/30/24		1,500,000			1,526,473
ConocoPhillips 2.40% 3/7/25		2,855,000			2,703,436
Eastern Energy Gas Holdings 3.55% 11/1/23		3,765,000			3,711,209
Enbridge 2.50% 2/14/25		2,200,000			2,068,583
Energy Transfer 4.25% 4/1/24		3,200,000			3,134,146
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 #		3,746,484	��		3,410,537
Harvest Operations 144A 1.00% 4/26/24 #		3,600,000			3,382,358
HF Sinclair 144A 2.625% 10/1/23 #		2,925,000			2,832,304
Kinder Morgan Energy Partners 3.45% 2/15/23		4,090,000			4,071,660
Occidental Petroleum 5.875% 9/1/25		4,560,000			4,579,950
					34,762,215
Finance Companies — 1.76%
AerCap Ireland Capital DAC 1.65% 10/29/24		5,000,000			4,572,381
Aviation Capital Group 144A 4.375% 1/30/24 #		3,000,000			2,903,226
Avolon Holdings Funding 144A 4.25% 4/15/26 #		1,100,000			987,551
Park Aerospace Holdings 144A 5.50% 2/15/24 #		1,750,000			1,714,364
USAA Capital 144A 1.50% 5/1/23 #		2,000,000			1,969,030
					12,146,552
Insurance — 4.67%
Athene Global Funding
144A 0.914% 8/19/24 #		2,150,000			1,963,322
144A 0.95% 1/8/24 #		3,000,000			2,825,792
Elevance Health 3.35% 12/1/24		5,000,000			4,812,732
MassMutual Global Funding II 144A 0.60% 4/12/24 #		5,100,000			4,778,996
Met Tower Global Funding 144A 3.70% 6/13/25 #, *		2,100,000			2,027,063
Metropolitan Life Global Funding I 144A 0.90% 6/8/23 #		3,750,000			3,657,282
New York Life Global Funding 144A 0.85% 1/15/26 #, *		5,000,000			4,399,488
Principal Life Global Funding II 144A 0.75% 4/12/24 #		2,200,000			2,054,601
Protective Life Global Funding 144A 0.631% 10/13/23 #, *		2,250,000			2,159,673
Reliance Standard Life Global Funding II 144A 2.15% 1/21/23 #		3,600,000			3,570,405
					32,249,354
Natural Gas — 0.54%
Sempra Energy 3.30% 4/1/25		3,110,000			2,962,384
Southern California Gas 2.95% 4/15/27		820,000			749,580
					3,711,964

Table of Contents

Schedules of investments

Delaware Ivy Limited-Term Bond Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts — 2.39%
American Tower Trust #1 Series 13 2A 144A 3.07% 3/15/48 #		8,265,000	$	8,207,641
SBA Tower Trust
144A 1.884% 7/15/50 #		3,222,000		2,832,997
144A 2.836% 1/15/50 #		5,840,000		5,463,554
				16,504,192
Technology — 4.18%
Apple 3.00% 2/9/24		927,000		911,063
Baidu 1.72% 4/9/26		1,050,000		928,941
Fidelity National Information Services 4.70% 7/15/27		3,335,000		3,215,141
Microchip Technology 0.983% 9/1/24		4,750,000		4,376,159
PayPal Holdings 1.65% 6/1/25		7,907,000		7,287,719
S&P Global 144A 2.45% 3/1/27 #		2,005,000		1,800,049
Seagate HDD Cayman 4.75% 6/1/23		1,950,000		1,925,565
Sensata Technologies
144A 5.00% 10/1/25 #		3,720,000		3,554,069
144A 5.625% 11/1/24 #		950,000		945,877
Thomson Reuters 4.30% 11/23/23		3,630,000		3,604,657
Workday
3.50% 4/1/27		130,000		120,439
3.70% 4/1/29		200,000		179,614
				28,849,293
Transportation — 0.56%
American Airlines 2016-2 Class AA Pass Through Trust 3.20% 12/15/29 ♦		1,113,000		967,810
Penske Truck Leasing 144A 4.40% 7/1/27 #		3,055,000		2,870,155
				3,837,965
Total Corporate Bonds (cost $483,451,887)				454,169,723

Non-Agency Asset-Backed Securities — 3.98%
Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 #		1,900,000		1,884,473
Ford Credit Auto Owner Trust Series 2022-A B 1.91% 7/15/27		3,550,000		3,231,345
Ford Credit Floorplan Master Owner Trust A Series 2020-2 A 1.06% 9/15/27		7,600,000		6,774,371
GM Financial Automobile Leasing Trust Series 2022-1 B 2.23% 2/20/26		4,150,000		3,929,076
Toyota Lease Owner Trust Series 2021-B A3 144A 0.42% 10/21/24 #		4,850,000		4,669,040
Verizon Master Trust Series 2022-2 B 1.83% 7/20/28		3,550,000		3,288,152
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25		3,750,000		3,678,131
Total Non-Agency Asset-Backed Securities (cost $28,675,420)				27,454,588

Supranational Bank — 0.21%
Corp Andina de Fomento 2.375% 5/12/23		1,500,000		1,481,008
Total Supranational Bank (cost $1,499,289)				1,481,008

US Treasury Obligations — 8.72%
US Treasury Notes
2.875% 5/15/25		6,409,600		6,168,989
3.125% 8/31/27		56,270,000		53,984,031
Total US Treasury Obligations (cost $60,270,856)				60,153,020

	Number of shares
Short-Term Investments — 0.73%
Money Market Mutual Funds — 0.73%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,259,524		1,259,524
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,259,524		1,259,524
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,259,524		1,259,524

Table of Contents

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		1,259,523	$	1,259,523
Total Short-Term Investments (cost $5,038,095)				5,038,095
Total Value of Securities Before Securities Lending Collateral—98.58% (cost $715,332,337)				680,291,232

Securities Lending Collateral** — 0.13%
Money Market Mutual Fund — 0.13%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		888,680		888,680
Total Securities Lending Collateral (cost $888,680)				888,680
Total Value of Securities—98.71% (cost $716,221,017)			$	681,179,912■


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $250,525,554, which represents 36.30% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
*	Fully or partially on loan.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
♦	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $19,374,989 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $19,061,986.

The following futures contracts were outstanding at September 30, 2022:¹

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
863	US Treasury 2 yr Notes	$	177,252,109		$	180,031,746		12/30/22	$	—	$	(2,779,637	)	$	(129,742	)
(362)	US Treasury 5 yr Notes		(38,917,827	)		(40,257,521	)	12/30/22		1,339,694		—			96,158
Total Futures Contracts					$	139,774,225			$	1,339,694	$	(2,779,637	)	$	(33,584	)

The use of futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

¹ See Note 8 in “Notes to financial statements.”

Table of Contents

Schedules of investments

Delaware Ivy Limited-Term Bond Fund

Summary of abbreviations:

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

S&P – Standard & Poor’s Financial Services LLC

TSFR03M – 3 Month Term Secured Overnight Financing Rate

USD – US Dollar

yr – Year

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Managed International Opportunities Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Affiliated Mutual Funds — 99.55%
Delaware Global Value Equity Fund Class R6<<		801,688	$	8,329,538
Delaware Ivy International Core Equity Fund Class R6<<		2,550,919		38,365,816
Delaware Ivy International Small Cap Fund Class R6<<		500,343		4,272,930
Delaware Ivy International Value Fund Class R6<<		991,470		13,057,661
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6<<		1,195,429		21,828,538
Total Affiliated Mutual Funds (cost $87,374,989)				85,854,483

Short-Term Investments — 0.58%
Money Market Mutual Funds — 0.58%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		124,708		124,709
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		124,709		124,709
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		124,709		124,709
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		124,708		124,708
Total Short-Term Investments (cost $498,835)				498,835
Total Value of Securities—100.13% (cost $87,873,824)			$	86,353,318

<< Affiliated company. See Note 2 in ��Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy Mid Cap Growth Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 100.05%
Communication Services — 7.94%
Electronic Arts		707,435	$	81,857,304
Pinterest Class A †		5,614,606		130,820,320
Shutterstock		996,072		49,972,932
Trade Desk Class A †		1,427,021		85,264,505
ZoomInfo Technologies †		1,662,466		69,258,333
				417,173,394
Consumer Discretionary — 17.38%
BorgWarner		3,183,447		99,960,236
Chipotle Mexican Grill †		106,540		160,104,050
Floor & Decor Holdings Class A *, †		757,691		53,235,370
Horizon Therapeutics †		1,319,074		81,637,490
Levi Strauss & Co. Class A *		3,966,496		57,395,197
Lululemon Athletica †		263,992		73,801,603
National Vision Holdings *, †		2,107,944		68,824,372
On Holding Class A *, †		2,986,415		47,931,961
Petco Health & Wellness *, †		3,533,711		39,436,215
Pool		258,855		82,370,249
Ulta Beauty †		164,488		65,990,941
Vail Resorts		380,007		81,944,709
				912,632,393
Consumer Staples — 1.31%
Brown-Forman Class B		1,033,956		68,830,451
				68,830,451
Financials — 6.72%
First Republic Bank		767,338		100,175,976
Kinsale Capital Group		209,767		53,578,687
MarketAxess Holdings		587,284		130,664,817
Pinnacle Financial Partners		843,816		68,433,478
				352,852,958
Healthcare — 18.91%
ABIOMED †		370,597		91,040,859
Agilent Technologies		631,154		76,716,769
Azenta *		1,000,420		42,878,001
Bio-Techne		259,403		73,670,452
Dexcom ~, †		2,145,824		172,824,665
Edwards Lifesciences †		928,175		76,695,100
Envista Holdings †		2,653,870		87,073,475
Genmab ADR *, †		2,487,129		79,911,455
Intuitive Surgical †		408,138		76,501,387
Repligen †		569,365		106,533,885
Seagen †		642,710		87,942,009
West Pharmaceutical Services		85,278		20,985,210
				992,773,267
Industrials — 15.22%
A O Smith		1,444,164		70,157,487
Clarivate *, †		4,499,259		42,248,042
Copart †		295,578		31,449,499
CoStar Group ~, †		3,568,824		248,568,592
Fastenal ~		1,664,871		76,650,661
Generac Holdings †		350,717		62,476,726
HEICO Class A		1,038,394		119,020,720
IDEX		356,121		71,170,782
Trex †		1,754,987		77,114,129
				798,856,638
Information Technology — 32.55%
Arista Networks †		1,412,390		159,444,707
Coherent *, †		2,354,550		82,056,067
Crowdstrike Holdings Class A †		618,259		101,895,266
DocuSign †		1,326,891		70,948,862
EngageSmart *, †		844,745		17,477,774
Five9 †		965,489		72,392,365
Genpact		1,117,510		48,913,413
Keysight Technologies †		716,442		112,739,313
Littelfuse		246,347		48,946,685
Marvell Technology		2,459,063		105,518,393
Microchip Technology		1,874,627		114,408,486
Monolithic Power Systems		417,242		151,625,743
Novanta †		485,044		56,095,339
Paycom Software †		381,927		126,032,091
Teradyne *		1,358,118		102,062,568
Trimble †		1,522,221		82,610,934
Tyler Technologies †		324,590		112,795,025
Universal Display		676,250		63,804,187
Workiva †		812,396		63,204,409
Zebra Technologies Class A †		59,943		15,705,665
				1,708,677,292
Materials — 0.02%
Scotts Miracle-Gro		22,925		980,044
				980,044
Total Common Stocks (cost $4,567,663,752)				5,252,776,437

Short-Term Investments — 0.03%
Money Market Mutual Funds — 0.03%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		401,911		401,911
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		401,912		401,912
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		401,911		401,911

Table of Contents

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		401,912	$	401,912
Total Short-Term Investments (cost $1,607,646)				1,607,646
Total Value of Securities Before Securities Lending Collateral—100.08% (cost $4,569,271,398)				5,254,384,083

Securities Lending Collateral** — 1.41%
Money Market Mutual Fund — 1.41%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		73,821,740		73,821,740
Total Securities Lending Collateral (cost $73,821,740)				73,821,740
Total Value of Securities—101.49% (cost $4,643,093,138)			$	5,328,205,823■


†	Non-income producing security.
*	Fully or partially on loan.
~	Fully or partially pledged as collateral for options contracts.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $265,800,787 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $204,720,221.

Summary of abbreviations:

ADR – American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy Mid Cap Income Opportunities Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.08%
Consumer Discretionary — 22.59%
Darden Restaurants		289,730	$	36,598,694
Garmin		450,054		36,143,837
Hasbro		512,822		34,574,459
Polaris *		358,316		34,272,925
Service Corp. International		639,110		36,902,211
Tractor Supply		202,004		37,548,503
Travel + Leisure		952,021		32,482,957
Vail Resorts		169,809		36,617,613
				285,141,199
Consumer Staples — 8.28%
Clorox		272,198		34,947,501
McCormick & Co.		497,177		35,433,805
Sysco		483,612		34,196,204
				104,577,510
Financials — 20.14%
Ares Management Class A		540,359		33,475,240
Arthur J. Gallagher & Co.		214,666		36,755,112
Discover Financial Services		383,504		34,868,184
First American Financial		777,160		35,827,076
Glacier Bancorp		798,235		39,217,286
Northern Trust		410,959		35,161,652
Umpqua Holdings		2,274,222		38,866,454
				254,171,004
Healthcare — 2.76%
Encompass Health		769,233		34,792,409
				34,792,409
Industrials — 17.16%
CH Robinson Worldwide		375,235		36,138,883
Fastenal		805,142		37,068,738
nVent Electric *		1,165,857		36,852,740
Snap-on		177,047		35,648,413
Stanley Black & Decker		455,923		34,289,969
Watsco		141,925		36,540,010
				216,538,753
Information Technology — 16.72%
Broadridge Financial Solutions		237,256		34,240,786
Microchip Technology		588,368		35,908,099
NetApp		580,115		35,880,113
Paychex		320,407		35,952,869
Seagate Technology Holdings		641,776		34,161,736
TE Connectivity		316,218		34,897,819
				211,041,422
Materials — 11.43%
Avery Dennison		218,743		35,589,486
Packaging Corp. of America		322,097		36,168,272
RPM International *		432,396		36,022,911
Sonoco Products		642,741		36,462,697
				144,243,366
Total Common Stocks (cost $1,131,973,913)				1,250,505,663

Short-Term Investments — 0.88%
Money Market Mutual Funds — 0.88%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		2,790,458		2,790,458
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		2,790,459		2,790,459
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		2,790,458		2,790,458
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		2,790,459		2,790,459
Total Short-Term Investments (cost $11,161,834)				11,161,834
Total Value of Securities—99.96% (cost $1,143,135,747)			$	1,261,667,497■


*	Fully or partially on loan.
■	Includes $37,212,282 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $38,735,721.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Municipal Bond Fund

September 30, 2022 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 99.03%
Corporate Revenue Bonds — 11.98%
Buckeye Ohio Tobacco Settlement Financing Authority (Senior)
Series A-2 3.00% 6/1/48		6,110,000	$	4,092,539
Series A-2 4.00% 6/1/48		4,010,000		3,273,443
Series B-2 5.00% 6/1/55		1,500,000		1,261,845
Chandler Arizona Industrial Development Authority
(Intel Corporation Project) 5.00% 9/1/42 (AMT) ●		5,000,000		5,176,150
Florida Development Finance Surface Transportation Facilities Revenue
(Green Bond - Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) #		6,000,000		5,185,740
George L Smith II Congress Center Authority
(Convention Center Hotel) Series A 2.375% 1/1/31		1,000,000		834,940
Hoover, Alabama Industrial Development Board Environmental Improvement Revenue
(United States Steel Corporation Project) 5.75% 10/1/49 (AMT)		1,825,000		1,860,697
Indiana Finance Authority Exempt Facility Revenue
(Green Bond - Polyflow Indiana Project) 144A 7.00% 3/1/39 (AMT) #		2,680,000		2,034,281
Iowa Finance Authority Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)
5.00% 12/1/50 ●		1,140,000		1,032,327
5.00% 12/1/50		1,000,000		870,890
New York City Industrial Development Agency
(Pilot Rev Bds - Yankee Stadium Project)
0.009% 3/1/27 ^		3,000,000		2,501,280
0.011% 3/1/26 ^		3,185,000		2,772,510
0.014% 3/1/25 ^		3,175,000		2,883,186
New York Counties Tobacco Trust V
(Pass Through Program) Series 4B 144A 0.242% 6/1/60 #, ^		402,200,000		11,969,472
New York Transportation Development Special Facilities Revenue
(Terminal 4 John F. Kennedy International Airport Project)
5.00% 12/1/37 (AMT)		1,000,000		971,950
5.00% 12/1/38 (AMT)		900,000		869,292
5.00% 12/1/39 (AMT)		1,000,000		963,660
Public Finance Authority
(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62		2,170,000		1,872,428
Tuscaloosa County Industrial Development Authority Gulf Opportunity Zone
(Hunt Refining Project) Series A 144A 5.25% 5/1/44 #		2,745,000		2,318,894
				52,745,524
Education Revenue Bonds — 5.62%
Arizona Industrial Development Authority Revenue
(Leman Academy Of Excellence Projects) Series A 4.50% 7/1/54		1,320,000		1,069,979
California Educational Facilities Authority (Stanford University)
Series U-7 5.00% 6/1/46		7,675,000		8,390,080
Series V-1 5.00% 5/1/49		3,100,000		3,395,709
California Municipal Finance Authority
(American Heritage Education Foundation Project) Series A 5.00% 6/1/36		1,000,000		1,004,580
California State University Series A 5.00% 11/1/38		500,000		521,720
Clifton Higher Education Finance Revenue
(Uplift Education) Series A 4.25% 12/1/34		3,000,000		2,778,390

Table of Contents

Schedules of investments

Delaware Ivy Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Florida Development Finance Educational Facilities Revenue
(Mater Academy Projects)
Series A 5.00% 6/15/28		410,000	$	420,619
Series A 5.00% 6/15/29		400,000		409,668
Series A 5.00% 6/15/56		965,000		917,676
Massachusetts Development Finance Agency Revenue Series V 5.00% 7/1/55		3,000,000		3,168,240
Montgomery County Industrial Development Authority Revenue
(Germantown Academy Project) Series A 4.00% 10/1/36		1,000,000		872,910
Onondaga Civic Development Revenue
(Le Moyne College Project)
Series B 4.00% 7/1/38		255,000		221,205
Series B 4.00% 7/1/39		325,000		279,279
Series B 4.00% 7/1/40		300,000		255,264
Utah Charter School Finance Authority
(Syracuse Arts Academy Project) 5.00% 4/15/37		1,000,000		1,023,900
				24,729,219
Electric Revenue Bonds — 8.08%
Guam Power Authority Revenue Series A 5.00% 10/1/40		1,000,000		1,012,890
(Tax-Exempt)
Series A 5.00% 10/1/33		880,000		910,791
Series A 5.00% 10/1/34		3,205,000		3,297,400
Illinois Municipal Electric Agency Series A 5.00% 2/1/32		3,695,000		3,836,555
Long Island Power Authority
(Tax-Exempt) Series A 5.00% 9/1/39		1,500,000		1,523,280
Missouri Joint Municipal Electric Utility Commission
(Iatan 2 Project)
Series A 5.00% 12/1/36		5,650,000		5,812,720
Series A 5.00% 12/1/37		1,000,000		1,028,290
Modesto Irrigation District Series A 5.00% 10/1/36		4,270,000		4,428,588
Omaha Public Power District Nebraska City Station Unit 2
(System Revenue Bonds - Nebraska City 2) Series A 5.00% 2/1/41		1,000,000		1,022,050
Puerto Rico Electric Power Authority Revenue
Series AAA 5.25% 7/1/25 ‡		225,000		167,625
Series WW 5.00% 7/1/28 ‡		510,000		379,950
Series XX 4.75% 7/1/26 ‡		185,000		137,132
Series XX 5.25% 7/1/40 ‡		2,005,000		1,493,725
Series ZZ 4.75% 7/1/27 ‡		145,000		107,481
Series ZZ 5.25% 7/1/24 ‡		315,000		234,675
Utility Debt Securitization Authority
(Restructured - Federally Tax-Exempt) Series TE 5.00% 12/15/31		10,000,000		10,191,500
				35,584,652
Healthcare Revenue Bonds — 11.81%
Brookhaven Development Authority
(Children’s Healthcare of Atlanta) Series A 4.00% 7/1/44		1,000,000		898,590
California Statewide Communities Development Authority Revenue
(John Muir Health) Series A 5.00% 8/15/51		1,000,000		996,220
Chester County Health and Education Facilities Authority
(Main Line Health System) Series A 4.00% 9/1/40		785,000		713,573
Colorado Health Facilities Authority Revenue
(CommonSpirit Health) Series A-2 4.00% 8/1/49		1,015,000		813,797
Hamilton County Ohio Hospital Facilities Revenue
(Cincinnati Children’s Hospital Medical Center Project) Series CC 5.00% 11/15/49		6,460,000		6,746,630

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Hawaii Department of Budget & Finance Special Purpose Revenue
(Queen’s Health Systems) Series A 5.00% 7/1/35		1,500,000	$	1,532,340
Health & Educational Facilities Authority of the State of Missouri
(Mosaic Health System) Series A 4.00% 2/15/44		600,000		520,494
Hillsborough County Industrial Development Authority Revenue
(Tampa General Hospital Project) Series A 3.50% 8/1/55		5,000,000		3,505,150
Illinois Finance Authority
(Northshore - Edward- Elmhurst Health Credit Group) Series A 5.00% 8/15/47		3,985,000		3,988,666
Lake County Port & Economic Development Authority
(First Mortgage - Tapestry Wicklife, LLC Project) Series A 144A 6.75% 12/1/52 #, ‡		1,300,000		390,000
Maricopa County Industrial Development Authority
(Banner Health) Series A 4.00% 1/1/38		6,000,000		5,542,680
Michigan State Hospital Finance Authority
(Ascension Health Credit Group) Series B-4 5.00% 11/15/32		2,000,000		2,060,960
Montgomery County Higher Education and Health Authority Revenue
(Thomas Jefferson University) Series B 4.00% 5/1/47		1,750,000		1,490,545
New Hope Cultural Education Facilities Finance Texas Senior Living Revenue
(Sanctuary LTC Project) Series A-1 5.50% 1/1/57		3,500,000		2,668,610
New Hope Cultural Education Facilities Finance Texas Senior Living Revenue
(Sanctuary LTC Project) Series A-2 6.50% 1/1/31		9,865,000		8,753,017
Pennsylvania Economic Development Financing Authority First Mortgage Revenue
(Tapestry Moon Senior Housing Project)
Series A 144A 6.50% 12/1/38 #, ‡		3,285,000		1,248,300
Series A 144A 6.75% 12/1/53 #, ‡		3,765,000		1,430,700
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue
(Hospital Auxilio Mutuo Obligated Group Project)
4.00% 7/1/39		75,000		61,637
5.00% 7/1/30		445,000		469,653
5.00% 7/1/32		900,000		939,393
5.00% 7/1/35		360,000		370,055
South Carolina Jobs-Economic Development Authority
(Bon Secours Mercy Health, Inc.) Series A 5.00% 12/1/46		250,000		250,075
Union County Hospital Facility Authority
(Grande Ronde Hospital Project) 5.00% 7/1/41		1,090,000		1,047,011
University of North Carolina at Chapel Hill
(University of North Carolina Hospitals) 5.00% 2/1/49		500,000		521,850
Washington Health Care Facilities Authority
(Providence Health & Services) Series D 5.00% 10/1/38		5,000,000		5,028,500
				51,988,446

Table of Contents

Schedules of investments

Delaware Ivy Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds — 0.90%
Nebraska Investment Finance Authority Series A 2.35% 9/1/35		2,500,000	$	2,009,625
New York City Housing Development MultiFamily Revenue
(Sustainable Development Bonds)
Series A-1-B 2.05% 11/1/31		520,000		429,255
Series A-1-B 2.15% 11/1/32		970,000		782,809
North Carolina Housing Finance Agency Series 44 2.55% 7/1/35		930,000		744,000
				3,965,689
Lease Revenue Bonds — 5.80%
Metropolitan Pier & Exposition Authority Illinois Revenue
(McCormick Place Expansion Project) Series B 4.178% 12/15/54 (BAM) ^		25,445,000		4,570,940
Michigan State Building Authority
(Facilities Program) Series I 5.00% 4/15/34		3,000,000		3,108,150
New Jersey State Transportation Trust Fund Authority Series AA 4.00% 6/15/50 (BAM)		4,210,000		3,546,883
(Transportation System) Series A 3.575% 12/15/39 (BAM) ^		12,970,000		5,432,355
New York City Transitional Finance Authority Building Aid Revenue
(Subordinate)
Series S-1 5.00% 7/15/37		1,000,000		1,027,030
Series S-3A 5.00% 7/15/36		2,000,000		2,102,960
New York Liberty Development
(Green Bonds) Series A 3.00% 11/15/51 (BAM)		6,425,000		4,297,618
Regional Transportation District 5.00% 6/1/35		1,435,000		1,471,578
				25,557,514
Local General Obligation Bonds — 4.67%
Alamo Community College District 5.00% 8/15/38		5,000,000		5,262,400
Lincoln Consolidated School District
(General Obligation - Unlimited Tax) Series A 5.00% 5/1/35 (AGM)		500,000		522,350
Mida Golf and Equestrian Center Public Infrastructure District
(Utah Limited Tax)
144A 4.50% 6/1/51 #		2,500,000		1,828,500
144A 4.625% 6/1/57 #		2,000,000		1,441,460
New York
Series D-1 5.00% 8/1/30		2,000,000		2,028,400
Series G 5.00% 8/1/30		1,000,000		1,019,670
Palomar Health
Series A 0.000% 8/1/31 ^		3,315,000		2,236,995
Series A 0.000% 8/1/32 ^		5,000,000		3,193,550
Series A 0.000% 8/1/33 ^		5,000,000		3,014,600
				20,547,925
Pre-Refunded/Escrowed to Maturity Bonds — 2.04%
Central Texas Turnpike System 1st Tier 13.777% 8/15/26 ^		1,340,000		1,171,066
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
(Convertible Capital Appreciation Bonds) Series C 6.50% 10/1/41-26 §		7,000,000		7,822,640
				8,993,706
Special Tax Revenue Bonds — 17.59%
Allentown Neighborhood Improvement Zone Development Authority 5.00% 5/1/36		850,000		868,275
Bullhead City, Arizona Excise Taxes Revenue 2.55% 7/1/46		3,000,000		1,837,860
City & County of San Francisco Special Tax District No 2020-1
(Federally Taxable) Series B 144A 5.25% 9/1/49 #		5,000,000		3,675,100

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
City of Detroit, Michigan Series B 3.633% 6/15/34 ‡, ●		3,132,110	$	2,732,766
GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40		21,700,766		19,096,674
Matching Fund Special Purpose Securitization Series A 5.00% 10/1/39		3,130,000		3,141,205
Metropolitan Atlanta Rapid Transit Authority
(Third Indenture Series) Series B 5.00% 7/1/43		2,000,000		2,072,100
Miami-Dade County 0.00% 10/1/37 (BAM) ^		3,000,000		1,464,630
New York City Transitional Finance Authority Future Tax Secured Revenue
(Future Tax Secured Tax- Exempt Subordinate) Series A-2 5.00% 8/1/37		5,000,000		5,177,100
New York Convention Center Development Revenue
(Hotel Unit Fee Secured) 5.00% 11/15/34		2,000,000		2,044,420
New York State Dormitory Authority
Unrefunded Balance Series B 5.00% 2/15/38		5,000,000		5,098,700
Puerto Rico Sales Tax Financing Revenue
(Restructured)
Series A-1 4.75% 7/1/53		3,730,000		3,194,969
Series A-1 5.00% 7/1/58		5,750,000		5,090,475
Series A-1 5.373% 7/1/46 ^		26,435,000		5,992,550
Series A-1 6.157% 7/1/51 ^		65,459,000		10,737,894
Series A-2 4.329% 7/1/40		2,340,000		2,027,072
Regional Transportation Authority Series A 6.00% 7/1/24		3,080,000		3,214,227
				77,466,017
State General Obligation Bonds — 8.18%
California State
(School Facilities) 5.00% 11/1/30		3,000,000		3,056,010
(Various Purpose)
5.00% 2/1/33		8,000,000		8,043,280
5.00% 4/1/37		5,000,000		5,041,100
Commonwealth of Puerto Rico Series C 2.964% 11/1/43 ●, ^		29,851,592		14,963,110
(Restructured) Series A-1 4.00% 7/1/46		2,530,631		1,901,997
Illinois State
Series A 5.50% 3/1/42		2,000,000		2,025,500
Series A 5.50% 3/1/47		1,000,000		1,005,040
				36,036,037
Transportation Revenue Bonds — 16.19%
Austin Texas Airport System Revenue 5.00% 11/15/39 (AMT)		1,000,000		1,002,420
Central Texas Turnpike System 1st Tier Unrefunded Balance
Series A 13.746% 8/15/26 ^		18,000,000		15,605,280
Series B 5.00% 8/15/37		1,000,000		1,021,880
Chicago O’Hare International Airport
(General Airport Senior Lien)
Series B 5.00% 1/1/34		1,000,000		1,019,360
Series D 5.25% 1/1/37		2,500,000		2,599,825
(Senior Lien) Series A 5.00% 1/1/38 (AMT)		605,000		610,548
Foothill-Eastern Transportation Corridor Agency Revenue
(Senior Lien Toll Road Refunding) Series A 4.00% 1/15/46		2,000,000		1,713,240
Illinois State Toll Highway Authority
Series A 5.00% 1/1/35		3,000,000		3,010,200
Series B 5.00% 1/1/37		2,000,000		2,063,160
Metropolitan Transportation Authority Series C 5.00% 11/15/36		2,625,000		2,611,219
(Transportation) Series C-1 5.00% 11/15/35		2,500,000		2,495,075
Miami-Dade County Florida Aviation Revenue Series A 4.00% 10/1/44 (AMT)		1,500,000		1,294,125
Monroe County Airport Revenue
(Key West International Airport)
5.00% 10/1/42 (AMT)		1,505,000		1,442,693
5.00% 10/1/52 (AMT)		2,445,000		2,268,471
5.25% 10/1/47 (AMT)		1,100,000		1,077,912

Table of Contents

Schedules of investments

Delaware Ivy Municipal Bond Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Transportation Development Special Facilities Revenue
(Terminal 4 John F. Kennedy International Airport Project) Series A 5.00% 12/1/35 (AMT)		1,000,000	$	984,020
North Carolina Turnpike Authority (Capital Appreciation Bonds) Series B 5.296% 1/1/34 ^		10,000,000		5,800,400
North Texas Tollway Authority 1st Tier 15.18% 1/1/30 ^		12,000,000		8,963,880
Pennsylvania Turnpike Commission
(Subordinate) 5.00% 6/1/38		1,000,000		1,014,900
Series C 6.25% 6/1/33 (AGM)		4,000,000		4,386,160
Phoenix Civic Improvement Airport Revenue (Senior Lien)
Series A 5.00% 7/1/36 (AMT)		1,000,000		1,012,900
Series B 5.00% 7/1/37		1,000,000		1,033,550
Port of Portland Oregon Airport Revenue
(Portland International Airport) Series 23 5.00% 7/1/33		5,000,000		5,125,200
Port of Seattle Series B 5.00% 3/1/35		2,000,000		2,043,580
Texas Private Activity Bond Surface Transportation Corporate Senior Lien Revenue
(NTE Mobility Partners Segments 3 LLC Segment 3C Project) 5.00% 6/30/58 (AMT)		1,175,000		1,078,309
				71,278,307
Water & Sewer Revenue Bonds — 6.17%
Los Angeles California Wastewater System Revenue Series D 5.00% 6/1/34		5,000,000		5,209,550
(Green Bonds) Series A 5.00% 6/1/35		1,000,000		1,040,940
New York City Municipal Water Finance Authority
(Second General Resolution) Series HH 5.00% 6/15/37		10,000,000		10,289,200
Tampa FLA Water & Wastewater System Revenue
(Green Bonds) Series A 5.25% 10/1/57		2,000,000		2,159,100
Texas Water Development Board
(State Water Implementation Revenue Fund) Series B 5.00% 10/15/38		8,000,000		8,479,040
				27,177,830
Total Municipal Bonds (cost $473,389,091)				436,070,866

		Number of shares
Short-Term Investments — 0.08%
Money Market Mutual Funds — 0.01%
State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 2.86%)		46,445		46,445
				46,445

		Principal amount°
Variable Rate Demand Note — 0.07%¤
Phoenix, Arizona Industrial Development Authority
(Mayo Clinic) Series B 2.70% 11/15/52 (SPA - Northern Trust)		300,000		300,000
				300,000
Total Short-Term Investments (cost $346,445)				346,445
Total Value of Securities—99.11% (cost $473,735,536)			$	436,417,311


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $31,522,447, which represents 7.16% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡	Non-income producing security. Security is currently in default.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 11 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of September 30, 2022.

Summary of abbreviations:

AGM – Insured by Assured Guaranty Municipal Corporation

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LLC – Limited Liability Corporation

SPA – Stand-by Purchase Agreement

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy Municipal High Income Fund

September 30, 2022 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 97.69%
Corporate Revenue Bonds — 19.72%
Arizona Industrial Development Authority Revenue Series A 144A 7.75% 7/1/50 #		1,000,000	$	967,780
(Legacy Cares, Inc. Project) Series A 144A 6.00% 7/1/51 #		5,350,000		4,127,739
Buckeye Ohio Tobacco Settlement Financing Authority Series B-2 5.00% 6/1/55		15,470,000		13,013,828
California County Tobacco Securitization Agency Series D 8.238% 6/1/55 ^		6,250,000		345,313
Chicago, Illinois O’Hare International Airport Revenue (Trips Obligated Group) 5.00% 7/1/48 (AMT)		1,000,000		932,860
Children’s Trust Fund Series A 7.713% 5/15/57 ^		225,000,000		13,155,750
District of Columbia Tobacco Settlement Financing (Asset Backed Bonds) Series C 0.15% 6/15/55 ^		110,000,000		8,803,300
Erie Tobacco Asset Securitization (Asset Backed Bonds) Series D 0.675% 6/1/55 ^		4,000,000		190,040
Finance Authority of Maine (Casella Waste System Project) Series R-2 144A 4.375% 8/1/35 (AMT) #, ●		1,000,000		978,770
Florida Development Finance Surface Transportation Facilities Revenue (Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) #		7,500,000		6,482,175
George L Smith II Congress Center Authority (Convention Center Hotel) Series A 4.00% 1/1/54		4,000,000		3,063,400
Inland California Empire Tobacco Securitization Series E 144A 0.63% 6/1/57 #, ^		7,000,000		337,890
Series F 144A 0.24% 6/1/57 #, ^		163,120,000		6,603,098
Iowa Finance Authority (Childserve Project) 5.00% 12/1/50 ●		2,955,000		2,675,900
Louisiana Public Facilities Authority (Louisiana Pellets Project) Series A 8.375% 7/1/39 (AMT) ‡		13,547,003		135
Series LA 144A 7.75% 7/1/39 (AMT) #, ‡		1,976,705		20
Louisiana Public Facilities Authority Solid Waste Disposal Facility Revenue (Louisiana Pellets Project) Series B 10.50% 7/1/39 (AMT) ‡		12,201,587		122
Lower Alabama Gas District Series A 5.00% 9/1/46		6,000,000		5,754,060
Main Street Natural Gas Series A 4.00% 5/15/39		2,500,000		2,210,925
Nassau County Tobacco Settlement Series A-3 5.125% 6/1/46		10,000,000		8,840,300
New Hampshire Business Finance Authority Series B 144A 3.75% 7/1/45 (AMT) #, ●		2,000,000		1,553,000
New Jersey Tobacco Settlement Financing (Subordinate) Series B 5.00% 6/1/46		6,000,000		5,530,620
New York City Industrial Development Agency (Yankee Stadium Project) Series A 3.00% 3/1/49		1,000,000		648,510
New York Counties Tobacco Trust Series F 7.084% 6/1/60 ^		55,000,000		2,386,450
New York Counties Tobacco Trust V (Pass Through Program) 144A 0.622% 6/1/60 #, ^		322,800,000		9,606,528
New York Counties Tobacco Trust VI (Tobacco Settlement Pass-Through Bonds) Series C 5.00% 6/1/51		1,000,000		850,620

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Corporate Revenue Bonds (continued)
Public Authority for Colorado Energy Natural Gas Revenue 6.50% 11/15/38		9,000,000	$	10,269,090
Public Finance Authority Education Revenue (Grand Hyatt San Antonio Hotel Acquisition Project) Series A 5.00% 2/1/62		3,030,000		2,614,496
Sanger Industrial Development (Texas Pellets Project) Series B 8.00% 7/1/38 (AMT) ‡		17,870,000		4,467,500
Tobacco Securitization Authority of Southern California Series C 1.746% 6/1/46 ^		3,515,000		496,037
(Capital Appreciation - Restructured) Series D 2.151% 6/1/46 ^		6,540,000		721,100
(San Diego County Tobacco Asset Securitization Corporation) Series B-1 5.00% 6/1/48		875,000		824,320
Tobacco Settlement Financing Series B 5.00% 6/1/50		5,000,000		4,962,600
Vermont Economic Development Authority Solid Waste Disposal Revenue (Casella Waste System Project) 144A 4.625% 4/1/36 (AMT) #, ●		1,000,000		952,590
				124,366,866
Education Revenue Bonds — 14.99%
Arizona Industrial Development Authority Revenue Series B 144A 5.00% 3/1/42 #		1,500,000		1,382,550
Arlington Higher Education Finance (Newman International Academy)
Series A 4.00% 8/15/31		200,000		181,258
Series A 5.00% 8/15/41		600,000		537,102
Series A 5.375% 8/15/36		4,585,000		4,486,102
California Educational Facilities Authority Revenue (Stanford University) Series V-1 5.00% 5/1/49		9,000,000		9,858,510
California Municipal Finance Authority (Julian Charter School) Series A 144A 5.625% 3/1/45 #		510,000		463,259
(Palmdale Aerospace Academy)
Series A 144A 5.00% 7/1/41 #		1,750,000		1,627,027
Series A 144A 5.00% 7/1/46 #		1,670,000		1,508,711
California School Finance Authority (Aspire Public School) 144A 5.00% 8/1/41 #		1,375,000		1,372,456
(Rocketship Public Schools - Obligated Group) Series G 144A 5.00% 6/1/47 #		675,000		599,724
Series G 144A 5.00% 6/1/53 #		675,000		588,438
California Statewide Communities Development Authority Revenue (California Baptist University) Series A 144A 5.00% 11/1/41 #		1,000,000		1,006,190
(University of California, Irvine East Campus Apartments) 5.00% 5/15/40		1,500,000		1,500,885
Capital Trust Agency 8.25% 1/1/49 ‡		3,000,000		0
(Lutz Preparatory School Project) Series A 4.00% 6/1/41		330,000		291,172
Chester Economic Development Authority Lease Revenue
(Chester Community Charter School Project) Series A 144A 5.625% 8/15/48 #		12,000,000		11,130,000

Table of Contents

Schedules of investments

Delaware Ivy Municipal High Income Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds (continued)
Florida Development Finance Corporation Educational Facilities Revenue (Renaissance Charter School project) Series A 144A 6.00% 6/15/35 #		2,000,000	$	2,042,620
Series A 144A 6.125% 6/15/44 #		5,300,000		5,371,285
Series C 144A 5.00% 9/15/50 #		2,000,000		1,745,080
Florida Development Finance Corporation Taxable Revenue (Sculpture Charter School Project) Series A 7.25% 10/1/38		1,755,000		1,758,036
Iowa Finance Authority (Childserve Project) Series B 5.00% 6/1/36		2,425,000		2,239,196
Massachusetts Development Finance Agency Revenue Series V 5.00% 7/1/55		1,970,000		2,080,478
Michigan Finance Authority Limited Obligation Revenue (Hanley International Academy Project) 5.00% 9/1/40		1,115,000		990,198
(Old Redford Academy Project)
Series A 5.90% 12/1/30		1,850,000		1,750,156
Series A 6.50% 12/1/40		3,000,000		2,794,410
Michigan Public Educational Facilities Authority Revenue (Old Redford Project) Series A 5.875% 12/1/30		1,720,000		1,624,506
Nevada Department of Business & Industry State (Somerset Academy) Series A 144A 5.00% 12/15/48 #		500,000		455,800
Nevada State Department of Business & Industry (Somerset Academy) Series A 144A 5.125% 12/15/45 #		2,515,000		2,398,354
Philadelphia Authority for Industrial Development (Mast Community Charter School II Project) 5.00% 8/1/50		375,000		344,599
Pima County, Arizona Industrial Development Authority Revenue (Noah webster Schools) Series A 7.00% 12/15/43		1,500,000		1,536,210
Public Finance Authority Education Revenue (Cornerstone Charter Academy Project) Series A 144A 5.125% 2/1/46 #		3,000,000		2,682,780
(Triad Educational Services) Series A 144A 5.50% 6/15/45 #		6,000,000		6,037,980
(Wittenberg University Project) 144A 5.25% 12/1/39 #		5,000,000		4,611,250
University of Texas System Board of Regents Series B 5.00% 8/15/49		8,320,000		9,118,054
University of Virginia (Green Bond) Series 2 3.57% 4/1/45		10,000,000		8,426,800
				94,541,176
Electric Revenue Bonds — 3.97%
Arkansas River Power Authority Series A 5.00% 10/1/43		5,000,000		4,903,000
Development Authority of Burke County Pollution Control Revenue (Oglethrope Power Corporation Vogtle Project) Series A 1.50% 1/1/40 ●		700,000		646,394
Guam Power Authority (Tax-Exempt Forward Delivery)
Series A 5.00% 10/1/41		2,200,000		2,202,596
Series A 5.00% 10/1/42		1,235,000		1,231,999
Series A 5.00% 10/1/43		2,100,000		2,085,888
Puerto Rico Electric Power Authority
Series TT 5.00% 7/1/23 ‡		2,785,000		2,074,825
Series TT 5.00% 7/1/37 ‡		3,730,000		2,778,850

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Electric Revenue Bonds (continued)
Puerto Rico Electric Power Authority Revenue
Series WW 5.00% 7/1/28 ‡		2,635,000	$	1,963,075
Series WW 5.25% 7/1/33 ‡		430,000		320,350
Series XX 5.25% 7/1/40 ‡		7,500,000		5,587,500
Series XX 5.75% 7/1/36 ‡		1,630,000		1,226,575
				25,021,052
Healthcare Revenue Bonds — 14.70%
Arizona Industrial Development Authority Revenue
(Great Lakes Senior Living Communities LLC Project) Series D-2 144A 7.75% 1/1/54 #		2,100,000		1,282,911
(Third Tier - Great Lakes Senior Living Communities) Series C 144A 5.50% 1/1/54 #		4,000,000		2,291,760
Bexar County Health Facilities Development (Army Retirement Residence Foundation Project) 5.00% 7/15/41		5,395,000		5,027,277
California Educational Facilities Authority Revenue (Stanford University) Series V-2 5.00% 4/1/51		6,210,000		6,806,843
California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) Series A 144A 5.00% 12/1/46 #		3,000,000		2,737,260
City of Chicago, Illinois (Goldblatts Supportive Living Project) 6.125% 12/1/43		8,560,000		5,431,919
Connecticut State Health & Educational Facilities Authority Revenue (Church Home of Hartford Incorporated Project)
Series A 144A 5.00% 9/1/46 #		1,000,000		892,430
Series A 144A 5.00% 9/1/53 #		1,600,000		1,392,224
Gainesville & Hall County Hospital Authority Revenue (Northeast Georgia Health System Project) Series A 3.00% 2/15/47		3,775,000		2,502,108
Kirkwood, Missouri Industrial Development Authority (Aberdeen Heights) Series A 5.25% 5/15/50		4,000,000		3,261,440
Lenexa City, Kansas health Care Facility Revenue (Lakeview Village)
Series A 4.00% 5/15/34		1,000,000		873,230
Series A 5.00% 5/15/39		1,500,000		1,429,890
Michigan Finance Authority Limited Obligation Revenue Series A 3.00% 12/1/49		12,000,000		8,215,200
(Henry Ford Health System) Series A 4.00% 11/15/50		2,000,000		1,706,720
Muskingum County Ohio Hospital Facilities Revenue
(Genesis HealthCare System Obligated Group Project) 5.00% 2/15/48		5,000,000		4,322,100
Nassau County Industrial Development Agency (Amsterdam at Harborside Project) Series B 5.00% 1/1/58 ~, ●		10,884,206		5,977,606
New Hope Cultural Education Facilities Finance (Sanctuary LTC Project) Series A-1 5.50% 1/1/57		3,805,000		2,901,160
Oklahoma Development Finance Authority (OU Medicine Project) Series B 5.50% 8/15/57		3,000,000		2,548,020
Orange County New York Funding Corporation Assisted Living Residence Revenue (The Hamlet at Wallkill Assisted Living Project) 6.50% 1/1/46		4,900,000		3,900,351
Palomar Health 4.00% 11/1/39		4,375,000		3,682,394

Table of Contents

Schedules of investments

Delaware Ivy Municipal High Income Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Salem, Oregon Hospital Facility Authority Revenue (Capital Manor Project) 5.00% 5/15/53		1,895,000	$	1,757,973
Seminole County, Florida Industrial Development Authority (Legacy Pointe at UCF Project) Series A 5.25% 11/15/39		2,000,000		1,690,900
Tarrant County Cultural Education Facilities Finance Series A 6.75% 11/15/47		1,000,000		1,008,150
(Air Force Villages Obligated Group Project) 5.00% 5/15/45		8,650,000		7,674,366
(Buckner Senior Living - Ventana Project) Series A 6.75% 11/15/52		2,500,000		2,515,450
Terre Haute Revenue (Westminster Village Project) 6.00% 8/1/39		4,000,000		3,824,280
Washington State Housing Finance Commission
(Rockwood Retirement Communities Project) Series A 144A 7.50% 1/1/49 #		5,000,000		5,027,600
Wisconsin Health & Educational Facilities Authority (Children’s Hospital of Wisconsin) 3.00% 8/15/52		3,000,000		2,005,110
				92,686,672
Housing Revenue Bond — 0.08%
CSCDA Community Improvement Authority Essential Housing Revenue (Parallel - Anaheim) Series A 144A 4.00% 8/1/56 #		700,000		523,271
				523,271
Lease Revenue Bonds — 1.98%
California Statewide Communities Development Authority Revenue (Lancer Plaza Project)
5.625% 11/1/33		1,400,000		1,412,628
5.875% 11/1/43		1,890,000		1,904,062
Metropolitan Pier & Exposition Authority, Illinois (McCormick Place Expansion Project)
Series A 4.00% 12/15/42		3,035,000		2,479,777
Series A 4.00% 12/15/47		1,965,000		1,535,706
New York Liberty Development Revenue (World Trade Center Project) 144A 7.25% 11/15/44 #		2,000,000		2,016,060
St Louis Municipal Finance (Convention Center Capital Improvement Project)
Series A 6.43% 7/15/36 ^		2,250,000		1,166,760
Series A 6.44% 7/15/37 ^		4,000,000		1,958,480
				12,473,473
Local General Obligation Bonds — 3.10%
City of Detroit, Michigan 5.25% 4/1/23		220,100		220,184
City of Fairfield, Alabama 6.00% 6/1/37 ‡		8,485,000		6,788,000
Mida Golf and Equestrian Center Public Infrastructure District (Utah Limited Tax)
144A 4.50% 6/1/51 #		2,665,000		1,949,181
144A 4.625% 6/1/57 #		2,310,000		1,664,886
New York State Dormitory Authority Revenue (School Districts) Series A 5.00% 10/1/22		55,000		55,000
Village of Riverdale 8.00% 10/1/36		7,340,000		7,348,294
Wilkes-Barre Area School District 4.00% 4/15/54		1,675,000		1,481,203
				19,506,748
Pre-Refunded/Escrowed to Maturity Bonds — 5.48%
California School Finance Authority (Aspire Public School) 144A 5.00% 8/1/41-25 #, §		125,000		130,989

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Pre-Refunded/Escrowed to Maturity Bonds (continued)
Central Texas Regional Mobility Authority Revenue 5.00% 1/1/33-23 §		6,000,000	$	6,026,400
Series A 5.00% 1/1/45-25 §		4,000,000		4,175,640
Golden State California Tobacco Securitization Corporate Settlement Revenue
Series A 5.00% 6/1/35-25 §		6,265,000		6,568,226
Series A-1 5.00% 6/1/29-27 §		1,250,000		1,349,400
Kentucky Public Transportation Infrastructure Authority (Downtown Crossing Project) Series A 5.75% 7/1/49-23 §		4,000,000		4,058,320
North Texas Tollway Authority Revenue Special Project System Revenue (Convertible Capital Appreciation) Series C 12.219% 9/1/43-31 §, ^		5,000,000		5,970,250
Osceola County Expressway Authority (Poinciana Parkway Project) Series A 5.375% 10/1/47-24 §		2,000,000		2,085,400
Savannah Economic Development Authority (The Marshes of Skidway Island Project) 7.25% 1/1/49-24 §		4,000,000		4,189,280
				34,553,905
Special Tax Revenue Bonds — 14.79%
Alabama Economic Settlement Authority Series A 4.00% 9/15/33		9,000,000		8,659,260
Arkansas Steel Development Finance Authority Environmental Improvement Revenue (Green Bonds) 144A 5.45% 9/1/52 (AMT) #		4,000,000		3,618,840
Branson Industrial Development Authority (Branson Shoppes Redevelopment Project) Series A 3.90% 11/1/29		635,000		562,039
Broadway-Fairview Transportation Development District (Columbia, Missouri)
Series A 5.875% 12/1/31		675,000		423,563
Series A 6.125% 12/1/36		1,050,000		658,875
City of Detroit, Michigan
Series A 4.613% 6/15/15 ‡		2,293,773		2,179,084
Series A 4.813% 6/15/20 ‡		2,248,218		2,135,807
Series B 3.633% 6/15/34 ‡, ●		2,320,081		2,024,271
GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40		32,212,404		28,346,916
Grandview Missouri Industrial Development Authority Tax Increment Revenue (Grandview Crossing Project) 5.75% 12/1/28 ‡		1,000,000		300,000
Kansas City Tax Increment Financing Commission Tax Increment Revenue (Brywood Centre Project) Series A 8.00% 4/1/33 ‡		3,950,000		1,343,000
Lakeside 370 Levee District - Subdistrict B Series 2015-B 0.00% 4/1/55		1,261,755		1,135,579
Lees Summit Industrial Development Authority (Kensington Farms Improvement Project) 5.75% 3/1/29 ‡		2,185,000		1,354,700
Marquis Community Development Authority of York County Virginia Series B 5.625% 9/1/41 ‡		2,779,000		1,228,651
(Capital Appreciation Bonds) Series C 0.00% 9/1/41 ^		821,000		37,840
(Convertible Capital Appreciation Bonds) 144A 7.50% 9/1/45 #, ‡		859,000		383,389
Matching Fund Special Purpose Securitization Series A 5.00% 10/1/39		1,290,000		1,294,618

Table of Contents

Schedules of investments

Delaware Ivy Municipal High Income Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing Revenue (Restructured)
Series A-1 0.751% 7/1/51 ^		28,564,000	$	4,685,639
Series A-1 2.706% 7/1/46 ^		9,915,000		2,247,631
Series A-1 4.55% 7/1/40		590,000		525,731
Series A-1 5.00% 7/1/58		11,100,000		9,826,830
Series A-2 4.784% 7/1/58		7,572,000		6,387,588
Series B-1 4.75% 7/1/53		5,484,000		4,697,375
San Buenaventura Redevelopment Agency (Merged San Buenaventura Redevelopment Project)
7.75% 8/1/28		1,000,000		1,003,230
8.00% 8/1/38		1,500,000		1,505,100
Stone Canyon Community Improvement District (Infrastructure Improvement Project) 5.75% 4/1/27 ‡		1,250,000		325,000
Village of East Dundee (Route 25 South Redevelopment Project) 5.625% 12/1/31		1,505,000		1,388,257
Whiting Redevelopment District 4.00% 1/15/32		2,600,000		2,248,480
Wyandotte County-Kansas City Unified Government (Wyandotte Plaza Redevelopment Project) 5.00% 12/1/34		3,000,000		2,738,580
				93,265,873
State General Obligation Bonds — 8.80%
Commonwealth of Massachusetts Series C 2.75% 3/1/50		5,000,000		3,339,800
Commonwealth of Puerto Rico Series C 2.646% 11/1/43 ●		43,191,019		21,649,498
(Restructured)
Series A-1 4.00% 7/1/37		2,877,981		2,369,096
Series A-1 4.00% 7/1/41		3,912,952		3,065,055
Series A-1 4.00% 7/1/46		11,149,417		8,379,790
Series A-1 4.364% 7/1/33 ^		4,343,281		2,401,487
Series A-1 5.625% 7/1/27		4,117,153		4,207,854
Series A-1 5.75% 7/1/31		3,934,080		4,019,017
Illinois State 4.00% 6/1/32		6,410,000		6,037,130
				55,468,727
Transportation Revenue Bonds — 9.15%
Austin Texas Airport System Revenue 5.00% 11/15/24 (AMT)		1,650,000		1,690,524
California Municipal Finance Authority (LINXS APM Project)
Series A 4.00% 12/31/47 (AMT)		6,650,000		5,400,465
Series A 5.00% 12/31/47 (AMT)		1,500,000		1,440,225
Central Texas Regional Mobility Authority Revenue (Capital Appreciation Bonds)
7.81% 1/1/36 ^		2,500,000		1,245,750
7.85% 1/1/40 ^		2,000,000		781,220
Colorado High Performance Transportation Enterprise Revenue
(Senior U.S. 36 & I- 25 Managed Lanes) 5.75% 1/1/44 (AMT)		3,250,000		3,257,767
Florida Development Finance Corporation Taxable Revenue Series A 144A 7.25% 7/1/57 (AMT) #, ●		2,500,000		2,440,775
Foothill-Eastern Transportation Corridor Agency, California
Series B-1 3.95% 1/15/53		2,800,000		2,271,248
Series B-2 3.50% 1/15/53		1,600,000		1,188,576
Los Angeles Department of Airports Series F 3.00% 5/15/49 (AMT)		3,030,000		2,072,187
Metropolitan Transportation Authority Revenue (Green Bond) Series B 4.00% 11/15/50		5,000,000		4,047,450
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Convertible Capital Appreciation Bonds) Series B 6.50% 10/1/44		1,000,000		1,099,630
Mid-Bay Bridge Authority Series A 5.00% 10/1/40		2,000,000		2,008,400
Montgomery County Toll Road Authority 5.00% 9/15/48		1,000,000		935,290

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
New York Transportation Development Corporation Special Facilities Revenue
(Delta Air Lines - LaGuardia Airport Terminals C&D Redevelopment Project) 4.00% 1/1/36 (AMT)		1,000,000	$	884,340
North Carolina Turnpike Authority Triangle Expressway System Revenue
(Capital Appreciation Bonds) Series C 0.001% 7/1/41 ^		4,160,000		1,454,918
(Triangle Expressway System Senior Lien Turnpike Revenue Bonds) 4.00% 1/1/55		1,000,000		861,200
Pennsylvania Turnpike Commission Series E 6.375% 12/1/38		13,500,000		15,055,605
Phoenix, Arizona Civic Improvement Corporation Airport Revenue Series B 3.25% 7/1/49 (AMT)		1,555,000		1,052,611
San Francisco City & County Airport Comm-San Francisco International Airport Series A 4.00% 5/1/49 (AMT)		1,250,000		1,061,025
Texas Private Activity Bond Surface Transportation Corporate Senior Lien Revenue (NTE Mobility Partners Segments 3 LLC Segment 3C Project) 5.00% 6/30/58 (AMT)		3,000,000		2,753,130
Texas Transportation Commission (First Tier Toll Revenue Bonds) Series A 5.00% 8/1/57		1,000,000		958,020
Virginia Small Business Financing Authority Private Activity Revenue (Transform 66 P3 Project) 5.00% 12/31/56 (AMT)		4,000,000		3,733,480
				57,693,836
Water & Sewer Revenue Bond — 0.93%
Jefferson County Alabama Sewer Revenue Series D 6.50% 10/1/53		5,470,000		5,868,325
				5,868,325
Total Municipal Bonds (cost $736,610,235)				615,969,924

	Number of shares
Short-Term Investments — 0.75%
Money Market Mutual Funds — 0.28%
State Street Institutional US Government Money Market Fund – Premier Class (seven- day effective yield 2.86%)		1,743,756		1,743,756
				1,743,756

	Principal amount°
Variable Rate Demand Notes — 0.47%¤
Los Angeles Department of Water & Power Water System Revenue Series B4 2.45% 7/1/35 (SPA - Barclays Bank)		800,000		800,000
Oregon State Facilities Authority Revenue
(PeaceHealth) Series B 2.75% 8/1/34 (LOC - TD Bank N.A.)		800,000		800,000
Phoenix, Arizona Industrial Development Authority (Mayo Clinic) Series B 2.70% 11/15/52 (SPA - Northern Trust)		400,000		400,000
University of North Carolina at Chapel Hill 2.75% 2/15/31 (SPA - TD Bank N.A.)		1,000,000		1,000,000
				3,000,000
Total Short-Term Investments (cost $4,743,756)				4,743,756
Total Value of Securities—98.44% (cost $741,353,991)			$	620,713,680

Table of Contents

Schedules of investments

Delaware Ivy Municipal High Income Fund

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $102,984,670, which represents 16.33% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡	Non-income producing security. Security is currently in default.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at September 30, 2022.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 11 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of September 30, 2022.

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

LLC – Limited Liability Corporation

LOC – Letter of Credit

N.A. – National Association

SPA – Stand-by Purchase Agreement

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Small Cap Growth Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.43%
Communication Services — 2.68%
Gray Television		254,295	$	3,641,504
Nexstar Media Group		234,207		39,077,438
				42,718,942
Consumer Discretionary — 13.98%
Boot Barn Holdings †		256,352		14,986,338
Churchill Downs		48,600		8,949,690
EVgo *, †		1,211,839		9,585,647
Fox Factory Holding †		331,072		26,181,174
Malibu Boats Class A *, †		172,102		8,259,175
Marriott Vacations Worldwide		330,634		40,291,059
Monarch Casino & Resort †		371,003		20,828,108
Red Rock Resorts Class A		949,932		32,544,670
Texas Roadhouse		352,069		30,721,541
Visteon †		289,810		30,737,249
				223,084,651
Consumer Staples — 5.46%
BJ’s Wholesale Club Holdings †		672,497		48,964,507
Duckhorn Portfolio *, †		886,501		12,792,209
MGP Ingredients		158,557		16,832,411
Sovos Brands †		593,840		8,456,282
				87,045,409
Energy — 4.50%
Cactus Class A		698,231		26,833,017
Liberty Energy Class A *, †		911,432		11,556,958
Northern Oil and Gas *		523,621		14,352,452
SM Energy		508,326		19,118,141
				71,860,568
Financials — 4.04%
Focus Financial Partners Class A †		330,831		10,424,485
Kinsale Capital Group *		129,486		33,073,314
Pinnacle Financial Partners		94,492		7,663,301
Seacoast Banking *		439,762		13,294,005
				64,455,105
Healthcare — 24.34%
AMN Healthcare Services †		148,038		15,686,107
Axonics †		381,444		26,868,915
CareDx †		1,164,138		19,813,629
CryoPort †		1,011,889		24,649,616
Evolent Health Class A †		719,475		25,850,737
Harmony Biosciences Holdings *, †		481,785		21,338,258
Inmode †		827,313		24,083,082
Insmed †		519,979		11,200,348
Lantheus Holdings †		281,304		19,784,110
Omnicell *, †		361,913		31,497,288
Option Care Health †		275,370		8,665,894
Pacira BioSciences *, †		619,529		32,952,748
Penumbra *, †		104,470		19,807,512
Privia Health Group †		735,588		25,054,127
Progyny †		904,905		33,535,779
PTC Therapeutics †		188,615		9,468,473
Tandem Diabetes Care *, †		289,053		13,831,186
Veracyte †		189,469		3,145,185
Vericel †		905,357		21,004,282
				388,237,276
Industrials — 17.50%
AAON		150,017		8,082,916
Air Transport Services Group †		854,666		20,588,904
ASGN †		99,037		8,949,974
Casella Waste Systems Class A †		372,181		28,430,907
Chart Industries *, †		108,206		19,947,776
Clean Harbors †		331,215		36,427,026
EnerSys *		465,725		27,091,223
Evoqua Water Technologies †		529,261		17,502,661
Kirby †		392,045		23,824,575
Kornit Digital †		364,880		9,709,457
RBC Bearings †		112,671		23,414,160
Saia †		119,386		22,683,340
Shoals Technologies Group Class A †		482,608		10,400,202
Valmont Industries		82,409		22,136,705
				279,189,826
Information Technology — 24.94%
Allegro MicroSystems †		1,428,574		31,214,342
Belden		92,650		5,560,853
Box Class A †		701,384		17,106,756
BTRS Holdings *, †		1,661,474		15,385,249
CyberArk Software †		190,494		28,562,670
Domo Class B †		331,997		5,972,626
DoubleVerify Holdings †		261,880		7,162,418
Five9 †		322,893		24,210,517
ForgeRock Class A *, †		314,460		4,569,104
Globant †		220,478		41,247,023
Instructure Holdings *, †		394,515		8,789,794
Jamf Holding *, †		394,146		8,734,275
Onto Innovation †		219,033		14,029,064
Paycor HCM *, †		1,359,224		40,178,661
Power Integrations		122,446		7,875,727
Shift4 Payments Class A †		583,306		26,021,281
SiTime †		91,097		7,172,067
Smartsheet Class A †		615,285		21,141,193
Sprout Social Class A †		399,862		24,263,626
Tenable Holdings †		684,071		23,805,671

Table of Contents

Schedules of investments

Delaware Ivy Small Cap Growth Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Information Technology (continued)
Viavi Solutions †		2,671,467	$	34,862,644
				397,865,561
Materials — 1.26%
ATI †		753,723		20,056,569
				20,056,569
Real Estate — 0.73%
Ryman Hospitality Properties		158,274		11,647,384
				11,647,384
Total Common Stocks (cost $1,546,856,909)				1,586,161,291

Short-Term Investments — 0.67%
Money Market Mutual Funds — 0.67%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		2,690,485		2,690,485
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		2,690,484		2,690,484
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		2,690,484		2,690,484
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		2,690,485		2,690,485
Total Short-Term Investments (cost $10,761,938)				10,761,938
Total Value of Securities Before Securities Lending Collateral—100.10% (cost $1,557,618,847)				1,596,923,229

Securities Lending Collateral** — 1.52%
Money Market Mutual Fund — 1.52%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		24,192,232		24,192,232
Total Securities Lending Collateral (cost $24,192,232)				24,192,232
Total Value of Securities—101.62% (cost $1,581,811,079)			$	1,621,115,461■

†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $76,499,804 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $55,361,907.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Smid Cap Core Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.65%
Basic Materials — 7.70%
Beacon Roofing Supply †		69,311	$	3,792,698
Boise Cascade		52,936		3,147,575
Huntsman		226,308		5,553,598
Kaiser Aluminum		37,147		2,278,968
Minerals Technologies		76,213		3,765,684
Reliance Steel & Aluminum		45,227		7,888,041
Westrock		77,804		2,403,366
Worthington Industries		81,972		3,126,412
				31,956,342
Business Services — 4.97%
ABM Industries		69,856		2,670,595
Aramark		129,939		4,054,097
ASGN †		42,980		3,884,103
Casella Waste Systems Class A †		28,723		2,194,150
Clean Harbors †		27,186		2,989,916
WillScot Mobile Mini Holdings †		120,037		4,841,092
				20,633,953
Capital Goods — 11.39%
Ameresco Class A *, †		37,239		2,475,649
Barnes Group		27,993		808,438
Carlisle		13,201		3,701,692
Federal Signal		52,053		1,942,618
Gates Industrial †		96,434		941,196
Generac Holdings †		7,429		1,323,402
Graco		40,253		2,413,167
Jacobs Solutions		29,704		3,222,587
Kadant		10,123		1,688,618
KBR		62,059		2,682,190
Lincoln Electric Holdings		27,689		3,481,061
MasTec *, †		39,717		2,522,029
Oshkosh		34,820		2,447,498
Quanta Services		51,126		6,512,941
Regal Rexnord		18,670		2,620,521
Tetra Tech		18,130		2,330,249
WESCO International †		31,766		3,792,225
Zurn Elkay Water Solutions		96,075		2,353,838
				47,259,919
Communication Services — 0.83%
Switch Class A		101,845		3,431,158
				3,431,158
Consumer Discretionary — 5.69%
American Eagle Outfitters *		61,278		596,235
BJ’s Wholesale Club Holdings †		52,867		3,849,246
Dick’s Sporting Goods *		50,802		5,315,921
Five Below †		38,854		5,349,030
Malibu Boats Class A †		60,685		2,912,273
Steven Madden		133,570		3,562,312
Tractor Supply		10,988		2,042,450
				23,627,467
Consumer Services — 2.01%
Brinker International †		65,188		1,628,396
Jack in the Box		21,875		1,620,281
Texas Roadhouse		29,894		2,608,551
Wendy’s		132,787		2,481,789
				8,339,017
Consumer Staples — 2.87%
Casey’s General Stores		27,628		5,595,223
Helen of Troy †		11,029		1,063,637
J & J Snack Foods		22,726		2,942,335
YETI Holdings †		80,729		2,302,391
				11,903,586
Credit Cyclicals — 2.65%
BorgWarner		70,127		2,201,988
Dana		113,745		1,300,105
KB Home		44,227		1,146,364
La-Z-Boy		69,743		1,574,099
Taylor Morrison Home †		63,800		1,487,816
Toll Brothers		78,629		3,302,418
				11,012,790
Energy — 5.93%
Chesapeake Energy *		81,335		7,662,570
Diamondback Energy		75,990		9,153,756
Liberty Energy Class A †		613,969		7,785,127
				24,601,453
Financials — 15.46%
Axis Capital Holdings		87,828		4,316,746
Comerica		51,877		3,688,455
East West Bancorp		88,343		5,931,349
Essent Group		95,362		3,325,273
Hamilton Lane Class A		29,968		1,786,392
Kemper		72,264		2,981,613
NMI Holdings Class A †		93,273		1,899,971
Primerica		42,542		5,251,810
Raymond James Financial		37,691		3,724,625
Reinsurance Group of America		41,704		5,246,780
SouthState		48,369		3,826,955
Stifel Financial		81,773		4,244,836
Umpqua Holdings		204,687		3,498,101
Valley National Bancorp		276,506		2,986,265
Webster Financial		107,914		4,877,713
Western Alliance Bancorp		51,984		3,417,428
WSFS Financial		68,138		3,165,691
				64,170,003

Table of Contents

Schedules of investments

Delaware Ivy Smid Cap Core Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare — 12.96%
Amicus Therapeutics †		172,360	$	1,799,438
Azenta		44,040		1,887,554
Bio-Techne		11,493		3,264,012
Blueprint Medicines †		46,614		3,071,397
Catalent †		56,092		4,058,817
Encompass Health		62,905		2,845,193
Exact Sciences †		34,469		1,119,898
Halozyme Therapeutics *, †		93,265		3,687,698
ICON †		16,224		2,981,647
Insmed †		98,027		2,111,502
Inspire Medical Systems †		17,745		3,147,431
Ligand Pharmaceuticals †		29,322		2,524,917
Natera †		45,463		1,992,189
Neurocrine Biosciences †		41,333		4,389,978
QuidelOrtho †		23,403		1,672,846
Repligen †		22,263		4,165,630
Shockwave Medical †		18,388		5,113,151
Supernus Pharmaceuticals †		64,895		2,196,696
Ultragenyx Pharmaceutical †		42,676		1,767,213
				53,797,207
Media — 1.57%
IMAX †		93,564		1,321,124
Interpublic Group of Companies		117,336		3,003,801
Nexstar Media Group		13,132		2,191,074
				6,515,999
Real Estate Investment Trusts — 6.50%
Brixmor Property Group		197,322		3,644,538
Camden Property Trust		35,916		4,290,166
DiamondRock Hospitality		179,579		1,348,638
First Industrial Realty Trust		87,207		3,907,746
Kite Realty Group Trust		179,306		3,087,649
Life Storage		40,541		4,490,321
LXP Industrial Trust		192,302		1,761,486
Pebblebrook Hotel Trust		125,773		1,824,966
Physicians Realty Trust		173,536		2,609,982
				26,965,492
Technology — 13.19%
Blackline †		16,995		1,018,001
Box Class A †		42,632		1,039,794
Coherent †		72,657		2,532,096
Dynatrace †		58,571		2,038,857
ExlService Holdings †		40,391		5,952,018
Guidewire Software †		28,619		1,762,358
MACOM Technology Solutions Holdings †		48,302		2,501,561
MaxLinear †		74,726		2,437,562
ON Semiconductor †		66,962		4,173,741
Paycom Software †		3,900		1,286,961
Procore Technologies †		37,529		1,856,935
PTC †		44,233		4,626,772
Q2 Holdings †		46,390		1,493,758
Rapid7 †		33,382		1,432,088
Semtech †		44,976		1,322,744
Silicon Laboratories †		18,300		2,258,952
Smartsheet Class A †		50,818		1,746,107
Sprout Social Class A †		21,307		1,292,909
SS&C Technologies Holdings		26,855		1,282,326
Tyler Technologies †		2,358		819,405
Varonis Systems †		74,971		1,988,231
WNS Holdings ADR †		61,316		5,018,101
Yelp †		70,464		2,389,434
Ziff Davis †		36,225		2,480,688
				54,751,399
Transportation — 2.94%
Allegiant Travel †		20,089		1,466,095
Kirby †		59,121		3,592,783
Knight-Swift Transportation Holdings		68,106		3,332,426
Werner Enterprises		101,976		3,834,298
				12,225,602
Utilities — 1.99%
Black Hills		63,362		4,291,508
Spire		63,792		3,976,156
				8,267,664
Total Common Stocks (cost $462,109,708)				409,459,051

Short-Term Investments — 1.73%
Money Market Mutual Funds — 1.73%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,800,667		1,800,667
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,800,666		1,800,666
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,800,666		1,800,666

Table of Contents

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		1,800,666	$	1,800,666
Total Short-Term Investments (cost $7,202,665)				7,202,665
Total Value of Securities Before Securities Lending Collateral—100.38% (cost $469,312,373)				416,661,716

Securities Lending Collateral** — 1.41%
Money Market Mutual Fund — 1.41%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		5,854,931		5,854,931
Total Securities Lending Collateral (cost $5,854,931)				5,854,931
Total Value of Securities—101.79% (cost $475,167,304)			$	422,516,647■

^†	Non-income producing security.
^*	Fully or partially on loan.
^**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
^■	Includes $20,327,168 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $15,337,535.

Summary of abbreviations:

ADR – American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Consolidated schedules of investments

Delaware Ivy Systematic Emerging Markets Equity Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.06%
Communication Services — 11.14%
37 Interactive Entertainment Network Technology Group Class A		200,100	$	489,586
Advanced Info Service PCL		780,000		4,022,004
America Movil Class L		10,950,933		9,020,878
Baidu Class A †		31,550		464,454
Baidu ADR †		56,018		6,581,555
Bharti Airtel		2,137,823		20,922,828
Kuaishou Technology #, †		246,800		1,583,012
MTN Group		672,043		4,434,135
NetEase		604,300		9,118,545
Saudi Telecom		613,117		6,382,783
Telkom Indonesia Persero		7,226,800		2,106,222
Tencent Holdings		1,306,420		44,126,058
Yandex Class A †		195,088		229,514
				109,481,574
Consumer Discretionary — 12.84%
Alibaba Group Holding †		1,337,200		13,344,372
Alibaba Group Holding ADR †		159,093		12,725,849
Americanas		192,209		609,656
BYD Class H		160,500		3,954,008
Ecovacs Robotics Class A		39,951		373,766
Fix Price Group GDR #, =		1,489,220		1,130,874
Ford Otomotiv Sanayi		60,935		1,073,437
Geely Automobile Holdings		2,796,000		3,826,301
Great Wall Motor Class H		1,889,500		2,154,107
Hyundai Motor		84,696		10,336,177
JD.com Class A		382,161		9,641,227
Kia		144,821		7,208,031
Li Auto ADR *, †		31,886		733,697
Li Ning		1,302,500		9,883,218
Lojas Renner		1,516,369		7,848,401
Maruti Suzuki India		23,106		2,494,215
Meituan Class B #, †		652,300		13,709,036
Naspers Class N		81,549		10,113,998
Pinduoduo ADR †		93,962		5,880,142
Shenzhou International Group Holdings		295,700		2,283,266
Titan		85,296		2,712,189
Trip.com Group ADR †		29,747		812,391
Yum China Holdings		70,297		3,327,157
				126,175,515
Consumer Staples — 7.74%
Ambev		3,989,125		11,499,234
China Mengniu Dairy †		3,372,000		13,329,871
China Resources Beer Holdings		1,002,000		6,950,606
Chongqing Brewery Class A		36,601		575,796
CP ALL PCL		1,465,000		2,184,683
Hindustan Unilever		104,115		3,433,640
ITC		3,039,292		12,352,395
Jiangsu Yanghe Brewery Joint-Stock Class A		45,900		1,022,315
Kweichow Moutai Class A		15,501		4,079,573
LG Household & Health Care		2,034		891,541
Shanxi Xinghuacun Fen Wine Factory Class A		85,015		3,618,348
Wal-Mart de Mexico		3,764,569		13,221,181
Wuliangye Yibin Class A		122,161		2,905,942
				76,065,125
Energy — 6.41%
China Shenhua Energy Class A		479,592		2,134,174
China Shenhua Energy Class H		2,319,500		6,902,039
LUKOIL =		276,569		305,262
Oil & Natural Gas		1,349,262		2,090,083
PetroChina Class H		5,788,000		2,366,079
Petroleo Brasileiro		391,259		2,413,840
PTT Exploration & Production PCL		1,900,600		8,087,124
Reliance Industries		677,507		19,662,661
Saudi Arabian Oil 144A #		1,177,386		11,208,699
Shaanxi Coal Industry Class A		1,611,000		5,172,957
Shanxi Coking Coal Energy Group Class A		480,700		1,011,913
Yankuang Energy Group Class H *		442,000		1,595,926
				62,950,757
Financials — 21.01%
Agricultural Bank of China Class A		19,085,500		7,689,727
Agricultural Bank of China Class H		21,909,000		6,557,263
Al Rajhi Bank †		670,584		14,355,998
Alinma Bank		548,427		5,246,069
Axis Bank		1,071,624		9,581,863
Bajaj Finance		29,824		2,664,716
Banco do Brasil		1,757,811		12,529,375
Bank Central Asia		27,910,500		15,580,741
Bank Mandiri Persero		4,714,900		2,895,140
Bank of Chengdu Class A		1,659,800		3,819,635
Bank of China Class A		12,945,979		5,635,694
Bank of China Class H		34,775,000		11,357,352
Bank Rakyat Indonesia Persero		48,301,000		14,136,382
Capitec Bank Holdings		18,389		1,575,468
Cathay Financial Holding		1,322,000		1,656,908
China Construction Bank Class A		3,020,500		2,347,984
China Construction Bank Class H		14,273,000		8,238,403

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
China Merchants Bank Class H		566,500	$	2,621,683
Credicorp		91,803		11,273,408
First Abu Dhabi Bank		943,945		4,578,574
FirstRand		1,581,859		5,280,653
Grupo Financiero Banorte Class O		983,000		6,296,921
ICICI Bank		2,309,731		24,250,462
Industrial & Commercial Bank of China Class H		12,798,000		6,003,620
Kasikornbank PCL		442,300		1,706,115
Lufax Holding ADR		118,891		301,983
Ping An Insurance Group Co. of China Class H		337,500		1,683,718
Postal Savings Bank of China Class H 144A #		3,371,000		1,981,356
Saudi National Bank		676,662		11,290,433
Sberbank of Russia PJSC ADR =, †		1,032,386		42,485
Standard Bank Group		422,096		3,334,449
				206,514,578
Healthcare — 1.91%
Apollo Hospitals Enterprise		18,327		980,557
Bangkok Dusit Medical Services PCL		3,145,600		2,439,258
Bloomage Biotechnology Class A		62,950		1,156,865
China Resources Sanjiu Medical & Pharmaceutical Class A		359,300		1,940,414
CSPC Pharmaceutical Group		1,400,000		1,387,646
Daan Gene Class A		736,540		1,718,800
Imeik Technology Development Class A		29,574		2,037,135
Intco Medical Technology Class A		197,080		552,180
Shenzhen Mindray Bio-Medical Electronics Class A		62,200		2,616,349
Wuxi Biologics Cayman #, †		596,500		3,550,873
Zhejiang Orient Gene Biotech Class A		36,423		385,758
				18,765,835
Industrials — 5.29%
Aselsan Elektronik Sanayi Ve
Ticaret		1,251,828		1,974,743
China Airlines		4,454,000		2,738,785
Contemporary Amperex Technology Class A		32,304		1,818,870
COSCO SHIPPING Holdings Class A		88,810		136,927
COSCO SHIPPING Holdings Class H		419,099		487,482
Eva Airways		3,059,000		2,704,343
Evergreen Marine Taiwan		503,200		2,294,303
HMM		136,299		1,740,279
KOC Holding		1,758,780		4,280,992
Korea Aerospace Industries		74,493		2,510,580
Korean Air Lines †		151,760		2,315,735
Larsen & Toubro		736,228		16,620,569
Orient Overseas International *		154,000		2,680,072
Wan Hai Lines		699,300		1,458,767
Xiamen C & D Class A		1,430,658		2,785,903
Yang Ming Marine Transport		913,000		1,754,066
YTO Express Group Class A		331,200		966,137
Zhuzhou Kibing Group Class A		933,075		1,260,528
ZTO Express Cayman ADR *		59,679		1,434,086
				51,963,167
Information Technology — 21.79%
Accton Technology		79,000		673,831
Delta Electronics		299,794		2,381,302
E Ink Holdings		467,000		3,083,104
eMemory Technology		113,382		4,013,298
HCL Technologies		451,263		5,125,031
Hon Hai Precision Industry		771,000		2,468,832
Infosys		1,079,360		18,502,707
Lenovo Group		2,074,000		1,434,576
LG Innotek		23,687		4,464,650
MediaTek		618,879		10,679,631
Nan Ya Printed Circuit Board		450,000		2,645,074
Novatek Microelectronics		458,000		3,134,609
Samsung Electro-Mechanics		22,264		1,717,766
Samsung Electronics		1,437,920		52,799,348
Samsung SDI		2,239		842,185
Shenzhen Transsion Holdings Class A		106,000		865,363
Silergy		138,208		1,802,502
Sitios Latinoamerica †		547,547		249,311
SK Hynix		117,722		6,733,724
Taiwan Semiconductor Manufacturing		4,974,404		65,937,677
Tata Consultancy Services		300,810		11,024,355
Tata Elxsi		17,256		1,796,178
Tech Mahindra		237,818		2,919,116
Unimicron Technology		1,291,000		4,725,974
United Microelectronics		1,668,000		1,866,655
Wipro		478,700		2,297,002
				214,183,801
Materials — 8.02%
Asian Paints		67,617		2,764,293

Table of Contents

Consolidated schedules of investments

Delaware Ivy Systematic Emerging Markets Equity Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Materials (continued)
Eregli Demir ve Celik Fabrikalari TAS		478,199	$	745,654
Ganfeng Lithium Class H 144A #, *		154,560		1,021,025
Guangzhou Tinci Materials Technology Class A		212,540		1,313,902
Hindalco Industries		385,946		1,829,447
Hoshine Silicon Industry Class A		30,900		476,086
Hubei Xingfa Chemicals Group Class A		524,201		2,453,452
Hunan Valin Steel Class A		2,705,500		1,552,370
Impala Platinum Holdings		95,339		886,426
Jiangsu Eastern Shenghong Class A		208,360		510,945
LG Chem		14,376		5,308,127
POSCO Holdings		12,116		1,767,333
SABIC Agri-Nutrients		284,020		11,798,074
Sahara International Petrochemical		121,381		1,327,262
Sasol		430,330		6,731,092
Saudi Arabian Mining †		84,257		1,540,531
Saudi Basic Industries		419,501		9,817,106
Sichuan Yahua Industrial Group Class A		414,200		1,479,087
Suzhou TA&A Ultra Clean Technology Class A		128,100		1,192,025
Tata Steel		2,077,890		2,508,590
Vale		661,491		8,851,191
Vedanta		2,307,156		7,571,186
YongXing Special Materials Technology Class A		132,300		2,303,412
Yunnan Aluminium Class A		1,563,200		2,021,335
Zijin Mining Group Class H		1,094,000		1,058,902
				78,828,853
Real Estate — 1.39%
Aldar Properties		1,343,500		1,533,683
China Overseas Land & Investment		1,337,500		3,479,539
China Resources Land		1,486,000		5,820,494
Country Garden Services Holdings		703,000		1,026,396
Etalon Group GDR		2,791,564		613,045
Longfor Group Holdings #		423,000		1,212,551
				13,685,708
Utilities — 0.52%
Adani Power †		335,415		1,524,783
Centrais Eletricas Brasileiras		445,920		3,561,177
				5,085,960
Total Common Stocks (cost $1,033,248,763)				963,700,873

Preferred Stocks — 1.89%
Petroleo Brasileiro 35.34%		2,915,321		16,191,574
Sociedad Quimica y Minera de Chile Class B 5.98%		25,914		2,412,012
Total Preferred Stocks (cost $11,011,084)				18,603,586

Short-Term Investments — 0.20%
Money Market Mutual Funds — 0.20%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		499,511		499,511
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		499,511		499,511
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		499,511		499,511
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		499,512		499,512
Total Short-Term Investments (cost $1,998,045)				1,998,045
Total Value of Securities Before Securities Lending Collateral—100.15% (cost $1,046,257,892)				984,302,504

Securities Lending Collateral** — 0.28%
Money Market Mutual Fund — 0.28%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		2,747,194		2,747,194
Total Securities Lending Collateral (cost $2,747,194)				2,747,194
Total Value of Securities—100.43% (cost $1,049,005,086)			$	987,049,698■


†	Non-income producing security.

100

Table of Contents

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $35,397,426, which represents 3.60% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $6,603,258 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $4,175,243.

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Depreciation

BNYM

BRL

(408,999)

USD

75,560

10/4/22

(178

)

¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – Bank of New York Mellon

GDR – Global Depositary Receipt

PJSC – Private Joint Stock Company

Summary of currencies:

BRL – Brazilian Real

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

101

Table of Contents

Schedules of investments

Delaware Ivy Value Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 97.77%
Communication Services — 6.63%
AT&T		1,365,100	$	20,940,634
Liberty Global Class C *, †		1,545,103		25,494,200
Meta Platforms Class A †		199,100		27,013,888
				73,448,722
Consumer Discretionary — 6.80%
AutoZone †		14,160		30,329,729
Lowe’s		101,000		18,968,810
Target		175,059		25,977,005
				75,275,544
Consumer Staples — 6.44%
Philip Morris International		430,470		35,733,315
Walmart		274,578		35,612,766
				71,346,081
Energy — 8.66%
Exxon Mobil		622,200		54,324,282
Marathon Petroleum		418,729		41,592,352
				95,916,634
Financials — 19.09%
AGNC Investment		3,218,324		27,098,288
Allstate		258,800		32,228,364
Ameriprise Financial		109,873		27,682,502
Bank of America		836,800		25,271,360
Capital One Financial ~		327,922		30,224,571
Comerica		323,300		22,986,630
Synchrony Financial		497,685		14,029,740
Wells Fargo & Co.		792,504		31,874,511
				211,395,966
Healthcare — 17.86%
CVS Health		392,481		37,430,913
Elevance Health		81,255		36,909,271
HCA Healthcare		154,129		28,327,369
McKesson		100,826		34,267,733
Regeneron Pharmaceuticals †		45,607		31,417,294
Vertex Pharmaceuticals †		101,593		29,415,237
				197,767,817
Industrials — 10.36%
Lockheed Martin		74,100		28,624,089
Norfolk Southern		149,563		31,355,883
nVent Electric		790,479		24,987,041
Raytheon Technologies		362,600		29,682,436
				114,649,449
Information Technology — 7.81%
Broadcom		60,674		26,939,863
Fidelity National Information Services		250,337		18,917,967
NXP Semiconductors		108,218		15,963,237
Seagate Technology Holdings		462,144		24,599,925
				86,420,992
Materials — 4.39%
Celanese		249,900		22,575,966
LyondellBasell Industries
Class A		345,800		26,031,824
				48,607,790
Real Estate — 2.27%
CBRE Group Class A †		372,400		25,140,724
				25,140,724
REIT Diversified — 2.31%
Weyerhaeuser		894,100		25,535,496
				25,535,496
Utilities — 5.15%
American Electric Power		354,100		30,611,945
Exelon		705,300		26,420,538
				57,032,483
Total Common Stocks (cost $1,015,664,101)				1,082,537,698

Short-Term Investments — 1.98%
Money Market Mutual Funds — 1.98%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		5,472,274		5,472,274
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		5,472,274		5,472,274
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		5,472,274		5,472,274
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		5,472,274		5,472,274
Total Short-Term Investments (cost $21,889,096)				21,889,096
Total Value of Securities Before Options Written—99.75% (cost $1,037,553,197)				1,104,426,794■

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	Number of contracts			Value (US $)
Options Written — (0.00%)
Equity Call Options — (0.00%)
Marathon Petroleum, strike price $120, expiration date 10/21/22, notional amount $(6,108,000)		(509	)	$	(9,926	)
Total Options Written (premium received $88,549)					(9,926	)


*	Fully or partially on loan.
†	Non-income producing security.
~	Fully or partially pledged as collateral for options contracts.
■	Includes $937,200 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $971,349.

Summary of abbreviations:

REIT – Real Estate Investment Trust

See accompanying notes, which are an integral part of the financial statements.

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Statements of assets and liabilities

Ivy Funds

September 30, 2022 (Unaudited)

	Delaware Global Value Equity Fund				Delaware Ivy Core Bond Fund				Delaware Ivy Core Equity Fund				Delaware Ivy Global Bond Fund
Assets:
Investments, at value*^,†		$	335,118,097			$	535,190,661			$	3,387,959,395			$	414,779,095
Short-term investments held as collateral for loaned securities, at value⁼			10,376,075				—				1,734,050				4,660,200
Cash			—				6,214,411				106				2,780,254
Cash collateral due from brokers			—				714,450				—				3,936,733
Foreign currencies, at value^Δ			—				—				—				180,097
Receivable for securities sold			1,605,002				1,046,405				5,768,529				380,868
Foreign tax reclaims receivable			766,330				—				—				—
Dividends and interest receivable			676,480				4,275,264				1,697,493				3,660,791
Receivable for fund shares sold			365,214				1,248,794				3,237,416				574,929
Prepaid expenses			7,371				334,777				1,997,068				129,871
Securities lending income receivable			3,526				—				1,397				2,752
Unrealized appreciation on foreign currency exchange contracts			120				—				—				2,462,829
Other assets			38,088				53,664				138,723				1,032,732
Total Assets			348,956,303				549,078,426				3,402,534,177				434,581,151
Liabilities:
Options written, at value^Σ			—				—				—				307,090
Due to custodian			1,238,001				—				—				—
Obligation to return securities lending collateral			10,376,075				—				1,734,050				4,660,200
Payable for fund shares redeemed			740,002				2,224,221				6,190,056				1,041,241
Distribution fees payable to affiliates			380,916				282,308				4,618,526				223,158
Investment management fees payable to affiliates			263,298				547,200				2,000,650				378,268
Other accrued expenses			74,352				—				64,458				—
Administration expenses payable to affiliates			36,508				60,403				—				29,716
Unrealized depreciation on foreign currency exchange contracts			4,369				—				—				993,659
Payable for securities purchased			—				6,609,070				—				5,720,989
Distribution payable			—				19,620				—				—
Variation margin due to broker on futures contracts			—				129,064				—				40,470
Cash collateral due to brokers			—				—				—				1,280,000
Total Liabilities			13,113,521				9,871,886				14,607,740				14,674,791
Total Net Assets		$	335,842,782			$	539,206,540			$	3,387,926,437			$	419,906,360

Net Assets Consist of:
Paid-in capital		$	289,521,613			$	658,066,230			$	2,024,751,054			$	543,983,572
Total distributable earnings (loss)			46,321,169				(118,859,690	)			1,363,175,383				(124,077,212	)
Total Net Assets		$	335,842,782			$	539,206,540			$	3,387,926,437			$	419,906,360
Net Asset Value

Class A:
Net assets		$	192,864,243			$	138,791,058			$	2,566,812,242			$	120,801,494
Shares of beneficial interest outstanding, unlimited authorization, no par			18,617,049				15,327,342				174,146,034				13,781,664
Net asset value per share		$	10.36			$	9.06			$	14.74			$	8.77
Sales charge			5.75	%			4.50	%			5.75	%			4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	10.99			$	9.49			$	15.64			$	9.18

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	Delaware Global Value Equity Fund			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund			Delaware Ivy Global Bond Fund
Class C:
Net assets		$	3,310,866		$	4,275,859		$	17,935,789		$	2,705,804
Shares of beneficial interest outstanding, unlimited authorization, no par			320,730			472,211			1,550,611			308,817
Net asset value per share		$	10.32		$	9.05		$	11.57		$	8.76

Class I:
Net assets		$	128,851,707		$	309,223,338		$	732,120,935		$	162,924,624
Shares of beneficial interest outstanding, unlimited authorization, no par			12,417,898			34,146,749			42,271,766			18,588,621
Net asset value per share		$	10.38		$	9.06		$	17.32		$	8.76

Class R:
Net assets		$	272,992		$	840,128		$	228,532		$	273,536
Shares of beneficial interest outstanding, unlimited authorization, no par			26,364			92,766			15,726			31,279
Net asset value per share		$	10.35		$	9.06		$	14.53		$	8.75

Class R6:
Net assets		$	9,427,262		$	80,811,270		$	47,000,954		$	132,329,747
Shares of beneficial interest outstanding, unlimited authorization, no par			907,540			8,925,066			2,704,398			15,096,261
Net asset value per share		$	10.39		$	9.05		$	17.38		$	8.77

Class Y:
Net assets		$	1,115,712		$	5,264,887		$	23,827,985		$	871,155
Shares of beneficial interest outstanding, unlimited authorization, no par			107,669			581,410			1,434,723			99,356
Net asset value per share		$	10.36		$	9.06		$	16.61		$	8.77

*Investments, at cost		$	419,748,797		$	591,709,474		$	2,461,229,485		$	461,218,232
^†Including securities on loan			17,472,258			—			32,024,154			8,087,691
⁼Short-term investments held as collateral for loaned securities, at cost			10,376,075			—			1,734,050			4,660,200
^ΔForeign currencies, at cost			—			—			—			176,250
^ΣOptions written, premium received			—			—			—			(202,527	)

See accompanying notes, which are an integral part of the financial statements.

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Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Global Growth Fund				Delaware Ivy High Income Fund				Delaware Ivy International Core Equity Fund				Delaware Ivy International Value Fund
Assets:
Investments, at value*^,†		$	578,134,248			$	2,524,553,377			$	1,186,443,443			$	108,164,712
Investments of affiliated issuers, at value**			—				53,750,925				—				—
Short-term investments held as collateral for loaned securities, at value⁼			1,210,874				26,331,620				15,995,647				3,694,164
Cash			51				—				14,836				—
Foreign currencies, at value^Δ			1,631,881				2,050,098				10,182,592				79,063
Receivable for fund shares sold			680,559				2,777,558				1,762,836				100,061
Dividends and interest receivable			609,226				55,233,669				2,457,823				242,349
Foreign tax reclaims receivable			320,768				—				7,086,839				958,731
Prepaid expenses			2,115				430,139				668,736				12,498
Securities lending income receivable			1,671				324,980				9,614				—
Receivable for securities sold			—				19,021,902				—				511,683
Unrealized appreciation on foreign currency exchange contracts			—				2,263,959				—				—
Other assets			59,752				517,957				48,268				36,517
Total Assets			582,651,145				2,687,256,184				1,224,670,634				113,799,778
Liabilities:
Due to custodian			—				9,170,235				—				320,443
Payable for fund shares redeemed			1,246,541				10,043,210				2,715,256				179,046
Obligation to return securities lending collateral			1,210,874				26,331,620				15,995,647				3,694,164
Distribution fees payable to affiliates			624,515				3,410,369				855,883				72,843
Investment management fees payable to affiliates			569,554				1,290,746				1,508,183				63,960
Administration expenses payable to affiliates			59,635				59,178				59,178				15,489
Other accrued expenses			41,853				—				—				—
Capital gains tax payable			1,022				—				—				—
Unrealized depreciation on foreign currency exchange contracts			47				—				2,983				1,206
Payable for securities purchased			—				17,085,647				—				—
Distribution payable			—				722,469				—				—
Cash collateral due to brokers			—				1,960,000				—				—
Total Liabilities			3,754,041				70,073,474				21,137,130				4,347,151
Total Net Assets		$	578,897,104			$	2,617,182,710			$	1,203,533,504			$	109,452,627

Net Assets Consist of:
Paid-in capital		$	316,034,816			$	4,833,560,173			$	1,433,315,979			$	144,846,342
Total distributable earnings (loss)			262,862,288				(2,216,377,463	)			(229,782,475	)			(35,393,715	)
Total Net Assets		$	578,897,104			$	2,617,182,710			$	1,203,533,504			$	109,452,627
Net Asset Value

Class A:
Net assets		$	347,785,690			$	1,213,791,206			$	234,318,767			$	36,706,465
Shares of beneficial interest outstanding, unlimited authorization, no par			8,060,629				216,774,497				15,780,476				2,881,522
Net asset value per share		$	43.15			$	5.60			$	14.85			$	12.74
Sales charge			5.75	%			4.50	%			5.75	%			5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	45.78			$	5.86			$	15.76			$	13.52

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	Delaware Ivy Global Growth Fund			Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund			Delaware Ivy International Value Fund
Class C:
Net assets		$	2,330,523		$	156,861,416		$	28,665,283		$	383,873
Shares of beneficial interest outstanding, unlimited authorization, no par			68,305			28,013,486			2,225,184			32,760
Net asset value per share		$	34.12		$	5.60		$	12.88		$	11.72

Class I:
Net assets		$	223,459,047		$	1,093,292,079		$	648,948,540		$	33,398,477
Shares of beneficial interest outstanding, unlimited authorization, no par			5,031,504			195,258,854			43,269,159			2,544,663
Net asset value per share		$	44.41		$	5.60		$	15.00		$	13.12

Class R:
Net assets		$	649,795		$	34,904,393		$	35,679,876		$	6,860
Shares of beneficial interest outstanding, unlimited authorization, no par			15,310			6,233,488			2,408,472			540
Net asset value per share		$	42.44		$	5.60		$	14.81		$	12.70

Class R6:
Net assets		$	3,155,922		$	52,448,206		$	219,194,410		$	38,367,079
Shares of beneficial interest outstanding, unlimited authorization, no par			70,546			9,366,937			14,573,509			2,913,201
Net asset value per share		$	44.74		$	5.60		$	15.04		$	13.17

Class Y:
Net assets		$	1,516,127		$	65,885,410		$	36,726,628		$	589,873
Shares of beneficial interest outstanding, unlimited authorization, no par			34,932			11,766,068			2,453,203			45,480
Net asset value per share		$	43.40		$	5.60		$	14.97		$	12.97

*Investments, at cost		$	553,644,016		$	3,088,167,854		$	1,352,129,069		$	145,549,256
**Investments of affiliated issuers, at cost			—			291,849,427			—			—
^†Including securities on loan			8,146,690			33,422,174			56,850,674			5,044,056
⁼Short-term investments held as collateral for loaned securities, at cost			1,210,874			26,331,620			15,995,647			3,694,164
^ΔForeign currencies, at cost			1,619,121			2,189,334			11,028,128			80,201

See accompanying notes, which are an integral part of the financial statements.

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Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Large Cap Growth Fund				Delaware Ivy Limited-Term Bond Fund				Delaware Ivy Managed International Opportunities Fund				Delaware Ivy Mid Cap Growth Fund
Assets:
Investments, at value*^,†		$	4,043,163,625			$	680,291,232			$	498,835			$	5,254,384,083
Investments of affiliated issuers, at value**			—				—				85,854,483				—
Short-term investments held as collateral for loaned securities, at value⁼			5,460,590				888,680				—				73,821,740
Cash			58,820,060				—				—				162
Cash collateral due from brokers			—				866,106				—				—
Receivable for fund shares sold			5,382,858				1,682,402				231,286				6,767,363
Prepaid expenses			4,230,689				235,046				7,389				5,215,612
Dividends and interest receivable			2,345,608				4,684,490				881				548,560
Foreign tax reclaims receivable			42,977				—				—				—
Securities lending income receivable			19,599				1,967				—				28,876
Receivable for securities sold			—				60,270,162				199,888				10,103,184
Other assets			113,482				51,431				33,442				67,060
Total Assets			4,119,579,488				748,971,516				86,826,204				5,350,936,640
Liabilities:
Due to custodian			—				3,480				4,456				—
Payable for fund shares redeemed			9,247,924				2,885,515				499,865				11,131,731
Obligation to return securities lending collateral			5,460,590				888,680				—				73,821,740
Investment management fees payable to affiliates			4,249,358				319,241				14,079				6,164,391
Distribution fees payable to affiliates			3,943,488				589,784				58,648				—
Administration expenses payable to affiliates			59,294				61,258				10,944				3,803,375
Payable for securities purchased			—				54,065,663				—				6,089,681
Distribution payable			—				15,936				—				90
Other accrued expenses			—				—				—				59,178
Variation margin due to broker on futures contracts			—				33,584				—				—
Total Liabilities			22,960,654				58,863,141				587,992				101,070,186
Total Net Assets		$	4,096,618,834			$	690,108,375			$	86,238,212			$	5,249,866,454

Net Assets Consist of:
Paid-in capital		$	1,827,769,935			$	752,724,601			$	83,400,068			$	4,066,998,368
Total distributable earnings (loss)			2,268,848,899				(62,616,226	)			2,838,144				1,182,868,086
Total Net Assets		$	4,096,618,834			$	690,108,375			$	86,238,212			$	5,249,866,454
Net Asset Value

Class A:
Net assets		$	2,001,111,534			$	327,326,908			$	34,444,949			$	1,510,961,850
Shares of beneficial interest outstanding, unlimited authorization, no par			84,087,445				31,952,870				3,912,875				61,329,772
Net asset value per share		$	23.80			$	10.24			$	8.80			$	24.64
Sales charge			5.75	%			2.75	%			5.75	%			5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	25.25			$	10.53			$	9.34			$	26.14

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	Delaware Ivy Large Cap Growth Fund			Delaware Ivy Limited-Term Bond Fund			Delaware Ivy Managed International Opportunities Fund			Delaware Ivy Mid Cap Growth Fund
Class C:
Net assets		$	42,331,407		$	10,353,033		$	537,506		$	77,700,154
Shares of beneficial interest outstanding, unlimited authorization, no par			2,439,968			1,010,728			63,064			4,136,521
Net asset value per share		$	17.35		$	10.24		$	8.52		$	18.78

Class I:
Net assets		$	1,905,251,020		$	345,405,637		$	51,002,021		$	2,620,210,978
Shares of beneficial interest outstanding, unlimited authorization, no par			73,984,554			33,719,630			5,738,288			94,445,226
Net asset value per share		$	25.75		$	10.24		$	8.89		$	27.74

Class R:
Net assets		$	8,684,544		$	328,720		$	67,736		$	52,566,608
Shares of beneficial interest outstanding, unlimited authorization, no par			391,069			32,089			7,742			2,241,325
Net asset value per share		$	22.21		$	10.24		$	8.75		$	23.45

Class R6:
Net assets		$	115,767,143		$	4,727,306		$	87,306		$	788,913,268
Shares of beneficial interest outstanding, unlimited authorization, no par			4,458,956			461,460			9,816			28,121,174
Net asset value per share		$	25.96		$	10.24		$	8.89		$	28.05

Class Y:
Net assets		$	23,473,186		$	1,966,771		$	98,694		$	199,513,596
Shares of beneficial interest outstanding, unlimited authorization, no par			950,586			191,994			11,193			7,599,934
Net asset value per share		$	24.69		$	10.24		$	8.82		$	26.25

*Investments, at cost		$	2,227,056,569		$	715,332,337		$	498,835		$	4,569,271,398
**Investments of affiliated issuers, at cost			—			—			87,374,989			—
^†Including securities on loan			172,922,236			19,374,989			—			265,800,787
⁼Short-term investments held as collateral for loaned securities, at cost			5,460,590			888,680			—			73,821,740

See accompanying notes, which are an integral part of the financial statements.

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Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Mid Cap Income Opportunities Fund				Delaware Ivy Municipal Bond Fund				Delaware Ivy Municipal High Income Fund				Delaware Ivy Small Cap Growth Fund
Assets:
Investments, at value*^,†		$	1,261,667,497			$	436,417,311			$	620,713,680			$	1,596,923,229
Short-term investments held as collateral for loaned securities, at value⁼			—				—				—				24,192,232
Cash			295,991				—				—				—
Receivable for fund shares sold			1,605,442				575,416				900,739				1,817,075
Dividends and interest receivable			1,599,357				4,867,881				8,000,705				438,000
Receivable for securities sold			1,409,661				374,327				4,243,678				3,248,776
Prepaid expenses			693,335				372,404				294,252				1,220,724
Securities lending income receivable			9,988				—				—				194,373
Other assets			88,610				57,327				35,072				75,038
Total Assets			1,267,369,881				442,664,666				634,188,126				1,628,109,447
Liabilities:
Due to custodian			—				—				86,902				155,924
Payable for fund shares redeemed			2,843,543				1,468,502				2,199,791				3,574,370
Investment management fees payable to affiliates			1,901,787				253,209				471,915				1,844,698
Distribution fees payable to affiliates			432,561				525,277				713,401				1,709,501
Administration expenses payable to affiliates			76,933				45,785				60,220				74,697
Payable for securities purchased			—				—				—				1,270,470
Obligation to return securities lending collateral			—				—				—				24,192,232
Distribution payable			—				19,684				106,820				—
Total Liabilities			5,254,824				2,312,457				3,639,049				32,821,892
Total Net Assets		$	1,262,115,057			$	440,352,209			$	630,549,077			$	1,595,287,555

Net Assets Consist of:
Paid-in capital		$	1,119,533,198			$	496,193,900			$	822,409,947			$	1,461,153,868
Total distributable earnings (loss)			142,581,859				(55,841,691	)			(191,860,870	)			134,133,687
Total Net Assets		$	1,262,115,057			$	440,352,209			$	630,549,077			$	1,595,287,555
Net Asset Value

Class A:
Net assets		$	146,554,675			$	288,064,543			$	424,776,839			$	719,558,131
Shares of beneficial interest outstanding, unlimited authorization, no par			9,379,478				29,553,386				101,572,758				63,886,311
Net asset value per share		$	15.63			$	9.75			$	4.18			$	11.26
Sales charge			5.75	%			4.50	%			4.50	%			5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	16.58			$	10.21			$	4.38			$	11.95

Class C:
Net assets		$	20,297,144			$	3,662,529			$	12,380,133			$	23,280,249
Shares of beneficial interest outstanding, unlimited authorization, no par			1,306,007				375,757				2,960,216				3,468,326
Net asset value per share		$	15.54			$	9.75			$	4.18			$	6.71

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	Delaware Ivy Mid Cap Income Opportunities Fund			Delaware Ivy Municipal Bond Fund			Delaware Ivy Municipal High Income Fund			Delaware Ivy Small Cap Growth Fund
Class I:
Net assets		$	996,724,244		$	147,898,516		$	189,681,318		$	579,562,604
Shares of beneficial interest outstanding, unlimited authorization, no par			63,669,725			15,174,391			45,356,497			31,659,662
Net asset value per share		$	15.65		$	9.75		$	4.18		$	18.31

Class R:
Net assets		$	1,003,855		$	—		$	—		$	41,118,840
Shares of beneficial interest outstanding, unlimited authorization, no par			64,395			—			—			3,847,270
Net asset value per share		$	15.59		$	—		$	—		$	10.69

Class R6:
Net assets		$	83,409,017		$	726,621		$	730,056		$	157,929,489
Shares of beneficial interest outstanding, unlimited authorization, no par			5,326,279			74,539			174,581			8,545,228
Net asset value per share		$	15.66		$	9.75		$	4.18		$	18.48

Class Y:
Net assets		$	14,126,122		$	—		$	2,980,731		$	73,838,242
Shares of beneficial interest outstanding, unlimited authorization, no par			903,285			—			712,697			4,496,226
Net asset value per share		$	15.64		$	—		$	4.18		$	16.42

*Investments, at cost		$	1,143,135,747		$	473,735,536		$	741,353,991		$	1,557,618,847
^†Including securities on loan			37,212,282			—			—			76,499,804
⁼Short-term investments held as collateral for loaned securities, at cost			—			—			—			24,192,232

See accompanying notes, which are an integral part of the financial statements.

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Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Smid Cap Core Fund				Delaware Ivy Systematic Emerging Markets Equity Fund^Φ				Delaware Ivy Value Fund
Assets:
Investments, at value*^,†		$	416,661,716			$	984,302,504			$	1,104,426,794
Short-term investments held as collateral for loaned securities, at value⁼			5,854,931				2,747,194				—
Cash			—				325,702				—
Foreign currencies, at value			—				227,595				—
Receivable for fund shares sold			744,612				—				1,145,157
Dividends and interest receivable			351,729				2,245,330				1,842,367
Prepaid expenses			307,701				295,853				220,612
Securities lending income receivable			2,459				13,789				485
Receivable for securities sold			—				2,085,323				7,982,130
Foreign tax reclaims receivable			—				89,550				71,780
Other assets			60,437				47,898				94,540
Total Assets			423,983,585				992,380,738				1,115,783,865
Liabilities:
Options written, at value^Σ			—				—				9,926
Due to custodian			339				—				29,897
Obligation to return securities lending collateral			5,854,931				2,747,194				—
Payable for fund shares redeemed			1,455,761				3,293,310				2,348,952
Payable for securities purchased			645,176				—				4,779,771
Investment management fees payable to affiliates			547,036				861,404				742,700
Distribution fees payable to affiliates			357,827				596,355				603,624
Administration expenses payable to affiliates			43,386				60,547				59,274
Unrealized depreciation on foreign currency exchange contracts			—				178				—
Capital gains tax payable			—				2,039,262				—
Total Liabilities			8,904,456				9,598,250				8,574,144
Total Net Assets		$	415,079,129			$	982,782,488			$	1,107,209,721

Net Assets Consist of:
Paid-in capital		$	377,016,549			$	928,665,354			$	861,819,747
Total distributable earnings (loss)			38,062,580				54,117,134				245,389,974
Total Net Assets		$	415,079,129			$	982,782,488			$	1,107,209,721
Net Asset Value

Class A:
Net assets		$	113,876,985			$	183,480,688			$	328,668,798
Shares of beneficial interest outstanding, unlimited authorization, no par			7,472,264				10,476,540				14,204,262
Net asset value per share		$	15.24			$	17.51			$	23.14
Sales charge			5.75	%			5.75	%			5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	16.17			$	18.58			$	24.55

Class C:
Net assets		$	12,691,897			$	26,402,467			$	6,485,785
Shares of beneficial interest outstanding, unlimited authorization, no par			1,037,294				1,788,748				296,040
Net asset value per share		$	12.24			$	14.76			$	21.91

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	Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fund^Φ			Delaware Ivy Value Fund
Class I:
Net assets		$	206,300,380		$	589,337,632		$	710,701,297
Shares of beneficial interest outstanding, unlimited authorization, no par			12,091,227			32,461,800			30,534,877
Net asset value per share		$	17.06		$	18.15		$	23.28

Class R:
Net assets		$	17,699,068		$	5,633,322		$	17,191
Shares of beneficial interest outstanding, unlimited authorization, no par			1,175,121			326,258			746
Net asset value per share		$	15.06		$	17.27		$	23.04

Class R6:
Net assets		$	59,399,118		$	154,073,945		$	61,229,175
Shares of beneficial interest outstanding, unlimited authorization, no par			3,448,361			8,438,008			2,617,931
Net asset value per share		$	17.23		$	18.26		$	23.39

Class Y:
Net assets		$	5,111,681		$	23,854,434		$	107,475
Shares of beneficial interest outstanding, unlimited authorization, no par			313,348			1,334,267			4,654
Net asset value per share		$	16.31		$	17.88		$	23.09

*Investments, at cost		$	469,312,373		$	1,046,257,892		$	1,037,553,197
^†Including securities on loan			20,327,168			6,603,258			937,200
⁼Short-term investments held as collateral for loaned securities, at cost			5,854,931			2,747,194			—
^ΣOptions written, premium received			—			—			(88,549	)

^ΦConsolidated statements of assets and liabilities

See accompanying notes, which are an integral part of the financial statements.

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Statements of operations

Ivy Funds

Six months ended September 30, 2022 (Unaudited)

	Delaware Global Value Equity Fund				Delaware Ivy Core Bond Fund				Delaware Ivy Core Equity Fund				Delaware Ivy Global Bond Fund
Investment Income:
Dividends		$	7,000,949			$	190,862			$	25,052,681			$	93,694
Securities lending income			75,892				42,050				6,667				42,282
Interest			—				10,425,803				—				7,021,530
Foreign tax withheld			(702,744	)			—				(61,506	)			(1,290	)
			6,374,097				10,658,715				24,997,842				7,156,216

Expenses:
Investment advisory fees			1,484,547				1,731,495				12,460,535				1,419,036
Distribution expenses — Class A			294,783				197,927				3,719,933				170,229
Distribution expenses — Class C			21,057				26,048				110,898				15,224
Distribution expenses — Class E			2,311				2,020				8,674				—
Distribution expenses — Class R			742				2,129				551				653
Distribution expenses — Class Y			1,818				7,231				33,541				1,084
Dividend disbursing and transfer agent fees and expenses			328,721				251,111				1,616,163				226,465
Reports and statements to shareholders servicing expenses			136,665				310,223				698,915				148,691
Accounting and administration expenses			70,799				104,979				267,462				64,867
Registration fees			56,823				71,844				70,245				55,885
Trustees’ fees and expenses			36,082				35,958				244,382				30,504
Custodian fees			24,295				12,272				27,756				4,063
Audit and tax fees			11,035				19,433				8,403				18,994
Legal fees			920				1,409				8,359				544
Other			18,209				27,906				74,045				14,009
			2,488,807				2,801,985				19,349,862				2,170,248
Less expenses waived			(1,222	)			(562,941	)			—				(37,892	)
Less waived distribution expenses — Class A			(121,202	)			(60,066	)			(93,185	)			(170,229	)
Less waived distribution expenses — Class C			(2,285	)			(3,625	)			(9,103	)			(5,594	)
Less waived distribution expenses — Class E			(2,340	)			(1,413	)			(6,340	)			—
Less waived distribution expenses — Class R			—				(2	)			—				(4	)
Less waived distribution expenses — Class Y			—				(277	)			(6,469	)			(45	)
Less expenses paid indirectly			(291	)			(541	)			(1,103	)			(277	)
Less waived shareholder servicing expenses			(50,639	)			(297,987	)			(124,376	)			(133,443	)
Total operating expenses			2,310,828				1,875,133				19,109,286				1,822,764
Net Investment Income (Loss)			4,063,269				8,783,582				5,888,556				5,333,452

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	Delaware Global Value Equity Fund				Delaware Ivy Core Bond Fund				Delaware Ivy Core Equity Fund				Delaware Ivy Global Bond Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	(14,784,084	)		$	(47,905,495	)		$	131,109,375			$	(17,495,571	)
Foreign currencies			(48,589	)			—				—				(1,879,612	)
Foreign currency exchange contracts			(105,607	)			—				—				5,046,460
Futures contracts			—				(5,031,385	)			—				(964,164	)
Options purchased			—				—				—				(572,321	)
Options written			—				—				—				413,256
Net realized gain (loss)			(14,938,280	)			(52,936,880	)			131,109,375				(15,451,952	)

Net change in unrealized appreciation (depreciation) on:
Investments			(67,006,261	)			(24,442,403	)			(960,949,969	)			(27,725,841	)
Foreign currencies			(61,507	)			—				—				39,539
Foreign currency exchange contracts			(7,469	)			—				—				402,348
Futures contracts			—				1,682,685				—				1,669,645
Options purchased			—				—				—				560,966
Options written			—				—				—				(174,015	)
Net change in unrealized appreciation (depreciation)			(67,075,237	)			(22,759,718	)			(960,949,969	)			(25,227,358	)
Net Realized and Unrealized Gain (Loss)			(82,013,517	)			(75,696,598	)			(829,840,594	)			(40,679,310	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(77,950,248	)		$	(66,913,016	)		$	(823,952,038	)		$	(35,345,858	)

See accompanying notes, which are an integral part of the financial statements.

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Statements of operations

Ivy Funds

	Delaware Ivy Global Growth Fund				Delaware Ivy High Income Fund				Delaware Ivy International Core Equity Fund				Delaware Ivy International Value Fund
Investment Income:
Dividends		$	8,837,969			$	4,239,959			$	29,947,890			$	2,786,248
Securities lending income			36,446				2,097,878				174,848				43,065
Interest			—				109,316,674				—				—
Interest - affiliated			—				640,385				—				—
Foreign tax withheld			(708,801	)			—				(2,765,052	)			(332,398	)
			8,165,614				116,294,896				27,357,686				2,496,915

Expenses:
Investment advisory fees			3,063,981				8,134,454				6,460,681				583,758
Distribution expenses — Class A			501,297				1,714,905				359,488				56,996
Distribution expenses — Class C			14,542				918,890				189,463				2,706
Distribution expenses — Class E			—				3,893				3,554				—
Distribution expenses — Class R			1,858				98,340				106,989				17
Distribution expenses — Class Y			2,162				100,319				55,131				1,038
Dividend disbursing and transfer agent fees and expenses			414,220				1,359,874				541,269				109,583
Reports and statements to shareholders servicing expenses			233,092				1,054,682				740,262				49,778
Accounting and administration expenses			106,967				225,908				155,563				38,847
Trustees’ fees and expenses			54,549				168,307				92,501				16,439
Registration fees			54,012				94,781				73,130				49,674
Custodian fees			24,344				36,503				139,085				13,493
Audit and tax fees			12,385				21,338				11,708				13,666
Legal fees			2,066				269,442				2,392				196
Other			121,340				197,598				61,204				14,717
			4,606,815				14,399,234				8,992,420				950,908
Less expenses waived			(8,256	)			(29	)			(1,056,157	)			(31,787	)
Less waived distribution expenses — Class A			(104,275	)			(77,858	)			(182,870	)			(14,781	)
Less waived distribution expenses — Class C			(2,599	)			(109,627	)			(37,224	)			(294	)
Less waived distribution expenses — Class E			—				(3,718	)			(3,601	)			—
Less waived distribution expenses — Class R			—				—				(115	)			—
Less waived distribution expenses — Class Y			(81	)			—				(1,282	)			(36	)
Less expenses paid indirectly			(409	)			(844	)			(555	)			(147	)
Less waived shareholder servicing expenses			(132,426	)			(81,517	)			(677,215	)			(9,790	)
Total operating expenses			4,358,769				14,125,641				7,033,401				894,073
Net Investment Income (Loss)			3,806,845				102,169,255				20,324,285				1,602,842

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	Delaware Ivy Global Growth Fund				Delaware Ivy High Income Fund				Delaware Ivy International Core Equity Fund				Delaware Ivy International Value Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	15,985,155			$	(79,280,954	)		$	(4,901,644	)		$	(8,432,474	)
Foreign currencies			(164,066	)			(438,126	)			(1,533,872	)			(164,043	)
Foreign currency exchange contracts			(198,186	)			417,229				(756,650	)			(57,601	)
Net realized gain (loss)			15,622,903				(79,301,851	)			(7,192,166	)			(8,654,118	)

Net change in unrealized appreciation (depreciation) on:
Investments			(182,549,672	)			(457,436,087	)			(377,332,007	)			(29,580,408	)
Affiliated investments			—				(26,412,949	)			—				—
Foreign currencies			(53,802	)			(145,261	)			(1,831,683	)			(104,236	)
Foreign currency exchange contracts			(1,035	)			2,893,165				(15,345	)			(2,921	)
Net change in unrealized appreciation (depreciation)			(182,604,509	)			(481,101,132	)			(379,179,035	)			(29,687,565	)
Net Realized and Unrealized Gain (Loss)			(166,981,606	)			(560,402,983	)			(386,371,201	)			(38,341,683	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(163,174,761	)		$	(458,233,728	)		$	(366,046,916	)		$	(36,738,841	)

See accompanying notes, which are an integral part of the financial statements.

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Statements of operations

Ivy Funds

	Delaware Ivy Large Cap Growth Fund				Delaware Ivy Limited-Term Bond Fund				Delaware Ivy Managed International Opportunities Fund				Delaware Ivy Mid Cap Growth Fund
Investment Income:
Dividends		$	16,503,834			$	70,863			$	3,649			$	13,175,114
Securities lending income			150,877				41,238				—				331,670
Dividend from affiliated funds			—				—				112,991				—
Interest			—				9,614,975				—				—
Foreign tax withheld			(230,632	)			—				—				—
			16,424,079				9,727,076				116,640				13,506,784

Expenses:
Investment advisory fees			14,762,048				1,925,841				27,632				23,908,999
Distribution expenses — Class A			2,954,666				431,169				54,570				2,229,829
Distribution expenses — Class C			257,176				61,930				3,483				478,136
Distribution expenses — Class E			15,208				3,177				—				8,568
Distribution expenses — Class R			26,011				914				182				153,959
Distribution expenses — Class Y			34,722				2,546				148				291,816
Reports and statements to shareholders servicing expenses			1,713,478				305,924				7,918				2,565,552
Dividend disbursing and transfer agent fees and expenses			1,451,369				297,038				34,449				1,568,621
Accounting and administration expenses			311,699				108,654				31,846				378,426
Trustees’ fees and expenses			202,812				37,059				5,775				223,406
Registration fees			88,457				77,490				50,720				117,865
Custodian fees			31,277				8,623				833				66,341
Audit and tax fees			7,635				10,032				5,933				6,947
Legal fees			6,753				2,147				456				6,769
Other			80,813				26,641				6,370				84,910
			21,944,124				3,299,185				230,315				32,090,144
Less expenses waived			(243,650	)			(47,147	)			(38,314	)			(1,039,357	)
Less waived distribution expenses — Class A			(402,381	)			(79,711	)			(8,282	)			(403,983	)
Less waived distribution expenses — Class C			(22,129	)			(5,311	)			(502	)			(37,770	)
Less waived distribution expenses — Class E			(570	)			(2,041	)			—				(4,124	)
Less waived distribution expenses — Class R			(25	)			(2	)			—				(423	)
Less waived distribution expenses — Class Y			(376	)			(74	)			(27	)			(872	)
Less expenses paid indirectly			(1,099	)			(326	)			(113	)			(1,133	)
Less waived shareholder servicing expenses			(1,674,486	)			(90,442	)			—				(2,384,036	)
Total operating expenses			19,599,408				3,074,131				183,077				28,218,446
Net Investment Income (Loss)			(3,175,329	)			6,652,945				(66,437	)			(14,711,662	)

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	Delaware Ivy Large Cap Growth Fund				Delaware Ivy Limited-Term Bond Fund				Delaware Ivy Managed International Opportunities Fund				Delaware Ivy Mid Cap Growth Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	152,080,815			$	(10,136,017	)		$	—			$	261,547,901
Affiliated investments			—				—				(1,980,666	)			—
Foreign currencies			(10,461	)			—				—				—
Foreign currency exchange contracts			18,009				—				—				—
Futures contracts			—				(1,708,848	)			—				—
Options written			—				—				—				5,097,960
Swap contracts			—				234,901				—				—
Net realized gain (loss)			152,088,363				(11,609,964	)			(1,980,666	)			266,645,861

Net change in unrealized appreciation (depreciation) on:
Investments			(1,465,974,074	)			(15,093,172	)			—				(1,933,266,318	)
Affiliated investments			—				—				(24,620,177	)			—
Futures contracts			—				(878,633	)			—				—
Options written			—				—				—				(1,901,379	)
Net change in unrealized appreciation (depreciation)			(1,465,974,074	)			(15,971,805	)			(24,620,177	)			(1,935,167,697	)
Net Realized and Unrealized Gain (Loss)			(1,313,885,711	)			(27,581,769	)			(26,600,843	)			(1,668,521,836	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(1,317,061,040	)		$	(20,928,824	)		$	(26,667,280	)		$	(1,683,233,498	)

See accompanying notes, which are an integral part of the financial statements.

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Statements of operations

Ivy Funds

	Delaware Ivy Mid Cap Income Opportunities Fund				Delaware Ivy Municipal Bond Fund				Delaware Ivy Municipal High Income Fund				Delaware Ivy Small Cap Growth Fund
Investment Income:
Dividends		$	20,095,270			$	10,951			$	11,227			$	3,551,502
Securities lending income			29,959				—				—				1,242,636
Interest			—				10,056,530				12,462,780				—
			20,125,229				10,067,481				12,474,007				4,794,138

Expenses:
Investment advisory fees			6,449,818				1,398,021				1,946,326				7,891,397
Distribution expenses — Class A			213,237				418,082				619,319				1,049,762
Distribution expenses — Class C			122,510				21,052				77,027				141,694
Distribution expenses — Class E			—				—				—				5,902
Distribution expenses — Class R			2,867				—				—				116,943
Distribution expenses — Class Y			24,917				—				4,279				104,164
Reports and statements to shareholders servicing expenses			938,613				154,431				190,553				663,115
Dividend disbursing and transfer agent fees and expenses			217,172				163,145				222,683				959,173
Accounting and administration expenses			140,104				83,297				105,784				173,683
Registration fees			89,798				49,536				47,655				79,486
Trustees’ fees and expenses			31,694				42,401				47,648				110,779
Audit and tax fees			8,590				9,657				17,791				12,100
Custodian fees			7,939				4,306				5,367				18,011
Legal fees			1,687				2,205				4,383				4,476
Other			19,098				20,324				52,882				45,444
			8,268,044				2,366,457				3,341,697				11,376,129
Less expenses waived			(484,092	)			(57,081	)			(3,541	)			(77,879	)
Less waived distribution expenses — Class A			(39,511	)			(168,658	)			(52,696	)			(264,022	)
Less waived distribution expenses — Class C			(5,931	)			(2,173	)			(20,885	)			(40,327	)
Less waived distribution expenses — Class E			—				—				—				(5,223	)
Less waived distribution expenses — Class R			(8	)			—				—				(380	)
Less waived distribution expenses — Class Y			(510	)			—				(47	)			(488	)
Less expenses paid indirectly			(273	)			(315	)			(148	)			(959	)
Less waived shareholder servicing expenses			(918,066	)			(85,269	)			(175,362	)			(571,488	)
Total operating expenses			6,819,653				2,052,961				3,089,018				10,415,363
Net Investment Income (Loss)			13,305,576				8,014,520				9,384,989				(5,621,225	)

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	Delaware Ivy Mid Cap Income Opportunities Fund				Delaware Ivy Municipal Bond Fund				Delaware Ivy Municipal High Income Fund				Delaware Ivy Small Cap Growth Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	356,172			$	(21,277,931	)		$	(37,003,110	)		$	54,571,097
Affiliated investments			(1,376,599	)			—				—				(20,140,630	)
Net realized gain (loss)			(1,020,427	)			(21,277,931	)			(37,003,110	)			34,430,467

Net change in unrealized appreciation (depreciation) on:
Investments			(274,054,796	)			(37,258,280	)			(58,269,371	)			(529,525,653	)
Affiliated investments			3,086,646				—				—				3,003,208
Net change in unrealized appreciation (depreciation)			(270,968,150	)			(37,258,280	)			(58,269,371	)			(526,522,445	)
Net Realized and Unrealized Gain (Loss)			(271,988,577	)			(58,536,211	)			(95,272,481	)			(492,091,978	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(258,683,001	)		$	(50,521,691	)		$	(85,887,492	)		$	(497,713,203	)

See accompanying notes, which are an integral part of the financial statements.

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Statements of operations

Ivy Funds

	Delaware Ivy Smid Cap Core Fund				Delaware Ivy Systematic Emerging Markets Equity Fund^f				Delaware Ivy Value Fund
Investment Income:
Dividends		$	4,063,458			$	43,026,418			$	17,756,845
Securities lending income			17,812				88,577				7,099
Foreign tax withheld			—				(4,394,799	)			—
			4,081,270				38,720,196				17,763,944

Expenses:
Investment advisory fees			2,130,286				5,600,707				4,578,839
Distribution expenses — Class A			166,149				280,306				477,025
Distribution expenses — Class C			74,621				163,717				35,638
Distribution expenses — Class R			50,538				16,667				46
Distribution expenses — Class Y			8,356				33,703				132
Reports and statements to shareholders servicing expenses			234,048				609,180				645,132
Dividend disbursing and transfer agent fees and expenses			226,982				462,608				368,573
Accounting and administration expenses			81,178				138,889				130,225
Registration fees			60,648				80,990				65,551
Trustees’ fees and expenses			20,000				59,528				50,096
Audit and tax fees			11,911				14,043				7,627
Custodian fees			10,464				271,153				7,402
Legal fees			1,144				1,834				1,351
Other			14,610				44,610				20,258
			3,090,935				7,777,935				6,387,895
Less expenses waived			(149,350	)			(1,535,080	)			—
Less waived distribution expenses — Class A			(52,947	)			(208,652	)			(36,017	)
Less waived distribution expenses — Class C			(6,083	)			(23,815	)			(1,766	)
Less waived distribution expenses — Class R			(69	)			—				(14	)
Less waived distribution expenses — Class Y			(166	)			—				(1	)
Less expenses paid indirectly			(218	)			(425	)			(421	)
Less waived shareholder servicing expenses			(205,000	)			(469,888	)			(97,487	)
Total operating expenses			2,677,102				5,540,075				6,252,189
Net Investment Income (Loss)			1,404,168				33,180,121				11,511,755

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	Delaware Ivy Smid Cap Core Fund				Delaware Ivy Systematic Emerging Markets Equity Fund^f				Delaware Ivy Value Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	(5,994,042	)		$	33,113,287	¹		$	79,656,196
Foreign currencies			—				(3,932,252	)			—
Foreign currency exchange contracts			—				(1,208,047	)			—
Options written			—				—				1,205,546
Net realized gain (loss)			(5,994,042	)			27,972,988				80,861,742

Net change in unrealized appreciation (depreciation) on:
Investments			(88,754,229	)			(368,632,492	)¹			(307,090,025	)
Foreign currencies			—				1,586,022				—
Foreign currency exchange contracts			—				76,336				—
Options written			—				—				78,623
Net change in unrealized appreciation (depreciation)			(88,754,229	)			(366,970,134	)			(307,011,402	)
Net Realized and Unrealized Gain (Loss)			(94,748,271	)			(338,997,146	)			(226,149,660	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(93,344,103	)		$	(305,817,025	)		$	(214,637,905	)


¹	Includes $(6,312,140) capital gains tax paid and $(2,039,262) capital gains tax accrued.

^fConsolidated statements of operations

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Global Value Equity Fund						Delaware Ivy Core Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	4,063,269		$	9,114,877		$	8,783,582		$	21,373,162
Net realized gain (loss)		(14,938,280	)		166,778,294			(52,936,880	)		1,322,202
Net change in unrealized appreciation (depreciation)		(67,075,237	)		(167,295,304	)		(22,759,718	)		(50,087,676	)
Net increase (decrease) in net assets resulting from operations		(77,950,248	)		8,597,867			(66,913,016	)		(27,392,312	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,115,062	)		(23,674,162	)		(1,944,564	)		(4,300,352	)
Class B		—			(5,160	)		—			(451	)
Class C		(23,956	)		(428,360	)		(40,748	)		(107,408	)
Class E		(32,359	)		(411,260	)		(16,886	)		(93,356	)
Class I		(1,693,675	)		(20,136,462	)		(5,489,382	)		(16,917,711	)
Class R		(2,336	)		(25,605	)		(9,375	)		(16,125	)
Class R6¹		(126,987	)		(1,606,584	)		(1,512,315	)		(4,387,977	)
Class Y		(13,247	)		(145,138	)		(72,336	)		(143,173	)
		(4,007,622	)		(46,432,731	)		(9,085,606	)		(25,966,553	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		3,333,912			10,124,948			5,853,591			25,181,156
Class B²		—			685			—			14
Class C		151,869			276,779			178,341			777,213
Class E		35,545			321,660			113,072			482,302
Class I		11,765,302			18,144,845			22,047,709			107,242,913
Class R		27,323			22,608			69,819			48,723
Class R6¹		144,479			1,075,014			8,841,354			22,975,266
Class Y		39,985			127,515			627,395			1,347,905

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,086,619			23,262,836			1,951,611			4,196,324
Class B²		—			3,792			—			505
Class C		23,772			426,488			41,107			104,133
Class E		32,293			410,752			14,231			92,826
Class I		1,680,632			19,929,627			5,548,460			16,716,268
Class R		259			1,355			9,470			16,005
Class R6¹		126,987			1,606,584			1,544,546			4,386,947
Class Y		12,004			125,134			73,234			141,158
		19,460,981			75,860,622			46,913,940			183,709,658

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	Delaware Global Value Equity Fund						Delaware Ivy Core Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(30,517,879	)	$	(58,688,910	)	$	(29,008,646	)	$	(58,972,803	)
Class B²		—			(2,054,611	)		—			(268,756	)
Class C		(825,529	)		(2,700,187	)		(1,709,928	)		(4,853,032	)
Class E		(4,439,845	)		(779,973	)		(4,075,122	)		(986,430	)
Class I		(57,575,770	)		(84,494,656	)		(167,278,922	)		(371,656,574	)
Class R		(2,713	)		(62,211	)		(5,533	)		(59,109	)
Class R6¹		(2,835,221	)		(11,682,523	)		(64,891,149	)		(54,790,998	)
Class Y		(275,433	)		(549,922	)		(963,044	)		(1,827,653	)
		(96,472,390	)		(161,012,993	)		(267,932,344	)		(493,415,355	)
Decrease in net assets derived from capital share transactions		(77,011,409	)		(85,152,371	)		(221,018,404	)		(309,705,697	)
Net Decrease in Net Assets		(158,969,279	)		(122,987,235	)		(297,017,026	)		(363,064,562	)

Net Assets:
Beginning of period		494,812,061			617,799,296			836,223,566			1,199,288,128
End of period	$	335,842,782		$	494,812,061		$	539,206,540		$	836,223,566


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Core Equity Fund						Delaware Ivy Global Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	5,888,556		$	11,625,782		$	5,333,452		$	13,565,596
Net realized gain (loss)		131,109,375			620,775,458			(15,451,952	)		360,033
Net change in unrealized appreciation (depreciation)		(960,949,969	)		12,211,951			(25,227,358	)		(37,091,261	)
Net increase (decrease) in net assets resulting from operations		(823,952,038	)		644,613,191			(35,345,858	)		(23,165,632	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(440,158,837	)		(1,330,052	)		(4,228,642	)
Class B		—			—			—			(2,154	)
Class C		—			(4,346,536	)		(18,910	)		(67,807	)
Class E		—			(2,351,783	)		—			—
Class I		—			(126,305,684	)		(1,897,409	)		(6,678,968	)
Class R		—			(22,112	)		(2,080	)		(5,580	)
Class R6¹		—			(10,536,169	)		(1,520,984	)		(2,741,755	)
Class Y		—			(3,106,280	)		(8,692	)		(20,123	)
		—			(586,827,401	)		(4,778,127	)		(13,745,029	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		41,969,043			97,561,830			4,279,398			18,224,192
Class B²		—			44,904			—			—
Class C		1,320,877			3,729,013			67,757			816,020
Class E		503,440			1,528,615			—			—
Class I		78,226,288			249,154,599			30,546,660			86,615,153
Class R		62,836			54,097			100,241			68,884
Class R6¹		10,744,418			18,992,680			20,442,905			106,364,093
Class Y		642,347			4,801,997			103,390			764,667

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			435,755,580			1,313,881			4,133,615
Class B²		—			—			—			2,154
Class C		—			4,317,684			18,845			67,341
Class E		—			2,352,392			—			—
Class I		—			125,676,581			1,868,456			6,610,361
Class R		—			9,521			2,080			5,580
Class R6¹		—			10,530,349			1,520,984			2,741,760
Class Y		—			3,009,063			8,556			19,928
		133,469,249			957,518,905			60,273,153			226,433,748

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	Delaware Ivy Core Equity Fund						Delaware Ivy Global Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(286,120,487	)	$	(546,980,026	)	$	(23,123,914	)	$	(39,165,573	)
Class B²		—			(3,011,706	)		—			(337,370	)
Class C		(6,198,599	)		(13,615,017	)		(610,713	)		(1,366,987	)
Class E		(16,725,317	)		(3,173,900	)		—			—
Class I		(232,241,770	)		(433,465,706	)		(52,168,554	)		(118,845,672	)
Class R		(3,715	)		(449,522	)		(65,023	)		(61,424	)
Class R6¹		(42,020,428	)		(29,367,774	)		(21,232,545	)		(17,685,376	)
Class Y		(1,201,023	)		(4,440,427	)		(43,480	)		(705,721	)
		(584,511,339	)		(1,034,504,078	)		(97,244,229	)		(178,168,123	)
Increase (decrease) in net assets derived from capital share transactions		(451,042,090	)		(76,985,173	)		(36,971,076	)		48,265,625
Net Increase (Decrease) in Net Assets		(1,274,994,128	)		(19,199,383	)		(77,095,061	)		11,354,964

Net Assets:
Beginning of period		4,662,920,565			4,682,119,948			497,001,421			485,646,457
End of period	$	3,387,926,437		$	4,662,920,565		$	419,906,360		$	497,001,421


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Global Growth Fund						Delaware Ivy High Income Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,806,845		$	2,345,934		$	102,169,255		$	258,700,798
Net realized gain (loss)		15,622,903			239,199,127			(79,301,851	)		(120,520,317	)
Net change in unrealized appreciation (depreciation)		(182,604,509	)		(200,176,370	)		(481,101,132	)		(79,733,406	)
Net increase (decrease) in net assets resulting from operations		(163,174,761	)		41,368,691			(458,233,728	)		58,447,075

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(36,031,217	)		(45,697,801	)		(112,821,128	)
Class B		—			—			—			(129,238	)
Class C		—			(323,584	)		(5,488,432	)		(15,976,695	)
Class E		—			—			(99,739	)		(564,977	)
Class I		—			(30,621,298	)		(42,878,897	)		(113,914,816	)
Class R		—			(55,912	)		(1,246,235	)		(2,886,148	)
Class R6¹		—			(1,371,440	)		(1,957,355	)		(4,531,342	)
Class Y		—			(139,716	)		(2,664,397	)		(7,371,863	)
		—			(68,543,167	)		(100,032,856	)		(258,196,207	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		3,144,381			14,858,614			56,540,143			210,089,205	²
Class B³		—			—			—			9,015	²
Class C		188,021			404,203			5,354,830			23,975,933	²
Class E		—			—			75,619			734,397	²
Class I		19,266,160			48,560,979			229,428,960			417,506,971	²
Class R		19,531			27,859			734,225			3,805,840	²
Class R6¹		1,635,193			3,096,360			9,901,059			19,816,433	²
Class Y		46,470			256,274			11,070,206			37,062,323	²

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			35,179,582			44,355,333			104,615,394
Class B³		—			—			—			114,702
Class C		—			322,666			5,095,862			13,805,357
Class E		—			—			88,592			560,402
Class I		—			30,456,201			42,094,093			108,600,030
Class R		—			55,741			1,275,868			2,862,999
Class R6¹		—			1,371,440			1,940,310			4,282,439
Class Y		—			138,003			2,510,903			6,345,822
		24,299,756			134,727,922			410,466,003			954,187,262

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	Delaware Ivy Global Growth Fund						Delaware Ivy High Income Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(42,912,748	)	$	(81,523,032	)	$	(208,705,093	)	$	(463,391,374	)
Class B³		—			(209,558	)		—			(7,891,700	)
Class C		(716,187	)		(2,281,288	)		(40,819,019	)		(124,226,591	)
Class E		—			—			(7,695,819	)		(1,698,399	)
Class I		(108,019,638	)		(184,377,731	)		(396,980,202	)		(855,546,952	)
Class R		(33,521	)		(177,653	)		(4,410,344	)		(7,779,309	)
Class R6¹		(498,000	)		(20,545,928	)		(13,733,599	)		(22,553,399	)
Class Y		(96,754	)		(1,609,631	)		(32,581,928	)		(76,241,529	)
		(152,276,848	)		(290,724,821	)		(704,926,004	)		(1,559,329,253	)
Decrease in net assets derived from capital share transactions		(127,977,092	)		(155,996,899	)		(294,460,001	)		(605,141,991	)
Net Decrease in Net Assets		(291,151,853	)		(183,171,375	)		(852,726,585	)		(804,891,123	)

Net Assets:
Beginning of period		870,048,957			1,053,220,332			3,469,909,295			4,274,800,418
End of period	$	578,897,104		$	870,048,957		$	2,617,182,710		$	3,469,909,295


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	Included payments from affiliates.
³	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy International Core Equity Fund						Delaware Ivy International Value Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	20,324,285		$	28,482,227		$	1,602,842		$	3,564,527
Net realized gain (loss)		(7,192,166	)		314,263,356			(8,654,118	)		25,460,010
Net change in unrealized appreciation (depreciation)		(379,179,035	)		(323,960,669	)		(29,687,565	)		(45,548,366	)
Net increase (decrease) in net assets resulting from operations		(366,046,916	)		18,784,914			(36,738,841	)		(16,523,829	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(8,853,185	)		—			(1,399,472	)
Class C		—			(1,170,851	)		—			(13,413	)
Class E		—			(196,693	)		—			—
Class I		—			(35,278,433	)		—			(2,264,679	)
Class R		—			(1,134,673	)		—			(180	)
Class R6¹		—			(10,803,496	)		—			(1,788,388	)
Class Y		—			(2,038,110	)		—			(25,173	)
		—			(59,475,441	)		—			(5,491,305	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		10,510,309			34,316,906			530,405			5,057,204
Class B²		—			13,787			—			5,007
Class C		353,353			1,764,684			22,025			314,259
Class E		70,210			825,207			—			—
Class I		47,107,949			212,112,881			2,612,273			45,531,787
Class R		1,223,463			2,355,677			2,565			6,645
Class R6¹		17,865,670			58,908,975			3,324,856			26,114,709
Class Y		3,483,208			15,685,221			33,539			117,130

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			8,278,215			—			1,372,071
Class C		—			1,124,160			—			13,413
Class E		—			196,693			��			—
Class I		—			33,388,533			—			2,247,859
Class R		—			1,124,048			—			180
Class R6¹		—			10,490,428			—			1,788,386
Class Y		—			1,606,531			—			25,149
		80,614,162			382,191,946			6,525,663			82,593,799

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	Delaware Ivy International Core Equity Fund						Delaware Ivy International Value Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(35,751,100	)	$	(91,062,798	)	$	(5,369,541	)	$	(12,395,558	)
Class B²		—			(559,083	)		—			(59,546	)
Class C		(8,478,766	)		(22,470,383	)		(149,711	)		(283,913	)
Class E		(6,986,287	)		(784,442	)		—			—
Class I		(223,280,288	)		(607,176,990	)		(23,137,809	)		(64,549,672	)
Class R		(2,902,381	)		(9,728,192	)		—			(369,054	)
Class R6¹		(79,648,120	)		(213,053,801	)		(18,827,421	)		(45,256,371	)
Class Y		(5,506,212	)		(58,960,454	)		(192,378	)		(173,145	)
		(362,553,154	)		(1,003,796,143	)		(47,676,860	)		(123,087,259	)
Decrease in net assets derived from capital share transactions		(281,938,992	)		(621,604,197	)		(41,151,197	)		(40,493,460	)
Net Decrease in Net Assets		(647,985,908	)		(662,294,724	)		(77,890,038	)		(62,508,594	)

Net Assets:
Beginning of period		1,851,519,412			2,513,814,136			187,342,665			249,851,259
End of period	$	1,203,533,504		$	1,851,519,412		$	109,452,627		$	187,342,665


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Large Cap Growth Fund						Delaware Ivy Limited-Term Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(3,175,329	)	$	(14,152,948	)	$	6,652,945		$	12,465,598
Net realized gain (loss)		152,088,363			667,588,189			(11,609,964	)		(3,343,879	)
Net change in unrealized appreciation (depreciation)		(1,465,974,074	)		280,860,520			(15,971,805	)		(38,222,332	)
Net increase (decrease) in net assets resulting from operations		(1,317,061,040	)		934,295,761			(20,928,824	)		(29,100,613	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(288,499,969	)		(2,498,521	)		(3,879,665	)
Class C		—			(8,096,887	)		(36,975	)		(39,579	)
Class E		—			(3,328,409	)		(15,828	)		(71,337	)
Class I		—			(249,922,112	)		(3,253,095	)		(6,411,450	)
Class R		—			(1,248,920	)		(1,991	)		(2,683	)
Class R6¹		—			(15,436,229	)		(360,109	)		(1,900,886	)
Class Y		—			(3,085,607	)		(14,478	)		(25,433	)
		—			(569,618,133	)		(6,180,997	)		(12,331,033	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		80,413,127			130,922,593			82,441,212			95,877,635
Class B²		—			122,314			—			1,734
Class C		3,404,371			10,049,136			2,803,102			4,934,272
Class E		513,749			3,545,116			147,777			1,353,352
Class I		341,675,692			518,398,941			47,682,321			104,404,767
Class R		1,275,241			2,628,654			3,519			75,344
Class R6¹		41,828,447			26,939,732			3,788,663			68,826,701
Class Y		1,395,777			11,047,810			207,143			355,498

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			283,173,518			2,483,691			3,758,367
Class B²		—			—			—			46
Class C		—			7,796,485			34,347			34,845
Class E		—			3,328,867			13,398			71,257
Class I		—			243,387,205			3,270,296			6,266,300
Class R		—			1,244,939			1,895			1,945
Class R6¹		—			15,436,229			361,924			1,900,083
Class Y		—			2,997,477			14,050			23,239
		470,506,404			1,261,019,016			143,253,338			287,885,385

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	Delaware Ivy Large Cap Growth Fund						Delaware Ivy Limited-Term Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(267,143,578	)	$	(486,388,644	)	$	(94,040,182	)	$	(157,872,183	)
Class B²		—			(4,717,491	)		—			(232,009	)
Class C		(10,306,215	)		(25,813,552	)		(6,264,979	)		(14,766,562	)
Class E		(28,413,405	)		(4,755,959	)		(6,461,822	)		(2,231,845	)
Class I		(461,511,753	)		(840,079,246	)		(126,676,875	)		(252,244,365	)
Class R		(2,010,623	)		(5,629,895	)		(142,306	)		(20,827	)
Class R6¹		(55,278,101	)		(52,131,380	)		(138,783,821	)		(45,824,105	)
Class Y		(6,013,995	)		(11,379,215	)		(311,823	)		(842,044	)
		(830,677,670	)		(1,430,895,382	)		(372,681,808	)		(474,033,940	)
Decrease in net assets derived from capital share transactions		(360,171,266	)		(169,876,366	)		(229,428,470	)		(186,148,555	)
Net Increase (Decrease) in Net Assets		(1,677,232,306	)		194,801,262			(256,538,291	)		(227,580,201	)

Net Assets:
Beginning of period		5,773,851,140			5,579,049,878			946,646,666			1,174,226,867
End of period	$	4,096,618,834		$	5,773,851,140		$	690,108,375		$	946,646,666


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Managed International Opportunities Fund						Delaware Ivy Mid Cap Growth Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(66,437	)	$	3,634,238		$	(14,711,662	)	$	(46,105,236	)
Net realized gain (loss)		(1,980,666	)		16,049,457			266,645,861			756,637,129
Net change in unrealized appreciation (depreciation)		(24,620,177	)		(29,528,244	)		(1,935,167,697	)		(836,958,370	)
Net increase (decrease) in net assets resulting from operations		(26,667,280	)		(9,844,549	)		(1,683,233,498	)		(126,426,477	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(1,496,141	)		—			(304,452,989	)
Class C		—			(24,621	)		—			(22,625,735	)
Class E		—			—			—			(2,666,741	)
Class I		—			(2,564,748	)		—			(442,470,544	)
Class R		—			(1,831	)		—			(10,968,579	)
Class R6¹		—			(2,886	)		—			(108,105,215	)
Class Y		—			(3,937	)		—			(40,580,612	)
		—			(4,094,164	)		—			(931,870,415	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		815,400			3,646,352			50,603,780			176,583,191
Class B²		—			1,276			—			22,893
Class C		37,648			234,492			4,381,273			22,556,385
Class E		—			—			208,019			2,120,942
Class I		6,505,058			16,337,165			423,255,448			1,149,273,771
Class R		10,729			14,063			4,771,343			15,245,075
Class R6¹		55,916			25,551			161,114,294			518,879,668
Class Y		2,028			14,633			17,062,113			81,619,888

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			1,487,205			—			299,979,244
Class C		—			24,545			—			22,199,637
Class E		—			—			—			2,669,507
Class I		—			2,561,359			—			421,375,039
Class R		—			1,831			—			10,875,261
Class R6¹		—			2,886			—			106,195,229
Class Y		—			3,937			—			38,073,093
		7,426,779			24,355,295			661,396,270			2,867,668,823

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	Delaware Ivy Managed International Opportunities Fund						Delaware Ivy Mid Cap Growth Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(7,211,226	)	$	(12,129,365	)	$	(201,660,139	)	$	(439,644,873	)
Class B²		—			(63,389	)		—			(4,245,237	)
Class C		(204,265	)		(584,637	)		(20,845,640	)		(68,525,944	)
Class E		—			—			(15,934,312	)		(2,199,652	)
Class I		(20,459,887	)		(41,958,311	)		(546,846,356	)		(1,094,660,484	)
Class R		(9	)		(318,636	)		(9,721,157	)		(26,673,837	)
Class R6¹		(29,796	)		(351,373	)		(114,029,039	)		(241,640,653	)
Class Y		(9,074	)		(44,331	)		(36,695,554	)		(156,632,665	)
		(27,914,257	)		(55,450,042	)		(945,732,197	)		(2,034,223,345	)
Increase (decrease) in net assets derived from capital share transactions		(20,487,478	)		(31,094,747	)		(284,335,927	)		833,445,478
Net Decrease in Net Assets		(47,154,758	)		(45,033,460	)		(1,967,569,425	)		(224,851,414	)

Net Assets:
Beginning of period		133,392,970			178,426,430			7,217,435,879			7,442,287,293
End of period	$	86,238,212			$133,392,970		$	5,249,866,454		$	7,217,435,879


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Mid Cap Income Opportunities Fund						Delaware Ivy Municipal Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	13,305,576		$	22,846,839		$	8,014,520		$	18,338,283
Net realized gain (loss)		(1,020,427	)		61,988,899			(21,277,931	)		2,866,444
Net change in unrealized appreciation (depreciation)		(270,968,150	)		10,826,915			(37,258,280	)		(54,454,142	)
Net increase (decrease) in net assets resulting from operations		(258,683,001	)		95,662,653			(50,521,691	)		(33,249,415	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,253,483	)		(6,545,273	)		(5,972,987	)		(12,703,971	)
Class C		(92,088	)		(724,574	)		(54,485	)		(130,002	)
Class I		(10,544,527	)		(53,147,351	)		(3,631,512	)		(9,016,564	)
Class R		(6,980	)		(35,357	)		—			—
Class R6¹		(858,218	)		(4,321,653	)		(17,028	)		(43,622	)
Class Y		(115,160	)		(983,852	)		—			(852	)
		(12,870,456	)		(65,758,060	)		(9,676,012	)		(21,895,011	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		13,276,729			45,643,057			13,917,251			29,192,716
Class C		1,377,505			7,942,037			374,350			432,369
Class I		146,467,612			600,589,785			24,237,791			41,765,158
Class R		79,778			543,358			—			—
Class R6¹		18,469,447			35,347,214			241,640			672,585
Class Y		1,133,299			13,837,777			—			457

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,246,247			6,501,998			6,011,203			12,286,505
Class B²		—			—			—			109
Class C		90,415			705,921			54,407			127,219
Class I		10,147,991			51,961,316			3,625,581			8,862,796
Class R		6,980			35,357			—			—
Class R6¹		850,356			4,320,455			17,444			43,393
Class Y		113,380			975,684			—			6
		193,259,739			768,403,959			48,479,667			93,383,313

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	Delaware Ivy Mid Cap Income Opportunities Fund						Delaware Ivy Municipal Bond Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(26,138,633	)	$	(44,931,437	)	$	(69,416,886	)	$	(78,253,814	)
Class B²		—			—			—			(162,394	)
Class C		(4,048,665	)		(5,812,493	)		(1,125,212	)		(3,329,056	)
Class I		(344,238,162	)		(498,531,739	)		(97,196,197	)		(92,195,378	)
Class R		(77,667	)		(177,890	)		—			—
Class R6¹		(31,193,652	)		(32,436,353	)		(553,132	)		(596,508	)
Class Y		(11,448,485	)		(26,436,267	)		—			(434,132	)
		(417,145,264	)		(608,326,179	)		(168,291,427	)		(174,971,282	)
Increase (decrease) in net assets derived from capital share transactions		(223,885,525	)		160,077,780			(119,811,760	)		(81,587,969	)
Net Increase (Decrease) in Net Assets		(495,438,982	)		189,982,373			(180,009,463	)		(136,732,395	)

Net Assets:
Beginning of period		1,757,554,039			1,567,571,666			620,361,672			757,094,067
End of period	$	1,262,115,057		$	1,757,554,039		$	440,352,209		$	620,361,672


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Municipal High Income Fund						Delaware Ivy Small Cap Growth Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	9,384,989		$	40,592,313		$	(5,621,225	)	$	(19,046,420	)
Net realized gain (loss)		(37,003,110	)		17,736,682			34,430,467			312,905,216
Net change in unrealized appreciation (depreciation)		(58,269,371	)		(69,282,700	)		(526,522,445	)		(512,116,182	)
Net increase (decrease) in net assets resulting from operations		(85,887,492	)		(10,953,705	)		(497,713,203	)		(218,257,386	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(10,499,039	)		(20,047,395	)		—			(332,393,017	)
Class B		—			(3,116	)		—			—
Class C		(272,167	)		(614,887	)		—			(17,480,609	)
Class E		—			—			—			(4,012,535	)
Class I		(5,381,630	)		(10,905,942	)		—			(210,162,997	)
Class R		—			—			—			(17,696,170	)
Class R6¹		(20,008	)		(41,646	)		—			(42,723,185	)
Class Y		(72,112	)		(140,031	)		—			(25,154,209	)
		(16,244,956	)		(31,753,017	)		—			(649,622,722	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		18,552,107			52,218,579			19,261,676			64,562,524
Class B²		—			1,238			—			5,448
Class C		468,448			1,686,840			951,611			3,740,509
Class E		—			—			141,458			1,270,482
Class I		50,505,481			70,868,476			79,531,324			175,954,227
Class R		—			—			1,797,592			11,408,965
Class R6¹		94,572			595,008			16,913,371			50,550,845
Class Y		400			68,913			4,051,992			12,905,519

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		10,353,653			18,177,355			—			328,991,229
Class B²		—			1,554			—			—
Class C		273,055			587,596			—			17,040,622
Class E		—			—			—			4,019,129
Class I		5,049,381			10,057,003			—			202,762,602
Class R		—			—			—			17,673,243
Class R6¹		20,441			41,524			—			42,161,242
Class Y		72,932			138,693			—			24,012,660
		85,390,470			154,442,779			122,649,024			957,059,246

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	Delaware Ivy Municipal High Income Fund						Delaware Ivy Small Cap Growth Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(93,505,477	)		$(122,831,503	)	$	(110,180,545	)	$	(250,589,350	)
Class B²		—			(421,748	)		—			(1,789,345	)
Class C		(5,131,862	)		(12,058,208	)		(6,176,533	)		(20,204,300	)
Class E		—			—			(10,999,250	)		(1,415,270	)
Class I		(112,660,237	)		(100,915,845	)		(216,140,235	)		(396,651,613	)
Class R		—			—			(4,514,971	)		(20,122,361	)
Class R6¹		(357,391	)		(526,114	)		(23,398,764	)		(76,175,004	)
Class Y		(577,396	)		(535,631	)		(8,204,010	)		(37,378,113	)
		(212,232,363	)		(237,289,049	)		(379,614,308	)		(804,325,356	)
Increase (decrease) in net assets derived from capital share transactions		(126,841,893	)		(82,846,270	)		(256,965,284	)		152,733,890
Net Decrease in Net Assets		(228,974,341	)		(125,552,992	)		(754,678,487	)		(715,146,218	)

Net Assets:
Beginning of period		859,523,418			985,076,410			2,349,966,042			3,065,112,260
End of period	$	630,549,077		$	859,523,418		$	1,595,287,555		$	2,349,966,042


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Smid Cap Core Fund						Delaware Ivy Systematic Emerging Markets Equity Fund^Φ
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,404,168		$	580,295		$	33,180,121		$	18,315,506
Net realized gain (loss)		(5,994,042	)		163,532,328			27,972,988			205,742,289
Net change in unrealized appreciation (depreciation)		(88,754,229	)		(167,794,397	)		(366,970,134	)		(609,999,484	)
Net increase (decrease) in net assets resulting from operations		(93,344,103	)		(3,681,774	)		(305,817,025	)		(385,941,689	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(174,543	)		(27,297,432	)		—			(1,779,222	)
Class C		(7,335	)		(3,619,618	)		—			(145,959	)
Class I		(454,174	)		(62,029,098	)		—			(10,755,123	)
Class R		(15,296	)		(3,982,883	)		—			(29,737	)
Class R6¹		(122,176	)		(13,887,422	)		—			(3,035,209	)
Class Y		(5,387	)		(1,335,914	)		—			(203,602	)
		(778,911	)		(112,152,367	)		—			(15,948,852	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		6,699,020			22,320,506			6,844,711			36,480,844
Class B²		—			3,008			—			512
Class C		388,497			2,470,553			595,404			4,154,604
Class I		28,202,191			83,720,358			86,587,671			381,212,563
Class R		826,323			4,026,380			521,409			2,186,225
Class R6¹		4,517,534			37,280,267			14,955,925			92,301,717
Class Y		288,744			1,813,958			4,857,995			11,496,885

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		172,850			26,976,317			—			1,733,296
Class C		7,316			3,608,383			—			138,903
Class I		444,096			61,009,593			—			9,580,446
Class R		15,296			3,976,715			—			27,889
Class R6¹		122,176			13,886,899			—			3,031,127
Class Y		5,379			1,196,333			—			51,568
		41,689,422			262,289,270			114,363,115			542,396,579

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	Delaware Ivy Smid Cap Core Fund						Delaware Ivy Systematic Emerging Markets Equity Fund^Φ
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(19,244,811	)	$	(45,235,026	)	$	(31,309,094	)	$	(84,100,853	)
Class B²		—			(423,679	)		—			(382,513	)
Class C		(2,313,365	)		(6,350,534	)		(5,104,524	)		(11,561,072	)
Class I		(90,909,855	)		(217,293,502	)		(224,941,680	)		(776,427,073	)
Class R		(2,269,747	)		(5,299,115	)		(739,993	)		(4,162,138	)
Class R6¹		(14,515,789	)		(29,651,488	)		(66,828,869	)		(129,430,864	)
Class Y		(2,049,591	)		(2,961,342	)		(3,620,884	)		(14,156,096	)
		(131,303,158	)		(307,214,686	)		(332,545,044	)		(1,020,220,609	)
Decrease in net assets derived from capital share transactions		(89,613,736	)		(44,925,416	)		(218,181,929	)		(477,824,030	)
Net Decrease in Net Assets		(183,736,750	)		(160,759,557	)		(523,998,954	)		(879,714,571	)

Net Assets:
Beginning of period		598,815,879			759,575,436			1,506,781,442			2,386,496,013
End of period	$	415,079,129		$	598,815,879		$	982,782,488		$	1,506,781,442


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

^Φ Consolidated statements of changes

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Value Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	11,511,755		$	17,854,525
Net realized gain (loss)		80,861,742			251,783,222
Net change in unrealized appreciation (depreciation)		(307,011,402	)		(36,217,559	)
Net increase (decrease) in net assets resulting from operations		(214,637,905	)		233,420,188

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,398,412	)		(40,659,803	)
Class B		—			(2,022	)
Class C		(27,296	)		(639,475	)
Class I		(5,995,603	)		(96,645,064	)
Class R		(65	)		(1,273	)
Class R6¹		(543,739	)		(14,155,158	)
Class Y		(683	)		(10,948	)
		(8,965,798	)		(152,113,743	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		35,625,947			57,850,250
Class B²		—			25,068
Class C		2,806,994			2,447,185
Class I		93,446,885			309,658,818
Class R		6,305			8,009
Class R6¹		8,062,013			14,308,462
Class Y		24,968			21,400

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,378,489			40,195,932
Class B²		—			1,790
Class C		27,181			636,546
Class I		5,978,569			96,353,876
Class R		65			1,273
Class R6¹		531,398			14,155,158
Class Y		606			6,199
		148,889,420			535,669,966

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	Delaware Ivy Value Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Cost of shares redeemed:
Class A	$	(50,220,165	)	$	(72,601,019	)
Class B²		—			(634,954	)
Class C		(1,724,146	)		(4,131,977	)
Class I		(183,256,794	)		(346,062,110	)
Class R		(4	)		(393,937	)
Class R6¹		(60,671,482	)		(57,384,835	)
Class Y		(7,166	)		(53,436	)
		(295,879,757	)		(481,262,268	)
Increase (decrease) in net assets derived from capital share transactions		(146,990,337	)		54,407,698
Net Increase (Decrease) in Net Assets		(370,594,040	)		135,714,143

Net Assets:
Beginning of period		1,477,803,761			1,342,089,618
End of period	$	1,107,209,721		$	1,477,803,761


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.

See accompanying notes, which are an integral part of the financial statements.

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Financial highlights

Delaware Global Value Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.72		$	13.72		$	9.64		$	11.90		$	13.84		$	12.48

Income (loss) from investment operations:
Net investment income²		0.11			0.20			0.26			0.29			0.29			0.32
Net realized and unrealized gain (loss)		(2.36	)		(0.07	)		4.23			(2.13	)		(0.34	)		1.34
Total from investment operations		(2.25	)		0.13			4.49			(1.84	)		(0.05	)		1.66

Less dividends and distributions from:
Net investment income		(0.11	)		(0.42	)		(0.23	)		(0.30	)		(0.32	)		(0.30	)
Net realized gain		—			(0.71	)		(0.18	)		(0.12	)		(1.57	)		—
Total dividends and distributions		(0.11	)		(1.13	)		(0.41	)		(0.42	)		(1.89	)		(0.30	)

Net asset value, end of period	$	10.36		$	12.72		$	13.72		$	9.64		$	11.90		$	13.84

Total return³		(17.83%	)⁴		0.51%	⁴		47.07%	⁴		(16.11%	)⁴		0.47%			13.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	192,864		$	263,835		$	310	⁵	$	260	⁵	$	387	⁵	$	494	⁵
Ratio of expenses to average net assets⁶		1.20%			1.22%			1.22%			1.24%			1.24%			1.29%
Ratio of expenses to average net assets prior to fees waived⁶		1.31%			1.25%			1.24%			1.25%			1.24%			1.29%
Ratio of net investment income to average net assets		1.78%			1.41%			2.16%			2.43%			2.27%			2.34%
Ratio of net investment income to average net assets prior to fees waived		1.67%			1.38%			2.14%			2.42%			2.27%			2.34%
Portfolio turnover		12%			111%			39%			43%			28%			55%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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Delaware Global Value Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.69		$	13.72		$	9.64		$	11.90		$	13.82		$	12.47

Income (loss) from investment operations:
Net investment income²		0.05			0.09			0.16			0.21			0.21			0.23
Net realized and unrealized gain (loss)		(2.35	)		(0.08	)		4.23			(2.13	)		(0.35	)		1.35
Total from investment operations		(2.30	)		0.01			4.39			(1.92	)		(0.14	)		1.58

Less dividends and distributions from:
Net investment income		(0.07	)		(0.33	)		(0.13	)		(0.22	)		(0.21	)		(0.23	)
Net realized gain		—			(0.71	)		(0.18	)		(0.12	)		(1.57	)		—
Total dividends and distributions		(0.07	)		(1.04	)		(0.31	)		(0.34	)		(1.78	)		(0.23	)

Net asset value, end of period	$	10.32		$	12.69		$	13.72		$	9.64		$	11.90		$	13.82

Total return³		(18.24%	)⁴		(0.32%	)		45.88%			(16.75%	)		(0.21%	)		12.80%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,311		$	4,780		$	7	⁵	$	10	⁵	$	22	⁵	$	39	⁵
Ratio of expenses to average net assets⁶		2.12%			2.04%			2.03%			2.00%			1.94%			1.93%
Ratio of expenses to average net assets prior to fees waived⁶		2.23%			2.04%			2.03%			2.00%			1.94%			1.93%
Ratio of net investment income to average net assets		0.87%			0.64%			1.34%			1.76%			1.64%			1.72%
Ratio of net investment income to average net assets prior to fees waived		0.76%			0.64%			1.34%			1.76%			1.64%			1.72%
Portfolio turnover		12%			111%			39%			43%			28%			55%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Financial highlights

Delaware Global Value Equity Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.74		$	13.73		$	9.64		$	11.91		$	13.85		$	12.48

Income (loss) from investment operations:
Net investment income²		0.13			0.24			0.29			0.33			0.34			0.37
Net realized and unrealized gain (loss)		(2.37	)		(0.07	)		4.24			(2.14	)		(0.35	)		1.34
Total from investment operations		(2.24	)		0.17			4.53			(1.81	)		(0.01	)		1.71

Less dividends and distributions from:
Net investment income		(0.12	)		(0.45	)		(0.26	)		(0.34	)		(0.36	)		(0.34	)
Net realized gain		—			(0.71	)		(0.18	)		(0.12	)		(1.57	)		—
Total dividends and distributions		(0.12	)		(1.16	)		(0.44	)		(0.46	)		(1.93	)		(0.34	)

Net asset value, end of period	$	10.38		$	12.74		$	13.73		$	9.64		$	11.91		$	13.85

Total return³		(17.70%	)⁴		0.81%	⁴		47.60%	⁴		(15.90%	)⁴		0.78%	⁴		13.88%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	128,852		$	205,264		$	268	⁵	$	242	⁵	$	374	⁵	$	523	⁵
Ratio of expenses to average net assets⁶		0.92%			0.92%			0.92%			0.92%			0.93%			1.00%
Ratio of expenses to average net assets prior to fees waived⁶		0.98%			0.94%			0.95%			0.95%			0.95%			1.00%
Ratio of net investment income to average net assets		2.11%			1.72%			2.46%			2.76%			2.58%			2.75%
Ratio of net investment income to average net assets prior to fees waived		2.05%			1.70%			2.43%			2.73%			2.56%			2.75%
Portfolio turnover		12%			111%			39%			43%			28%			55%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

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Delaware Global Value Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.72		$	13.73		$	9.65		$	11.91		$	13.84		$	12.48

Income (loss) from investment operations:
Net investment income²		0.08			0.15			0.22			0.26			0.25			0.28
Net realized and unrealized gain (loss)		(2.36	)		(0.07	)		4.23			(2.13	)		(0.33	)		1.35
Total from investment operations		(2.28	)		0.08			4.45			(1.87	)		(0.08	)		1.63

Less dividends and distributions from:
Net investment income		(0.09	)		(0.38	)		(0.19	)		(0.27	)		(0.28	)		(0.27	)
Net realized gain		—			(0.71	)		(0.18	)		(0.12	)		(1.57	)		—
Total dividends and distributions		(0.09	)		(1.09	)		(0.37	)		(0.39	)		(1.85	)		(0.27	)

Net asset value, end of period	$	10.35		$	12.72		$	13.73		$	9.65		$	11.91		$	13.84

Total return³		(18.00%	)⁴		0.18%			46.59%			(16.36%	)		0.22%			13.20%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	273		$	308	⁵	$	—	^5,6	$	1	⁶	$	1	⁶	$	1	⁶
Ratio of expenses to average net assets⁷		1.52%			1.54%			1.54%			1.53%			1.52%			1.58%
Ratio of expenses to average net assets prior to fees waived⁷		1.57%			1.54%			1.54%			1.53%			1.52%			1.58%
Ratio of net investment income to average net assets		1.41%			1.09%			1.89%			2.14%			1.97%			2.07%
Ratio of net investment income to average net assets prior to fees waived		1.36%			1.09%			1.89%			2.14%			1.97%			2.07%
Portfolio turnover		12%			111%			39%			43%			28%			55%

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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Rounds to less than $500 thousands.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Financial highlights

Delaware Global Value Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.76		$	13.74		$	9.65		$	11.92		$	13.86		$	12.49

Income (loss) from investment operations:
Net investment income²		0.13			0.26			0.30			0.35			0.30			0.35
Net realized and unrealized gain (loss)		(2.37	)		(0.06	)		4.24			(2.14	)		(0.29	)		1.39
Total from investment operations		(2.24	)		0.20			4.54			(1.79	)		0.01			1.74

Less dividends and distributions from:
Net investment income		(0.13	)		(0.47	)		(0.27	)		(0.36	)		(0.38	)		(0.37	)
Net realized gain		—			(0.71	)		(0.18	)		(0.12	)		(1.57	)		—
Total dividends and distributions		(0.13	)		(1.18	)		(0.45	)		(0.48	)		(1.95	)		(0.37	)

Net asset value, end of period	$	10.39		$	12.76		$	13.74		$	9.65		$	11.92		$	13.86

Total return³		(17.70%	)		0.99%			47.70%			(15.76%	)		0.93%			14.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,427		$	14,281		$	24	⁴	$	17	⁴	$	22	⁴	$	5	⁴
Ratio of expenses to average net assets⁵		0.82%			0.79%			0.79%			0.79%			0.78%			0.86%
Ratio of net investment income to average net assets		2.18%			1.90%			2.54%			2.87%			2.40%			2.58%
Portfolio turnover		12%			111%			39%			43%			28%			55%

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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

148

Table of Contents

Delaware Global Value Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.72		$	13.72		$	9.64		$	11.90		$	13.84		$	12.48

Income (loss) from investment operations:
Net investment income²		0.11			0.20			0.26			0.30			0.30			0.33
Net realized and unrealized gain (loss)		(2.36	)		(0.07	)		4.23			(2.13	)		(0.34	)		1.35
Total from investment operations		(2.25	)		0.13			4.49			(1.83	)		(0.04	)		1.68

Less dividends and distributions from:
Net investment income		(0.11	)		(0.42	)		(0.23	)		(0.31	)		(0.33	)		(0.32	)
Net realized gain		—			(0.71	)		(0.18	)		(0.12	)		(1.57	)		—
Total dividends and distributions		(0.11	)		(1.13	)		(0.41	)		(0.43	)		(1.90	)		(0.32	)

Net asset value, end of period	$	10.36		$	12.72		$	13.72		$	9.64		$	11.90		$	13.84

Total return³		(17.84%	)⁴		0.53%			47.11%			(16.06%	)		0.49%			13.57%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,116		$	1,612		$	2	⁵	$	5	⁵	$	7	⁵	$	9	⁵
Ratio of expenses to average net assets⁶		1.18%			1.18%			1.18%			1.19%			1.21%	⁷		1.23%	⁷
Ratio of expenses to average net assets prior to fees waived⁶		1.21%			1.18%			1.18%			1.19%			1.21%	⁷		1.23%	⁷
Ratio of net investment income to average net assets		1.81%			1.45%			2.25%			2.49%			2.30%			2.46%
Ratio of net investment income to average net assets prior to fees waived		1.78%			1.45%			2.25%			2.49%			2.30%			2.46%
Portfolio turnover		12%			111%			39%			43%			28%			55%

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 and/or distributor. 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.
⁷	Expense ratio based on the period excluding reorganization expenses was 1.19%.

See accompanying notes, which are an integral part of the financial statements.

149

Table of Contents

Financial highlights

Delaware Ivy Core Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.15		$	10.79		$	10.49		$	10.66		$	10.57		$	10.62

Income (loss) from investment operations:
Net investment income²		0.11			0.18			0.20			0.27			0.32			0.28
Net realized and unrealized gain (loss)		(1.08	)		(0.59	)		0.57			(0.07	)		0.09			(0.04	)
Total from investment operations		(0.97	)		(0.41	)		0.77			0.20			0.41			0.24

Less dividends and distributions from:
Net investment income		(0.12	)		(0.20	)		(0.22	)		(0.28	)		(0.32	)		(0.29	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—			—
Total dividends and distributions		(0.12	)		(0.23	)		(0.47	)		(0.37	)		(0.32	)		(0.29	)

Net asset value, end of period	$	9.06		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57

Total return³		(9.61%	)		(3.95%	)		7.32%			1.79%			3.96%			2.26%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	138,791		$	177,936		$	219	⁴	$	199	⁴	$	177	⁴	$	200	⁴
Ratio of expenses to average net assets⁵		0.86%			0.86%			0.87%			1.00%			1.02%			1.04%
Ratio of expenses to average net assets prior to fees waived⁵		1.09%			0.98%			0.97%			1.02%			1.05%			1.07%
Ratio of net investment income to average net assets		2.36%			1.65%			1.77%			2.48%			2.95%			2.60%
Ratio of net investment income to average net assets prior to fees waived		2.13%			1.53%			1.67%			2.46%			2.92%			2.57%
Portfolio turnover		70%			86%			98%			118%			91%			163%

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.

See accompanying notes, which are an integral part of the financial statements.

150

Table of Contents

Delaware Ivy Core Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.15		$	10.79		$	10.49		$	10.66		$	10.57		$	10.62

Income (loss) from investment operations:
Net investment income²		0.07			0.09			0.11			0.19			0.25			0.20
Net realized and unrealized gain (loss)		(1.09	)		(0.59	)		0.58			(0.07	)		0.09			(0.04	)
Total from investment operations		(1.02	)		(0.50	)		0.69			0.12			0.34			0.16

Less dividends and distributions from:
Net investment income		(0.08	)		(0.11	)		(0.14	)		(0.20	)		(0.25	)		(0.21	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—			—
Total dividends and distributions		(0.08	)		(0.14	)		(0.39	)		(0.29	)		(0.25	)		(0.21	)

Net asset value, end of period	$	9.05		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57

Total return³		(10.11%	)		(4.71%	)		6.50%			1.02%			3.25%			1.51%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,276		$	6,362		$	11	⁴	$	14	⁴	$	13	⁴	$	16	⁴
Ratio of expenses to average net assets⁵		1.74%			1.66%			1.64%			1.75%			1.71%			1.77%
Ratio of expenses to average net assets prior to fees waived⁵		2.03%			1.76%			1.74%			1.77%			1.74%			1.80%
Ratio of net investment income to average net assets		1.47%			0.85%			1.01%			1.73%			2.26%			1.87%
Ratio of net investment income to average net assets prior to fees waived		1.18%			0.75%			0.91%			1.71%			2.23%			1.84%
Portfolio turnover		70%			86%			98%			118%			91%			163%

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.

See accompanying notes, which are an integral part of the financial statements.

151

Table of Contents

Financial highlights

Delaware Ivy Core Bond Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.15		$	10.79		$	10.49		$	10.66		$	10.57		$	10.62

Income (loss) from investment operations:
Net investment income²		0.13			0.22			0.24			0.32			0.37			0.33
Net realized and unrealized gain (loss)		(1.08	)		(0.59	)		0.58			(0.07	)		0.09			(0.04	)
Total from investment operations		(0.95	)		(0.37	)		0.82			0.25			0.46			0.29

Less dividends and distributions from:
Net investment income		(0.14	)		(0.24	)		(0.27	)		(0.33	)		(0.37	)		(0.34	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—			—
Total dividends and distributions		(0.14	)		(0.27	)		(0.52	)		(0.42	)		(0.37	)		(0.34	)

Net asset value, end of period	$	9.06		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57

Total return³		(9.44%	)		(3.55%	)		7.77%			2.25%			4.46%			2.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	309,224		$	493,000		$	772	⁴	$	742	⁴	$	586	⁴	$	525	⁴
Ratio of expenses to average net assets⁵		0.45%			0.45%			0.45%			0.54%			0.54%			0.54%
Ratio of expenses to average net assets prior to fees waived⁵		0.78%			0.71%			0.72%			0.73%			0.74%			0.74%
Ratio of net investment income to average net assets		2.76%			2.06%			2.20%			2.93%			3.43%			3.10%
Ratio of net investment income to average net assets prior to fees waived		2.43%			1.80%			1.93%			2.74%			3.23%			2.90%
Portfolio turnover		70%			86%			98%			118%			91%			163%

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 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.

See accompanying notes, which are an integral part of the financial statements.

152

Table of Contents

Delaware Ivy Core Bond Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.15		$	10.79		$	10.49		$	10.66		$	10.57		$	10.62

Income (loss) from investment operations:
Net investment income²		0.10			0.14			0.16			0.24			0.29			0.25
Net realized and unrealized gain (loss)		(1.08	)		(0.59	)		0.57			(0.07	)		0.09			(0.03	)
Total from investment operations		(0.98	)		(0.45	)		0.73			0.17			0.38			0.22

Less dividends and distributions from:
Net investment income		(0.11	)		(0.16	)		(0.18	)		(0.25	)		(0.29	)		(0.27	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—			—
Total dividends and distributions		(0.11	)		(0.19	)		(0.43	)		(0.34	)		(0.29	)		(0.27	)

Net asset value, end of period	$	9.06		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57

Total return³		(9.74%	)		(4.28%	)		6.97%			1.48%			3.67%			2.04%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	840		$	863		$	1	⁴	$	1	⁴	$	1	⁴	$	2	⁴
Ratio of expenses to average net assets⁵		1.11%			1.21%			1.20%			1.30%			1.30%			1.29%
Ratio of expenses to average net assets prior to fees waived⁵		1.36%			1.34%			1.30%			1.32%			1.33%			1.32%
Ratio of net investment income to average net assets		2.13%			1.30%			1.46%			2.18%			2.67%			2.31%
Ratio of net investment income to average net assets prior to fees waived		1.88%			1.17%			1.36%			2.16%			2.64%			2.28%
Portfolio turnover		70%			86%			98%			118%			91%			163%

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 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.

See accompanying notes, which are an integral part of the financial statements.

153

Table of Contents

Financial highlights

Delaware Ivy Core Bond Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.15		$	10.79		$	10.49		$	10.66		$	10.57		$	10.62

Income (loss) from investment operations:
Net investment income²		0.13			0.22			0.24			0.32			0.37			0.33
Net realized and unrealized gain (loss)		(1.09	)		(0.59	)		0.58			(0.07	)		0.09			(0.04	)
Total from investment operations		(0.96	)		(0.37	)		0.82			0.25			0.46			0.29

Less dividends and distributions from:
Net investment income		(0.14	)		(0.24	)		(0.27	)		(0.33	)		(0.37	)		(0.34	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—			—
Total dividends and distributions		(0.14	)		(0.27	)		(0.52	)		(0.42	)		(0.37	)		(0.34	)

Net asset value, end of period	$	9.05		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57

Total return³		(9.53%	)		(3.55%	)		7.77%			2.25%			4.46%			2.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	80,811		$	147,696		$	184	⁴	$	133	⁴	$	110	⁴	$	195	⁴
Ratio of expenses to average net assets⁵		0.45%			0.45%			0.45%			0.54%			0.54%			0.54%
Ratio of expenses to average net assets prior to fees waived⁵		0.62%			0.58%			0.57%			0.58%			0.58%			0.58%
Ratio of net investment income to average net assets		2.72%			2.06%			2.20%			2.94%			3.41%			3.10%
Ratio of net investment income to average net assets prior to fees waived		2.55%			1.93%			2.08%			2.90%			3.37%			3.06%
Portfolio turnover		70%			86%			98%			118%			91%			163%

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 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.

See accompanying notes, which are an integral part of the financial statements.

154

Table of Contents

Delaware Ivy Core Bond Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.15		$	10.79		$	10.49		$	10.66		$	10.57		$	10.62

Income (loss) from investment operations:
Net investment income²		0.12			0.18			0.20			0.27			0.33			0.29
Net realized and unrealized gain (loss)		(1.09	)		(0.59	)		0.57			(0.07	)		0.09			(0.04	)
Total from investment operations		(0.97	)		(0.41	)		0.77			0.20			0.42			0.25

Less dividends and distributions from:
Net investment income		(0.12	)		(0.20	)		(0.22	)		(0.28	)		(0.33	)		(0.30	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—			—
Total dividends and distributions		(0.12	)		(0.23	)		(0.47	)		(0.37	)		(0.33	)		(0.30	)

Net asset value, end of period	$	9.06		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57

Total return³		(9.60%	)		(3.94%	)		7.33%			1.82%			4.04%			2.35%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,265		$	6,186		$	7	⁴	$	10	⁴	$	5	⁴	$	5	⁴
Ratio of expenses to average net assets⁵		0.82%			0.86%			0.87%			0.96%			0.95%			0.95%
Ratio of expenses to average net assets prior to fees waived⁵		1.04%			0.99%			0.97%			0.98%			0.98%			0.98%
Ratio of net investment income to average net assets		2.40%			1.65%			1.78%			2.48%			3.03%			2.69%
Ratio of net investment income to average net assets prior to fees waived		2.18%			1.52%			1.68%			2.46%			3.00%			2.66%
Portfolio turnover		70%			86%			98%			118%			91%			163%

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 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.

See accompanying notes, which are an integral part of the financial statements.

155

Table of Contents

Financial highlights

Delaware Ivy Core Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.10		$	18.01		$	11.73		$	13.47		$	14.78		$	13.55

Income (loss) from investment operations:
Net investment income²		0.02			0.04			0.06			0.06			0.09			0.05
Net realized and unrealized gain (loss)		(3.38	)		2.56			6.65			(0.29	)		0.60			2.11
Total from investment operations		(3.36	)		2.60			6.71			(0.23	)		0.69			2.16

Less dividends and distributions from:
Net investment income		—			(0.09	)		(0.04	)		(0.09	)		(0.09	)		(0.03	)
Net realized gain		—			(2.42	)		(0.39	)		(1.42	)		(1.91	)		(0.90	)
Total dividends and distributions		—			(2.51	)		(0.43	)		(1.51	)		(2.00	)		(0.93	)

Net asset value, end of period	$	14.74		$	18.10		$	18.01		$	11.73		$	13.47		$	14.78

Total return³		(18.56%	)		13.88%			57.58%			(3.57%	)		5.56%			16.31%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,566,811		$	3,424,139		$	3,411	⁵	$	2,409	⁵	$	2,895	⁵	$	3,149	⁵
Ratio of expenses to average net assets⁶		1.01%			0.97%			1.00%			1.03%			1.02%			1.04%
Ratio of expenses to average net assets prior to fees waived⁶		1.01%			0.97%			1.00%			1.03%			1.02%			1.04%
Ratio of net investment income to average net assets		0.25%			0.19%			0.36%			0.42%			0.64%			0.33%
Ratio of net investment income to average net assets prior to fees waived		0.25%			0.19%			0.36%			0.42%			0.64%			0.33%
Portfolio turnover		16%			36%			49%			66%			97%			51%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

156

Table of Contents

Delaware Ivy Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.27		$	14.65		$	9.63		$	11.31		$	12.69		$	11.81

Income (loss) from investment operations:
Net investment loss²		(0.04	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		(2.66	)		2.10			5.45			(0.22	)		0.51			1.83
Total from investment operations		(2.70	)		1.99			5.39			(0.27	)		0.48			1.77

Less dividends and distributions from:
Net investment income		—			(0.01	)		—			(0.01	)		—			—
Net realized gain		—			(2.36	)		(0.37	)		(1.40	)		(1.86	)		(0.89	)
Total dividends and distributions		—			(2.37	)		(0.37	)		(1.41	)		(1.86	)		(0.89	)

Net asset value, end of period	$	11.57		$	14.27		$	14.65		$	9.63		$	11.31		$	12.69

Total return³		(18.92%	)⁴		12.85%			56.31%			(4.44%	)		4.74%			15.39%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,936		$	27,556		$	33	⁵	$	37	⁵	$	52	⁵	$	70	⁵
Ratio of expenses to average net assets⁶		1.91%			1.85%			1.88%			1.89%			1.85%			1.89%
Ratio of expenses to average net assets prior to fees waived⁶		1.99%			1.85%			1.88%			1.89%			1.85%			1.89%
Ratio of net investment loss to average net assets		(0.66%	)		(0.70%	)		(0.51%	)		(0.44%	)		(0.20%	)		(0.50%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.74%	)		(0.70%	)		(0.51%	)		(0.44%	)		(0.20%	)		(0.50%	)
Portfolio turnover		16%			36%			49%			66%			97%			51%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

157

Table of Contents

Financial highlights

Delaware Ivy Core Equity Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	21.24		$	20.77		$	13.47		$	15.27		$	16.48		$	15.01

Income (loss) from investment operations:
Net investment income²		0.04			0.08			0.10			0.10			0.14			0.09
Net realized and unrealized gain (loss)		(3.96	)		2.93			7.66			(0.37	)		0.69			2.35
Total from investment operations		(3.92	)		3.01			7.76			(0.27	)		0.83			2.44

Less dividends and distributions from:
Net investment income		—			(0.12	)		(0.07	)		(0.11	)		(0.13	)		(0.07	)
Net realized gain		—			(2.42	)		(0.39	)		(1.42	)		(1.91	)		(0.90	)
Total dividends and distributions		—			(2.54	)		(0.46	)		(1.53	)		(2.04	)		(0.97	)

Net asset value, end of period	$	17.32		$	21.24		$	20.77		$	13.47		$	15.27		$	16.48

Total return³		(18.46%	)⁴		14.00%			57.92%			(3.38%	)		5.84%			16.60%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	732,121		$	1,070,912		$	1,101	⁵	$	861	⁵	$	1,089	⁵	$	1,216	⁵
Ratio of expenses to average net assets⁶		0.80%			0.79%			0.81%			0.83%			0.81%			0.82%
Ratio of expenses to average net assets prior to fees waived⁶		0.82%			0.79%			0.81%			0.83%			0.81%			0.84%
Ratio of net investment income to average net assets		0.45%			0.37%			0.55%			0.63%			0.85%			0.56%
Ratio of net investment income to average net assets prior to fees waived		0.43%			0.37%			0.55%			0.63%			0.85%			0.54%
Portfolio turnover		16%			36%			49%			66%			97%			51%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

158

Table of Contents

Delaware Ivy Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	17.88		$	17.82		$	11.62		$	13.36		$	14.67		$	13.47

Income (loss) from investment operations:
Net investment income (loss)²		(0.01	)		(0.04	)		(0.01	)		0.01			0.03			(0.01	)
Net realized and unrealized gain (loss)		(3.34	)		2.53			6.59			(0.30	)		0.60			2.11
Total from investment operations		(3.35	)		2.49			6.58			(0.29	)		0.63			2.10

Less dividends and distributions from:
Net investment income		—			(0.04	)		—			(0.03	)		(0.03	)		—
Net realized gain		—			(2.39	)		(0.38	)		(1.42	)		(1.91	)		(0.90	)
Total dividends and distributions		—			(2.43	)		(0.38	)		(1.45	)		(1.94	)		(0.90	)

Net asset value, end of period	$	14.53		$	17.88		$	17.82		$	11.62		$	13.36		$	14.67

Total return³		(18.74%	)⁴		13.42%			56.93%			(3.93%	)		5.16%			15.91%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	229		$	212		$	1	⁵	$	—	^5,6	$	1	⁵	$	2	⁵
Ratio of expenses to average net assets⁷		1.35%			1.39%			1.40%			1.42%			1.40%			1.46%
Ratio of expenses to average net assets prior to fees waived⁷		1.42%			1.39%			1.40%			1.42%			1.40%			1.46%
Ratio of net investment income (loss) to average net assets		(0.09%	)		(0.22%	)		(0.04%	)		0.04%			0.22%			(0.08%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.16%	)		(0.22%	)		(0.04%	)		0.04%			0.22%			(0.08%	)
Portfolio turnover		16%			36%			49%			66%			97%			51%

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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

159

Table of Contents

Financial highlights

Delaware Ivy Core Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	21.31		$	20.82		$	13.50		$	15.30		$	16.51		$	15.03

Income (loss) from investment operations:
Net investment income²		0.06			0.12			0.12			0.13			0.16			0.10
Net realized and unrealized gain (loss)		(3.99	)		2.94			7.68			(0.37	)		0.69			2.36
Total from investment operations		(3.93	)		3.06			7.80			(0.24	)		0.85			2.46

Less dividends and distributions from:
Net investment income		—			(0.15	)		(0.09	)		(0.14	)		(0.15	)		(0.08	)
Net realized gain		—			(2.42	)		(0.39	)		(1.42	)		(1.91	)		(0.90	)
Total dividends and distributions		—			(2.57	)		(0.48	)		(1.56	)		(2.06	)		(0.98	)

Net asset value, end of period	$	17.38		$	21.31		$	20.82		$	13.50		$	15.30		$	16.51

Total return³		(18.44%	)		14.23%			58.14%			(3.23%	)		6.01%			16.74%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	47,001		$	91,633		$	90	⁴	$	31	⁴	$	45	⁴	$	71	⁴
Ratio of expenses to average net assets⁵		0.67%			0.64%			0.66%			0.67%			0.65%			0.73%
Ratio of net investment income to average net assets		0.59%			0.52%			0.68%			0.78%			0.97%			0.64%
Portfolio turnover		16%			36%			49%			66%			97%			51%

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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

160

Table of Contents

Delaware Ivy Core Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.38			$	20.01		$	13.00		$	14.78		$	16.02		$	14.61

Income (loss) from investment operations:
Net investment income²		0.03				0.07			0.09			0.09			0.13			0.09
Net realized and unrealized gain (loss)		(3.80	)			2.83			7.37			(0.34	)		0.67			2.28
Total from investment operations		(3.77	)			2.90			7.46			(0.25	)		0.80			2.37

Less dividends and distributions from:
Net investment income		—				(0.11	)		(0.06	)		(0.11	)		(0.13	)		(0.06	)
Net realized gain		—				(2.42	)		(0.39	)		(1.42	)		(1.91	)		(0.90	)
Total dividends and distributions		—				(2.53	)		(0.45	)		(1.53	)		(2.04	)		(0.96	)

Net asset value, end of period	$	16.61			$	20.38		$	20.01		$	13.00		$	14.78		$	16.02

Total return³		(18.50%	)			13.99%			57.75%			(3.37%	)		5.81%			16.61%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,828			$	29,855		$	26	⁴	$	23	⁴	$	45	⁴	$	50	⁴
Ratio of expenses to average net assets⁵		0.89%				0.84%			0.85%			0.84%			0.84%			0.84%
Ratio of expenses to average net assets prior to fees waived⁵		1.06%				1.04%			1.05%			1.08%			1.05%			1.10%
Ratio of net investment income to average net assets		0.37%				0.32%			0.50%			0.60%			0.80%			0.55%
Ratio of net investment income to average net assets prior to fees waived		0.20%		��		0.12%			0.30%			0.36%			0.59%			0.29%
Portfolio turnover		16%				36%			49%			66%			97%			51%

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 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.

See accompanying notes, which are an integral part of the financial statements.

161

Table of Contents

Financial highlights

Delaware Ivy Global Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.57		$	10.26		$	9.26		$	9.71		$	9.68		$	9.68

Income (loss) from investment operations:
Net investment income²		0.10			0.25			0.32			0.34			0.32			0.32
Net realized and unrealized gain (loss)		(0.81	)		(0.69	)		0.95			(0.59	)		0.01			(0.11	)
Total from investment operations		(0.71	)		(0.44	)		1.27			(0.25	)		0.33			0.21

Less dividends and distributions from:
Net investment income		(0.09	)		(0.25	)		(0.27	)		(0.20	)		(0.28	)		(0.21	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.09	)		(0.25	)		(0.27	)		(0.20	)		(0.30	)		(0.21	)

Net asset value, end of period	$	8.77		$	9.57		$	10.26		$	9.26		$	9.71		$	9.68

Total return³		(7.55%	)		(4.39%	)		13.77%			(2.69%	)		3.47%			2.16%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	120,801		$	150,133		$	178	⁴	$	170	⁴	$	211	⁴	$	265	⁴
Ratio of expenses to average net assets⁵		0.96%			0.96%			0.96%			0.99%			0.99%			1.01%	⁶
Ratio of expenses to average net assets prior to fees waived⁵		1.25%			1.19%			1.20%			1.22%			1.23%			1.26%
Ratio of net investment income to average net assets		2.19%			2.46%			3.18%			3.43%			3.32%			3.22%
Ratio of net investment income to average net assets prior to fees waived		1.90%			2.23%			2.94%			3.20%			3.08%			2.97%
Portfolio turnover		56%			50%			43%			38%			35%			56%

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.
⁶	Expense ratio based on the period excluding reorganization expenses was 0.99%.

See accompanying notes, which are an integral part of the financial statements.

162

Table of Contents

Delaware Ivy Global Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.57		$	10.25		$	9.26		$	9.71		$	9.68		$	9.68

Income (loss) from investment operations:
Net investment income²		0.07			0.17			0.25			0.26			0.25			0.23
Net realized and unrealized gain (loss)		(0.82	)		(0.68	)		0.94			(0.59	)		0.01			(0.09	)
Total from investment operations		(0.75	)		(0.51	)		1.19			(0.33	)		0.26			0.14

Less dividends and distributions from:
Net investment income		(0.06	)		(0.17	)		(0.20	)		(0.12	)		(0.21	)		(0.14	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.06	)		(0.17	)		(0.20	)		(0.12	)		(0.23	)		(0.14	)

Net asset value, end of period	$	8.76		$	9.57		$	10.25		$	9.26		$	9.71		$	9.68

Total return³		(7.88%	)		(5.04%	)		12.81%			(3.42%	)		2.71%			1.40%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,706		$	3,499		$	4	⁴	$	6	⁴	$	9	⁴	$	13	⁴
Ratio of expenses to average net assets⁵		1.72%			1.72%			1.72%			1.74%			1.73%			1.76%	⁶
Ratio of expenses to average net assets prior to fees waived⁵		2.09%			1.97%			1.96%			1.98%			1.93%			1.96%
Ratio of net investment income to average net assets		1.44%			1.69%			2.45%			2.68%			2.58%			2.40%
Ratio of net investment income to average net assets prior to fees waived		1.07%			1.44%			2.21%			2.44%			2.38%			2.20%
Portfolio turnover		56%			50%			43%			38%			35%			56%

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.
⁶	Expense ratio based on the period excluding reorganization expenses was 1.74%.

See accompanying notes, which are an integral part of the financial statements.

163

Table of Contents

Financial highlights

Delaware Ivy Global Bond Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.57		$	10.25		$	9.26		$	9.71		$	9.68		$	9.68

Income (loss) from investment operations:
Net investment income²		0.11			0.27			0.35			0.36			0.34			0.34
Net realized and unrealized gain (loss)		(0.82	)		(0.68	)		0.93			(0.59	)		0.01			(0.11	)
Total from investment operations		(0.71	)		(0.41	)		1.28			(0.23	)		0.35			0.23

Less dividends and distributions from:
Net investment income		(0.10	)		(0.27	)		(0.29	)		(0.22	)		(0.30	)		(0.23	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.10	)		(0.27	)		(0.29	)		(0.22	)		(0.32	)		(0.23	)

Net asset value, end of period	$	8.76		$	9.57		$	10.25		$	9.26		$	9.71		$	9.68

Total return³		(7.46%	)		(4.08%	)		13.90%			(2.45%	)		3.73%			2.43%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	162,925		$	198,358		$	241	⁴	$	204	⁴	$	240	⁴	$	262	⁴
Ratio of expenses to average net assets⁵		0.73%			0.74%			0.74%			0.74%			0.74%			0.76%	⁶
Ratio of expenses to average net assets prior to fees waived⁵		0.89%			0.86%			0.89%			0.89%			0.88%			0.94%
Ratio of net investment income to average net assets		2.43%			2.67%			3.39%			3.67%			3.58%			3.44%
Ratio of net investment income to average net assets prior to fees waived		2.27%			2.55%			3.24%			3.52%			3.44%			3.26%
Portfolio turnover		56%			50%			43%			38%			35%			56%


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 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.
⁶	Expense ratio based on the period excluding reorganization expenses was 0.74%.

See accompanying notes, which are an integral part of the financial statements.

164

Table of Contents

Delaware Ivy Global Bond Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.55		$	10.23		$	9.24		$	9.69		$	9.67		$	9.66

Income (loss) from investment operations:
Net investment income²		0.08			0.20			0.28			0.29			0.27			0.26
Net realized and unrealized gain (loss)		(0.81	)		(0.68	)		0.93			(0.59	)		0.01			(0.09	)
Total from investment operations		(0.73	)		(0.48	)		1.21			(0.30	)		0.28			0.17

Less dividends and distributions from:
Net investment income		(0.07	)		(0.20	)		(0.22	)		(0.15	)		(0.24	)		(0.16	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.07	)		(0.20	)		(0.22	)		(0.15	)		(0.26	)		(0.16	)

Net asset value, end of period	$	8.75		$	9.55		$	10.23		$	9.24		$	9.69		$	9.67

Total return³		(7.75%	)⁴		(4.77%	)		13.13%			(3.16%	)		2.89%			1.76%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	273		$	260		$	—	^5,6	$	1	⁵	$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁷		1.38%			1.45%			1.46%			1.47%			1.45%			1.49%
Ratio of expenses to average net assets prior to fees waived⁷		1.47%			1.45%			1.46%			1.47%			1.45%			1.51%
Ratio of net investment income to average net assets		1.79%			1.96%			2.77%			2.95%			2.86%			2.66%
Ratio of net investment income to average net assets prior to fees waived		1.70%			1.96%			2.77%			2.95%			2.86%			2.64%
Portfolio turnover		56%			50%			43%			38%			35%			56%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

165

Table of Contents

Financial highlights

Delaware Ivy Global Bond Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.57		$	10.26		$	9.26		$	9.71		$	9.69		$	9.68

Income (loss) from investment operations:
Net investment income²		0.11			0.27			0.34			0.36			0.34			0.33
Net realized and unrealized gain (loss)		(0.81	)		(0.68	)		0.95			(0.58	)		0.01			(0.09	)
Total from investment operations		(0.70	)		(0.41	)		1.29			(0.22	)		0.35			0.24

Less dividends and distributions from:
Net investment income		(0.10	)		(0.28	)		(0.29	)		(0.23	)		(0.31	)		(0.23	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.10	)		(0.28	)		(0.29	)		(0.23	)		(0.33	)		(0.23	)

Net asset value, end of period	$	8.77		$	9.57		$	10.26		$	9.26		$	9.71		$	9.69

Total return³		(7.44%	)		(4.14%	)		14.02%			(2.42%	)		3.75%			2.43%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	132,330		$	143,870		$	62	⁵	$	23	⁵	$	31	⁵	$	18	⁵
Ratio of expenses to average net assets⁶		0.72%			0.70%			0.72%			0.73%			0.71%			0.74%
Ratio of expenses to average net assets prior to fees waived⁶		0.72%			0.70%			0.72%			0.73%			0.71%			0.76%
Ratio of net investment income to average net assets		2.44%			2.65%			3.32%			3.69%			3.61%			3.37%
Ratio of net investment income to average net assets prior to fees waived		2.44%			2.65%			3.32%			3.69%			3.61%			3.35%
Portfolio turnover		56%			50%			43%			38%			35%			56%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

166

Table of Contents

Delaware Ivy Global Bond Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.58		$	10.26		$	9.26		$	9.71		$	9.69		$	9.68

Income (loss) from investment operations:
Net investment income²		0.10			0.25			0.32			0.34			0.32			0.31
Net realized and unrealized gain (loss)		(0.82	)		(0.68	)		0.95			(0.59	)		—			(0.09	)
Total from investment operations		(0.72	)		(0.43	)		1.27			(0.25	)		0.32			0.22

Less dividends and distributions from:
Net investment income		(0.09	)		(0.25	)		(0.27	)		(0.20	)		(0.28	)		(0.21	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.09	)		(0.25	)		(0.27	)		(0.20	)		(0.30	)		(0.21	)

Net asset value, end of period	$	8.77		$	9.58		$	10.26		$	9.26		$	9.71		$	9.69

Total return³		(7.53%	)		(4.29%	)		13.76%			(2.69%	)		3.36%			2.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	871		$	881		$	1	⁴	$	1	⁴	$	1	⁴	$	3	⁴
Ratio of expenses to average net assets⁵		0.96%			0.96%			0.96%			0.99%			0.99%			1.02%
Ratio of expenses to average net assets prior to fees waived⁵		1.12%			1.11%			1.12%			1.23%			1.11%			1.16%
Ratio of net investment income to average net assets		2.20%			2.42%			3.18%			3.46%			3.29%			3.13%
Ratio of net investment income to average net assets prior to fees waived		2.04%			2.27%			3.02%			3.22%			3.17%			2.99%
Portfolio turnover		56%			50%			43%			38%			35%			56%


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 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.

See accompanying notes, which are an integral part of the financial statements.

167

Table of Contents

Financial highlights

Delaware Ivy Global Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	54.30		$	56.56		$	37.75		$	43.12		$	46.78		$	42.67

Income (loss) from investment operations:
Net investment income (loss)²		0.23			0.08			(0.04	)		0.05			0.09			0.25
Net realized and unrealized gain (loss)		(11.38	)		1.81			21.67			(4.97	)		1.02			7.26
Total from investment operations		(11.15	)		1.89			21.63			(4.92	)		1.11			7.51

Less dividends and distributions from:
Net investment income		—			(0.19	)		—			(0.09	)		(0.08	)		(0.06	)
Net realized gain		—			(3.96	)		(2.82	)		(0.36	)		(4.69	)		(3.34	)
Total dividends and distributions		—			(4.15	)		(2.82	)		(0.45	)		(4.77	)		(3.40	)

Net asset value, end of period	$	43.15		$	54.30		$	56.56		$	37.75		$	43.12		$	46.78

Total return³		(20.54%	)⁴		2.84%			57.85%			(11.62%	)		3.12%			17.92%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	347,786		$	481,991		$	531	⁵	$	369	⁵	$	477	⁵	$	510	⁵
Ratio of expenses to average net assets⁶		1.33%			1.27%			1.34%			1.36%			1.37%			1.38%
Ratio of expenses to average net assets prior to fees waived⁶		1.38%			1.27%			1.34%			1.36%			1.37%			1.38%
Ratio of net investment income (loss) to average net assets		0.93%			0.14%			(0.08%	)		0.11%			0.19%			0.53%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.88%			0.14%			(0.08%	)		0.11%			0.19%			0.53%
Portfolio turnover		25%			45%			32%			26%			54%			46%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

168

Table of Contents

Delaware Ivy Global Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	43.16		$	45.65		$	31.11		$	35.84		$	39.93		$	36.98

Income (loss) from investment operations:
Net investment loss²		(0.01	)		(0.40	)		(0.41	)		(0.28	)		(0.23	)		(0.26	)
Net realized and unrealized gain (loss)		(9.03	)		1.51			17.77			(4.09	)		0.83			6.42
Total from investment operations		(9.04	)		1.11			17.36			(4.37	)		0.60			6.16

Less dividends and distributions from:
Net realized gain		—			(3.60	)		(2.82	)		(0.36	)		(4.69	)		(3.21	)
Total dividends and distributions		—			(3.60	)		(2.82	)		(0.36	)		(4.69	)		(3.21	)

Net asset value, end of period	$	34.12		$	43.16		$	45.65		$	31.11		$	35.84		$	39.93

Total return³		(20.94%	)⁴		1.88%			56.45%			(12.42%	)		2.33%			16.99%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,330		$	3,530		$	5	⁵	$	5	⁵	$	9	⁵	$	11	⁵
Ratio of expenses to average net assets⁶		2.33%			2.22%			2.25%			2.24%			2.15%			2.18%
Ratio of expenses to average net assets prior to fees waived⁶		2.51%			2.22%			2.25%			2.24%			2.15%			2.18%
Ratio of net investment loss to average net assets		(0.08%	)		(0.84%	)		(1.00%	)		(0.76%	)		(0.60%	)		(0.65%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.26%	)		(0.84%	)		(1.00%	)		(0.76%	)		(0.60%	)		(0.65%	)
Portfolio turnover		25%			45%			32%			26%			54%			46%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

169

Table of Contents

Financial highlights

Delaware Ivy Global Growth Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	55.82		$	58.10		$	38.63		$	44.10		$	47.72		$	43.44

Income (loss) from investment operations:
Net investment income²		0.32			0.20			0.10			0.18			0.24			0.25
Net realized and unrealized gain (loss)		(11.73	)		1.89			22.20			(5.07	)		1.05			7.53
Total from investment operations		(11.41	)		2.09			22.30			(4.89	)		1.29			7.78

Less dividends and distributions from:
Net investment income		—			(0.41	)		(0.01	)		(0.22	)		(0.22	)		(0.16	)
Net realized gain		—			(3.96	)		(2.82	)		(0.36	)		(4.69	)		(3.34	)
Total dividends and distributions		—			(4.37	)		(2.83	)		(0.58	)		(4.91	)		(3.50	)

Net asset value, end of period	$	44.41		$	55.82		$	58.10		$	38.63		$	44.10		$	47.72

Total return³		(20.43%	)⁴		3.09%	⁴		58.28%	⁴		(11.35%	)⁴		3.43%	⁴		18.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	223,459		$	379,099		$	494	⁵	$	346	⁵	$	436	⁵	$	437	⁵
Ratio of expenses to average net assets⁶		1.03%			1.06%			1.06%			1.06%			1.06%			1.13%	⁷
Ratio of expenses to average net assets prior to fees waived⁶		1.13%			1.07%			1.09%			1.10%			1.08%			1.13%
Ratio of net investment income to average net assets		1.25%			0.33%			0.19%			0.40%			0.50%			0.54%
Ratio of net investment income to average net assets prior to fees waived		1.15%			0.32%			0.16%			0.36%			0.48%			0.54%
Portfolio turnover		25%			45%			32%			26%			54%			46%


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 and/or distributor. 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.
⁷	Expense ratio based on the period excluding reorganization expenses was 1.11%.

See accompanying notes, which are an integral part of the financial statements.

170

Table of Contents

Delaware Ivy Global Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	53.50		$	55.69		$	37.32		$	42.69		$	46.41		$	42.41

Income (loss) from investment operations:
Net investment income (loss)²		0.15			(0.15	)		(0.21	)		(0.08	)		(0.05	)		(0.07	)
Net realized and unrealized gain (loss)		(11.21	)		1.78			21.40			(4.93	)		1.02			7.39
Total from investment operations		(11.06	)		1.63			21.19			(5.01	)		0.97			7.32

Less dividends and distributions from:
Net investment income		—			(0.01	)		—			—			—			—
Net realized gain		—			(3.81	)		(2.82	)		(0.36	)		(4.69	)		(3.32	)
Total dividends and distributions		—			(3.82	)		(2.82	)		(0.36	)		(4.69	)		(3.32	)

Net asset value, end of period	$	42.44		$	53.50		$	55.69		$	37.32		$	42.69		$	46.41

Total return³		(20.67%	)⁴		2.46%			57.33%			(11.92%	)		2.82%			17.58%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	650		$	835		$	1	⁵	$	1	⁵	$	1	⁵	$	2	⁵
Ratio of expenses to average net assets⁶		1.63%			1.66%			1.68%			1.68%			1.67%			1.69%
Ratio of expenses to average net assets prior to fees waived⁶		1.71%			1.66%			1.68%			1.68%			1.67%			1.69%
Ratio of net investment income (loss) to average net assets		0.62%			(0.25%	)		(0.42%	)		(0.18%	)		(0.10%	)		(0.15%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.54%			(0.25%	)		(0.42%	)		(0.18%	)		(0.10%	)		(0.15%	)
Portfolio turnover		25%			45%			32%			26%			54%			46%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

171

Table of Contents

Financial highlights

Delaware Ivy Global Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	56.21		$	58.51		$	38.85		$	44.35		$	47.99		$	43.64

Income (loss) from investment operations:
Net investment income²		0.30			0.23			0.16			0.24			0.30			0.20
Net realized and unrealized gain (loss)		(11.77	)		1.96			22.35			(5.10	)		1.04			7.71
Total from investment operations		(11.47	)		2.19			22.51			(4.86	)		1.34			7.91

Less dividends and distributions from:
Net investment income		—			(0.53	)		(0.03	)		(0.28	)		(0.29	)		(0.22	)
Net realized gain		—			(3.96	)		(2.82	)		(0.36	)		(4.69	)		(3.34	)
Total dividends and distributions		—			(4.49	)		(2.85	)		(0.64	)		(4.98	)		(3.56	)

Net asset value, end of period	$	44.74		$	56.21		$	58.51		$	38.85		$	44.35		$	47.99

Total return³		(20.39%	)⁴		3.22%			58.50%			(11.26%	)		3.59%			18.45%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,156		$	2,633		$	19	⁵	$	16	⁵	$	19	⁵	$	24	⁵
Ratio of expenses to average net assets⁶		0.97%			0.91%			0.94%			0.94%			0.92%			0.95%
Ratio of expenses to average net assets prior to fees waived⁶		0.98%			0.91%			0.94%			0.94%			0.92%			0.95%
Ratio of net investment income to average net assets		1.19%			0.37%			0.31%			0.53%			0.64%			0.42%
Ratio of net investment income to average net assets prior to fees waived		1.18%			0.37%			0.31%			0.53%			0.64%			0.42%
Portfolio turnover		25%			45%			32%			26%			54%			46%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

172

Table of Contents

Delaware Ivy Global Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	54.63		$	56.88		$	37.95		$	43.35		$	47.00		$	42.86

Income (loss) from investment operations:
Net investment income (loss)²		0.23			0.07			(0.05	)		0.08			0.09			0.12
Net realized and unrealized gain (loss)		(11.46	)		1.83			21.80			(5.03	)		1.04			7.44
Total from investment operations		(11.23	)		1.90			21.75			(4.95	)		1.13			7.56

Less dividends and distributions from:
Net investment income		—			(0.19	)		—			(0.09	)		(0.09	)		(0.08	)
Net realized gain		—			(3.96	)		(2.82	)		(0.36	)		(4.69	)		(3.34	)
Total dividends and distributions		—			(4.15	)		(2.82	)		(0.45	)		(4.78	)		(3.42	)

Net asset value, end of period	$	43.40		$	54.63		$	56.88		$	37.95		$	43.35		$	47.00

Total return³		(20.56%	)⁴		2.85%	⁴		57.86%	⁴		(11.63%	)⁴		3.17%			17.96%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,516		$	1,962		$	3	⁵	$	2	⁵	$	5	⁵	$	10	⁵
Ratio of expenses to average net assets⁶		1.33%			1.28%			1.34%			1.36%			1.33%			1.36%
Ratio of expenses to average net assets prior to fees waived⁶		1.39%			1.32%			1.36%			1.38%			1.33%			1.36%
Ratio of net investment income (loss) to average net assets		0.92%			0.11%			(0.09%	)		0.19%			0.20%			0.25%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.86%			0.07%			(0.11%	)		0.17%			0.20%			0.25%
Portfolio turnover		25%			45%			32%			26%			54%			46%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

173

Table of Contents

Financial highlights

Delaware Ivy High Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	6.73		$	7.10		$	5.91		$	7.20		$	7.49		$	7.60

Income (loss) from investment operations:
Net investment income²		0.21			0.46			0.41			0.49			0.50			0.53
Net realized and unrealized gain (loss)		(1.14	)		(0.38	)		1.21			(1.29	)		(0.29	)		(0.12	)
Total from investment operations		(0.93	)		0.08			1.62			(0.80	)		0.21			0.41

Less dividends and distributions from:
Net investment income		(0.20	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)		(0.52	)
Total dividends and distributions		(0.20	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)		(0.52	)

Net asset value, end of period	$	5.60		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49

Total return³		(13.92%	)⁴		1.09%	⁵		28.16%			(12.03%	)		2.93%			5.54%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,213,791		$	1,576,813		$	1,816	⁶	$	1,465	⁶	$	1,930	⁶	$	2,221	⁶
Ratio of expenses to average net assets⁷		1.01%			0.95%			0.97%			0.95%			0.95%			0.95%
Ratio of expenses to average net assets prior to fees waived⁷		1.02%			0.95%			0.97%			0.95%			0.95%			0.95%
Ratio of net investment income to average net assets		6.82%			6.44%			6.16%			6.89%			6.81%			7.02%
Ratio of net investment income to average net assets prior to fees waived		6.81%			6.44%			6.16%			6.89%			6.81%			7.02%
Portfolio turnover		27%			48%			59%			30%			41%			39%


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.

See accompanying notes, which are an integral part of the financial statements.

174

Table of Contents

Delaware Ivy High Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	6.73		$	7.10		$	5.91		$	7.20		$	7.49		$	7.60

Income (loss) from investment operations:
Net investment income²		0.19			0.40			0.36			0.44			0.45			0.45
Net realized and unrealized gain (loss)		(1.14	)		(0.37	)		1.22			(1.29	)		(0.29	)		(0.09	)
Total from investment operations		(0.95	)		0.03			1.58			(0.85	)		0.16			0.36

Less dividends and distributions from:
Net investment income		(0.18	)		(0.40	)		(0.39	)		(0.44	)		(0.45	)		(0.47	)
Total dividends and distributions		(0.18	)		(0.40	)		(0.39	)		(0.44	)		(0.45	)		(0.47	)

Net asset value, end of period	$	5.60		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49

Total return³		(14.22%	)⁴		0.38%	^4,5		27.28%	⁴		(12.66%	)⁴		2.21%			4.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	156,862		$	221,601		$	321	⁶	$	447	⁶	$	683	⁶	$	817	⁶
Ratio of expenses to average net assets⁷		1.69%			1.66%			1.66%			1.66%			1.66%			1.66%
Ratio of expenses to average net assets prior to fees waived⁷		1.81%			1.70%			1.70%			1.68%			1.66%			1.66%
Ratio of net investment income to average net assets		6.13%			5.72%			5.50%			6.17%			6.10%			5.94%
Ratio of net investment income to average net assets prior to fees waived		6.01%			5.68%			5.46%			6.15%			6.10%			5.94%
Portfolio turnover		27%			48%			59%			30%			41%			39%


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.

See accompanying notes, which are an integral part of the financial statements.

175

Table of Contents

Financial highlights

Delaware Ivy High Income Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	6.73		$	7.10		$	5.91		$	7.20		$	7.49		$	7.60

Income (loss) from investment operations:
Net investment income²		0.22			0.47			0.43			0.50			0.52			0.53
Net realized and unrealized gain (loss)		(1.14	)		(0.37	)		1.21			(1.29	)		(0.29	)		(0.10	)
Total from investment operations		(0.92	)		0.10			1.64			(0.79	)		0.23			0.43

Less dividends and distributions from:
Net investment income		(0.21	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)		(0.54	)
Total dividends and distributions		(0.21	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)		(0.54	)

Net asset value, end of period	$	5.60		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49

Total return³		(13.82%	)⁴		1.31%	⁵		28.44%			(11.83%	)		3.18%			5.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,093,292		$	1,454,150		$	1,868	⁶	$	1,487	⁶	$	2,058	⁶	$	2,156	⁶
Ratio of expenses to average net assets⁷		0.77%			0.74%			0.75%			0.73%			0.72%			0.72%
Ratio of expenses to average net assets prior to fees waived⁷		0.78%			0.74%			0.75%			0.73%			0.72%			0.72%
Ratio of net investment income to average net assets		7.05%			6.66%			6.38%			7.11%			7.05%			6.99%
Ratio of net investment income to average net assets prior to fees waived		7.04%			6.66%			6.38%			7.11%			7.05%			6.99%
Portfolio turnover		27%			48%			59%			30%			41%			39%


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.

See accompanying notes, which are an integral part of the financial statements.

176

Table of Contents

Delaware Ivy High Income Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	6.73		$	7.10		$	5.91		$	7.20		$	7.49		$	7.60

Income (loss) from investment operations:
Net investment income²		0.20			0.43			0.39			0.46			0.47			0.48
Net realized and unrealized gain (loss)		(1.14	)		(0.37	)		1.21			(1.29	)		(0.29	)		(0.10	)
Total from investment operations		(0.94	)		0.06			1.60			(0.83	)		0.18			0.38

Less dividends and distributions from:
Net investment income		(0.19	)		(0.43	)		(0.41	)		(0.46	)		(0.47	)		(0.49	)
Total dividends and distributions		(0.19	)		(0.43	)		(0.41	)		(0.46	)		(0.47	)		(0.49	)

Net asset value, end of period	$	5.60		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49

Total return³		(14.06%	)⁴		0.71%	⁵		27.67%			(12.36%	)		2.58%			5.15%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,904		$	44,613		$	48	⁶	$	45	⁶	$	62	⁶	$	65	⁶
Ratio of expenses to average net assets⁷		1.33%			1.34%			1.35%			1.32%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived⁷		1.37%			1.34%			1.35%			1.32%			1.30%			1.30%
Ratio of net investment income to average net assets		6.49%			6.05%			5.79%			6.52%			6.47%			6.26%
Ratio of net investment income to average net assets prior to fees waived		6.45%			6.05%			5.79%			6.52%			6.47%			6.26%
Portfolio turnover		27%			48%			59%			30%			41%			39%


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.

See accompanying notes, which are an integral part of the financial statements.

177

Table of Contents

Financial highlights

Delaware Ivy High Income Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	6.73		$	7.10		$	5.91		$	7.20		$	7.49		$	7.60

Income (loss) from investment operations:
Net investment income²		0.22			0.48			0.44			0.51			0.53			0.53
Net realized and unrealized gain (loss)		(1.13	)		(0.37	)		1.21			(1.29	)		(0.29	)		(0.09	)
Total from investment operations		(0.91	)		0.11			1.65			(0.78	)		0.24			0.44

Less dividends and distributions from:
Net investment income		(0.22	)		(0.48	)		(0.46	)		(0.51	)		(0.53	)		(0.55	)
Total dividends and distributions		(0.22	)		(0.48	)		(0.46	)		(0.51	)		(0.53	)		(0.55	)

Net asset value, end of period	$	5.60		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49

Total return³		(13.75%	)		1.45%	⁴		28.63%			(11.69%	)		3.35%			5.93%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	52,448		$	64,630		$	67	⁵	$	64	⁵	$	71	⁵	$	45	⁵
Ratio of expenses to average net assets⁶		0.63%			0.60%			0.60%			0.58%			0.56%			0.57%
Ratio of net investment income to average net assets		7.20%			6.78%			6.54%			7.27%			7.22%			7.02%
Portfolio turnover		27%			48%			59%			30%			41%			39%


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.

See accompanying notes, which are an integral part of the financial statements.

178

Table of Contents

Delaware Ivy High Income Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	6.73		$	7.10		$	5.91		$	7.20		$	7.49		$	7.60

Income (loss) from investment operations:
Net investment income²		0.21			0.45			0.41			0.49			0.50			0.50
Net realized and unrealized gain (loss)		(1.14	)		(0.37	)		1.21			(1.29	)		(0.29	)		(0.09	)
Total from investment operations		(0.93	)		0.08			1.62			(0.80	)		0.21			0.41

Less dividends and distributions from:
Net investment income		(0.20	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)		(0.52	)
Total dividends and distributions		(0.20	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)		(0.52	)

Net asset value, end of period	$	5.60		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49

Total return³		(13.92%	)		1.09%	⁴		28.17%			(12.03%	)		2.94%			5.53%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	65,886		$	99,847		$	138	⁵	$	133	⁵	$	239	⁵	$	329	⁵
Ratio of expenses to average net assets⁶		1.02%			0.96%			0.97%			0.95%			0.95%			0.95%
Ratio of expenses to average net assets prior to fees waived⁶		1.03%			0.99%			1.00%			0.98%			0.96%			0.96%
Ratio of net investment income to average net assets		6.79%			6.37%			6.17%			6.87%			6.80%			6.63%
Ratio of net investment income to average net assets prior to fees waived		6.78%			6.34%			6.14%			6.84%			6.79%			6.62%
Portfolio turnover		27%			48%			59%			30%			41%			39%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
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.

See accompanying notes, which are an integral part of the financial statements.

179

Table of Contents

Financial highlights

Delaware Ivy International Core Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.09		$	19.82		$	13.29		$	16.75		$	19.98		$	17.97

Income (loss) from investment operations:
Net investment income²		0.21			0.18			0.23			0.26			0.35			0.25
Net realized and unrealized gain (loss)		(4.45	)		(0.41	)		6.48			(3.30	)		(2.11	)		1.96
Total from investment operations		(4.24	)		(0.23	)		6.71			(3.04	)		(1.76	)		2.21

Less dividends and distributions from:
Net investment income		—			(0.50	)		(0.18	)		(0.42	)		(0.36	)		(0.20	)
Net realized gain		—			—			—			—			(1.11	)		—
Total dividends and distributions		—			(0.50	)		(0.18	)		(0.42	)		(1.47	)		(0.20	)

Net asset value, end of period	$	14.85		$	19.09		$	19.82		$	13.29		$	16.75		$	19.98

Total return³		(22.21%	)⁴		(1.28%	)⁴		50.62%	⁴		(18.72%	)⁴		(8.57%	)⁴		12.33%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	234,319		$	329,081		$	388	⁵	$	322	⁵	$	568	⁵	$	677	⁵
Ratio of expenses to average net assets⁶		1.17%			1.23%			1.23%			1.25%			1.26%			1.25%
Ratio of expenses to average net assets prior to fees waived⁶		1.44%			1.36%			1.35%			1.31%			1.27%			1.25%
Ratio of net investment income to average net assets		2.36%			0.89%			1.33%			1.57%			1.90%			1.27%
Ratio of net investment income to average net assets prior to fees waived		2.09%			0.76%			1.21%			1.51%			1.89%			1.27%
Portfolio turnover		20%			71%			76%			62%			52%			48%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Table of Contents

Delaware Ivy International Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	16.62		$	17.33		$	11.65		$	14.75		$	17.77		$	16.02

Income (loss) from investment operations:
Net investment income²		0.13			0.04			0.09			0.14			0.20			0.11
Net realized and unrealized gain (loss)		(3.87	)		(0.36	)		5.68			(2.91	)		(1.87	)		1.74
Total from investment operations		(3.74	)		(0.32	)		5.77			(2.77	)		(1.67	)		1.85

Less dividends and distributions from:
Net investment income		—			(0.39	)		(0.09	)		(0.33	)		(0.24	)		(0.10	)
Net realized gain		—			—			—			—			(1.11	)		—
Total dividends and distributions		—			(0.39	)		(0.09	)		(0.33	)		(1.35	)		(0.10	)

Net asset value, end of period	$	12.88		$	16.62		$	17.33		$	11.65		$	14.75		$	17.77

Total return³		(22.50%	)⁴		(1.97%	)⁴		49.63%	⁴		(19.30%	)⁴		(9.14%	)⁴		11.57%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,665		$	45,987		$	67	⁵	$	77	⁵	$	163	⁵	$	240	⁵
Ratio of expenses to average net assets⁶		1.88%			1.92%			1.92%			1.93%			1.91%			1.93%
Ratio of expenses to average net assets prior to fees waived⁶		2.20%			2.06%			2.05%			1.99%			1.92%			1.93%
Ratio of net investment income to average net assets		1.69%			0.23%			0.58%			0.94%			1.24%			0.62%
Ratio of net investment income to average net assets prior to fees waived		1.37%			0.09%			0.45%			0.88%			1.23%			0.62%
Portfolio turnover		20%			71%			76%			62%			52%			48%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Table of Contents

Financial highlights

Delaware Ivy International Core Equity Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.24		$	19.98		$	13.39		$	16.86		$	20.10		$	18.07

Income (loss) from investment operations:
Net investment income²		0.25			0.28			0.29			0.35			0.42			0.31
Net realized and unrealized gain (loss)		(4.49	)		(0.42	)		6.55			(3.32	)		(2.12	)		1.98
Total from investment operations		(4.24	)		(0.14	)		6.84			(2.97	)		(1.70	)		2.29

Less dividends and distributions from:
Net investment income		—			(0.60	)		(0.25	)		(0.50	)		(0.43	)		(0.26	)
Net realized gain		—			—			—			—			(1.11	)		—
Total dividends and distributions		—			(0.60	)		(0.25	)		(0.50	)		(1.54	)		(0.26	)

Net asset value, end of period	$	15.00		$	19.24		$	19.98		$	13.39		$	16.86		$	20.10

Total return³		(22.04%	)⁴		(0.88%	)⁴		51.27%	⁴		(18.30%	)⁴		(8.20%	)⁴		12.70%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	648,949		$	1,024,716		$	1,408	⁵	$	1,483	⁵	$	3,149	⁵	$	4,136	⁵
Ratio of expenses to average net assets⁶		0.79%			0.79%			0.79%			0.79%			0.85%			0.94%
Ratio of expenses to average net assets prior to fees waived⁶		1.08%			1.02%			1.03%			0.98%			0.95%			0.94%
Ratio of net investment income to average net assets		2.79%			1.34%			1.72%			2.08%			2.27%			1.59%
Ratio of net investment income to average net assets prior to fees waived		2.50%			1.11%			1.48%			1.89%			2.17%			1.59%
Portfolio turnover		20%			71%			76%			62%			52%			48%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

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Delaware Ivy International Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.07		$	19.80		$	13.29		$	16.75		$	19.97		$	17.96

Income (loss) from investment operations:
Net investment income²		0.18			0.12			0.17			0.20			0.29			0.17
Net realized and unrealized gain (loss)		(4.44	)		(0.41	)		6.48			(3.28	)		(2.10	)		1.99
Total from investment operations		(4.26	)		(0.29	)		6.65			(3.08	)		(1.81	)		2.16

Less dividends and distributions from:
Net investment income		—			(0.44	)		(0.14	)		(0.38	)		(0.30	)		(0.15	)
Net realized gain		—			—			—			—			(1.11	)		—
Total dividends and distributions		—			(0.44	)		(0.14	)		(0.38	)		(1.41	)		(0.15	)

Net asset value, end of period	$	14.81		$	19.07		$	19.80		$	13.29		$	16.75		$	19.97

Total return³		(22.34%	)⁴		(1.57%	)⁴		50.08%	⁴		(18.93%	)⁴		(8.82%	)⁴		12.04%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35,680		$	47,807		$	55	⁵	$	47	⁵	$	104	⁵	$	117	⁵
Ratio of expenses to average net assets⁶		1.46%			1.53%			1.53%			1.53%			1.53%			1.53%
Ratio of expenses to average net assets prior to fees waived⁶		1.67%			1.63%			1.62%			1.57%			1.54%			1.53%
Ratio of net investment income to average net assets		2.06%			0.58%			1.02%			1.21%			1.60%			0.85%
Ratio of net investment income to average net assets prior to fees waived		1.85%			0.48%			0.93%			1.17%			1.59%			0.85%
Portfolio turnover		20%			71%			76%			62%			52%			48%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

183

Table of Contents

Financial highlights

Delaware Ivy International Core Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.30		$	20.03		$	13.43		$	16.91		$	20.16		$	18.13

Income (loss) from investment operations:
Net investment income²		0.25			0.29			0.29			0.36			0.43			0.30
Net realized and unrealized gain (loss)		(4.51	)		(0.42	)		6.56			(3.34	)		(2.12	)		2.02
Total from investment operations		(4.26	)		(0.13	)		6.85			(2.98	)		(1.69	)		2.32

Less dividends and distributions from:							��
Net investment income		—			(0.60	)		(0.25	)		(0.50	)		(0.45	)		(0.29	)
Net realized gain		—			—			—			—			(1.11	)		—
Total dividends and distributions		—			(0.60	)		(0.25	)		(0.50	)		(1.56	)		(0.29	)

Net asset value, end of period	$	15.04		$	19.30		$	20.03		$	13.43		$	16.91		$	20.16

Total return³		(22.07%	)⁴		(0.83%	)⁴		51.19%	⁴		(18.31%	)⁴		(8.12%	)⁴		12.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	219,194		$	347,008		$	497	⁵	$	620	⁵	$	1,437	⁵	$	1,597	⁵
Ratio of expenses to average net assets⁶		0.79%			0.79%			0.79%			0.79%			0.79%			0.79%
Ratio of expenses to average net assets prior to fees waived⁶		0.93%			0.88%			0.88%			0.83%			0.80%			0.79%
Ratio of net investment income to average net assets		2.83%			1.37%			1.69%			2.09%			2.35%			1.49%
Ratio of net investment income to average net assets prior to fees waived		2.69%			1.28%			1.60%			2.05%			2.34%			1.49%
Portfolio turnover		20%			71%			76%			62%			52%			48%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

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Delaware Ivy International Core Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.24		$	19.98		$	13.39		$	16.87		$	20.12		$	18.09

Income (loss) from investment operations:
Net investment income²		0.21			0.21			0.22			0.27			0.37			0.26
Net realized and unrealized gain (loss)		(4.48	)		(0.43	)		6.56			(3.32	)		(2.14	)		1.98
Total from investment operations		(4.27	)		(0.22	)		6.78			(3.05	)		(1.77	)		2.24

Less dividends and distributions from:
Net investment income		—			(0.52	)		(0.19	)		(0.43	)		(0.37	)		(0.21	)
Net realized gain		—			—			—			—			(1.11	)		—
Total dividends and distributions		—			(0.52	)		(0.19	)		(0.43	)		(1.48	)		(0.21	)

Net asset value, end of period	$	14.97		$	19.24		$	19.98		$	13.39		$	16.87		$	20.12

Total return³		(22.19%	)⁴		(1.26%	)⁴		50.76%	⁴		(18.65%	)⁴		(8.55%	)		12.42%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,727		$	49,433		$	91	⁵	$	176	⁵	$	377	⁵	$	487	⁵
Ratio of expenses to average net assets⁶		1.14%			1.18%			1.17%			1.18%			1.19%			1.19%
Ratio of expenses to average net assets prior to fees waived⁶		1.33%			1.28%			1.29%			1.23%			1.19%			1.19%
Ratio of net investment income to average net assets		2.39%			0.99%			1.33%			1.62%			1.99%			1.32%
Ratio of net investment income to average net assets prior to fees waived		2.20%			0.89%			1.21%			1.57%			1.99%			1.32%
Portfolio turnover		20%			71%			76%			62%			52%			48%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

185

Table of Contents

Financial highlights

Delaware Ivy International Value Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	16.57		$	18.54		$	11.08		$	14.93		$	18.08		$	17.15

Income (loss) from investment operations:
Net investment income²		0.13			0.21			0.16			0.32			0.16			0.08
Net realized and unrealized gain (loss)		(3.96	)		(1.76	)		7.48			(3.81	)		(1.33	)		1.00
Total from investment operations		(3.83	)		(1.55	)		7.64			(3.49	)		(1.17	)		1.08

Less dividends and distributions from:
Net investment income		—			(0.42	)		(0.18	)		(0.36	)		(0.07	)		(0.15	)
Net realized gain		—			—			—			—			(1.91	)		—
Total dividends and distributions		—			(0.42	)		(0.18	)		(0.36	)		(1.98	)		(0.15	)

Net asset value, end of period	$	12.74		$	16.57		$	18.54		$	11.08		$	14.93		$	18.08

Total return³		(23.11%	)⁴		(8.50%	)		69.18%	⁴		(24.08%	)⁴		(6.19%	)⁴		6.30%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,707		$	53,118		$	66	⁵	$	45	⁵	$	75	⁵	$	96	⁵
Ratio of expenses to average net assets⁶		1.52%			1.45%			1.55%			1.56%			1.55%			1.59%
Ratio of expenses to average net assets prior to fees waived⁶		1.67%			1.45%			1.76%			1.77%			1.75%			1.75%
Ratio of net investment income to average net assets		1.81%			1.13%			1.08%			2.19%			0.99%			0.47%
Ratio of net investment income to average net assets prior to fees waived		1.66%			1.13%			0.87%			1.98%			0.79%			0.31%
Portfolio turnover		14%			119%			20%			26%			85%			33%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

186

Table of Contents

Delaware Ivy International Value Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	15.29		$	17.16		$	10.28		$	13.89		$	16.99		$	16.12

Income (loss) from investment operations:
Net investment income (loss)²		0.08			0.04			0.02			0.22			0.06			(0.03	)
Net realized and unrealized gain (loss)		(3.65	)		(1.62	)		6.95			(3.55	)		(1.25	)		0.94
Total from investment operations		(3.57	)		(1.58	)		6.97			(3.33	)		(1.19	)		0.91

Less dividends and distributions from:
Net investment income		—			(0.29	)		(0.09	)		(0.28	)		—			(0.04	)
Net realized gain		—			—			—			—			(1.91	)		—
Total dividends and distributions		—			(0.29	)		(0.09	)		(0.28	)		(1.91	)		(0.04	)

Net asset value, end of period	$	11.72		$	15.29		$	17.16		$	10.28		$	13.89		$	16.99

Total return		(23.35%	)³		(9.30%	)		67.92%	³		(24.55%	)³		(6.74%	)³		5.65%	³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	384		$	650		$	1	⁵	$	1	⁵	$	2	⁵	$	3	⁵
Ratio of expenses to average net assets⁶		2.25%			2.28%			2.31%			2.20%			2.13%			2.19%
Ratio of expenses to average net assets prior to fees waived⁶		2.38%			2.28%			2.52%			2.41%			2.33%			2.35%
Ratio of net investment income (loss) to average net assets		1.14%			0.23%			0.18%			1.57%			0.39%			(0.18%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.01%			0.23%			(0.03%	)		1.36%			0.19%			(0.34%	)
Portfolio turnover		14%			119%			20%			26%			85%			33%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	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	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.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

187

Table of Contents

Financial highlights

Delaware Ivy International Value Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	17.03		$	19.05		$	11.37		$	15.30		$	18.48		$	17.53

Income (loss) from investment operations:
Net investment income²		0.18			0.30			0.22			0.39			0.24			0.17
Net realized and unrealized gain (loss)		(4.09	)		(1.83	)		7.70			(3.89	)		(1.37	)		1.01
Total from investment operations		(3.91	)		(1.53	)		7.92			(3.50	)		(1.13	)		1.18

Less dividends and distributions from:
Net investment income		—			(0.49	)		(0.24	)		(0.43	)		(0.14	)		(0.23	)
Net realized gain		—			—			—			—			(1.91	)		—
Total dividends and distributions		—			(0.49	)		(0.24	)		(0.43	)		(2.05	)		(0.23	)

Net asset value, end of period	$	13.12		$	17.03		$	19.05		$	11.37		$	15.30		$	18.48

Total return³		(22.96%	)⁴		(8.21%	)		69.97%	⁴		(23.71%	)⁴		(5.79%	)⁴		6.73%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33,398		$	66,566		$	92	⁵	$	74	⁵	$	95	⁵	$	77	⁵
Ratio of expenses to average net assets⁶		1.13%			1.08%			1.12%			1.11%			1.12%			1.16%
Ratio of expenses to average net assets prior to fees waived⁶		1.20%			1.08%			1.33%			1.32%			1.32%			1.32%
Ratio of net investment income to average net assets		2.29%			1.54%			1.48%			2.60%			1.43%			0.91%
Ratio of net investment income to average net assets prior to fees waived		2.22%			1.54%			1.27%			2.39%			1.23%			0.75%
Portfolio turnover		14%			119%			20%			26%			85%			33%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

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Table of Contents

Delaware Ivy International Value Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	16.52		$	18.50		$	11.06		$	14.90		$	18.05		$	17.13

Income (loss) from investment operations:
Net investment income²		0.11			0.50			0.14			0.30			0.14			0.06
Net realized and unrealized gain (loss)		(3.93	)		(2.10	)		7.47			(3.79	)		(1.33	)		0.99
Total from investment operations		(3.82	)		(1.60	)		7.61			(3.49	)		(1.19	)		1.05

Less dividends and distributions from:
Net investment income		—			(0.38	)		(0.17	)		(0.35	)		(0.05	)		(0.13	)
Net realized gain		—			—			—			—			(1.91	)		—
Total dividends and distributions		—			(0.38	)		(0.17	)		(0.35	)		(1.96	)		(0.13	)

Net asset value, end of period	$	12.70		$	16.52		$	18.50		$	11.06		$	14.90		$	18.05

Total return³		(23.12%	)⁴		(8.79%	)		68.98%	⁴		(24.13%	)⁴		(6.33%	)⁴		6.13%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7		$	6		$	—	^5,6	$	—	^5,6	$	—	^5,6	$	—	^5,6
Ratio of expenses to average net assets⁷		1.66%			1.75%			1.69%			1.67%			1.69%			1.72%
Ratio of expenses to average net assets prior to fees waived⁷		1.77%			1.75%			1.90%			1.88%			1.89%			1.88%
Ratio of net investment income to average net assets		1.46%			2.66%			0.98%			2.03%			0.85%			0.32%
Ratio of net investment income to average net assets prior to fees waived		1.35%			2.66%			0.77%			1.82%			0.65%			0.16%
Portfolio turnover		14%			119%			20%			26%			85%			33%

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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

189

Table of Contents

Financial highlights

Delaware Ivy International Value Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	17.08		$	19.11		$	11.40		$	15.34		$	18.53		$	17.57

Income (loss) from investment operations:
Net investment income²		0.19			0.32			0.24			0.43			0.28			0.21
Net realized and unrealized gain (loss)		(4.10	)		(1.83	)		7.74			(3.91	)		(1.39	)		1.01
Total from investment operations		(3.91	)		(1.51	)		7.98			(3.48	)		(1.11	)		1.22

Less dividends and distributions from:
Net investment income		—			(0.52	)		(0.27	)		(0.46	)		(0.17	)		(0.26	)
Net realized gain		—			—			—			—			(1.91	)		—
Total dividends and distributions		—			(0.52	)		(0.27	)		(0.46	)		(2.08	)		(0.26	)

Net asset value, end of period	$	13.17		$	17.08		$	19.11		$	11.40		$	15.34		$	18.53

Total return³		(22.89%	)⁴		(8.08%	)		70.31%	⁴		(23.58%	)⁴		(5.66%	)⁴		6.94%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	38,367		$	66,050		$	90	⁵	$	84	⁵	$	105	⁵	$	—	^5,6
Ratio of expenses to average net assets⁷		0.99%			0.92%			0.94%			0.93%			0.91%			0.99%
Ratio of expenses to average net assets prior to fees waived⁷		1.01%			0.92%			1.15%			1.14%			1.11%			1.15%
Ratio of net investment income to average net assets		2.42%			1.69%			1.62%			2.84%			1.72%			1.18%
Ratio of net investment income to average net assets prior to fees waived		2.40%			1.69%			1.41%			2.63%			1.52%			1.02%
Portfolio turnover		14%			119%			20%			26%			85%			33%

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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

190

Table of Contents

Delaware Ivy International Value Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	16.85		$	18.85		$	11.26		$	15.16		$	18.33		$	17.39

Income (loss) from investment operations:
Net investment income²		0.15			0.23			0.20			0.38			0.20			0.12
Net realized and unrealized gain (loss)		(4.03	)		(1.79	)		7.60			(3.89	)		(1.36	)		1.01
Total from investment operations		(3.88	)		(1.56	)		7.80			(3.51	)		(1.16	)		1.13

Less dividends and distributions from:
Net investment income		—			(0.44	)		(0.21	)		(0.39	)		(0.10	)		(0.19	)
Net realized gain		—			—			—			—			(1.91	)		—
Total dividends and distributions		—			(0.44	)		(0.21	)		(0.39	)		(2.01	)		(0.19	)

Net asset value, end of period	$	12.97		$	16.85		$	18.85		$	11.26		$	15.16		$	18.33

Total return³		(23.03%	)⁴		(8.43%	)		69.55%	⁴		(23.93%	)⁴		(6.04%	)⁴		6.48%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	590		$	953		$	1	⁵	$	1	⁵	$	2	⁵	$	2	⁵
Ratio of expenses to average net assets⁶		1.37%			1.34%			1.36%			1.41%			1.36%			1.39%
Ratio of expenses to average net assets prior to fees waived⁶		1.43%			1.34%			1.57%			1.62%			1.56%			1.55%
Ratio of net investment income to average net assets		1.97%			1.23%			1.32%			2.52%			1.17%			0.66%
Ratio of net investment income to average net assets prior to fees waived		1.91%			1.23%			1.11%			2.31%			0.97%			0.50%
Portfolio turnover		14%			119%			20%			26%			85%			33%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

191

Table of Contents

Financial highlights

Delaware Ivy Large Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	31.11		$	29.35		$	20.52		$	22.73		$	22.65		$	19.17

Income (loss) from investment operations:
Net investment loss²		(0.04	)		(0.12	)		(0.07	)		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(7.27	)		5.20			10.80			0.85			2.87			4.46
Total from investment operations		(7.31	)		5.08			10.73			0.83			2.86			4.45

Less dividends and distributions from:
Net realized gain		—			(3.32	)		(1.90	)		(3.04	)		(2.78	)		(0.97	)
Total dividends and distributions		—			(3.32	)		(1.90	)		(3.04	)		(2.78	)		(0.97	)

Net asset value, end of period	$	23.80		$	31.11		$	29.35		$	20.52		$	22.73		$	22.65

Total return³		(23.50%	)⁴		16.52%			52.78%			2.18%			13.65%			23.45%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,001,112		$	2,834,191		$	2,740	⁵	$	1,936	⁵	$	2,113	⁵	$	1,778	⁵
Ratio of expenses to average net assets⁶		0.96%			0.94%			0.98%			1.01%			1.04%			1.13%
Ratio of expenses to average net assets prior to fees waived⁶		1.00%			0.94%			0.98%			1.01%			1.04%			1.13%
Ratio of net investment loss to average net assets		(0.28%	)		(0.36%	)		(0.24%	)		(0.07%	)		(0.04%	)		(0.05%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.32%	)		(0.28%	)		(0.36%	)		(0.24%	)		(0.07%	)		(0.04%	)
Portfolio turnover		4%			12%			23%			33%			37%			37%


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 shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver 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.

See accompanying notes, which are an integral part of the financial statements.

192

Table of Contents

Delaware Ivy Large Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	22.78		$	22.15		$	15.94		$	18.30		$	18.87		$	16.22

Income (loss) from investment operations:
Net investment loss²		(0.11	)		(0.30	)		(0.22	)		(0.17	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss)		(5.32	)		3.96			8.33			0.75			2.33			3.77
Total from investment operations		(5.43	)		3.66			8.11			0.58			2.18			3.62

Less dividends and distributions from:
Net realized gain		—			(3.03	)		(1.90	)		(2.94	)		(2.75	)		(0.97	)
Total dividends and distributions		—			(3.03	)		(1.90	)		(2.94	)		(2.75	)		(0.97	)

Net asset value, end of period	$	17.35		$	22.78		$	22.15		$	15.94		$	18.30		$	18.87

Total return³		(23.84%	)⁴		15.55%			51.46%			1.38%			12.75%			22.59%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	42,331		$	63,666		$	69	⁵	$	69	⁵	$	88	⁵	$	84	⁵
Ratio of expenses to average net assets⁶		1.81%			1.80%			1.82%			1.83%			1.81%			1.86%
Ratio of expenses to average net assets prior to fees waived⁶		1.91%			1.80%			1.82%			1.83%			1.81%			1.86%
Ratio of net investment loss to average net assets		(1.14%	)		(1.23%	)		(1.07%	)		(0.89%	)		(0.81%	)		(0.82%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.24%	)		(1.23%	)		(1.07%	)		(0.89%	)		(0.81%	)		(0.82%	)
Portfolio turnover		4%			12%			23%			33%			37%			37%


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 shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver 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.

See accompanying notes, which are an integral part of the financial statements.

193

Table of Contents

Financial highlights

Delaware Ivy Large Cap Growth Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	33.61		$	31.48		$	21.90		$	24.09		$	23.80		$	20.08

Income (loss) from investment operations:
Net investment income (loss)²		0.01			(0.02	)		0.03			0.06			0.06			0.04
Net realized and unrealized gain (loss)		(7.87	)		5.56			11.52			0.89			3.03			4.69
Total from investment operations		(7.86	)		5.54			11.55			0.95			3.09			4.73

Less dividends and distributions from:
Net investment income		—			—			(0.01	)		(0.07	)		—			(0.04	)
Net realized gain		—			(3.41	)		(1.96	)		(3.07	)		(2.80	)		(0.97	)
Total dividends and distributions		—			(3.41	)		(1.97	)		(3.14	)		(2.80	)		(1.01	)

Net asset value, end of period	$	25.75		$	33.61		$	31.48		$	21.90		$	24.09		$	23.80

Total return³		(23.39%	)⁴		16.87%	⁴		53.25%	⁴		2.51%	⁴		13.99%	⁴		23.80%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,905,251		$	2,626,992		$	2,527	⁵	$	1,819	⁵	$	1,970	⁵	$	1,580	⁵
Ratio of expenses to average net assets⁶		0.64%			0.64%			0.64%			0.69%			0.73%			0.88%
Ratio of expenses to average net assets prior to fees waived⁶		0.80%			0.77%			0.79%			0.80%			0.82%			0.88%
Ratio of net investment income (loss) to average net assets		0.04%			(0.06%	)		0.09%			0.24%			0.27%			0.18%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.12%	)		(0.19%	)		(0.06%	)		0.13%			0.18%			0.18%
Portfolio turnover		4%			12%			23%			33%			37%			37%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

194

Table of Contents

Delaware Ivy Large Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	29.09		$	27.57		$	19.43		$	21.69		$	21.79		$	18.54

Income (loss) from investment operations:
Net investment loss²		(0.08	)		(0.24	)		(0.16	)		(0.10	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss)		(6.80	)		4.89			10.20			0.82			2.74			4.31
Total from investment operations		(6.88	)		4.65			10.04			0.72			2.65			4.22

Less dividends and distributions from:
Net realized gain		—			(3.13	)		(1.90	)		(2.98	)		(2.75	)		(0.97	)
Total dividends and distributions		—			(3.13	)		(1.90	)		(2.98	)		(2.75	)		(0.97	)

Net asset value, end of period	$	22.21		$	29.09		$	27.57		$	19.43		$	21.69		$	21.79

Total return³		(23.65%	)⁴		16.07%			52.17%			1.75%			13.22%			23.06%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,685		$	12,298		$	13	⁵	$	13	⁵	$	18	⁵	$	23	⁵
Ratio of expenses to average net assets⁶		1.30%			1.37%			1.38%			1.40%			1.40%			1.46%
Ratio of expenses to average net assets prior to fees waived⁶		1.39%			1.37%			1.38%			1.40%			1.40%			1.46%
Ratio of net investment loss to average net assets		(0.62%	)		(0.79%	)		(0.63%	)		(0.46%	)		(0.40%	)		(0.42%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.71%	)		(0.79%	)		(0.63%	)		(0.46%	)		(0.40%	)		(0.42%	)
Portfolio turnover		4%			12%			23%			33%			37%			37%


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 shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver 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.

See accompanying notes, which are an integral part of the financial statements.

195

Table of Contents

Financial highlights

Delaware Ivy Large Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	33.89		$	31.71		$	22.05		$	24.25		$	23.91		$	20.18

Income (loss) from investment operations:
Net investment income (loss)²		0.01			(0.02	)		0.03			0.07			0.08			0.07
Net realized and unrealized gain (loss)		(7.94	)		5.61			11.61			0.89			3.04			4.72
Total from investment operations		(7.93	)		5.59			11.64			0.96			3.12			4.79

Less dividends and distributions from:
Net investment income		—			—			(0.02	)		(0.09	)		—			(0.09	)
Net realized gain		—			(3.41	)		(1.96	)		(3.07	)		(2.78	)		(0.97	)
Total dividends and distributions		—			(3.41	)		(1.98	)		(3.16	)		(2.78	)		(1.06	)

Net asset value, end of period	$	25.96		$	33.89		$	31.71		$	22.05		$	24.25		$	23.91

Total return³		(23.40%	)⁴		16.90%			53.28%			2.54%			14.06%			24.00%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	115,767		$	166,623		$	164	⁵	$	107	⁵	$	108	⁵	$	100	⁵
Ratio of expenses to average net assets⁶		0.64%			0.64%			0.64%			0.66%			0.66%			0.72%
Ratio of expenses to average net assets prior to fees waived⁶		0.66%			0.64%			0.64%			0.66%			0.66%			0.72%
Ratio of net investment income (loss) to average net assets		0.04%			(0.06%	)		0.10%			0.28%			0.33%			0.30%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.02%			(0.06%	)		0.10%			0.28%			0.33%			0.30%
Portfolio turnover		4%			12%			23%			33%			37%			37%


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 shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver 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.

See accompanying notes, which are an integral part of the financial statements.

196

Table of Contents

Delaware Ivy Large Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	32.29		$	30.36		$	21.18		$	23.37		$	23.24		$	19.63

Income (loss) from investment operations:
Net investment loss²		(0.05	)		(0.13	)		(0.07	)		(0.02	)		(0.01	)		—	³
Net realized and unrealized gain (loss)		(7.55	)		5.37			11.15			0.86			2.94			4.58
Total from investment operations		(7.60	)		5.24			11.08			0.84			2.93			4.58

Less dividends and distributions from:
Net realized gain		—			(3.31	)		(1.90	)		(3.03	)		(2.80	)		(0.97	)
Total dividends and distributions		—			(3.31	)		(1.90	)		(3.03	)		(2.80	)		(0.97	)

Net asset value, end of period	$	24.69		$	32.29		$	30.36		$	21.18		$	23.37		$	23.24

Total return⁴		(23.54%	)		16.51%			52.78%			2.19%			13.61%			23.57%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,473		$	35,926		$	31	⁵	$	26	⁵	$	38	⁵	$	37	⁵
Ratio of expenses to average net assets⁶		1.00%			0.95%			0.98%			1.01%			1.05%			1.05%
Ratio of expenses to average net assets prior to fees waived⁶		1.05%			1.02%			1.04%			1.05%			1.06%			1.11%
Ratio of net investment loss to average net assets		(0.32%	)		(0.37%	)		(0.24%	)		(0.08%	)		(0.05%	)		(0.01%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.37%	)		(0.44%	)		(0.30%	)		(0.12%	)		(0.06%	)		(0.07%	)
Portfolio turnover		4%			12%			23%			33%			37%			37%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

197

Table of Contents

Financial highlights

Delaware Ivy Limited-Term Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.61		$	11.04		$	10.87		$	10.74		$	10.64		$	10.80

Income (loss) from investment operations:
Net investment income²		0.08			0.11			0.15			0.20			0.21			0.18
Net realized and unrealized gain (loss)		(0.37	)		(0.43	)		0.17			0.14			0.10			(0.15	)
Total from investment operations		(0.29	)		(0.32	)		0.32			0.34			0.31			0.03

Less dividends and distributions from:
Net investment income		(0.08	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)		(0.19	)
Total dividends and distributions		(0.08	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)		(0.19	)

Net asset value, end of period	$	10.24		$	10.61		$	11.04		$	10.87		$	10.74		$	10.64

Total return³		(2.78%	)⁴		(2.95%	)		2.99%			3.14%			2.95%			0.25%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	327,327		$	348,269		$	421	⁵	$	381	⁵	$	382	⁵	$	431	⁵
Ratio of expenses to average net assets⁶		0.89%			0.89%			0.89%			0.91%			0.91%			0.89%
Ratio of expenses to average net assets prior to fees waived⁶		0.94%			0.89%			0.89%			0.91%			0.91%			0.89%
Ratio of net investment income to average net assets		1.57%			0.98%			1.39%			1.86%			1.90%			1.69%
Ratio of net investment income to average net assets prior to fees waived		1.52%			0.98%			1.39%			1.86%			1.90%			1.69%
Portfolio turnover		63%			88%			55%			61%			83%			24%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

198

Table of Contents

Delaware Ivy Limited-Term Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.61		$	11.04		$	10.87		$	10.74		$	10.64		$	10.80

Income (loss) from investment operations:
Net investment income²		0.04			0.02			0.07			0.12			0.13			0.10
Net realized and unrealized gain (loss)		(0.38	)		(0.43	)		0.17			0.13			0.10			(0.15	)
Total from investment operations		(0.34	)		(0.41	)		0.24			0.25			0.23			(0.05	)

Less dividends and distributions from:
Net investment income		(0.03	)		(0.02	)		(0.07	)		(0.12	)		(0.13	)		(0.11	)
Total dividends and distributions		(0.03	)		(0.02	)		(0.07	)		(0.12	)		(0.13	)		(0.11	)

Net asset value, end of period	$	10.24		$	10.61		$	11.04		$	10.87		$	10.74		$	10.64

Total return³		(3.18%	)⁴		(3.70%	)		2.23%			2.36%			2.20%			(0.51%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,353		$	14,208		$	25	⁵	$	27	⁵	$	45	⁵	$	55	⁵
Ratio of expenses to average net assets⁶		1.72%			1.67%			1.65%			1.67%			1.65%			1.66%
Ratio of expenses to average net assets prior to fees waived⁶		1.81%			1.67%			1.65%			1.67%			1.65%			1.66%
Ratio of net investment income to average net assets		0.72%			0.22%			0.65%			1.12%			1.16%			0.92%
Ratio of net investment income to average net assets prior to fees waived		0.63%			0.22%			0.65%			1.12%			1.16%			0.92%
Portfolio turnover		63%			88%			55%			61%			83%			24%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

199

Table of Contents

Financial highlights

Delaware Ivy Limited-Term Bond Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19				3/31/18
Net asset value, beginning of period	$	10.61		$	11.04		$	10.87		$	10.74		$	10.64			$	10.80

Income (loss) from investment operations:
Net investment income²		0.09			0.13			0.18			0.23			0.24				0.21
Net realized and unrealized gain (loss)		(0.37	)		(0.43	)		0.17			0.13			0.10				(0.16	)
Total from investment operations		(0.28	)		(0.30	)		0.35			0.36			0.34				0.05

Less dividends and distributions from:
Net investment income		(0.09	)		(0.13	)		(0.18	)		(0.23	)		(0.24	)			(0.21	)
Total dividends and distributions		(0.09	)		(0.13	)		(0.18	)		(0.23	)		(0.24	)			(0.21	)

Net asset value, end of period	$	10.24		$	10.61		$	11.04		$	10.87		$	10.74			$	10.64

Total return³		(2.67%	)⁴		(2.76%	)		3.21%			3.38%			3.19%				0.49%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	345,405		$	434,583		$	596	⁵	$	570	⁵	$	677	⁵		$	710	⁵
Ratio of expenses to average net assets⁶		0.66%			0.68%			0.68%			0.69%			0.67%				0.66%
Ratio of expenses to average net assets prior to fees waived⁶		0.72%			0.68%			0.68%			0.69%			0.67%				0.66%
Ratio of net investment income to average net assets		1.79%			1.19%			1.61%			2.10%			2.14%				1.92%
Ratio of net investment income to average net assets prior to fees waived		1.73%			1.19%			1.61%			2.10%			2.14%		��		1.92%
Portfolio turnover		63%			88%			55%			61%			83%				24%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

200

Table of Contents

Delaware Ivy Limited-Term Bond Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.61		$	11.04		$	10.87		$	10.74		$	10.64		$	10.80

Income (loss) from investment operations:
Net investment income²		0.06			0.06			0.12			0.16			0.17			0.14
Net realized and unrealized gain (loss)		(0.37	)		(0.43	)		0.16			0.14			0.10			(0.15	)
Total from investment operations		(0.31	)		(0.37	)		0.28			0.30			0.27			(0.01	)

Less dividends and distributions from:
Net investment income		(0.06	)		(0.06	)		(0.11	)		(0.17	)		(0.17	)		(0.15	)
Total dividends and distributions		(0.06	)		(0.06	)		(0.11	)		(0.17	)		(0.17	)		(0.15	)

Net asset value, end of period	$	10.24		$	10.61		$	11.04		$	10.87		$	10.74		$	10.64

Total return³		(2.94%	)⁴		(3.34%	)		2.61%			2.76%			2.60%			(0.12%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	329		$	478		$	—	^5,6	$	1	⁵	$	—	^5,6	$	1	⁵
Ratio of expenses to average net assets⁷		1.22%			1.29%			1.27%			1.28%			1.26%			1.26%
Ratio of expenses to average net assets prior to fees waived⁷		1.30%			1.29%			1.27%			1.28%			1.26%			1.26%
Ratio of net investment income to average net assets		1.21%			0.59%			1.06%			1.47%			1.54%			1.32%
Ratio of net investment income to average net assets prior to fees waived		1.13%			0.59%			1.06%			1.47%			1.54%			1.32%
Portfolio turnover		63%			88%			55%			61%			83%			24%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

201

Table of Contents

Financial highlights

Delaware Ivy Limited-Term Bond Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.61		$	11.04		$	10.87		$	10.74		$	10.64		$	10.80

Income (loss) from investment operations:
Net investment income²		0.09			0.15			0.20			0.24			0.25			0.22
Net realized and unrealized gain (loss)		(0.37	)		(0.43	)		0.17			0.14			0.10			(0.15	)
Total from investment operations		(0.28	)		(0.28	)		0.37			0.38			0.35			(0.07	)

Less dividends and distributions from:
Net investment income		(0.09	)		(0.15	)		(0.20	)		(0.25	)		(0.25	)		(0.23	)
Total dividends and distributions		(0.09	)		(0.15	)		(0.20	)		(0.25	)		(0.25	)		(0.23	)

Net asset value, end of period	$	10.24		$	10.61		$	11.04		$	10.87		$	10.74		$	10.64

Total return³		(2.62%	)⁴		(2.60%	)		3.37%			3.54%			3.36%			0.64%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,727		$	140,580		$	122	⁵	$	130	⁵	$	169	⁵	$	85	⁵
Ratio of expenses to average net assets⁶		0.54%			0.53%			0.53%			0.53%			0.51%			0.50%
Ratio of expenses to average net assets prior to fees waived⁶		0.55%			0.53%			0.53%			0.53%			0.51%			0.50%
Ratio of net investment income to average net assets		1.68%			1.34%			1.77%			2.25%			2.30%			2.08%
Ratio of net investment income to average net assets prior to fees waived		1.67%			1.34%			1.77%			2.25%			2.30%			2.08%
Portfolio turnover		63%			88%			55%			61%			83%			24%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

202

Table of Contents

Delaware Ivy Limited-Term Bond Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended¹ 9/30/22 (Unaudited)			Year ended
	Six months ended¹ 9/30/22 (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.61		$	11.04		$	10.87		$	10.74		$	10.64		$	10.80

Income (loss) from investment operations:
Net investment income²		0.08			0.11			0.16			0.20			0.21			0.18
Net realized and unrealized gain (loss)		(0.38	)		(0.43	)		0.16			0.14			0.10			(0.15	)
Total from investment operations		(0.30	)		(0.32	)		0.32			0.34			0.31			0.03

Less dividends and distributions from:
Net investment income		(0.07	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)		(0.19	)
Total dividends and distributions		(0.07	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)		(0.19	)

Net asset value, end of period	$	10.24		$	10.61		$	11.04		$	10.87		$	10.74		$	10.64

Total return³		(2.79%	)⁴		(2.95%	)⁴		2.99%	⁴		3.14%	⁴		2.95%			0.25%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,967		$	2,129		$	3	⁵	$	6	⁵	$	7	⁵	$	11	⁵
Ratio of expenses to average net assets⁶		0.91%			0.89%			0.89%			0.91%			0.91%			0.89%
Ratio of expenses to average net assets prior to fees waived⁶		0.98%			0.93%			0.93%			0.96%			0.91%			0.91%
Ratio of net investment income to average net assets		1.54%			0.98%			1.45%			1.88%			1.89%			1.69%
Ratio of net investment income to average net assets prior to fees waived		1.47%			0.94%			1.41%			1.83%			1.89%			1.67%
Portfolio turnover		63%			88%			55%			61%			83%			24%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

203

Table of Contents

Financial highlights

Delaware Ivy Managed International Opportunities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	11.31		$	12.52		$	7.80		$	10.18		$	11.87		$	10.58

Income (loss) from investment operations:
Net investment income (loss)²		(0.02	)		0.26			0.08			0.18			0.14			0.14
Net realized and unrealized gain (loss)		(2.49	)		(1.16	)		4.73			(1.88	)		(1.08	)		1.44
Total from investment operations		(2.51	)		(0.90	)		4.81			(1.70	)		(0.94	)		1.58

Less dividends and distributions from:
Net investment income		—			(0.28	)		(0.09	)		(0.20	)		(0.16	)		(0.15	)
Net realized gain		—			(0.03	)		—			(0.48	)		(0.59	)		(0.14	)
Total dividends and distributions		—			(0.31	)		(0.09	)		(0.68	)		(0.75	)		(0.29	)

Net asset value, end of period	$	8.80		$	11.31		$	12.52		$	7.80		$	10.18		$	11.87

Total return³		(22.19%	)⁴		(7.34%	)⁴		61.81%	⁴		(18.31%	)⁴		(7.32%	)⁴		14.95%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,444		$	51,379		$	64	⁵	$	45	⁵	$	66	⁵	$	84	⁵
Ratio of expenses to average net assets⁶		0.51%			0.46%			0.46%			0.48%			0.49%			0.49%
Ratio of expenses to average net assets prior to fees waived⁶		0.61%			0.59%			0.50%			0.51%			0.51%			0.49%
Ratio of net investment income (loss) to average net assets		(0.31%	)		2.06%			0.80%			1.82%			1.32%			1.17%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.41%	)		1.93%			0.76%			1.79%			1.30%			1.17%
Portfolio turnover		1%			36%			17%			10%			71%			10%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

204

Table of Contents

Delaware Ivy Managed International Opportunities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.99		$	12.22		$	7.53		$	9.92		$	11.64		$	10.38

Income (loss) from investment operations:
Net investment income (loss)²		(0.06	)		0.17			—	³		0.10			0.06			0.07
Net realized and unrealized gain (loss)		(2.41	)		(1.16	)		4.73			(1.86	)		(1.09	)		1.41
Total from investment operations		(2.47	)		(0.99	)		4.73			(1.76	)		(1.03	)		1.48

Less dividends and distributions from:
Net investment income		—			(0.21	)		(0.04	)		(0.15	)		(0.10	)		(0.08	)
Net realized gain		—			(0.03	)		—			(0.48	)		(0.59	)		(0.14	)
Total dividends and distributions		—			(0.24	)		(0.04	)		(0.63	)		(0.69	)		(0.22	)

Net asset value, end of period	$	8.52		$	10.99		$	12.22		$	7.53		$	9.92		$	11.64

Total return⁴		(22.48%	)⁵		(8.22%	)⁵		62.89	%⁵		(19.36%	)⁵		(8.32%	)⁵		14.34%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	538		$	876		$	1	⁶	$	1	⁶	$	2	⁶	$	3	⁶
Ratio of expenses to average net assets⁷		1.35%			1.25%			1.25%			1.29%			1.29%			1.28%
Ratio of expenses to average net assets prior to fees waived⁷		1.56%			1.48%			1.36%			1.36%			1.31%			1.28%
Ratio of net investment income (loss) to average net assets		(1.15%	)		1.34%			0.01%			0.98%			0.58%			0.57%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.36%	)		1.11%			(0.10%	)		0.91%			0.56%			0.57%
Portfolio turnover		1%			36%			17%			10%			71%			10%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $(0.005) per share.
⁴	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.
⁵	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.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

205

Table of Contents

Financial highlights

Delaware Ivy Managed International Opportunities Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	11.40		$	12.61		$	7.87		$	10.24		$	11.93		$	10.63

Income (loss) from investment operations:
Net investment income²		—	³		0.29			0.12			0.22			0.18			0.18
Net realized and unrealized gain (loss)		(2.51	)		(1.16	)		4.74			(1.88	)		(1.09	)		1.43
Total from investment operations		(2.51	)		(0.87	)		4.86			(1.66	)		(0.91	)		1.61

Less dividends and distributions from:
Net investment income		—			(0.31	)		(0.12	)		(0.23	)		(0.19	)		(0.17	)
Net realized gain		—			(0.03	)		—			(0.48	)		(0.59	)		(0.14	)
Total dividends and distributions		—			(0.34	)		(0.12	)		(0.71	)		(0.78	)		(0.31	)

Net asset value, end of period	$	8.89		$	11.40		$	12.61		$	7.87		$	10.24		$	11.93

Total return⁴		(22.02%	)		(7.08%	)		61.80%			(17.91%	)		(7.03%	)		15.23%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	51,002		$	80,847		$	112	⁵	$	90	⁵	$	109	⁵	$	142	⁵
Ratio of expenses to average net assets⁶		0.20%			0.16%			0.16%			0.16%			0.16%			0.16%
Ratio of expenses to average net assets prior to fees waived⁶		0.28%			0.20%			0.19%			0.19%			0.19%			0.18%
Ratio of net investment income to average net assets		0.01%			2.23%			1.10%			2.19%			1.59%			1.55%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.07%	)		2.19%			1.07%			2.16%			1.56%			1.53%
Portfolio turnover		1%			36%			17%			10%			71%			10%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $(0.005) per share.
⁴	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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

206

Table of Contents

Delaware Ivy Managed International Opportunities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	11.25		$	12.47		$	7.75		$	10.14		$	11.83		$	10.55

Income (loss) from investment operations:
Net investment income (loss)²		(0.02	)		0.15			0.02			0.18			0.13			0.13
Net realized and unrealized gain (loss)		(2.48	)		(1.08	)		4.78			(1.90	)		(1.08	)		1.42
Total from investment operations		(2.50	)		(0.93	)		4.80			(1.72	)		(0.95	)		1.55

Less dividends and distributions from:
Net investment income		—			(0.26	)		(0.08	)		(0.19	)		(0.15	)		(0.13	)
Net realized gain		—			(0.03	)		—			(0.48	)		(0.59	)		(0.14	)
Total dividends and distributions		—			(0.29	)		(0.08	)		(0.67	)		(0.74	)		(0.27	)

Net asset value, end of period	$	8.75		$	11.25		$	12.47		$	7.75		$	10.14		$	11.83

Total return³		(22.22%	)⁴		(7.58%	)⁴		62.03%	⁴		(18.59%	)		(7.47%	)⁴		14.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	68		$	75		$	—	^5,6	$	1	⁵	$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁷		0.70%			0.67%			0.66%			0.67%			0.66%			0.66%
Ratio of expenses to average net assets prior to fees waived⁷		0.76%			0.70%			0.67%			0.67%			0.67%			0.66%
Ratio of net investment income (loss) to average net assets		(0.49%	)		1.18%			0.23%			1.77%			1.16%			1.12%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.55%	)		1.15%			0.22%			1.77%			1.15%			1.12%
Portfolio turnover		1%			36%			17%			10%			71%			10%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

207

Table of Contents

Financial highlights

Delaware Ivy Managed International Opportunities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended													7/5/17 to 3/31/18²
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			7/5/17 to 3/31/18²
Net asset value, beginning of period	$	11.41			$	12.62		$	7.88		$	10.25		$	11.94		$	11.17

Income (loss) from investment operations:
Net investment income³		—	⁴			0.23			0.12			0.23			0.19			0.17
Net realized and unrealized gain (loss)		(2.52	)			(1.10	)		4.74			(1.89	)		(1.10	)		0.90
Total from investment operations		(2.52	)			(0.87	)		4.86			(1.66	)		(0.91	)		1.07

Less dividends and distributions from:
Net investment income		—				(0.31	)		(0.12	)		(0.23	)		(0.19	)		(0.16	)
Net realized gain		—				(0.03	)		—			(0.48	)		(0.59	)		(0.14	)
Total dividends and distributions		—				(0.34	)		(0.12	)		(0.71	)		(0.78	)		(0.30	)

Net asset value, end of period	$	8.89			$	11.41		$	12.62		$	7.88		$	10.25		$	11.94

Total return⁵		(22.09%	)⁶			(7.07%	)⁶		61.72%	⁶		(17.90%	)⁶		(7.03%	)⁶		9.67%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	87			$	81		$	1	⁷	$	—	^7,8	$	—	^7,8	$	—	^7,8
Ratio of expenses to average net assets⁹		0.29%				0.16%			0.16%			0.16%			0.16%			0.15%
Ratio of expenses to average net assets prior to fees waived⁹		0.34%				0.21%			0.18%			0.19%			0.17%			0.15%
Ratio of net investment income (loss) to average net assets		(0.07%	)			1.82%			1.08%			2.25%			1.71%			1.89%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.12%	)			1.77%			1.06%			2.22%			1.70%			1.89%
Portfolio turnover		1%				36%			17%			10%			71%			10%	¹⁰


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	Amount is less than $(0.005) per share.
⁵	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.
⁶	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.
⁷	Net assets reported in millions.
⁸	Rounds to less than $500 thousands.
⁹	Expense ratios do not include expenses of any investment companies in which the Fund invests.
¹⁰	Portfolio turnover is representative of the Fund for the entire year.

See accompanying notes, which are an integral part of the financial statements.

208

Table of Contents

Delaware Ivy Managed International Opportunities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	11.32		$	12.53		$	7.81		$	10.18		$	11.87		$	10.58

Income (loss) from investment operations:
Net investment income (loss)²		(0.01	)		0.28			0.09			0.10			0.16			0.15
Net realized and unrealized gain (loss)		(2.49	)		(1.17	)		4.73			(1.78	)		(1.09	)		1.43
Total from investment operations		(2.50	)		(0.89	)		4.82			(1.68	)		(0.93	)		1.58

Less dividends and distributions from:
Net investment income		—			(0.29	)		(0.10	)		(0.21	)		(0.17	)		(0.15	)
Net realized gain		—			(0.03	)		—			(0.48	)		(0.59	)		(0.14	)
Total dividends and distributions		—			(0.32	)		(0.10	)		(0.69	)		(0.76	)		(0.29	)

Net asset value, end of period	$	8.82		$	11.32		$	12.53		$	7.81		$	10.18		$	11.87

Total return³		(22.09%	)		(7.27%	)		61.81%			(18.15%	)		(7.24%	)		15.03%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	99		$	135		$	—	^4,5	$	—	^4,5	$	1	⁴	$	1	⁴
Ratio of expenses to average net assets⁶		0.43%			0.38%			0.38%			0.38%			0.38%			0.38%
Ratio of expenses to average net assets prior to fees waived⁶		0.54%			0.48%			0.44%			0.76%			0.43%			0.40%
Ratio of net investment income (loss) to average net assets		(0.22%	)		2.16%			0.82%			0.95%			1.44%			1.30%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.33%	)		2.06%			0.76%			0.57%			1.39%			1.28%
Portfolio turnover		1%			36%			17%			10%			71%			10%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Net assets reported in millions.
⁵	Rounds to less than $500 thousands.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

209

Table of Contents

Financial highlights

Delaware Ivy Mid Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	32.31		$	37.42		$	22.28		$	25.28		$	23.99		$	20.81

Income (loss) from investment operations:
Net investment loss²		(0.10	)		(0.29	)		(0.23	)		(0.15	)		(0.13	)		(0.11	)
Net realized and unrealized gain (loss)		(7.57	)		0.11			19.03			(1.42	)		3.56			5.11
Total from investment operations		(7.67	)		(0.18	)		18.80			(1.57	)		3.43			5.00

Less dividends and distributions from:
Net realized gain		—			(4.93	)		(3.66	)		(1.43	)		(2.14	)		(1.82	)
Total dividends and distributions		—			(4.93	)		(3.66	)		(1.43	)		(2.14	)		(1.82	)

Net asset value, end of period	$	24.64		$	32.31		$	37.42		$	22.28		$	25.28		$	23.99

Total return³		(23.74%	)⁴		(1.90%	)		85.37%	⁴		(7.20%	)⁴		15.72%	⁴		24.56%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,510,962		$	2,158,678		$	2,453	⁵	$	1,391	⁵	$	1,668	⁵	$	1,600	⁵
Ratio of expenses to average net assets⁶		1.13%			1.12%			1.16%			1.20%			1.23%			1.31%	⁷
Ratio of expenses to average net assets prior to fees waived⁶		1.21%			1.12%			1.17%			1.23%			1.25%			1.31%
Ratio of net investment loss to average net assets		(0.69%	)		(0.76%	)		(0.68%	)		(0.55%	)		(0.53%	)		(0.48%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.77%	)		(0.76%	)		(0.69%	)		(0.58%	)		(0.55%	)		(0.48%	)
Portfolio turnover		11%			27%			33%			22%			38%			26%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	Expense ratio based on the period excluding reorganization expenses was 1.30%.

See accompanying notes, which are an integral part of the financial statements.

210

Table of Contents

Delaware Ivy Mid Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	24.74		$	29.76		$	18.26		$	21.02		$	20.44		$	18.09

Income (loss) from investment operations:
Net investment loss²		(0.16	)		(0.48	)		(0.39	)		(0.28	)		(0.26	)		(0.24	)
Net realized and unrealized gain (loss)		(5.80	)		0.20			15.51			(1.15	)		2.98			4.41
Total from investment operations		(5.96	)		(0.28	)		15.12			(1.43	)		2.72			4.17

Less dividends and distributions from:
Net realized gain		—			(4.74	)		(3.62	)		(1.33	)		(2.14	)		(1.82	)
Total dividends and distributions		—			(4.74	)		(3.62	)		(1.33	)		(2.14	)		(1.82	)

Net asset value, end of period	$	18.78		$	24.74		$	29.76		$	18.26		$	21.02		$	20.44

Total return³		(24.09%	)⁴		(2.67%	)		83.95%	⁴		(7.88%	)⁴		14.90%	⁴		23.64%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	77,700		$	121,668		$	170	⁵	$	143	⁵	$	207	⁵	$	203	⁵
Ratio of expenses to average net assets⁶		1.95%			1.93%			1.92%			1.95%			1.94%			2.02%
Ratio of expenses to average net assets prior to fees waived⁶		2.06%			1.93%			1.94%			1.98%			1.96%			2.02%
Ratio of net investment loss to average net assets		(1.51%	)		(1.57%	)		(1.43%	)		(1.30%	)		(1.25%	)		(1.20%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.62%	)		(1.57%	)		(1.45%	)		(1.33%	)		(1.27%	)		(1.20%	)
Portfolio turnover		11%			27%			33%			22%			38%			26%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

211

Table of Contents

Financial highlights

Delaware Ivy Mid Cap Growth Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	36.32		$	41.48		$	24.41		$	27.52		$	25.83		$	22.23

Income (loss) from investment operations:
Net investment loss²		(0.05	)		(0.18	)		(0.12	)		(0.04	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss)		(8.53	)		0.07			20.89			(1.57	)		3.87			5.47
Total from investment operations		(8.58	)		(0.11	)		20.77			(1.61	)		3.83			5.42

Less dividends and distributions from:
Net realized gain		—			(5.05	)		(3.70	)		(1.50	)		(2.14	)		(1.82	)
Total dividends and distributions		—			(5.05	)		(3.70	)		(1.50	)		(2.14	)		(1.82	)

Net asset value, end of period	$	27.74		$	36.32		$	41.48		$	24.41		$	27.52		$	25.83

Total return³		(23.62%	)⁴		(1.56%	)⁴		86.00%	⁴		(6.75%	)⁴		16.12%	⁴		24.89%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,620,211		$	3,577,939		$	3,609	⁵	$	1,898	⁵	$	2,250	⁵	$	1,869	⁵
Ratio of expenses to average net assets⁶		0.79%			0.79%			0.79%			0.79%			0.85%			1.03%
Ratio of expenses to average net assets prior to fees waived⁶		0.98%			0.95%			0.97%			1.00%			1.00%			1.03%
Ratio of net investment loss to average net assets		(0.35%	)		(0.43%	)		(0.31%	)		(0.15%	)		(0.16%	)		(0.20%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.54%	)		(0.59%	)		(0.49%	)		(0.36%	)		(0.31%	)		(0.20%	)
Portfolio turnover		11%			27%			33%			22%			38%			26%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

212

Table of Contents

Delaware Ivy Mid Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	30.81		$	35.92		$	21.54		$	24.51		$	23.40		$	20.40

Income (loss) from investment operations:
Net investment loss²		(0.14	)		(0.44	)		(0.35	)		(0.23	)		(0.21	)		(0.18	)
Net realized and unrealized gain (loss)		(7.22	)		0.14			18.37			(1.37	)		3.46			5.00
Total from investment operations		(7.36	)		(0.30	)		18.02			(1.60	)		3.25			4.82

Less dividends and distributions from:
Net realized gain		—			(4.81	)		(3.64	)		(1.37	)		(2.14	)		(1.82	)
Total dividends and distributions		—			(4.81	)		(3.64	)		(1.37	)		(2.14	)		(1.82	)

Net asset value, end of period	$	23.45		$	30.81		$	35.92		$	21.54		$	24.51		$	23.40

Total return³		(23.89%	)⁴		(2.30%	)⁴		84.62%	⁴		(7.47%	)⁴		15.29%	⁴		24.17%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	52,566		$	74,908		$	88	⁵	$	46	⁵	$	63	⁵	$	50	⁵
Ratio of expenses to average net assets⁶		1.46%			1.54%			1.55%			1.55%			1.55%			1.63%
Ratio of expenses to average net assets prior to fees waived⁶		1.57%			1.55%			1.56%			1.58%			1.57%			1.63%
Ratio of net investment loss to average net assets		(1.02%	)		(1.18%	)		(1.07%	)		(0.90%	)		(0.86%	)		(0.80%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.13%	)		(1.19%	)		(1.08%	)		(0.93%	)		(0.88%	)		(0.80%	)
Portfolio turnover		11%			27%			33%			22%			38%			26%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

213

Table of Contents

Financial highlights

Delaware Ivy Mid Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	36.73		$	41.89		$	24.63		$	27.76		$	26.02		$	22.35

Income (loss) from investment operations:
Net investment loss²		(0.05	)		(0.18	)		(0.13	)		(0.04	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		(8.63	)		0.07			21.09			(1.59	)		3.91			5.50
Total from investment operations		(8.68	)		(0.11	)		20.96			(1.63	)		3.88			5.49

Less dividends and distributions from:
Net realized gain		—			(5.05	)		(3.70	)		(1.50	)		(2.14	)		(1.82	)
Total dividends and distributions		—			(5.05	)		(3.70	)		(1.50	)		(2.14	)		(1.82	)

Net asset value, end of period	$	28.05		$	36.73		$	41.89		$	24.63		$	27.76		$	26.02

Total return³		(23.63%	)⁴		(1.54%	)⁴		86.00%	⁴		(6.77%	)⁴		16.19%	⁴		25.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	788,913		$	980,539		$	736	⁵	$	256	⁵	$	282	⁵	$	135	⁵
Ratio of expenses to average net assets⁶		0.79%			0.79%			0.79%			0.79%			0.80%			0.88%
Ratio of expenses to average net assets prior to fees waived⁶		0.83%			0.80%			0.82%			0.85%			0.85%			0.88%
Ratio of net investment loss to average net assets		(0.34%	)		(0.43%	)		(0.33%	)		(0.15%	)		(0.11%	)		(0.05%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.38%	)		(0.44%	)		(0.36%	)		(0.21%	)		(0.16%	)		(0.05%	)
Portfolio turnover		11%			27%			33%			22%			38%			26%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

214

Table of Contents

Delaware Ivy Mid Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	34.43		$	39.57		$	23.45		$	26.53		$	25.06		$	21.66

Income (loss) from investment operations:
Net investment loss²		(0.10	)		(0.31	)		(0.24	)		(0.15	)		(0.13	)		(0.10	)
Net realized and unrealized gain (loss)		(8.08	)		0.09			20.02			(1.50	)		3.74			5.32
Total from investment operations		(8.18	)		(0.22	)		19.78			(1.65	)		3.61			5.22

Less dividends and distributions from:
Net realized gain		—			(4.92	)		(3.66	)		(1.43	)		(2.14	)		(1.82	)
Total dividends and distributions		—			(4.92	)		(3.66	)		(1.43	)		(2.14	)		(1.82	)

Net asset value, end of period	$	26.25		$	34.43		$	39.57		$	23.45		$	26.53		$	25.06

Total return³		(23.76%	)⁴		(1.89%	)⁴		85.29%	⁴		(7.14%	)⁴		15.72%	⁴		24.61%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	199,514		$	284,480		$	363	⁵	$	215	⁵	$	295	⁵	$	259	⁵
Ratio of expenses to average net assets⁶		1.14%			1.13%			1.16%			1.20%			1.21%			1.27%
Ratio of expenses to average net assets prior to fees waived⁶		1.22%			1.19%			1.21%			1.24%			1.23%			1.27%
Ratio of net investment loss to average net assets		(0.70%	)		(0.77%	)		(0.68%	)		(0.55%	)		(0.51%	)		(0.44%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.78%	)		(0.83%	)		(0.73%	)		(0.59%	)		(0.53%	)		(0.44%	)
Portfolio turnover		11%			27%			33%			22%			38%			26%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

215

Table of Contents

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.81		$	18.38		$	10.98		$	13.98		$	13.76		$	12.68

Income (loss) from investment operations:
Net investment income²		0.14			0.18			0.21			0.25			0.21			0.18
Net realized and unrealized gain (loss)		(3.19	)		0.89			7.40			(2.96	)		0.51			1.08
Total from investment operations		(3.05	)		1.07			7.61			(2.71	)		0.72			1.26

Less dividends and distributions from:
Net investment income		(0.13	)		(0.18	)		(0.21	)		(0.24	)		(0.20	)		(0.18	)
Net realized gain		—			(0.46	)		—			(0.05	)		(0.30	)		—
Total dividends and distributions		(0.13	)		(0.64	)		(0.21	)		(0.29	)		(0.50	)		(0.18	)

Net asset value, end of period	$	15.63		$	18.81		$	18.38		$	10.98		$	13.98		$	13.76

Total return³		(16.28%	)		5.71%			69.70%			(19.84%	)		5.37%			9.98%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	146,555		$	188,631		$	178	⁴	$	111	⁴	$	135	⁴	$	103	⁴
Ratio of expenses to average net assets⁵		1.18%			1.21%			1.24%			1.27%			1.35%			1.35%
Ratio of expenses to average net assets prior to fees waived⁵		1.28%			1.26%			1.31%			1.34%			1.37%			1.40%
Ratio of net investment income to average net assets		1.47%			0.95%			1.42%			1.70%			1.51%			1.34%
Ratio of net investment income to average net assets prior to fees waived		1.37%			0.90%			1.35%			1.63%			1.49%			1.29%
Portfolio turnover		15%			20%			23%			25%			17%			42%


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.

See accompanying notes, which are an integral part of the financial statements.

216

Table of Contents

Delaware Ivy Mid Cap Income Opportunities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.71		$	18.30		$	10.93		$	13.92		$	13.70		$	12.62

Income (loss) from investment operations:
Net investment income²		0.06			0.04			0.10			0.14			0.11			0.08
Net realized and unrealized gain (loss)		(3.16	)		0.87			7.37			(2.95	)		0.51			1.08
Total from investment operations		(3.10	)		0.91			7.47			(2.81	)		0.62			1.16

Less dividends and distributions from:
Net investment income		(0.07	)		(0.04	)		(0.10	)		(0.13	)		(0.10	)		(0.08	)
Net realized gain		—			(0.46	)		—			(0.05	)		(0.30	)		—
Total dividends and distributions		(0.07	)		(0.50	)		(0.10	)		(0.18	)		(0.40	)		(0.08	)

Net asset value, end of period	$	15.54		$	18.71		$	18.30		$	10.93		$	13.92		$	13.70

Total return³		(16.62%	)		4.85%			68.61%			(20.50%	)		4.58%			9.30%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	20,297		$	27,245		$	24	⁴	$	15	⁴	$	17	⁴	$	11	⁴
Ratio of expenses to average net assets⁵		1.93%			1.96%			2.00%			2.02%			2.07%			2.07%
Ratio of expenses to average net assets prior to fees waived⁵		2.03%			2.01%			2.07%			2.09%			2.12%			2.17%
Ratio of net investment income to average net assets		0.71%			0.21%			0.66%			0.95%			0.79%			0.63%
Ratio of net investment income to average net assets prior to fees waived		0.61%			0.16%			0.59%			0.88%			0.74%			0.53%
Portfolio turnover		15%			20%			23%			25%			17%			42%


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.

See accompanying notes, which are an integral part of the financial statements.

217

Table of Contents

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.84		$	18.42		$	10.99		$	14.00		$	13.78		$	12.70

Income (loss) from investment operations:
Net investment income²		0.16			0.26			0.27			0.31			0.25			0.21
Net realized and unrealized gain (loss)		(3.19	)		0.88			7.43			(2.97	)		0.51			1.09
Total from investment operations		(3.03	)		1.14			7.70			(2.66	)		0.76			1.30

Less dividends and distributions from:
Net investment income		(0.16	)		(0.26	)		(0.27	)		(0.30	)		(0.24	)		(0.22	)
Net realized gain		—			(0.46	)		—			(0.05	)		(0.30	)		—
Total dividends and distributions		(0.16	)		(0.72	)		(0.27	)		(0.35	)		(0.54	)		(0.22	)

Net asset value, end of period	$	15.65		$	18.84		$	18.42		$	10.99		$	14.00		$	13.78

Total return³		(16.18%	)		6.05%			70.58%			(19.53%	)		5.67%			10.30%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	996,724		$	1,399,865		$	1,224	⁴	$	401	⁴	$	431	⁴	$	166	⁴
Ratio of expenses to average net assets⁵		0.83%			0.83%			0.83%			0.83%			1.05%			1.05%
Ratio of expenses to average net assets prior to fees waived⁵		1.04%			1.07%			1.06%			1.08%			1.09%			1.12%
Ratio of net investment income to average net assets		1.81%			1.34%			1.78%			2.13%			1.81%			1.62%
Ratio of net investment income to average net assets prior to fees waived		1.60%			1.10%			1.55%			1.88%			1.77%			1.55%
Portfolio turnover		15%			20%			23%			25%			17%			42%


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 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.

See accompanying notes, which are an integral part of the financial statements.

218

Table of Contents

Delaware Ivy Mid Cap Income Opportunities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.77		$	18.35		$	10.96		$	13.96		$	13.74		$	12.65

Income (loss) from investment operations:
Net investment income²		0.10			0.12			0.16			0.20			0.17			0.13
Net realized and unrealized gain (loss)		(3.17	)		0.87			7.39			(2.96	)		0.51			1.09
Total from investment operations		(3.07	)		0.99			7.55			(2.76	)		0.68			1.22

Less dividends and distributions from:
Net investment income		(0.11	)		(0.11	)		(0.16	)		(0.19	)		(0.16	)		(0.13	)
Net realized gain		—			(0.46	)		—			(0.05	)		(0.30	)		—
Total dividends and distributions		(0.11	)		(0.57	)		(0.16	)		(0.24	)		(0.46	)		(0.13	)

Net asset value, end of period	$	15.59		$	18.77		$	18.35		$	10.96		$	13.96		$	13.74

Total return³		(16.43%	)⁴		5.28%	⁴		69.22%	⁴		(20.15%	)⁴		5.05%			9.66%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,004		$	1,205		$	1	⁵	$	3	⁵	$	3	⁵	$	3	⁵
Ratio of expenses to average net assets⁶		1.50%			1.58%			1.58%			1.59%			1.67%			1.68%
Ratio of expenses to average net assets prior to fees waived⁶		1.64%			1.63%			1.64%			1.66%			1.67%			1.68%
Ratio of net investment income to average net assets		1.15%			0.60%			1.16%			1.38%			1.19%			1.00%
Ratio of net investment income to average net assets prior to fees waived		1.01%			0.55%			1.10%			1.31%			1.19%			1.00%
Portfolio turnover		15%			20%			23%			25%			17%			42%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

219

Table of Contents

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.84		$	18.42		$	10.99		$	14.01		$	13.78		$	12.70

Income (loss) from investment operations:
Net investment income²		0.16			0.26			0.27			0.32			0.27			0.23
Net realized and unrealized gain (loss)		(3.18	)		0.88			7.43			(2.98	)		0.52			1.09
Total from investment operations		(3.02	)		1.14			7.70			(2.66	)		0.79			1.32

Less dividends and distributions from:
Net investment income		(0.16	)		(0.26	)		(0.27	)		(0.31	)		(0.26	)		(0.24	)
Net realized gain		—			(0.46	)		—			(0.05	)		(0.30	)		—
Total dividends and distributions		(0.16	)		(0.72	)		(0.27	)		(0.36	)		(0.56	)		(0.24	)

Net asset value, end of period	$	15.66		$	18.84		$	18.42		$	10.99		$	14.01		$	13.78

Total return³		(16.14%	)⁴		6.05%	⁴		70.58%	⁴		(19.57%	)⁴		5.85%			10.43%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	83,409		$	112,720		$	103	⁵	$	65	⁵	$	60	⁵	$	48	⁵
Ratio of expenses to average net assets⁶		0.83%			0.83%			0.83%			0.83%			0.94%			0.95%
Ratio of expenses to average net assets prior to fees waived⁶		0.91%			0.89%			0.92%			0.93%			0.94%			0.95%
Ratio of net investment income to average net assets		1.81%			1.34%			1.80%			2.15%			1.92%			1.70%
Ratio of net investment income to average net assets prior to fees waived		1.73%			1.28%			1.71%			2.05%			1.92%			1.70%
Portfolio turnover		15%			20%			23%			25%			17%			42%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

220

Table of Contents

Delaware Ivy Mid Cap Income Opportunities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.81		$	18.39		$	10.98		$	13.98		$	13.76		$	12.68

Income (loss) from investment operations:
Net investment income²		0.13			0.18			0.21			0.25			0.22			0.18
Net realized and unrealized gain (loss)		(3.18	)		0.88			7.41			(2.96	)		0.50			1.08
Total from investment operations		(3.05	)		1.06			7.62			(2.71	)		0.72			1.26

Less dividends and distributions from:
Net investment income		(0.12	)		(0.18	)		(0.21	)		(0.24	)		(0.20	)		(0.18	)
Net realized gain		—			(0.46	)		—			(0.05	)		(0.30	)		—
Total dividends and distributions		(0.12	)		(0.64	)		(0.21	)		(0.29	)		(0.50	)		(0.18	)

Net asset value, end of period	$	15.64		$	18.81		$	18.39		$	10.98		$	13.98		$	13.76

Total return³		(16.30%	)⁴		5.63%	⁴		69.84%	⁴		(19.89%	)⁴		5.45%			9.99%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14,126		$	27,888		$	38	⁵	$	13	⁵	$	14	⁵	$	6	⁵
Ratio of expenses to average net assets⁶		1.20%			1.22%			1.24%			1.26%			1.33%			1.35%
Ratio of expenses to average net assets prior to fees waived⁶		1.30%			1.30%			1.31%			1.33%			1.33%			1.36%
Ratio of net investment income to average net assets		1.41%			0.92%			1.40%			1.71%			1.54%			1.33%
Ratio of net investment income to average net assets prior to fees waived		1.31%			0.84%			1.33%			1.64%			1.54%			1.32%
Portfolio turnover		15%			20%			23%			25%			17%			42%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

221

Table of Contents

Financial highlights

Delaware Ivy Municipal Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.95		$	11.89		$	11.68		$	11.70		$	11.72		$	11.82

Income (loss) from investment operations:
Net investment income²		0.16			0.30			0.26			0.34			0.40			0.42
Net realized and unrealized gain (loss)		(1.17	)		(0.88	)		0.21			(0.03	)		(0.03	)		(0.15	)
Total from investment operations		(1.01	)		(0.58	)		0.47			0.31			0.37			0.27

Less dividends and distributions from:
Net investment income		(0.19	)		(0.25	)		(0.26	)		(0.33	)		(0.39	)		(0.37	)
Net realized gain		—			(0.11	)		—			—			—			—
Total dividends and distributions		(0.19	)		(0.36	)		(0.26	)		(0.33	)		(0.39	)		(0.37	)

Net asset value, end of period	$	9.75		$	10.95		$	11.89		$	11.68		$	11.70		$	11.72

Total return³		(9.34%	)		(5.09%	)		4.07%			2.68%			3.28%			2.28%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	288,064		$	375,510		$	445	⁴	$	453	⁴	$	476	⁴	$	523	⁴
Ratio of expenses to average net assets⁵		0.82%			0.83%			0.83%			0.84%			0.84%			0.87%
Ratio of expenses to average net assets prior to fees waived⁵		0.94%			0.87%			0.90%			0.91%			0.90%			0.92%
Ratio of net investment income to average net assets		2.98%			2.50%			2.21%			2.87%			3.38%			3.52%
Ratio of net investment income to average net assets prior to fees waived		2.86%			2.46%			2.14%			2.80%			3.32%			3.47%
Portfolio turnover		26%			60%			22%			18%			7%			—%	⁶


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.
⁶	Portfolio turnover is less than 0.50%.

See accompanying notes, which are an integral part of the financial statements.

222

Table of Contents

Delaware Ivy Municipal Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.95		$	11.89		$	11.68		$	11.70		$	11.72		$	11.82

Income (loss) from investment operations:
Net investment income²		0.10			0.18			0.16			0.24			0.30			0.29
Net realized and unrealized gain (loss)		(1.16	)		(0.86	)		0.21			(0.03	)		(0.01	)		(0.13	)
Total from investment operations		(1.06	)		(0.68	)		0.37			0.21			0.29			0.16

Less dividends and distributions from:
Net investment income		(0.14	)		(0.15	)		(0.16	)		(0.23	)		(0.31	)		(0.26	)
Net realized gain		—			(0.11	)		—			—			—			—
Total dividends and distributions		(0.14	)		(0.26	)		(0.16	)		(0.23	)		(0.31	)		(0.26	)

Net asset value, end of period	$	9.75		$	10.95		$	11.89		$	11.68		$	11.70		$	11.72

Total return³		(9.78%	)⁴		(5.87%	)		3.14%			1.80%			2.50%			1.39%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,663		$	4,842		$	8	⁵	$	16	⁵	$	19	⁵	$	24	⁵
Ratio of expenses to average net assets⁶		1.80%			1.67%			1.73%			1.72%			1.70%			1.74%
Ratio of expenses to average net assets prior to fees waived⁶		1.92%			1.67%			1.73%			1.72%			1.70%			1.74%
Ratio of net investment income to average net assets		1.98%			1.56%			1.36%			2.00%			2.53%			2.46%
Ratio of net investment income to average net assets prior to fees waived		1.86%			1.56%			1.36%			2.00%			2.53%			2.46%
Portfolio turnover		26%			60%			22%			18%			7%			—%	⁷


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	Portfolio turnover is less than 0.50%.

See accompanying notes, which are an integral part of the financial statements.

223

Table of Contents

Financial highlights

Delaware Ivy Municipal Bond Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.95		$	11.89		$	11.68		$	11.70		$	11.72		$	11.82

Income (loss) from investment operations:
Net investment income²		0.16			0.31			0.28			0.36			0.42			0.43
Net realized and unrealized gain (loss)		(1.16	)		(0.88	)		0.21			(0.03	)		(0.02	)		(0.15	)
Total from investment operations		(1.00	)		(0.57	)		0.49			0.33			0.40			0.28

Less dividends and distributions from:
Net investment income		(0.20	)		(0.26	)		(0.28	)		(0.35	)		(0.42	)		(0.38	)
Net realized gain		—			(0.11	)		—			—			—			—
Total dividends and distributions		(0.20	)		(0.37	)		(0.28	)		(0.35	)		(0.42	)		(0.38	)

Net asset value, end of period	$	9.75		$	10.95		$	11.89		$	11.68		$	11.70		$	11.72

Total return³		(9.26%	)⁴		(4.96%	)⁴		4.21%	⁴		2.83%	⁴		3.53%	⁴		2.36%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	147,899		$	238,886		$	302	⁵	$	293	⁵	$	315	⁵	$	326	⁵
Ratio of expenses to average net assets⁶		0.66%			0.70%			0.70%			0.70%			0.70%			0.75%
Ratio of expenses to average net assets prior to fees waived⁶		0.77%			0.72%			0.74%			0.74%			0.73%			0.75%
Ratio of net investment income to average net assets		3.08%			2.59%			2.33%			3.01%			3.52%			3.58%
Ratio of net investment income to average net assets prior to fees waived		2.97%			2.57%			2.29%			2.97%			3.49%			3.58%
Portfolio turnover		26%			60%			22%			18%			7%			—%	⁷


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 and/or distributor. 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.
⁷	Portfolio turnover is less than 0.50%.

See accompanying notes, which are an integral part of the financial statements.

224

Table of Contents

Delaware Ivy Municipal Bond Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended												7/5/17 to 3/31/18²
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			7/5/17 to 3/31/18²
Net asset value, beginning of period	$	10.95		$	11.89		$	11.68		$	11.70		$	11.72		$	11.90

Income (loss) from investment operations:
Net investment income³		0.16			0.32			0.29			0.36			0.43			0.33
Net realized and unrealized gain (loss)		(1.16	)		(0.87	)		0.21			(0.02	)		(0.02	)		(0.21	)
Total from investment operations		(1.00	)		(0.55	)		0.50			0.34			0.41			0.12

Less dividends and distributions from:
Net investment income		(0.20	)		(0.28	)		(0.29	)		(0.36	)		(0.43	)		(0.30	)
Net realized gain		—			(0.11	)		—			—			—			—
Total dividends and distributions		(0.20	)		(0.39	)		(0.29	)		(0.36	)		(0.43	)		(0.30	)

Net asset value, end of period	$	9.75		$	10.95		$	11.89		$	11.68		$	11.70		$	11.72

Total return⁴		(9.23%	)⁵		(4.84%	)		4.32%			2.94%			3.62%			1.09%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	726		$	1,124		$	1	⁶	$	1	⁶	$	1	⁶	$	1	⁶
Ratio of expenses to average net assets⁷		0.60%			0.58%			0.60%			0.60%			0.59%			0.60%
Ratio of expenses to average net assets prior to fees waived⁷		0.62%			0.58%			0.60%			0.60%			0.59%			0.60%
Ratio of net investment income to average net assets		3.14%			2.75%			2.43%			3.09%			3.62%			3.74%
Ratio of net investment income to average net assets prior to fees waived		3.12%			2.75%			2.43%			3.09%			3.62%			3.74%
Portfolio turnover		26%			60%			22%			18%			7%			—%	⁸


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	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.
⁵	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.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁸	Portfolio turnover is less than 0.50%.

See accompanying notes, which are an integral part of the financial statements.

225

Table of Contents

Financial highlights

Delaware Ivy Municipal High Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	4.81		$	5.04		$	4.87		$	5.02		$	5.05		$	5.09

Income (loss) from investment operations:
Net investment income²		0.06			0.21			0.17			0.19			0.22			0.16
Net realized and unrealized gain (loss)		(0.59	)		(0.28	)		0.17			(0.15	)		(0.03	)		—
Total from investment operations		(0.53	)		(0.07	)		0.34			0.04			0.19			0.16

Less dividends and distributions from:
Net investment income		(0.10	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)		(0.20	)
Total dividends and distributions		(0.10	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)		(0.20	)

Net asset value, end of period	$	4.18		$	4.81		$	5.04		$	4.87		$	5.02		$	5.05

Total return³		(11.21%	)⁴		(1.44%	)		7.13%			0.72%			3.76%			3.35%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	424,777		$	556,920		$	6,367	⁵	$	610	⁵	$	665	⁵	$	732	⁵
Ratio of expenses to average net assets⁶		0.90%			0.89%			0.89%			0.88%			0.87%			0.88%
Ratio of expenses to average net assets prior to fees waived⁶		0.92%			0.89%			0.89%			0.88%			0.87%			0.88%
Ratio of net investment income to average net assets		2.45%			4.14%			3.47%			3.76%			4.32%			3.17%
Ratio of net investment income to average net assets prior to fees waived		2.43%			4.14%			3.47%			3.76%			4.32%			3.17%
Portfolio turnover		66%			42%			7%			18%			10%			3%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

226

Table of Contents

Delaware Ivy Municipal High Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	4.81		$	5.04		$	4.87		$	5.02		$	5.05		$	5.09

Income (loss) from investment operations:
Net investment income²		0.04			0.17			0.14			0.15			0.18			0.19
Net realized and unrealized gain (loss)		(0.59	)		(0.27	)		0.17			(0.15	)		(0.03	)		(0.06	)
Total from investment operations		(0.55	)		(0.10	)		0.31			—			0.15			0.13

Less dividends and distributions from:
Net investment income		(0.08	)		(0.13	)		(0.14	)		(0.15	)		(0.18	)		(0.17	)
Total dividends and distributions		(0.08	)		(0.13	)		(0.14	)		(0.15	)		(0.18	)		(0.17	)

Net asset value, end of period	$	4.18		$	4.81		$	5.04		$	4.87		$	5.02		$	5.05

Total return³		(11.51%	)		(2.12%	)		6.39%			0.01%			3.06%			2.61%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,380		$	18,899		$	30	⁴	$	79	⁴	$	106	⁴	$	143	⁴
Ratio of expenses to average net assets⁵		1.58%			1.58%			1.58%			1.58%			1.58%			1.58%
Ratio of expenses to average net assets prior to fees waived⁵		1.85%			1.71%			1.68%			1.65%			1.63%			1.64%
Ratio of net investment income to average net assets		1.59%			3.32%			2.85%			3.06%			3.63%			3.67%
Ratio of net investment income to average net assets prior to fees waived		1.32%			3.19%			2.75%			2.99%			3.58%			3.61%
Portfolio turnover		66%			42%			7%			18%			10%			3%


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.

See accompanying notes, which are an integral part of the financial statements.

227

Table of Contents

Financial highlights

Delaware Ivy Municipal High Income Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	4.81		$	5.04		$	4.87		$	5.02		$	5.05		$	5.09

Income (loss) from investment operations:
Net investment income²		0.06			0.23			0.19			0.20			0.23			0.23
Net realized and unrealized gain (loss)		(0.59	)		(0.28	)		0.17			(0.15	)		(0.03	)		(0.06	)
Total from investment operations		(0.53	)		(0.05	)		0.36			0.05			0.20			0.17

Less dividends and distributions from:
Net investment income		(0.10	)		(0.18	)		(0.19	)		(0.20	)		(0.23	)		(0.21	)
Total dividends and distributions		(0.10	)		(0.18	)		(0.19	)		(0.20	)		(0.23	)		(0.21	)

Net asset value, end of period	$	4.18		$	4.81		$	5.04		$	4.87		$	5.02		$	5.05

Total return³		(11.08%	)		(1.16%	)		7.42%			0.99%			4.04%			3.56%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	189,681		$	278,654		$	313	⁴	$	355	⁴	$	413	⁴	$	520	⁴
Ratio of expenses to average net assets⁵		0.61%			0.61%			0.61%			0.61%			0.64%			0.68%
Ratio of expenses to average net assets prior to fees waived⁵		0.76%			0.75%			0.74%			0.72%			0.71%			0.72%
Ratio of net investment income to average net assets		2.65%			4.42%			3.76%			4.02%			4.57%			4.49%
Ratio of net investment income to average net assets prior to fees waived		2.50%			4.28%			3.63%			3.91%			4.50%			4.45%
Portfolio turnover		66%			42%			7%			18%			10%			3%


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.

See accompanying notes, which are an integral part of the financial statements.

228

Table of Contents

Delaware Ivy Municipal High Income Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended												7/5/17 to 3/31/18²
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			7/5/17 to 3/31/18²
Net asset value, beginning of period	$	4.81		$	5.04		$	4.87		$	5.02		$	5.05		$	5.11

Income (loss) from investment operations:
Net investment income³		0.06			0.23			0.19			0.20			0.23			0.17
Net realized and unrealized gain (loss)		(0.59	)		(0.28	)		0.17			(0.14	)		(0.03	)		(0.07	)
Total from investment operations		(0.53	)		(0.05	)		0.36			0.06			0.20			0.10

Less dividends and distributions from:
Net investment income		(0.10	)		(0.18	)		(0.19	)		(0.21	)		(0.23	)		(0.16	)
Total dividends and distributions		(0.10	)		(0.18	)		(0.19	)		(0.21	)		(0.23	)		(0.16	)

Net asset value, end of period	$	4.18		$	4.81		$	5.04		$	4.87		$	5.02		$	5.05

Total return⁴		(11.08%	)		(1.15%	)		7.43%			1.03%			4.13%			2.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	730		$	1,095		$	1	⁵	$	1	⁵	$	1	⁵	$	—	^5,6
Ratio of expenses to average net assets⁷		0.62%			0.60%			0.60%			0.58%			0.57%			0.58%
Ratio of net investment income to average net assets		2.57%			4.46%			3.77%			4.03%			4.56%			4.55%
Portfolio turnover		66%			42%			7%			18%			10%			3%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	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.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

229

Table of Contents

Financial highlights

Delaware Ivy Municipal High Income Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	4.81		$	5.04		$	4.87		$	5.02		$	5.05		$	5.09

Income (loss) from investment operations:
Net investment income²		0.06			0.21			0.17			0.19			0.22			0.23
Net realized and unrealized gain (loss)		(0.59	)		(0.28	)		0.17			(0.15	)		(0.03	)		(0.07	)
Total from investment operations		(0.53	)		(0.07	)		0.34			0.04			0.19			0.16

Less dividends and distributions from:
Net investment income		(0.10	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)		(0.20	)
Total dividends and distributions		(0.10	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)		(0.20	)

Net asset value, end of period	$	4.18		$	4.81		$	5.04		$	4.87		$	5.02		$	5.05

Total return³		(11.21%	)		(1.44%	)		7.12%			0.72%			3.79%			3.35%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,981		$	3,955		$	4	⁴	$	6	⁴	$	7	⁴	$	10	⁴
Ratio of expenses to average net assets⁵		0.92%			0.89%			0.89%			0.88%			0.87%			0.88%
Ratio of expenses to average net assets prior to fees waived⁵		1.01%			1.00%			0.99%			0.98%			0.96%			0.98%
Ratio of net investment income to average net assets		2.39%			4.14%			3.49%			3.75%			4.36%			4.44%
Ratio of net investment income to average net assets prior to fees waived		2.30%			4.03%			3.39%			3.65%			4.27%			4.34%
Portfolio turnover		66%			42%			7%			18%			10%			3%


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.

See accompanying notes, which are an integral part of the financial statements.

230

Table of Contents

Delaware Ivy Small Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21				3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.47		$	22.28		$	13.27			$	17.19		$	18.63		$	17.23

Income (loss) from investment operations:
Net investment loss²		(0.05	)		(0.16	)		(0.18	)			(0.15	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss)		(3.16	)		(1.56	)		11.15				(2.59	)		1.44			3.56
Total from investment operations		(3.21	)		(1.72	)		10.97				(2.74	)		1.29			3.41

Less dividends and distributions from:
Net investment income		—			(0.19	)		—				—			—			—
Net realized gain		—			(5.90	)		(1.96	)			(1.18	)		(2.73	)		(2.01	)
Total dividends and distributions		—			(6.09	)		(1.96	)			(1.18	)		(2.73	)		(2.01	)

Net asset value, end of period	$	11.26		$	14.47		$	22.28		��	$	13.27		$	17.19		$	18.63

Total return³		(22.18%	)⁴		(8.23%	)		84.34%				(17.35%	)		7.76%			20.69%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	719,558		$	1,030,905		$	1,318	⁵		$	788	⁵	$	1,099	⁵	$	1,026	⁵
Ratio of expenses to average net assets⁶		1.27%			1.24%			1.26%				1.31%			1.32%			1.35%
Ratio of expenses to average net assets prior to fees waived⁶		1.33%			1.24%			1.26%				1.31%			1.32%			1.35%
Ratio of net investment loss to average net assets		(0.76%	)		(0.81%	)		(0.93%	)			(0.87%	)		(0.84%	)		(0.80%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.82%	)		(0.81%	)		(0.93%	)			(0.87%	)		(0.84%	)		(0.80%	)
Portfolio turnover		25%			40%			57%				40%			42%			43%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

231

Table of Contents

Financial highlights

Delaware Ivy Small Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	8.66		$	15.96		$	9.92		$	13.23		$	14.97		$	14.28

Income (loss) from investment operations:
Net investment loss²		(0.06	)		(0.22	)		(0.24	)		(0.21	)		(0.23	)		(0.24	)
Net realized and unrealized gain (loss)		(1.89	)		(1.07	)		8.24			(1.92	)		1.14			2.92
Total from investment operations		(1.95	)		(1.29	)		8.00			(2.13	)		0.91			2.68

Less dividends and distributions from:
Net investment income		—			(0.11	)		—			—			—			—
Net realized gain		—			(5.90	)		(1.96	)		(1.18	)		(2.65	)		(1.99	)
Total dividends and distributions		—			(6.01	)		(1.96	)		(1.18	)		(2.65	)		(1.99	)

Net asset value, end of period	$	6.71		$	8.66		$	15.96		$	9.92		$	13.23		$	14.97

Total return³		(22.52%	)⁴		(8.89%	)⁴		82.81%			(17.94%	)⁴		6.99%	⁴		19.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,280		$	36,063		$	57	⁵	$	51	⁵	$	88	⁵	$	99	⁵
Ratio of expenses to average net assets⁶		1.99%			2.04%			2.04%			2.05%			2.05%			2.06%
Ratio of expenses to average net assets prior to fees waived⁶		2.28%			2.11%			2.04%			2.09%			2.06%			2.06%
Ratio of net investment loss to average net assets		(1.49%	)		(1.62%	)		(1.69%	)		(1.62%	)		(1.56%	)		(1.57%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.78%	)		(1.69%	)		(1.69%	)		(1.66%	)		(1.57%	)		(1.57%	)
Portfolio turnover		25%			40%			57%			40%			42%			43%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

232

Table of Contents

Delaware Ivy Small Cap Growth Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.48		$	32.06		$	18.51		$	23.43		$	24.36		$	21.96

Income (loss) from investment operations:
Net investment loss²		(0.04	)		(0.14	)		(0.15	)		(0.11	)		(0.11	)		(0.12	)
Net realized and unrealized gain (loss)		(5.13	)		(2.28	)		15.66			(3.63	)		1.93			4.58
Total from investment operations		(5.17	)		(2.42	)		15.51			(3.74	)		1.82			4.46

Less dividends and distributions from:
Net investment income		—			(0.26	)		—			—			—			—
Net realized gain		—			(5.90	)		(1.96	)		(1.18	)		(2.75	)		(2.06	)
Total dividends and distributions		—			(6.16	)		(1.96	)		(1.18	)		(2.75	)		(2.06	)

Net asset value, end of period	$	18.31		$	23.48		$	32.06		$	18.51		$	23.43		$	24.36

Total return³		(22.02%	)⁴		(7.88%	)⁴		85.00%	⁴		(16.99%	)⁴		8.14%	⁴		21.04%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	579,563		$	904,112		$	1,216	⁵	$	778	⁵	$	1,034	⁵	$	717	⁵
Ratio of expenses to average net assets⁶		0.89%			0.89%			0.89%			0.89%			0.94%			1.07%
Ratio of expenses to average net assets prior to fees waived⁶		1.06%			1.02%			1.03%			1.04%			1.04%			1.07%
Ratio of net investment loss to average net assets		(0.38%	)		(0.46%	)		(0.55%	)		(0.46%	)		(0.47%	)		(0.53%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.55%	)		(0.59%	)		(0.69%	)		(0.61%	)		(0.57%	)		(0.53%	)
Portfolio turnover		25%			40%			57%			40%			42%			43%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

233

Table of Contents

Financial highlights

Delaware Ivy Small Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	13.75		$	21.50		$	12.89		$	16.78		$	18.27		$	16.97

Income (loss) from investment operations:
Net investment loss²		(0.06	)		(0.23	)		(0.24	)		(0.20	)		(0.20	)		(0.20	)
Net realized and unrealized gain (loss)		(3.00	)		(1.49	)		10.81			(2.51	)		1.41			3.49
Total from investment operations		(3.06	)		(1.72	)		10.57			(2.71	)		1.21			3.29

Less dividends and distributions from:
Net investment income		—			(0.13	)		—			—			—			—
Net realized gain		—			(5.90	)		(1.96	)		(1.18	)		(2.70	)		(1.99	)
Total dividends and distributions		—			(6.03	)		(1.96	)		(1.18	)		(2.70	)		(1.99	)

Net asset value, end of period	$	10.69		$	13.75		$	21.50		$	12.89		$	16.78		$	18.27

Total return³		(22.26%	)⁴		(8.57%	)		83.70%			(17.60%	)		7.42%			20.29%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	41,119		$	56,050		$	70	⁵	$	43	⁵	$	66	⁵	$	57	⁵
Ratio of expenses to average net assets⁶		1.56%			1.61%			1.62%			1.63%			1.62%			1.66%
Ratio of expenses to average net assets prior to fees waived⁶		1.65%			1.61%			1.62%			1.63%			1.62%			1.66%
Ratio of net investment loss to average net assets		(1.05%	)		(1.19%	)		(1.29%	)		(1.19%	)		(1.14%	)		(1.11%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.14%	)		(1.19%	)		(1.29%	)		(1.19%	)		(1.14%	)		(1.11%	)
Portfolio turnover		25%			40%			57%			40%			42%			43%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

234

Table of Contents

Delaware Ivy Small Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.70		$	32.30		$	18.63		$	23.58		$	24.49		$	22.06

Income (loss) from investment operations:
Net investment loss²		(0.04	)		(0.13	)		(0.15	)		(0.10	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss)		(5.18	)		(2.30	)		15.78			(3.67	)		1.96			4.60
Total from investment operations		(5.22	)		(2.43	)		15.63			(3.77	)		1.86			4.51

Less dividends and distributions from:
Net investment income		—			(0.27	)		—			—			—			—
Net realized gain		—			(5.90	)		(1.96	)		(1.18	)		(2.77	)		(2.08	)
Total dividends and distributions		—			(6.17	)		(1.96	)		(1.18	)		(2.77	)		(2.08	)

Net asset value, end of period	$	18.48		$	23.70		$	32.30		$	18.63		$	23.58		$	24.49

Total return³		(22.03%	)⁴		(7.88%	)		85.10%			(17.01%	)		8.19%			21.25%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	157,930		$	209,855		$	252	⁵	$	161	⁵	$	155	⁵	$	110	⁵
Ratio of expenses to average net assets⁶		0.89%			0.87%			0.87%			0.89%			0.89%			0.91%
Ratio of expenses to average net assets prior to fees waived⁶		0.90%			0.87%			0.87%			0.89%			0.89%			0.91%
Ratio of net investment loss to average net assets		(0.38%	)		(0.44%	)		(0.54%	)		(0.44%	)		(0.42%	)		(0.38%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.39%	)		(0.44%	)		(0.54%	)		(0.44%	)		(0.42%	)		(0.38%	)
Portfolio turnover		25%			40%			57%			40%			42%			43%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

235

Table of Contents

Financial highlights

Delaware Ivy Small Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	21.10		$	29.47		$	17.17		$	21.90		$	23.00		$	20.85

Income (loss) from investment operations:
Net investment loss²		(0.07	)		(0.22	)		(0.23	)		(0.18	)		(0.18	)		(0.17	)
Net realized and unrealized gain (loss)		(4.61	)		(2.08	)		14.49			(3.37	)		1.82			4.34
Total from investment operations		(4.68	)		(2.30	)		14.26			(3.55	)		1.64			4.17

Less dividends and distributions from:
Net investment income		—			(0.17	)		—			—			—			—
Net realized gain		—			(5.90	)		(1.96	)		(1.18	)		(2.74	)		(2.02	)
Total dividends and distributions		—			(6.07	)		(1.96	)		(1.18	)		(2.74	)		(2.02	)

Net asset value, end of period	$	16.42		$	21.10		$	29.47		$	17.17		$	21.90		$	23.00

Total return³		(22.18%	)⁴		(8.19%	)⁴		84.34%			(17.36%	)		7.83%			20.75%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	73,838		$	99,698		$	135	⁵	$	91	⁵	$	141	⁵	$	141	⁵
Ratio of expenses to average net assets⁶		1.24%			1.23%			1.26%			1.28%			1.27%			1.31%
Ratio of expenses to average net assets prior to fees waived⁶		1.29%			1.26%			1.26%			1.28%			1.27%			1.31%
Ratio of net investment loss to average net assets		(0.73%	)		(0.81%	)		(0.93%	)		(0.84%	)		(0.79%	)		(0.77%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.78%	)		(0.84%	)		(0.93%	)		(0.84%	)		(0.79%	)		(0.77%	)
Portfolio turnover		25%			40%			57%			40%			42%			43%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

236

Table of Contents

Delaware Ivy Smid Cap Core Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.43		$	22.43		$	12.88		$	16.87		$	18.29		$	17.66

Income (loss) from investment operations:
Net investment income (loss)²		0.03			(0.04	)		(0.06	)		(0.04	)		(0.09	)		(0.04	)
Net realized and unrealized gain (loss)		(3.20	)		(0.18	)		9.61			(3.83	)		1.04			1.09
Total from investment operations		(3.17	)		(0.22	)		9.55			(3.87	)		0.95			1.05

Less dividends and distributions from:
Net investment income		(0.02	)		—			—			—			—			—
Net realized gain		—			(3.78	)		—			(0.12	)		(2.37	)		(0.42	)
Total dividends and distributions		(0.02	)		(3.78	)		—			(0.12	)		(2.37	)		(0.42	)

Net asset value, end of period	$	15.24		$	18.43		$	22.43		$	12.88		$	16.87		$	18.29

Total return³		(17.20%	)⁴		(1.21%	)⁴		74.15%	⁴		(23.13%	)⁴		6.30%	⁴		5.97%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	113,877		$	151,380		$	176	⁵	$	114	⁵	$	174	⁵	$	186	⁵
Ratio of expenses to average net assets⁶		1.31%			1.33%			1.37%			1.38%			1.40%			1.46%
Ratio of expenses to average net assets prior to fees waived⁶		1.44%			1.36%			1.41%			1.41%			1.42%			1.46%
Ratio of net investment income (loss) to average net assets		0.32%			(0.19%	)		(0.37%	)		(0.24%	)		(0.48%	)		(0.24%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.19%			(0.22%	)		(0.41%	)		(0.27%	)		(0.50%	)		(0.24%	)
Portfolio turnover		9%			122%			127%			138%			119%			119%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

237

Table of Contents

Financial highlights

Delaware Ivy Smid Cap Core Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.84		$	18.75		$	10.85		$	14.32		$	15.81		$	15.39

Income (loss) from investment operations:
Net investment loss²		(0.03	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)		(0.16	)
Net realized and unrealized gain (loss)		(2.56	)		(0.14	)		8.05			(3.21	)		0.89			0.97
Total from investment operations		(2.59	)		(0.31	)		7.90			(3.35	)		0.70			0.81

Less dividends and distributions from:
Net investment income		(0.01	)		—			—			—			—			—
Net realized gain		—			(3.60	)		—			(0.12	)		(2.19	)		(0.39	)
Total dividends and distributions		(0.01	)		(3.60	)		—			(0.12	)		(2.19	)		(0.39	)

Net asset value, end of period	$	12.24		$	14.84		$	18.75		$	10.85		$	14.32		$	15.81

Total return³		(17.48%	)⁴		(1.93%	)⁴		72.81%	⁴		(23.62%	)⁴		5.59%	⁴		5.21%

Ratios and supplemental data:													��
Net assets, end of period (000 omitted)	$	12,692		$	17,505		$	22	⁵	$	20	⁵	$	35	⁵	$	33	⁵
Ratio of expenses to average net assets⁶		2.06%			2.07%			2.09%			2.10%			2.07%			2.14%
Ratio of expenses to average net assets prior to fees waived⁶		2.18%			2.10%			2.12%			2.12%			2.09%			2.14%
Ratio of net investment loss to average net assets		(0.43%	)		(0.94%	)		(1.07%	)		(0.96%	)		(1.15%	)		(0.97%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.55%	)		(0.97%	)		(1.10%	)		(0.98%	)		(1.17%	)		(0.97%	)
Portfolio turnover		9%			122%			127%			138%			119%			119%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

238

Table of Contents

Delaware Ivy Smid Cap Core Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.60		$	24.68		$	14.10		$	18.40		$	19.79		$	19.03

Income (loss) from investment operations:
Net investment income (loss)²		0.07			0.06			0.02			0.05			(0.01	)		—	³
Net realized and unrealized gain (loss)		(3.57	)		(0.21	)		10.56			(4.19	)		1.13			1.20
Total from investment operations		(3.50	)		(0.15	)		10.58			(4.14	)		1.12			1.20

Less dividends and distributions from:
Net investment income		(0.04	)		—			—			(0.02	)		—			—
Net realized gain		—			(3.93	)		—			(0.14	)		(2.51	)		(0.44	)
Total dividends and distributions		(0.04	)		(3.93	)		—			(0.16	)		(2.51	)		(0.44	)

Net asset value, end of period	$	17.06		$	20.60		$	24.68		$	14.10		$	18.40		$	19.79

Total return⁴		(17.02%	)⁵		(0.79%	)⁵		75.04%	⁵		(22.74%	)⁵		6.79%	⁵		6.29%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	206,300		$	316,727		$	451	⁶	$	304	⁶	$	393	⁶	$	333	⁶
Ratio of expenses to average net assets⁷		0.89%			0.89%			0.89%			0.89%			0.95%			1.10%
Ratio of expenses to average net assets prior to fees waived⁷		1.11%			1.07%			1.09%			1.10%			1.09%			1.10%
Ratio of net investment income (loss) to average net assets		0.74%			0.25%			0.11%			0.25%			(0.03%	)		(0.02%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.52%			0.07%			(0.09%	)		0.04%			(0.17%	)		(0.02%	)
Portfolio turnover		9%			122%			127%			138%			119%			119%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	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.
⁵	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.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

239

Table of Contents

Financial highlights

Delaware Ivy Smid Cap Core Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	18.22		$	22.20		$	12.78		$	16.78		$	18.18		$	17.58

Income (loss) from investment operations:
Net investment income (loss)²		0.01			(0.11	)		(0.11	)		(0.09	)		(0.13	)		(0.11	)
Net realized and unrealized gain (loss)		(3.16	)		(0.19	)		9.53			(3.79	)		1.03			1.12
Total from investment operations		(3.15	)		(0.30	)		9.42			(3.88	)		0.90			1.01

Less dividends and distributions from:
Net investment income		(0.01	)		—			—			—			—			—
Net realized gain		—			(3.68	)		—			(0.12	)		(2.30	)		(0.41	)
Total dividends and distributions		(0.01	)		(3.68	)		—			(0.12	)		(2.30	)		(0.41	)

Net asset value, end of period	$	15.06		$	18.22		$	22.20		$	12.78		$	16.78		$	18.18

Total return³		(17.28%	)⁴		(1.57%	)⁴		73.71%	⁴		(23.32%	)⁴		6.04%	⁴		5.69%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,699		$	22,950		$	25	⁵	$	15	⁵	$	16	⁵	$	11	⁵
Ratio of expenses to average net assets⁶		1.56%			1.64%			1.64%			1.65%			1.65%			1.68%
Ratio of expenses to average net assets prior to fees waived⁶		1.69%			1.67%			1.67%			1.67%			1.67%			1.68%
Ratio of net investment income (loss) to average net assets		0.07%			(0.50%	)		(0.64%	)		(0.52%	)		(0.73%	)		(0.62%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.06%	)		(0.53%	)		(0.67%	)		(0.54%	)		(0.75%	)		(0.62%	)
Portfolio turnover		9%			122%			127%			138%			119%			119%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

240

Table of Contents

Delaware Ivy Smid Cap Core Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.80		$	24.88		$	14.22		$	18.55		$	19.96		$	19.17

Income (loss) from investment operations:
Net investment income²		0.07			0.06			0.02			0.05			0.01			0.03
Net realized and unrealized gain (loss)		(3.60	)		(0.21	)		10.64			(4.22	)		1.13			1.21
Total from investment operations		(3.53	)		(0.15	)		10.66			(4.17	)		1.14			1.24

Less dividends and distributions from:
Net investment income		(0.04	)		—			—			(0.02	)		—			—
Net realized gain		—			(3.93	)		—			(0.14	)		(2.55	)		(0.45	)
Total dividends and distributions		(0.04	)		(3.93	)		—			(0.16	)		(2.55	)		(0.45	)

Net asset value, end of period	$	17.23		$	20.80		$	24.88		$	14.22		$	18.55		$	19.96

Total return³		(17.01%	)⁴		(0.79%	)⁴		74.96%	⁴		(22.72%	)⁴		6.87%	⁴		6.45%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	59,399		$	82,144		$	77	⁵	$	59	⁵	$	77	⁵	$	43	⁵
Ratio of expenses to average net assets⁶		0.89%			0.89%			0.89%			0.89%			0.90%			0.94%
Ratio of expenses to average net assets prior to fees waived⁶		0.96%			0.94%			0.95%			0.95%			0.94%			0.94%
Ratio of net investment income to average net assets		0.74%			0.25%			0.11%			0.24%			0.04%			0.16%
Ratio of net investment income to average net assets prior to fees waived		0.67%			0.20%			0.05%			0.18%			0.04%			0.16%
Portfolio turnover		9%			122%			127%			138%			119%			119%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

241

Table of Contents

Financial highlights

Delaware Ivy Smid Cap Core Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.71		$	23.73		$	13.62		$	17.81		$	19.20		$	18.51
						��
Income (loss) from investment operations:
Net investment income (loss)²		0.03			(0.04	)		(0.05	)		(0.03	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss)		(3.41	)		(0.19	)		10.16			(4.04	)		1.10			1.15
Total from investment operations		(3.38	)		(0.23	)		10.11			(4.07	)		1.02			1.12

Less dividends and distributions from:
Net investment income		(0.02	)		—			—			—			—			—
Net realized gain		—			(3.79	)		—			(0.12	)		(2.41	)		(0.43	)
Total dividends and distributions		(0.02	)		(3.79	)		—			(0.12	)		(2.41	)		(0.43	)

Net asset value, end of period	$	16.31		$	19.71		$	23.73		$	13.62		$	17.81		$	19.20

Total return³		(17.17%	)⁴		(1.19%	)⁴		74.23%	⁴		(23.08%	)⁴		6.45%	⁴		6.00%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,112		$	8,110		$	9	⁵	$	7	⁵	$	16	⁵	$	18	⁵
Ratio of expenses to average net assets⁶		1.26%			1.30%			1.30%			1.32%			1.31%			1.36%
Ratio of expenses to average net assets prior to fees waived⁶		1.35%			1.33%			1.34%			1.35%			1.33%			1.36%
Ratio of net investment income (loss) to average net assets		0.37%			(0.17%	)		(0.28%	)		(0.19%	)		(0.41%	)		(0.16%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.28%			(0.20%	)		(0.32%	)		(0.22%	)		(0.43%	)		(0.16%	)
Portfolio turnover		9%			122%			127%			138%			119%			119%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

242

Table of Contents

Delaware Ivy Systematic Emerging Markets Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	22.54		$	28.07		$	15.61		$	19.15		$	21.60		$	16.95

Income (loss) from investment operations:
Net investment income (loss)²		0.52			0.15			(0.01	)		0.12			0.12			0.01
Net realized and unrealized gain (loss)		(5.55	)		(5.54	)		12.68			(3.51	)		(2.46	)		4.64
Total from investment operations		(5.03	)		(5.39	)		12.67			(3.39	)		(2.34	)		4.65

Less dividends and distributions from:
Net investment income		—			(0.14	)		(0.21	)		(0.15	)		(0.11	)		—	³
Total dividends and distributions		—			(0.14	)		(0.21	)		(0.15	)		(0.11	)		—	³

Net asset value, end of period	$	17.51		$	22.54		$	28.07		$	15.61		$	19.15		$	21.60

Total return⁴		(22.32%	)⁵		(19.25%	)⁵		81.21%			(17.87%	)		(10.75%	)		27.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	183,481		$	263,968		$	377	⁶	$	229	⁶	$	344	⁶	$	569	⁶
Ratio of expenses to average net assets⁷		1.12%			1.35%			1.39%			1.46%			1.44%			1.44%
Ratio of expenses to average net assets prior to fees waived⁷		1.56%			1.37%			1.39%			1.46%			1.44%			1.44%
Ratio of net investment income (loss) to average net assets		5.19%			0.55%			(0.03%	)		0.61%			0.62%			0.07%
Ratio of net investment income (loss) to average net assets prior to fees waived		4.75%			0.53%			(0.03%	)		0.61%			0.62%			0.07%
Portfolio turnover		48%			38%			39%			32%			59%			38%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $(0.005) per share.
⁴	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.
⁵	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.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

243

Table of Contents

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.07		$	23.86		$	13.31		$	16.39		$	18.54		$	14.65

Income (loss) from investment operations:
Net investment income (loss)²		0.38			(0.04	)		(0.15	)		(0.01	)		(0.01	)		(0.12	)
Net realized and unrealized gain (loss)		(4.69	)		(4.68	)		10.79			(2.99	)		(2.10	)		4.01
Total from investment operations		(4.31	)		(4.72	)		10.64			(3.00	)		(2.11	)		3.89

Less dividends and distributions from:
Net investment income		—			(0.07	)		(0.09	)		(0.08	)		(0.04	)		—
Total dividends and distributions		—			(0.07	)		(0.09	)		(0.08	)		(0.04	)		—

Net asset value, end of period	$	14.76		$	19.07		$	23.86		$	13.31		$	16.39		$	18.54

Total return³		(22.60%	)⁴		(19.83%	)⁴		80.00%			(18.43%	)		(11.36%	)		26.55%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,402		$	39,227		$	57	⁵	$	43	⁵	$	72	⁵	$	95	⁵
Ratio of expenses to average net assets⁶		1.88%			2.07%			2.10%			2.16%			2.11%			2.13%
Ratio of expenses to average net assets prior to fees waived⁶		2.27%			2.09%			2.10%			2.16%			2.11%			2.13%
Ratio of net investment income (loss) to average net assets		4.43%			(0.17%	)		(0.73%	)		(0.07%	)		(0.08%	)		(0.66%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		4.04%			(0.19%	)		(0.73%	)		(0.07%	)		(0.08%	)		(0.66%	)
Portfolio turnover		48%			38%			39%			32%			59%			38%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

244

Table of Contents

Delaware Ivy Systematic Emerging Markets Equity Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.33		$	29.05		$	16.13		$	19.77		$	22.30		$	17.47

Income (loss) from investment operations:
Net investment income²		0.57			0.26			0.09			0.21			0.21			0.09
Net realized and unrealized gain (loss)		(5.75	)		(5.74	)		13.12			(3.61	)		(2.55	)		4.80
Total from investment operations		(5.18	)		(5.48	)		13.21			(3.40	)		(2.34	)		4.89

Less dividends and distributions from:
Net investment income		—			(0.24	)		(0.29	)		(0.24	)		(0.19	)		(0.06	)
Total dividends and distributions		—			(0.24	)		(0.29	)		(0.24	)		(0.19	)		(0.06	)

Net asset value, end of period	$	18.15		$	23.33		$	29.05		$	16.13		$	19.77		$	22.30

Total return³		(22.20%	)		(18.96%	)		82.02%			(17.50%	)		(10.34%	)		28.03%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	589,338		$	912,326		$	1,548	⁴	$	826	⁴	$	1,209	⁴	$	1,689	⁴
Ratio of expenses to average net assets⁵		0.81%			0.98%			0.99%			0.99%			0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived⁵		1.18%			1.08%			1.10%			1.14%			1.11%			1.10%
Ratio of net investment income to average net assets		5.49%			0.93%			0.37%			1.09%			1.06%			0.44%
Ratio of net investment income to average net assets prior to fees waived		5.12%			0.83%			0.26%			0.94%			0.94%			0.33%
Portfolio turnover		48%			38%			39%			32%			59%			38%


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 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.

See accompanying notes, which are an integral part of the financial statements.

245

Table of Contents

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	22.26		$	27.75		$	15.44		$	18.95		$	21.40		$	16.83

Income (loss) from investment operations:
Net investment income (loss)²		0.49			0.06			(0.07	)		0.07			0.06			(0.04	)
Net realized and unrealized gain (loss)		(5.48	)		(5.46	)		12.53			(3.47	)		(2.43	)		4.61
Total from investment operations		(4.99	)		(5.40	)		12.46			(3.40	)		(2.37	)		4.57

Less dividends and distributions from:
Net investment income		—			(0.09	)		(0.15	)		(0.11	)		(0.08	)		—
Total dividends and distributions		—			(0.09	)		(0.15	)		(0.11	)		(0.08	)		—

Net asset value, end of period	$	17.27		$	22.26		$	27.75		$	15.44		$	18.95		$	21.40

Total return³		(22.42%	)⁴		(19.51%	)⁴		80.73%			(18.07%	)		(11.03%	)		27.15%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,633		$	7,540		$	11	⁵	$	9	⁵	$	15	⁵	$	20	⁵
Ratio of expenses to average net assets⁶		1.43%			1.67%			1.69%			1.72%			1.70%			1.70%
Ratio of expenses to average net assets prior to fees waived⁶		1.77%			1.68%			1.69%			1.72%			1.70%			1.70%
Ratio of net investment income (loss) to average net assets		4.90%			0.22%			(0.32%	)		0.39%			0.32%			(0.19%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		4.56%			0.21%			(0.32%	)		0.39%			0.32%			(0.19%	)
Portfolio turnover		48%			38%			39%			32%			59%			38%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

246

Table of Contents

Delaware Ivy Systematic Emerging Markets Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.46		$	29.21		$	16.22		$	19.88		$	22.42		$	17.56

Income (loss) from investment operations:
Net investment income²		0.57			0.28			0.10			0.21			0.20			0.12
Net realized and unrealized gain (loss)		(5.77	)		(5.77	)		13.19			(3.63	)		(2.54	)		4.80
Total from investment operations		(5.20	)		(5.49	)		13.29			(3.42	)		(2.34	)		4.92

Less dividends and distributions from:
Net investment income		—			(0.26	)		(0.30	)		(0.24	)		(0.20	)		(0.06	)
Total dividends and distributions		—			(0.26	)		(0.30	)		(0.24	)		(0.20	)		(0.06	)

Net asset value, end of period	$	18.26		$	23.46		$	29.21		$	16.22		$	19.88		$	22.42

Total return³		(22.17%	)⁴		(18.89%	)⁴		82.01%			(17.46%	)		(10.32%	)		28.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	154,074		$	254,340		$	353	⁵	$	200	⁵	$	300	⁵	$	310	⁵
Ratio of expenses to average net assets⁶		0.77%			0.92%			0.95%			0.99%			0.96%			0.95%
Ratio of expenses to average net assets prior to fees waived⁶		1.03%			0.93%			0.95%			0.99%			0.96%			0.95%
Ratio of net investment income to average net assets		5.42%			0.98%			0.40%			1.05%			1.03%			0.58%
Ratio of net investment income to average net assets prior to fees waived		5.16%			0.97%			0.40%			1.05%			1.03%			0.58%
Portfolio turnover		48%			38%			39%			32%			59%			38%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

247

Table of Contents

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.01		$	28.65		$	15.92		$	19.53		$	22.02		$	17.27

Income (loss) from investment operations:
Net investment income²		0.54			0.16			0.01			0.14			0.13			0.02
Net realized and unrealized gain (loss)		(5.67	)		(5.65	)		12.94			(3.58	)		(2.50	)		4.74
Total from investment operations		(5.13	)		(5.49	)		12.95			(3.44	)		(2.37	)		4.76

Less dividends and distributions from:
Net investment income		—			(0.15	)		(0.22	)		(0.17	)		(0.12	)		(0.01	)
Total dividends and distributions		—			(0.15	)		(0.22	)		(0.17	)		(0.12	)		(0.01	)

Net asset value, end of period	$	17.88		$	23.01		$	28.65		$	15.92		$	19.53		$	22.02

Total return³		(22.30%	)⁴		(19.23%	)⁴		81.40%			(17.80%	)		(10.68%	)		27.58%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,854		$	29,380		$	40	⁵	$	31	⁵	$	45	⁵	$	68	⁵
Ratio of expenses to average net assets⁶		1.14%			1.31%			1.34%			1.37%			1.35%			1.36%
Ratio of expenses to average net assets prior to fees waived⁶		1.42%			1.32%			1.34%			1.37%			1.35%			1.36%
Ratio of net investment income to average net assets		5.23%			0.59%			0.04%			0.70%			0.69%			0.12%
Ratio of net investment income to average net assets prior to fees waived		4.95%			0.58%			0.04%			0.70%			0.69%			0.12%
Portfolio turnover		48%			38%			39%			32%			59%			38%


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 shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver 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.

See accompanying notes, which are an integral part of the financial statements.

248

Table of Contents

Delaware Ivy Value Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.62		$	26.18		$	16.79		$	22.61		$	23.27		$	22.69

Income (loss) from investment operations:
Net investment income²		0.20			0.31			0.29			0.41			0.28			0.16
Net realized and unrealized gain (loss)		(4.51	)		4.14			9.86			(3.98	)		0.50			1.23
Total from investment operations		(4.31	)		4.45			10.15			(3.57	)		0.78			1.39

Less dividends and distributions from:
Net investment income		(0.17	)		(0.44	)		(0.29	)		(0.33	)		(0.20	)		(0.26	)
Net realized gain		—			(2.57	)		(0.47	)		(1.92	)		(1.24	)		(0.55	)
Total dividends and distributions		(0.17	)		(3.01	)		(0.76	)		(2.25	)		(1.44	)		(0.81	)

Net asset value, end of period	$	23.14		$	27.62		$	26.18		$	16.79		$	22.61		$	23.27

Total return³		(15.68%	)⁴		17.35%			61.22%	⁴		(18.67%	)		3.69%			6.13%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	328,669		$	405,826		$	359	⁵	$	251	⁵	$	354	⁵	$	398	⁵
Ratio of expenses to average net assets⁶		1.11%			1.09%			1.19%			1.21%			1.21%			1.23%	⁷
Ratio of expenses to average net assets prior to fees waived⁶		1.13%			1.09%			1.20%			1.21%			1.21%			1.21%
Ratio of net investment income to average net assets		1.58%			1.07%			1.36%			1.68%			1.21%			0.65%
Ratio of net investment income to average net assets prior to fees waived		1.56%			1.07%			1.35%			1.68%			1.21%			0.65%
Portfolio turnover		28%			64%			60%			68%			51%			72%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	Expense ratio based on the period excluding reorganization expenses was 1.21%.

See accompanying notes, which are an integral part of the financial statements.

249

Table of Contents

Financial highlights

Delaware Ivy Value Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	26.19		$	24.95		$	16.02		$	21.69		$	22.40		$	21.92

Income (loss) from investment operations:
Net investment income²		0.10			0.05			0.13			0.22			0.13			0.15
Net realized and unrealized gain (loss)		(4.29	)		3.95			9.39			(3.79	)		0.45			1.04
Total from investment operations		(4.19	)		4.00			9.52			(3.57	)		0.58			1.19

Less dividends and distributions from:
Net investment income		(0.09	)		(0.19	)		(0.12	)		(0.18	)		(0.05	)		(0.16	)
Net realized gain		—			(2.57	)		(0.47	)		(1.92	)		(1.24	)		(0.55	)
Total dividends and distributions		(0.09	)		(2.76	)		(0.59	)		(2.10	)		(1.29	)		(0.71	)

Net asset value, end of period	$	21.91		$	26.19		$	24.95		$	16.02		$	21.69		$	22.40

Total return³		(16.03%	)⁴		16.32%			59.94%			(19.29%	)		2.94%			5.41%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,486		$	6,611		$	7	⁵	$	8	⁵	$	14	⁵	$	18	⁵
Ratio of expenses to average net assets⁶		1.93%			1.97%			1.99%			1.99%			1.94%			1.95%	⁷
Ratio of expenses to average net assets prior to fees waived⁶		1.98%			1.97%			1.99%			1.99%			1.94%			1.95%
Ratio of net investment income to average net assets		0.78%			0.18%			0.65%			0.94%			0.59%			0.68%
Ratio of net investment income to average net assets prior to fees waived		0.73%			0.18%			0.65%			0.94%			0.59%			0.68%
Portfolio turnover		28%			64%			60%			68%			51%			72%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	Expense ratio based on the period excluding reorganization expenses was 2.23%.

See accompanying notes, which are an integral part of the financial statements.

250

Table of Contents

Delaware Ivy Value Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.78		$	26.31		$	16.88		$	22.72		$	23.38		$	22.80

Income (loss) from investment operations:
Net investment income²		0.24			0.37			0.35			0.47			0.36			0.24
Net realized and unrealized gain (loss)		(4.55	)		4.17			9.91			(4.00	)		0.50			1.22
Total from investment operations		(4.31	)		4.54			10.26			(3.53	)		0.86			1.46

Less dividends and distributions from:
Net investment income		(0.19	)		(0.50	)		(0.36	)		(0.39	)		(0.28	)		(0.33	)
Net realized gain		—			(2.57	)		(0.47	)		(1.92	)		(1.24	)		(0.55	)
Total dividends and distributions		(0.19	)		(3.07	)		(0.83	)		(2.31	)		(1.52	)		(0.88	)

Net asset value, end of period	$	23.28		$	27.78		$	26.31		$	16.88		$	22.72		$	23.38

Total return³		(15.62%	)⁴		17.61%			61.66%	⁴		(18.40%	)		3.95%			6.45%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	710,701		$	938,672		$	829	⁵	$	522	⁵	$	579	⁵	$	600	⁵
Ratio of expenses to average net assets⁶		0.88%			0.88%			0.91%			0.92%			0.91%			0.94%	⁷
Ratio of expenses to average net assets prior to fees waived⁶		0.90%			0.88%			0.92%			0.92%			0.91%			0.94%	⁷
Ratio of net investment income to average net assets		1.80%			1.28%			1.62%			1.94%			1.51%			1.01%
Ratio of net investment income to average net assets prior to fees waived		1.78%			1.28%			1.61%			1.94%			1.51%			1.01%
Portfolio turnover		28%			64%			60%			68%			51%			72%


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 and/or distributor. 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.
⁷	Expense ratio based on the period excluding reorganization expenses was 0.92%.

See accompanying notes, which are an integral part of the financial statements.

251

Table of Contents

Financial highlights

Delaware Ivy Value Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.54		$	26.11		$	16.74		$	22.56		$	23.22		$	22.66

Income (loss) from investment operations:
Net investment income²		0.12			0.08			0.21			0.33			0.22			0.26
Net realized and unrealized gain (loss)		(4.53	)		4.28			9.83			(3.98	)		0.49			1.06
Total from investment operations		(4.41	)		4.36			10.04			(3.65	)		0.71			1.32

Less dividends and distributions from:
Net investment income		(0.09	)		(0.36	)		(0.20	)		(0.25	)		(0.13	)		(0.21	)
Net realized gain		—			(2.57	)		(0.47	)		(1.92	)		(1.24	)		(0.55	)
Total dividends and distributions		(0.09	)		(2.93	)		(0.67	)		(2.17	)		(1.37	)		(0.76	)

Net asset value, end of period	$	23.04		$	27.54		$	26.11		$	16.74		$	22.56		$	23.22

Total return³		(15.98%	)⁴		16.99%			60.59%			(18.94%	)		3.35%			5.85%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17		$	14		$	—	^5,6	$	—	^5,6	$	—	^5,6	$	—	^5,6
Ratio of expenses to average net assets⁷		1.80%			1.53%			1.57%			1.55%			1.52%			1.53%	⁸
Ratio of expenses to average net assets prior to fees waived⁷		2.03%			1.53%			1.57%			1.55%			1.52%			1.53%
Ratio of net investment income to average net assets		0.93%			0.29%			0.96%			1.34%			0.95%			1.13%
Ratio of net investment income to average net assets prior to fees waived		0.70%			0.29%			0.96%			1.34%			0.95%			1.13%
Portfolio turnover		28%			64%			60%			68%			51%			72%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁸	Expense ratio based on the period excluding reorganization expenses was 1.52%.

See accompanying notes, which are an integral part of the financial statements.

252

Table of Contents

Delaware Ivy Value Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.89		$	26.40		$	16.94		$	22.80		$	23.45		$	22.86

Income (loss) from investment operations:
Net investment income²		0.25			0.41			0.39			0.51			0.41			0.41
Net realized and unrealized gain (loss)		(4.57	)		4.19			9.94			(4.02	)		0.50			1.10
Total from investment operations		(4.32	)		4.60			10.33			(3.51	)		0.91			1.51

Less dividends and distributions from:
Net investment income		(0.18	)		(0.54	)		(0.40	)		(0.43	)		(0.32	)		(0.37	)
Net realized gain		—			(2.57	)		(0.47	)		(1.92	)		(1.24	)		(0.55	)
Total dividends and distributions		(0.18	)		(3.11	)		(0.87	)		(2.35	)		(1.56	)		(0.92	)

Net asset value, end of period	$	23.39		$	27.89		$	26.40		$	16.94		$	22.80		$	23.45

Total return³		(15.54%	)		17.81%			61.93%			(18.29%	)		4.15%			6.65%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	61,229		$	126,573		$	146	⁴	$	113	⁴	$	140	⁴	$	149	⁴
Ratio of expenses to average net assets⁵		0.74%			0.72%			0.76%			0.77%			0.76%			0.78%	⁶
Ratio of net investment income to average net assets		1.87%			1.42%			1.81%			2.13%			1.72%			1.72%
Portfolio turnover		28%			64%			60%			68%			51%			72%


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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	Expense ratio based on the period excluding reorganization expenses was 0.77%.

See accompanying notes, which are an integral part of the financial statements.

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Financial highlights

Delaware Ivy Value Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)			Year ended
	Six months ended 9/30/22¹ (Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.57		$	26.14		$	16.77		$	22.65		$	23.31		$	22.73

Income (loss) from investment operations:
Net investment income²		0.20			0.28			0.33			0.46			0.33			0.34
Net realized and unrealized gain (loss)		(4.51	)		4.16			9.80			(4.09	)		0.47			1.05
Total from investment operations		(4.31	)		4.44			10.13			(3.63	)		0.80			1.39

Less dividends and distributions from:
Net investment income		(0.17	)		(0.44	)		(0.29	)		(0.33	)		(0.22	)		(0.26	)
Net realized gain		—			(2.57	)		(0.47	)		(1.92	)		(1.24	)		(0.55	)
Total dividends and distributions		(0.17	)		(3.01	)		(0.76	)		(2.25	)		(1.46	)		(0.81	)

Net asset value, end of period	$	23.09		$	27.57		$	26.14		$	16.77		$	22.65		$	23.31

Total return³		(15.67%	)⁴		17.32%	⁴		61.18%			(18.89%	)		3.76%			6.12%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	108		$	108		$	—	^5,6	$	—	^5,6	$	—	^5,6	$	1	⁵
Ratio of expenses to average net assets⁷		1.13%			1.11%			1.18%			1.19%			1.15%			1.22%
Ratio of expenses to average net assets prior to fees waived⁷		1.16%			1.14%			1.18%			1.19%			1.15%			1.22%
Ratio of net investment income to average net assets		1.57%			1.03%			1.61%			1.93%			1.37%			1.43%
Ratio of net investment income to average net assets prior to fees waived		1.54%			1.00%			1.61%			1.93%			1.37%			1.43%
Portfolio turnover		28%			64%			60%			68%			51%			72%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Notes to financial statements

Ivy Funds

September 30, 2022 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 39 series. These financial statements and the related notes pertain to 19 funds: Delaware Global Value Equity Fund (formerly, Delaware Ivy Global Equity Income Fund), Delaware Ivy Core Bond Fund (formerly, Delaware Ivy Securian Core Bond Fund), Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund (formerly, Delaware Ivy Small Cap Core Fund), Delaware Ivy Systematic Emerging Markets Equity Fund (formerly, Delaware Ivy Emerging Markets Equity Fund) and Delaware Ivy Value Fund, (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Global Value Equity Fund and Delaware Ivy Large Cap Growth Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Global Value Equity Fund and Delaware Ivy Large Cap Growth Fund are considered nondiversified.

The Funds offer Class A, Class C, Class I, and Class R6 shares. Each Fund (other than Delaware Ivy Municipal Bond Fund) offers Class Y shares and each Fund (other than Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund) offer Class R shares. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. On June 13, 2022, all Class E shares were liquidated. Class A shares are subject to an initial sales charge. If you are investing $1 million or more ($250,000 or more for Delaware Ivy Municipal Bond Fund or Delaware Ivy Municipal High Income Fund), either as a lump sum or through one of the sales charge reduction features described in the prospectus, you may be eligible to buy Class A shares without a sales charge. However, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase; or if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares ($250,000 or more for Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund) that received a NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, for each Fund except Delaware Ivy Limited-Term Bond Fund, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. For Delaware Ivy Limited-Term Bond Fund, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first 12 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts and interest rate swap (IRS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows,

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Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. Open-end investment companies are valued at their published NAV. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by each Fund’s valuation designee, Delaware Management Company (DMC). Subject to the oversight of each Fund’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2022, and for all open tax years (years ended March 31, 2019-March 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 2022, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), which is due to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Derivative Financial Instruments — The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/ or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the

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Funds can realize on an investment and/or may result in lower distributions paid to shareholders. Each Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Segregation and Collateralizations — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Delaware Ivy Core Bond Fund, Delaware Ivy High Income Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Municipal Bond Fund, and Delaware Ivy Municipal High Income Fund declare daily and pay monthly. Delaware Global Value Equity Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Value Fund declare and pay quarterly. Delaware Ivy Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, and Delaware Ivy Small Cap Growth Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Global Value Equity Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $5 billion;
		0.545% of net assets over $5 billion and up to $10 billion;
		0.54% of net assets over $10 billion.

Delaware Ivy Core Bond Fund¹		0.525% of net assets up to $500 million;
		0.50% of net assets over $500 million and up to $1 billion;
		0.45% of net assets over $1 billion and up to $1.5 billion;
		0.40% of net assets over $1.5 billion and up to $5 billion;
		0.395% of net assets over $5 billion and up to $10 billion;
		0.39% of net assets over $10 billion.

Delaware Ivy Core Equity Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $5 billion;
		0.525% of net assets over $5 billion and up to $6 billion;
		0.50% of net assets over $6 billion and up to $10 billion;
		0.49% of net assets over $10 billion.

Delaware Ivy Global Bond Fund		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 $5 billion;
		0.49% of net assets over $5 billion and up to $10 billion;
		0.48% of net assets over $10 billion.

Delaware Ivy Global Growth Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.70% of net assets over $3 billion and up to $5 billion;
		0.695% of net assets over $5 billion and up to $10 billion;
		0.69% of net assets over $10 billion.

Delaware Ivy High Income Fund		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.

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Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy International Core Equity Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.70% of net assets over $3 billion and up to $5 billion;
		0.69% of net assets over $5 billion and up to $10 billion;
		0.68% of net assets over $10 billion.

Delaware Ivy International Value Fund²		1.00% of net assets up to $500 million;
		0.85% of net assets over $500 million and up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.70% of net assets over $10 billion.

Delaware Ivy Large Cap Growth Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $5 billion;
		0.545% of net assets over $5 billion and up to $10 billion;
		0.54% of net assets over $10 billion.

Delaware Ivy Limited-Term Bond Fund		0.50% of net assets up to $500 million;
		0.45% of net assets over $500 million and up to $1 billion;
		0.40% of net assets over $1 billion and up to $1.5 billion;
		0.35% of net assets over $1.5 billion and up to $5 billion;
		0.34% of net assets over $5 billion and up to $10 billion;
		0.33% of net assets over $10 billion.

Delaware Ivy Managed International Opportunities Fund		0.05% of net assets.

Delaware Ivy Mid Cap Growth Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.70% of net assets over $10 billion and up to $15 billion;
		0.67% of net assets over $15 billion.

Delaware Ivy Mid Cap Income Opportunities Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.70% of net assets over $10 billion and up to $15 billion;
		0.67% of net assets over $15 billion.

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Municipal Bond Fund		0.525% of net assets up to $500 million;
		0.50% of net assets over $500 million and up to $1 billion;
		0.45% of net assets over $1 billion and up to $1.5 billion;
		0.40% of net assets over $1.5 billion and up to $5 billion;
		0.395% of net assets over $5 billion and up to $10 billion;
		0.39% of net assets over $10 billion and up to $15 billion;
		0.385% of net assets over $15 billion.

Delaware Ivy Municipal High Income Fund		0.525% of net assets up to $500 million;
		0.50% of net assets over $500 million and up to $1 billion;
		0.45% of net assets over $1 billion and up to $1.5 billion;
		0.40% of net assets over $1.5 billion and up to $5 billion;
		0.395% of net assets over $5 billion and up to $10 billion;
		0.39% of net assets over $10 billion and up to $15 billion;
		0.385% of net assets over $15 billion.

Delaware Ivy Small Cap Growth Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.72% of net assets over $10 billion.

Delaware Ivy Smid Cap Core Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.72% of net assets over $10 billion.

Delaware Ivy Systematic Emerging Markets Equity Fund		1.00% of net assets up to $500 million;
		0.85% of net assets over $500 million and up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.755% of net assets over $5 billion and up to $10 billion;
		0.75% of net assets over $10 billion.

Delaware Ivy Value Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $5 billion;
		0.545% of net assets over $5 billion and up to $10 billion;
		0.54% of net assets over $10 billion.


¹	DMC had contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022.
²	DMC had also contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets from November 15, 2021 through November 15, 2022.

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DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:

Prior to July 29, 2022, under an agreement between DMC and Securian Asset Management, Inc. (Securian AM), Securian AM served as subadviser to Delaware Ivy Core Bond Fund. The subadviser made investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of DMC and the oversight of the Board. DMC paid all applicable costs of the subadviser. Following July 29, 2022, DMC became primarily responsible for the day-to-day management of Delaware Ivy Core Bond Fund. DMC may seek fixed income investment advice, recommendations, discretionary investment advice and trading from its affiliates Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). DMC pays a sub-advisory fee to each of MIMAK, MIMEL and MIMGL based on the extent to which they provide services to the Fund.

In connection with its management of Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, and Delaware Ivy Limited-Term Bond Fund, DMC may seek fixed income investment advice, recommendations, discretionary investment advice and trading from its affiliates MIMAK, MIMEL, and MIMGL. DMC pays a sub-advisory fee to each of MIMAK, MIMEL and MIMGL based on the extent to which they provide services to the Fund.

In addition and with respect only to Delaware Ivy Managed International Opportunities Fund, MIMAK is responsible for the day-to-day management of the Fund. MIMAK may utilize its affiliate MIMGL to execute security trades. DMC pays a sub-advisory fee to each of MIMAK and MIMGL for their services to the Fund.

In addition and with respect only to Delaware Ivy Systematic Emerging Markets Equity Fund, MIMGL is responsible for the day-to-day management of the Fund. MIMGL may utilize its affiliate Macquarie Funds Management Hong Kong Limited (MFMHKL, also an affiliate of DMC) to execute security trades. DMC pays a sub-advisory fee to each of MIMGL and MFMHKL for their services to the Fund.

MIMGL and MFMHKL each serve as sub-advisor to Delaware Ivy Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Value Fund, Delaware Global Value Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, and Delaware Ivy International Value Fund, executing security trades on behalf of DMC. DMC pays a sub-advisory fee to each of MIMGL and MFMHKL for their services to the Fund.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Global Value Equity Fund	$	11,018
Delaware Ivy Core Bond Fund		23,762
Delaware Ivy Core Equity Fund		72,521
Delaware Ivy Global Bond Fund		14,275
Delaware Ivy Global Growth Fund		16,078
Delaware Ivy High Income Fund		59,714
Delaware Ivy International Core Equity Fund		31,899
Delaware Ivy International Value Fund		6,390
Delaware Ivy Large Cap Growth Fund		87,295
Delaware Ivy Limited-Term Bond Fund		21,341
Delaware Ivy Managed International Opportunities Fund		3,685
Delaware Ivy Mid Cap Growth Fund		109,443
Delaware Ivy Mid Cap Income Opportunities Fund		29,186
Delaware Ivy Municipal Bond Fund		12,378
Delaware Ivy Municipal High Income Fund		16,141

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Fund	Fees
Delaware Ivy Small Cap Growth Fund	$	36,071
Delaware Ivy Smid Cap Core Fund		11,416
Delaware Ivy Systematic Emerging Markets Equity Fund		21,667
Delaware Ivy Value Fund		25,440

Effective June 27, 2022, DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” From June 27, 2022 through September 30, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Global Value Equity Fund	$	54,226
Delaware Ivy Core Bond Fund		41,348
Delaware Ivy Core Equity Fund		329,065
Delaware Ivy Global Bond Fund		39,378
Delaware Ivy Global Growth Fund		77,568
Delaware Ivy High Income Fund		273,922
Delaware Ivy International Core Equity Fund		104,799
Delaware Ivy International Value Fund		17,821
Delaware Ivy Large Cap Growth Fund		305,491
Delaware Ivy Limited-Term Bond Fund		60,646
Delaware Ivy Managed International Opportunities Fund		13,813
Delaware Ivy Mid Cap Growth Fund		339,137
Delaware Ivy Mid Cap Income Opportunities Fund		53,595
Delaware Ivy Municipal Bond Fund		36,740
Delaware Ivy Municipal High Income Fund		53,693
Delaware Ivy Small Cap Growth Fund		170,928
Delaware Ivy Smid Cap Core Fund		39,304
Delaware Ivy Systematic Emerging Markets Equity Fund		82,562
Delaware Ivy Value Fund		71,384

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Funds and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” These fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Under the Shareholder Servicing Agreement between the Trust and WISC (that was in effect until June 27, 2022), with respect to Class A and Class C shares, for each shareholder account that was in existence at any time during the prior month, each Fund paid a monthly fee that ranged from $1.5042 to $1.6958 per account; however, WISC had agreed to reduce that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reached certain levels. Delaware Ivy Limited-Term Bond Fund Class A, which also had check writing privileges, paid $0.75 for each shareholder check processed in the prior month. For Class R shares, each Fund paid a monthly fee equal to one-twelfth of 0.25 of 1.00% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund paid a monthly fee equal to one-twelfth of 0.15 of 1.00% of the average daily net assets of the class for the preceding month. For Class R6 shares, each Fund paid WISC a monthly fee equal to one-twelfth of 0.01 of 1.00% of the average daily net assets of the class for the preceding month. Each Fund also reimbursed WISC for certain out-of-pocket costs for all classes.

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paid by the Funds to those intermediaries. The Fund would reimburse WISC for such costs if the annual rate of the third-party per account charged for a Fund were less than or equal to $12.00 per account or an annual fee of 0.14 of 1.00% that is based on average daily net assets.

Certain broker-dealers that maintained shareholder accounts with each Fund through an omnibus account provided transfer agent and other shareholder-related services that would otherwise have been provided by WISC if the individual accounts that comprised the omnibus account were opened by their beneficial owners directly. Each Fund could pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service (12b-1) fee of 0.25%, 1.00%, 0.50% and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fees.

From July 29, 2022, (except as noted below) DMC, DDLP and/or DIFSC (through July 29, 2023) have contractually agreed to waive all or a portion of its fees and/or pay/reimburse expenses (excluding acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC, DDLP, DIFSC and/or each Fund. The waivers and reimbursements are accrued daily and received monthly.

Fund	Operating expense limitation as a percentage of average daily net assets Class A			Operating expense limitation as a percentage of average daily net assets Class C			Operating expense limitation as a percentage of average daily net assets Class I			Operating expense limitation as a percentage of average daily net assets Class R			Operating expense limitation as a percentage of average daily net assets Class R6			Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Global Value Equity Fund		1.17	%		1.92	%		0.92	%		1.42	%		n/a			1.17	%
Delaware Ivy Core Bond Fund		0.70	%		1.45	%		0.45	%		0.95	%		0.45	%		0.70	%
Delaware Ivy Core Equity Fund		1.00	%		1.75	%		0.75	%		1.25	%		n/a			1.00	%
Delaware Ivy Global Bond Fund		0.96	%		1.71	%		0.71	%		1.21	%		n/a			0.96	%
Delaware Ivy Global Growth Fund		1.21	%		1.97	%		0.97	%		1.47	%		n/a			1.22	%
Delaware Ivy High Income Fund		1.00	%		1.75	%		0.75	%		1.25	%		n/a			1.00	%
Delaware Ivy International Core Equity Fund		1.04	%		1.79	%		0.79	%		1.29	%		0.79	%		1.04	%
Delaware Ivy International Value Fund		1.20	%		1.95	%		0.95	%		1.45	%		n/a			1.20	%

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2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Fund	Operating expense limitation as a percentage of average daily net assets Class A			Operating expense limitation as a percentage of average daily net assets Class C			Operating expense limitation as a percentage of average daily net assets Class I			Operating expense limitation as a percentage of average daily net assets Class R			Operating expense limitation as a percentage of average daily net assets Class R6			Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Ivy Large Cap Growth Fund		0.89	%		1.64	%		0.64	%		1.14	%		0.64	%		0.89	%
Delaware Ivy Limited-Term Bond Fund		0.78	%		1.53	%		0.53	%		1.03	%		n/a			0.78	%
Delaware Ivy Managed International Opportunities Fund		n/a			n/a			n/a			n/a			n/a			n/a
Delaware Ivy Mid Cap Growth Fund		1.04	%		1.79	%		0.79	%		1.29	%		0.79	%		1.04	%
Delaware Ivy Mid Cap Income Opportunities Fund		1.08	%		1.83	%		0.83	%		1.33	%		0.83	%		1.08	%
Delaware Ivy Municipal Bond Fund		0.80	%		1.55	%		0.55	%		n/a			0.55	%		n/a
Delaware Ivy Municipal High Income Fund		0.86	%		1.58	%		0.61	%		n/a			n/a			0.86	%
Delaware Ivy Small Cap Growth Fund		1.14	%		1.89	%		0.89	%		1.39	%		0.89	%		1.14	%
Delaware Ivy Smid Cap Core Fund		1.14	%		1.89	%		0.89	%		1.39	%		0.89	%		1.14	%
Delaware Ivy Systematic Emerging Markets Equity Fund		1.15	%		1.80	%		0.80	%		1.30	%		0.76	%		1.15	%
Delaware Ivy Value Fund		1.08	%		1.83	%		0.83	%		1.33	%		n/a			1.08	%

Prior to July 29, 2022, DMC, DDLP, WISC and/or DIFSC (as applicable) had contractually agreed to waive all or a portion of its fees and/or pay/ reimburse expenses in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets.

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Fund	Operating expense limitation as a percentage of average daily net assets Class A			Operating expense limitation as a percentage of average daily net assets Class C			Operating expense limitation as a percentage of average daily net assets Class I			Operating expense limitation as a percentage of average daily net assets Class R			Operating expense limitation as a percentage of average daily net assets Class R6			Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Global Value Equity Fund		1.22	%		n/a			0.92	%		n/a			n/a			1.19	%
Delaware Ivy Core Bond Fund¹		n/a			n/a			0.45	%		n/a			0.45	%		n/a
Delaware Ivy Core Equity Fund		1.03	%		n/a			0.84	%		n/a			n/a			0.84	%
Delaware Ivy Global Bond Fund²		0.96	%		1.72	%		0.74	%		n/a			0.74	%		0.96	%
Delaware Ivy Global Growth Fund		n/a			n/a			1.06	%		n/a			n/a			n/a
Delaware Ivy High Income Fund		n/a			1.66	%		n/a			n/a			n/a			n/a
Delaware Ivy International Core Equity Fund¹		1.23	%		1.92	%		0.79	%		1.53	%		0.79	%		1.18	%
Delaware Ivy International Value Fund		n/a			n/a			n/a			n/a			n/a			n/a
Delaware Ivy Large Cap Growth Fund		1.04	%		n/a			0.64	%		n/a			0.64	%		1.05	%
Delaware Ivy Limited-Term Bond Fund		n/a			n/a			n/a			n/a			n/a			n/a
Delaware Ivy Managed International Opportunities Fund¹		0.46	%		1.25	%		0.16	%		0.72	%		n/a			0.38	%
Delaware Ivy Mid Cap Growth Fund¹		1.30	%		n/a			0.79	%		n/a			0.79	%		n/a
Delaware Ivy Mid Cap Income Opportunities Fund¹		1.34	%		2.06	%		0.83	%		1.80	%		0.83	%		1.35	%

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Fund	Operating expense limitation as a percentage of average daily net assets Class A			Operating expense limitation as a percentage of average daily net assets Class C			Operating expense limitation as a percentage of average daily net assets Class I			Operating expense limitation as a percentage of average daily net assets Class R		Operating expense limitation as a percentage of average daily net assets Class R6			Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Ivy Municipal Bond Fund		0.83	%		n/a			0.70	%		n/a		n/a			n/a
Delaware Ivy Municipal High Income Fund		n/a			1.58	%		0.61	%		n/a		n/a			0.94	%
Delaware Ivy Small Cap Growth Fund		n/a			2.04	%		0.89	%		n/a		0.89	%		n/a
Delaware Ivy Smid Cap Core Fund¹		n/a			n/a			0.89	%		n/a		0.89	%		n/a
Delaware Ivy Systematic Emerging Markets Equity Fund		1.56	%		n/a			0.99	%		n/a		0.99	%		n/a
Delaware Ivy Value Fund		1.20	%		n/a			0.92	%		n/a		n/a			n/a


¹	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.
²	Effective November 15, 2021 through November 15, 2022. Prior to July 29, 2021, the Class Y expense limit in effect was 0.99%.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended September 30, 2022, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Global Value Equity Fund	$	11,453
Delaware Ivy Core Bond Fund		19,372
Delaware Ivy Core Equity Fund		36,997
Delaware Ivy Global Bond Fund		3,024
Delaware Ivy Global Growth Fund		6,877
Delaware Ivy High Income Fund		24,068
Delaware Ivy International Core Equity Fund		14,972
Delaware Ivy International Value Fund		13,455
Delaware Ivy Large Cap Growth Fund		32,518
Delaware Ivy Limited-Term Bond Fund		7,842
Delaware Ivy Managed International Opportunities Fund		759
Delaware Ivy Mid Cap Growth Fund		40,712
Delaware Ivy Mid Cap Income Opportunities Fund		14,071
Delaware Ivy Municipal Bond Fund		3,635
Delaware Ivy Municipal High Income Fund		5,485

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Fund	Fees
Delaware Ivy Small Cap Growth Fund	$	17,926
Delaware Ivy Smid Cap Core Fund		3,369
Delaware Ivy Systematic Emerging Markets Equity Fund		18,830
Delaware Ivy Value Fund		8,893

For the six months ended September 30, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Global Value Equity Fund	$	13,920
Delaware Ivy Core Bond Fund		10,589
Delaware Ivy Core Equity Fund		231,762
Delaware Ivy Global Bond Fund		4,455
Delaware Ivy Global Growth Fund		17,491
Delaware Ivy High Income Fund		116,673
Delaware Ivy International Core Equity Fund		20,811
Delaware Ivy International Value Fund		3,184
Delaware Ivy Large Cap Growth Fund		271,389
Delaware Ivy Limited-Term Bond Fund		31,384
Delaware Ivy Managed International Opportunities Fund		3,739
Delaware Ivy Mid Cap Growth Fund		202,765
Delaware Ivy Mid Cap Income Opportunities Fund		27,875
Delaware Ivy Municipal Bond Fund		5,021
Delaware Ivy Municipal High Income Fund		11,413
Delaware Ivy Small Cap Growth Fund		98,743
Delaware Ivy Smid Cap Core Fund		19,187
Delaware Ivy Systematic Emerging Markets Equity Fund		23,574
Delaware Ivy Value Fund		78,275

For the six months ended September 30, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A		Class C
Delaware Global Value Equity Fund	$	36	$	143
Delaware Ivy Core Bond Fund		226		729
Delaware Ivy Core Equity Fund		995		1,355
Delaware Ivy Global Bond Fund		383		32
Delaware Ivy Global Growth Fund		505		1,096
Delaware Ivy High Income Fund		3,728		1,945
Delaware Ivy International Core Equity Fund		9		310
Delaware Ivy International Value Fund		42		643
Delaware Ivy Large Cap Growth Fund		830		2,012
Delaware Ivy Limited-Term Bond Fund		788		639
Delaware Ivy Managed International Opportunities Fund		356		19
Delaware Ivy Mid Cap Growth Fund		8,658		6,220
Delaware Ivy Mid Cap Income Opportunities Fund		317		978
Delaware Ivy Municipal Bond Fund		4,062		156
Delaware Ivy Municipal High Income Fund		1,829		590
Delaware Ivy Small Cap Growth Fund		1,065		874
Delaware Ivy Smid Cap Core Fund		443		127
Delaware Ivy Systematic Emerging Markets Equity Fund		228		563
Delaware Ivy Value Fund		239		137

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds including ETFs in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

Cross trades for the six months ended September 30, 2022, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended September 30, 2022, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Ivy Municipal Bond Fund	$	58,471,075	$	72,584,951	$	(9,828,274	)
Delaware Ivy Municipal High Income Fund		455,036,604		467,075,329		(33,766,077	)
Delaware Ivy Smid Cap Core Fund		4,771,458		—		—

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A summary of the transactions in affiliated companies during the six months ended September 30, 2022 was as follows:

	Value, beginning of period		Gross additions			Gross reductions⁽¹⁾				Net realized gain (loss) on affiliated fund			Net change in unrealized appreciation (depreciation) on affiliated fund⁽²⁾				Value, end of period		Shares		Interest income
Delaware Ivy High Income Fund
Corporate Bonds—0.83%
New Cotai 5.00% 2/2/27^∞^,=	$	50,239,865		$	93,119		$	(871,897	)		$	—		$	(27,710,021	)	$	21,751,066		21,805,540	$	640,385
Common Stocks—1.14%
ASG Warrant⁼	$	—		$	—		$	—			$	—		$	—		$	—		19,688		—
BIS Industries Holdings^†,=		—			—			—				—			110,224			110,224		19,682,813		—
Foresight Energy^†,=		24,337,269			—			—				—			(7,710,154	)		16,627,115		1,117,414		—
Larchmont Resources^†,=		1,678,897			—			—				—			—			1,678,897		18,339		—
Maritime Finance⁼		4,444,478			—			—				—			(2,047,143	)		2,397,335		1,750,000		—
New Cotai ^=,†		18,723,615			—			—				—			(18,723,615	)		—		20,316,462		—
True Religion Apparel^=,†		7,866,362			—			—				—			1,269,496			9,135,858		395		—
Total	$	57,050,621		$	—		$	—			$	—		$	(27,101,192	)	$	29,949,429			$	640,385
Preferred Stock—0.08%
True Religion Apparel^ω,=	$	2,050,430		$	—		$	—			$	—		$	—		$	2,050,430		—	$	—
Loan Agreements—0.00%
Foresight Exit TL A	$	7,745,360		$	—		$	(7,706,826	)		$	—		$	(38,534	)	$	—		—	$	—

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

	Value, beginning of period		Gross additions		Gross reductions			Net realized gain (loss) on affiliated fund			Net change in unrealized appreciation (depreciation) on affiliated fund				Value, end of period		Shares		Income distributions
Delaware Ivy Managed International Opportunities Fund
Affiliated Mutual Funds—99.56%
Delaware Global Value Equity Fund Class R6	$	12,801,018	$	119,212	$	(2,556,776	)	$	(342,429	)		$	(1,691,487	)	$	8,329,538		801,688		$	112,991
Delaware Ivy International Core Equity Fund Class R6		60,045,970		29,831		(9,841,540	)		(1,798,174	)			(10,070,271	)		38,365,816		2,550,919			—
Delaware Ivy International Small Cap Fund Class R6		6,730,074		229,994		(936,836	)		(176,291	)			(1,574,011	)		4,272,930		500,343			—
Delaware Ivy International Value Fund Class R6		20,115,871		65,403		(2,954,549	)		(481,857	)			(3,687,207	)		13,057,661		991,470			—
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6		33,029,847		296,209		(4,718,402	)		818,085				(7,597,201	)		21,828,538		1,195,429			—
Total	$	132,722,780	$	740,649	$	(21,008,103	)	$	(1,980,666	)		$	(24,620,177	)	$	85,854,483				$	112,991


	Value, beginning of period		Gross additions			Gross reductions			Net realized gain (loss) on affiliated fund			Net change in unrealized appreciation (depreciation) on affiliated fund			Value, end of period			Shares
Delaware Ivy Mid Cap Income Opportunities Fund
Limited Partnerships—0.00%
Rattler Midstream	$	28,122,001		$	—	$	(29,832,048	)	$	(1,376,599	)		$	3,086,646		$	—		—

	Value, beginning of period		Gross additions			Gross reductions			Net realized gain (loss) on affiliated fund			Net change in unrealized appreciation (depreciation) on affiliated fund			Value, end of period			Shares
Delaware Ivy Small Cap Growth Fund
Common Stock—0.00%
PetIQ	$	34,267,604		$	—	$	(17,130,182	)	$	(20,140,630	)		$	3,003,208		$	—		—

⁽¹⁾	The amount shown included return of capital.
⁽²⁾	Does not tie to Net change in unrealized appreciation (depreciation) on affiliated investments on the Statements of operations as a result of previously unaffiliated securities moving to affiliated.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.
∞	Issuer is not an affiliated investment of the Fund at March 31, 2022.

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3. Investments

For the six months ended September 30, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases other than US government securities		Purchases of US government securities		Sales other than US government securities		Sales of US government securities
Delaware Global Value Equity Fund	$	49,481,300	$	—	$	128,226,011	$	—
Delaware Ivy Core Bond Fund		141,899,563		316,913,170		327,453,153		338,635,295
Delaware Ivy Core Equity Fund		592,904,587		—		1,021,853,902		—
Delaware Ivy Global Bond Fund		170,990,938		70,623,478		227,247,231		36,755,183
Delaware Ivy Global Growth Fund		176,160,399		—		303,924,971		—
Delaware Ivy High Income Fund		772,016,190		—		949,828,446		—
Delaware Ivy International Core Equity Fund		304,549,248		—		586,152,909		—
Delaware Ivy International Value Fund		20,649,476		—		61,608,000		—
Delaware Ivy Large Cap Growth Fund		174,515,869		—		580,211,335		—
Delaware Ivy Limited-Term Bond Fund		87,440,365		414,456,208		246,636,129		490,203,627
Delaware Ivy Managed International Opportunities Fund		740,649		—		21,008,104		—
Delaware Ivy Mid Cap Growth Fund		643,779,659		—		937,685,828		—
Delaware Ivy Mid Cap Income Opportunities Fund		231,621,576		—		438,019,934		—
Delaware Ivy Municipal Bond Fund		139,439,727		—		258,351,235		—
Delaware Ivy Municipal High Income Fund		484,093,579		—		587,937,197		—
Delaware Ivy Small Cap Growth Fund		459,624,046		—		722,680,970		—
Delaware Ivy Smid Cap Core Fund		45,886,639		—		129,848,830		—
Delaware Ivy Systematic Emerging Markets Equity Fund		590,393,016		—		746,783,640		—
Delaware Ivy Value Fund		359,724,255		—		501,709,970		—

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Notes to financial statements

Ivy Funds

3. Investments (continued)

At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

Fund	Cost of investments and derivatives		Aggregate unrealized appreciation of investments and derivatives		Aggregate unrealized depreciation of investments and derivatives			Net unrealized appreciation (depreciation) of investments and derivatives
Delaware Global Value Equity Fund	$	430,124,872	$	11,754,493	$	(96,389,442	)	$	(84,634,949	)
Delaware Ivy Core Bond Fund		591,709,474		191,088		(57,652,400	)		(57,461,312	)
Delaware Ivy Core Equity Fund		2,462,963,535		1,081,134,666		(154,404,756	)		926,729,910
Delaware Ivy Global Bond Fund		465,675,905		2,959,747		(47,616,798	)		(44,657,051	)
Delaware Ivy Global Growth Fund		554,854,890		115,613,354		(91,123,169	)		24,490,185
Delaware Ivy High Income Fund		3,406,348,901		10,438,122		(809,887,142	)		(799,449,020	)
Delaware Ivy International Core Equity Fund		1,368,124,716		154,073,721		(319,762,330	)		(165,688,609	)
Delaware Ivy International Value Fund		149,243,420		2,937,765		(40,323,515	)		(37,385,750	)
Delaware Ivy Large Cap Growth Fund		2,232,517,159		1,996,099,474		(179,992,418	)		1,816,107,056
Delaware Ivy Limited-Term Bond Fund		716,221,017		128,700		(36,609,748	)		(36,481,048	)
Delaware Ivy Managed International Opportunities Fund		87,873,824		8,290,777		(9,811,283	)		(1,520,506	)
Delaware Ivy Mid Cap Growth Fund		4,643,093,138		1,504,391,488		(819,278,803	)		685,112,685
Delaware Ivy Mid Cap Income Opportunities Fund		1,143,135,747		218,597,415		(100,065,665	)		118,531,750
Delaware Ivy Municipal Bond Fund		473,735,536		8,938,062		(46,256,287	)		(37,318,225	)
Delaware Ivy Municipal High Income Fund		741,353,991		7,158,638		(127,798,949	)		(120,640,311	)
Delaware Ivy Small Cap Growth Fund		1,581,811,079		248,264,575		(208,960,193	)		39,304,382
Delaware Ivy Smid Cap Core Fund		475,167,304		26,231,970		(78,882,627	)		(52,650,657	)
Delaware Ivy Systematic Emerging Markets Equity Fund		1,049,005,086		180,071,910		(242,027,476	)		(61,955,566	)
Delaware Ivy Value Fund		1,037,464,648		196,487,784		(129,535,564	)		66,952,220

At March 31, 2022, capital loss carryforwards available to offset future realized capital gains, were as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Ivy Global Bond Fund	$	44,679,050	$	21,697,213	$	66,376,263
Delaware Ivy High Income Fund		185,353,821		1,096,030,895		1,281,384,716
Delaware Ivy International Core Equity Fund		27,785,341		18,622,324		46,407,665
Delaware Ivy Limited-Term Bond Fund		10,307,499		5,472,441		15,779,940
Delaware Ivy Municipal High Income Fund		423,914		37,755,050		38,178,964

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the

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asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3	–	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2022:

	Delaware Global Value Equity Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Denmark		$	—		$	12,395,444		$	12,395,444
France			—			36,044,693			36,044,693
Germany			—			29,519,477			29,519,477
Japan			—			21,337,182			21,337,182
Netherlands			—			12,336,840			12,336,840
Norway			—			13,649			13,649
South Africa			—			15,013			15,013
Spain			—			13,276,406			13,276,406
Sweden			—			18,339,152			18,339,152
Switzerland			—			33,357,020			33,357,020
United Kingdom			—			40,931,809			40,931,809
United States			112,861,981			—			112,861,981
Exchange-Traded Fund			3,128,699			—			3,128,699
Rights			1,560,732			—			1,560,732
Securities Lending Collateral			10,376,075			—			10,376,075
Total Value of Securities		$	127,927,487		$	217,566,685		$	345,494,172
Derivatives¹
Assets:
Foreign Currency Exchange Contracts			$—			$120			$120

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Notes to financial statements

Ivy Funds

3. Investments (continued)

Derivatives
Liabilities:
Foreign Currency Exchange Contracts	$—	$(4,369)	$(4,369)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Core Bond Fund
	Level 1				Level 2		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	—		$	12,118,497	$	12,118,497
Agency Commercial Mortgage-Backed Security			—			6,475,125		6,475,125
Agency Mortgage-Backed Securities			—			81,794,579		81,794,579
Corporate Bonds			—			228,304,194		228,304,194
Municipal Bonds			—			9,814,100		9,814,100
Non-Agency Asset-Backed Securities			—			47,641,988		47,641,988
Non-Agency Collateralized Mortgage Obligations			—			53,855,597		53,855,597
Non-Agency Commercial Mortgage-Backed Securities			—			33,513,029		33,513,029
Preferred Stock			3,096,000			—		3,096,000
Sovereign Bonds			—			13,791,842		13,791,842
US Treasury Obligations			—			44,785,710		44,785,710
Total Value of Securities		$	3,096,000		$	532,094,661	$	535,190,661

Derivatives¹
Liabilities:
Futures Contracts		$	(942,499	)	$	—	$	(942,499	)

¹ Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Core Equity Fund
	Level 1
Securities
Assets:
Common Stocks	$	3,225,858,203
Short-Term Investments		162,101,192
Securities Lending Collateral		1,734,050
Total Value of Securities	$	3,389,693,445


	Delaware Ivy Global Bond Fund
	Level 1			Level 2		Total
Securities
Assets:
Agency Mortgage-Backed Securities		$	—	$	12,716,024	$	12,716,024
Corporate Bonds			—		208,156,579		208,156,579
Sovereign Bonds			—		74,862,111		77,201,120

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	Delaware Ivy Global Bond Fund
	Level 1			Level 2			Total
Supranational Banks	$	—		$	8,690,973		$	8,690,973
US Treasury Obligations		—			107,255,402			107,255,402
Options Purchased		758,997			—			758,997
Securities Lending Collateral		4,660,200			—			4,660,200
Total Value of Securities Before Options Written	$	5,419,197		$	411,681,089		$	419,439,295
Liabilities:
Options Written	$	(307,090	)	$	—		$	(307,090	)

Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	—		$	2,462,829		$	2,462,829
Futures Contracts		4,233,413			—			4,233,413
Liabilities:
Futures Contracts	$	(2,346,764	)	$	—		$	(2,346,764	)
Foreign Currency Exchange Contracts		—			(993,659	)		(993,659	)

¹Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Global Growth Fund
	Level 1		Level 2			Total
Securities
Assets:
Common Stocks
Canada	$	20,091,381	$	—		$	20,091,381
China		14,214,899		—			14,214,899
China/Hong Kong		—		16,493,642			16,493,642
Denmark		—		9,982,145			9,982,145
France		—		33,608,555			33,608,555
Germany		—		29,459,533			29,459,533
Hong Kong		—		6,721,267			6,721,267
India		—		31,525,591			31,525,591
Israel		10,344,935		—			10,344,935
Italy		—		6,895,026			6,895,026
Japan		—		20,108,697			20,108,697
Taiwan		—		12,645,644			12,645,644
United Kingdom		—		20,113,962			20,113,962
United States		337,177,810		6,278,143			343,455,953
Short-Term Investments		2,473,018		—			2,473,018
Securities Lending Collateral		1,210,874		—			1,210,874
Total Value of Securities	$	385,512,917	$	193,832,205		$	579,345,122
Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(47	)	$	(47	)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy High Income Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Common Stocks
Basic Industry	$	—	$	—	$	17,272,429		$	17,272,429
Consumer Goods		—		—		—	¹		—
Energy		98,361		—		13,742,983			13,841,344
Leisure		13,383,103		—		—			13,383,103
Media		809		—		—			809
Retail		—		—		9,135,858			9,135,858
Services		26,986,288		—		—			26,986,288
Utilities		—		—		1,678,897			1,678,897
Convertible Bond		—		4,160,021		—			4,160,021
Corporate Bonds¹		—		2,044,471,188		21,751,066			2,066,222,254
Loan Agreements		—		319,553,245		—			319,553,245
Municipal Bonds		—		18,202,477		—			18,202,477
Preferred Stock		—		—		2,050,430			2,050,430
Warrants		418,798		—		—			418,798
Short-Term Investments		85,398,349		—		—			85,398,349
Securities Lending Collateral		26,331,620		—		—			26,331,620
Total Value of Securities	$	152,617,328	$	2,386,386,931	$	65,631,663		$	2,604,635,922

Derivatives²
Assets:
Foreign Currency Exchange Contracts	$	—	$	2,263,959	$	—		$	2,263,959

¹The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investments in this table.

²Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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	Delaware Ivy International Core Equity Fund
	Level 1		Level 2			Total
Securities
Assets:
Common Stocks
Australia	$	—	$	15,167,960		$	15,167,960
Austria		—		12,096,770			12,096,770
Brazil		49,577,582		—			49,577,582
Canada		92,528,600		—			92,528,600
China		71,603,057		72,126,053			143,729,110
Denmark		—		48,324,000			48,324,000
France		—		157,301,208			157,301,208
Germany		—		134,028,244			134,028,244
Hong Kong		—		18,322,051			18,322,051
India		—		9,163,442			9,163,442
Japan		—		110,101,591			110,101,591
Netherlands		—		45,206,848			45,206,848
Norway		—		17,165,757			17,165,757
Republic of Korea		—		45,274,403			45,274,403
Spain		—		17,766,775			17,766,775
Switzerland		11,608,539		—			11,608,539
Taiwan		—		23,077,638			23,077,638
United Kingdom		32,635,466		96,296,598			128,932,064
United States		23,103,301		52,387,858			75,491,159
Short-Term Investments		31,579,702		—			31,579,702
Securities Lending Collateral		15,995,647		—			15,995,647
Total Value of Securities	$	328,631,894	$	873,807,196		$	1,202,439,090
Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(2,983	)	$	(2,983	)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy International Value Fund
	Level 1		Level 2			Total
Securities
Assets:
Common Stocks
Denmark	$	—	$	5,500,895		$	5,500,895
Finland		—		15,026			15,026
France		11,220		18,511,939			18,523,159
Germany		—		12,827,782			12,827,782
Hong Kong		—		11,756			11,756
Japan		—		12,469,067			12,469,067
Netherlands		—		5,181,656			5,181,656
Spain		—		6,164,377			6,164,377
Sweden		—		8,899,399			8,899,399
Switzerland		—		16,986,361			16,986,361
United Kingdom		—		18,648,393			18,648,393
Exchange-Traded Funds		2,151,026		—			2,151,026
Rights		785,815		—			785,815
Securities Lending Collateral		3,694,164		—			3,694,164
Total Value of Securities	$	6,642,225	$	105,216,651		$	111,858,876
Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(1,206	)	$	(1,206	)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Large Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	4,043,163,625
Securities Lending Collateral		5,460,590
Total Value of Securities	$	4,048,624,215


	Delaware Ivy Limited-Term Bond Fund
		Level 1		Level 2		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	2,658,942	$	2,658,942
Agency Commercial Mortgage-Backed Securities		—		68,501,929		68,501,929
Collateralized Debt Obligations		—		60,833,927		60,833,927
Corporate Bonds		—		454,169,723		454,169,723
Non-Agency Asset-Backed Securities		—		27,454,588		27,454,588
Supranational Bank		—		1,481,008		1,481,008

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	Delaware Ivy Limited-Term Bond Fund
	Level 1			Level 2		Total
US Treasury Obligations	$	—		$	60,153,020	$	60,153,020
Short-Term Investments		5,038,095			—		5,038,095
Securities Lending Collateral		888,680			—		888,680
Total Value of Securities	$	5,926,775		$	675,253,137	$	681,179,912

Derivatives¹
Assets:
Futures Contracts	$	1,339,694		$	—	$	1,339,694
Liabilities:
Futures Contracts	$	(2,779,637	)	$	—	$	(2,779,637	)

¹Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Managed International Opportunities Fund
	Level 1
Securities
Assets:
Affiliated Mutual Funds	$	85,854,483
Short-Term Investments		498,835
Total Value of Securities	$	86,353,318


	Delaware Ivy Mid Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	5,252,776,437
Short-Term Investments		1,607,646
Securities Lending Collateral		73,821,740
Total Value of Securities	$	5,328,205,823

	Delaware Ivy Mid Cap Income Opportunities Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,250,505,663
Short-Term Investments		11,161,834
Total Value of Securities	$	1,261,667,497

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Municipal Bond Fund
	Level 1		Level 2		Total
Securities
Assets:
Municipal Bonds	$	—	$	436,070,866	$	436,070,866
Short-Term Investments		46,445		300,000		346,445
Total Value of Securities	$	46,445	$	436,370,866	$	436,417,311

	Delaware Ivy Municipal High Income Fund
	Level 1		Level 2		Level 3				Total
Securities
Assets:
Municipal Bonds	$	—	$	615,969,924		$	—	¹	$	615,969,924
Short-Term Investments²		1,743,756		3,000,000			—			4,743,756
Total Value of Securities	$	1,743,756	$	618,969,924		$	—		$	620,713,680

¹ The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investments in this table.
² Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1		Level 2		Level 3				Total
Short-Term Investments		36.76%		63.24%			—			100.00%


	Delaware Ivy Small Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,586,161,291
Short-Term Investments		10,761,938
Securities Lending Collateral		24,192,232
Total Value of Securities	$	1,621,115,461


	Delaware Ivy Smid Cap Core Fund
	Level 1
Securities
Assets:
Common Stocks	$	409,459,051
Short-Term Investments		7,202,665
Securities Lending Collateral		5,854,931
Total Value of Securities	$	422,516,647

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	Delaware Ivy Systematic Emerging Markets Equity Fund
	Level 1		Level 2			Level 3		Total
Securities
Assets:
Common Stocks
Communication Services	$	19,624,437	$	89,627,623		$	229,514	$	109,481,574
Consumer Discretionary		31,937,293		93,107,348			1,130,874		126,175,515
Consumer Staples		26,905,098		49,160,027			—		76,065,125
Energy		15,673,921		46,971,574			305,262		62,950,757
Financials		32,107,802		174,364,291			42,485		206,514,578
Healthcare		2,439,258		16,326,577			—		18,765,835
Industrials		1,434,086		50,529,081			—		51,963,167
Information Technology		249,311		213,934,490			—		214,183,801
Materials		8,851,191		69,977,662			—		78,828,853
Real Estate		—		13,685,708			—		13,685,708
Utilities		3,561,177		1,524,783			—		5,085,960
Preferred Stocks		18,603,586		—			—		18,603,586	��
Short-Term Investments		1,998,045		—			—		1,998,045
Securities Lending Collateral		2,747,194		—			—		2,747,194
Total Value of Securities	$	166,132,399	$	819,209,164		$	1,708,135	$	987,049,698

Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(178	)	$	—	$	(178	)

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Value Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,082,537,698
Short-Term Investments		21,889,096
Total Value of Securities Before Options Written	$	1,104,426,794
Liabilities:
Options Written	$	(9,926	)

During the six months ended September 30, 2022, for all funds except Delaware Ivy High Income Fund, there were no transfers into or out of Level 3 investments. Each Funds’ policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets.

Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Delaware Ivy Municipal High Income Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the period. Delaware Global Value Equity Fund, Delaware Ivy Core Bond Fund,

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Notes to financial statements

Ivy Funds

3. Investments (continued)

Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Value Fund had no level 3 investments at September 30, 2022.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:

Delaware Ivy High Income Fund

	Corporate Bonds			Common Stocks				Preferred Stock
Balance as of 3/31/22		$	—		$	20,937,602			$	—
Net change in unrealized appreciation (depreciation)			726,777			(53,224,260	)			6,748,583
Transfers in			21,024,289			74,116,825				(4,698,153	)
Balance as of 9/30/22		$	21,751,066		$	41,830,167			$	2,050,430
Net change in unrealized appreciation (depreciation)from Level 3 investments still held as of 9/30/22		$	726,777		$	(53,224,260	)		$	(4,698,153	)

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Delaware Ivy High Income Fund is as follows:

Assets	Value	Valuation Techniques	Unobservable Inputs	Input Value
Corporate Bonds	$21,751,066	Market approach	Financials	N/A
Common Stocks	6,671	Liquidation approach	Net asset value	N/A
Common Stocks	11,338,977	Market approach	Broker quotes	N/A
			EV/EBITDA multiple	2.82x
Common Stocks	9,135,858	Market approach	EV/Revenue multiple	0.45x
Common Stocks	2,213,987	Market approach	Financials	N/A
Common Stocks	2,397,335	Market approach	Sum of Parts (Adjusted Book Value)	N/A
Common Stocks	16,627,115	Market approach	Discount for lack of marketability	30%
Common Stocks	110,224	Market approach	EV/EBITDA multiple	5.67x
			EV/EBITDA multiple	2.82x
Preferred Stock	2,050,430	Market approach	EV/Revenue multiple	0.45x

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4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Global Value Equity Fund						Delaware Ivy Core Bond Fund						Delaware Ivy Core Equity Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		280,335			727,114			605,524			2,321,079			2,586,065			5,062,451
Class B¹		—			10			—			—			—			3,016
Class C		12,545			20,250			18,607			71,454			102,405			241,524
Class E		2,826			23,204			11,584			44,412			30,338			79,268
Class I		982,005			1,307,962			2,289,162			9,895,333			4,046,023			11,001,554
Class R		2,329			1,627			7,327			4,483			4,080			2,984
Class R6²		11,896			77,451			915,180			2,118,948			567,500			814,428
Class Y		3,338			9,298			64,384			124,007			35,340			226,982

Shares issued upon reinvestment of dividends and distributions:
Class A		172,758			1,701,216			204,150			387,774			—			23,068,056
Class B¹		—			265			—			46			—			—
Class C		1,933			31,193			4,314			9,603			—			289,195
Class E		2,617			30,031			1,449			8,581			—			125,327
Class I		139,480			1,454,940			578,813			1,542,969			—			5,671,255
Class R		22			100			993			1,480			—			510
Class R6²		10,552			116,938			160,831			405,312			—			474,126
Class Y		991			9,138			7,667			13,049			—			141,536
		1,623,627			5,510,737			4,869,985			16,948,530			7,371,751			47,202,212

Shares redeemed:
Class A		(2,573,765	)		(4,245,448	)		(3,005,041	)		(5,470,636	)		(17,626,167	)		(28,289,040	)
Class B¹		—			(143,225	)		—			(24,604	)		—			—
Class C		(70,385	)		(194,724	)		(177,268	)		(446,388	)		(483,082	)		(872,010	)
Class E		(377,167	)		(56,499	)		(424,743	)		(91,151	)		(1,065,074	)		(163,361	)
Class I		(4,815,316	)		(6,138,844	)		(17,270,450	)		(34,439,232	)		(12,182,110	)		(19,284,543	)
Class R		(234	)		(4,456	)		(570	)		(5,459	)		(221	)		(23,781	)
Class R6²		(234,389	)		(838,043	)		(6,695,651	)		(5,059,794	)		(2,163,967	)		(1,309,870	)
Class Y		(23,327	)		(39,530	)		(99,785	)		(168,975	)		(65,389	)		(203,602	)
		(8,094,583	)		(11,660,769	)		(27,673,508	)		(45,706,239	)		(33,586,010	)		(50,343,195	)
Net decrease		(6,470,956	)		(6,150,032	)		(22,803,523	)		(28,757,709	)		(26,214,259	)		(3,140,983	)

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Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy Global Bond Fund						Delaware Ivy Global Growth Fund						Delaware Ivy High Income Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		466,486			1,792,314			64,484			250,954			9,236,161			29,639,151
Class B¹		—			—			—			—			—			1,224
Class C		7,334			79,603			4,977			8,492			883,578			3,370,392
Class E		—			—			—			—			11,754			103,840
Class I		3,327,137			8,501,414			380,530			795,576			37,515,428			58,949,790
Class R		10,912			6,723			404			478			117,963			538,192
Class R6²		2,223,653			10,500,290			33,510			49,768			1,616,263			2,799,677
Class Y		11,124			75,469			973			4,252			1,815,844			5,267,236

Shares issued upon reinvestment of dividends and distributions:
Class A		143,174			406,091			—			603,941			7,389,111			14,856,337
Class B¹		—			209			—			—			—			16,030
Class C		2,053			6,610			—			6,950			848,449			1,958,489
Class E		—			—			—			—			13,889			79,588
Class I		203,559			649,756			—			509,131			7,009,797			15,408,486
Class R		227			549			—			970			212,620			406,680
Class R6²		165,715			270,580			—			22,774			323,632			608,214
Class Y		932			1,960			—			2,355			418,456			899,715
		6,562,306			22,291,568			484,878			2,255,641			67,412,945			134,903,041

Shares redeemed:
Class A		(2,508,883	)		(3,871,917	)		(879,483	)		(1,374,548	)		(34,288,922	)		(65,773,913	)
Class B¹		—			(32,934	)		—			(4,414	)		—			(1,101,616	)
Class C		(66,141	)		(134,565	)		(18,456	)		(47,994	)		(6,665,379	)		(17,607,476	)
Class E		—			—			—			—			(1,253,078	)		(240,798	)
Class I		(5,665,053	)		(11,866,855	)		(2,141,049	)		(3,006,958	)		(65,479,817	)		(121,072,408	)
Class R		(7,051	)		(6,058	)		(695	)		(2,978	)		(730,193	)		(1,106,366	)
Class R6²		(2,319,390	)		(1,755,102	)		(9,822	)		(346,205	)		(2,182,093	)		(3,190,709	)
Class Y		(4,748	)		(69,391	)		(1,949	)		(26,198	)		(5,313,827	)		(10,771,871	)
		(10,571,266	)		(17,736,822	)		(3,051,454	)		(4,809,295	)		(115,913,309	)		(220,865,157	)
Net increase (decrease)		(4,008,960	)		4,554,746			(2,566,576	)		(2,553,654	)		(48,500,364	)		(85,962,116	)

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	Delaware Ivy International Core Equity Fund						Delaware Ivy International Value Fund						Delaware Ivy Large Cap Growth Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		607,023			1,651,930			35,885			267,711			2,992,292			3,976,672
Class B¹		—			750			—			299			—			5,646
Class C		23,408			98,125			1,597			18,075			171,648			406,686
Class E		3,809			39,245			—			—			18,523			106,534
Class I		2,711,226			10,163,634			171,761			2,370,059			11,792,195			14,739,402
Class R		70,840			113,866			172			364			50,047			84,431
Class R6²		1,020,470			2,814,038			226,301			1,403,533			1,424,743			771,044
Class Y		199,106			747,020			2,206			6,235			51,261			345,189

Shares issued upon reinvestment of dividends and distributions:
Class A		—			410,422			—			77,387			1			8,475,712
Class C		—			63,873			—			818			—			317,964
Class E		—			9,670			—			—			—			100,086
Class I		—			1,643,945			—			123,441			9			6,749,507
Class R		—			55,729			—			10			—			39,813
Class R6²		—			514,994			—			97,994			—			424,539
Class Y		—			79,023			—			1,395			—			86,432
		4,635,882			18,406,264			437,922			4,367,321			16,500,719			36,629,657

Shares redeemed:
Class A		(2,065,726	)		(4,380,189	)		(360,776	)		(673,016	)		(9,995,797	)		(14,725,393	)
Class B¹		—			(30,696	)		—			(3,598	)		—			(214,153	)
Class C		(565,103	)		(1,238,865	)		(11,349	)		(16,825	)		(526,487	)		(1,054,728	)
Class E		(392,689	)		(37,722	)		—			—			(1,121,521	)		(144,768	)
Class I		(12,689,463	)		(29,029,247	)		(1,534,845	)		(3,408,758	)		(15,957,812	)		(23,617,949	)
Class R		(168,953	)		(469,390	)		—			(18,882	)		(81,765	)		(179,339	)
Class R6²		(4,426,982	)		(10,142,650	)		(1,179,631	)		(2,358,134	)		(1,882,310	)		(1,461,593	)
Class Y		(314,805	)		(2,850,084	)		(13,243	)		(9,459	)		(213,262	)		(345,757	)
		(20,623,721	)		(48,178,843	)		(3,099,844	)		(6,488,672	)		(29,778,954	)		(41,743,680	)
Net decrease		(15,987,839	)		(29,772,579	)		(2,661,922	)		(2,121,351	)		(13,278,235	)		(5,114,023	)

285

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Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy Limited-Term Bond Fund						Delaware Ivy Managed International Opportunities Fund						Delaware Ivy Mid Cap Growth Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		7,881,943			8,743,097			78,063			285,368			1,832,573			4,603,765
Class B¹		—			156			—			101			—			758
Class C		268,119			451,663			3,865			18,676			207,590			759,871
Class E		14,035			123,070			—			—			7,521			56,629
Class I		4,547,726			9,518,352			632,743			1,302,124			13,559,448			27,507,242
Class R		335			6,857			1,065			1,126			181,392			411,490
Class R6²		359,825			6,248,399			5,649			1,963			5,062,710			12,178,329
Class Y		19,691			32,285			195			1,134			576,237			2,014,653

Shares issued upon reinvestment of dividends and distributions:
Class A		237,883			342,955			—			121,207			—			8,289,009
Class B¹		—			4			—			—			—			—
Class C		3,300			3,168			—			2,051			—			799,411
Class E		1,269			6,504			—			—			—			76,622
Class I		313,043			571,643			—			207,398			—			10,368,480
Class R		182			178			—			150			—			314,769
Class R6²		34,335			173,596			—			233			—			2,583,826
Class Y		1,346			2,120			—			321			—			987,117
		13,683,032			26,224,047			721,580			1,941,852			21,427,471			70,951,971

Shares redeemed:
Class A		(8,985,262	)		(14,420,896	)		(709,664	)		(965,744	)		(7,311,543	)		(11,647,387	)
Class B¹		—			(21,011	)		—			(5,008	)		—			(143,977	)
Class C		(599,575	)		(1,346,058	)		(20,488	)		(48,440	)		(989,499	)		(2,345,845	)
Class E		(618,387	)		(203,876	)		—			—			(625,672	)		(58,994	)
Class I		(12,093,213	)		(23,076,869	)		(1,988,050	)		(3,316,248	)		(17,618,008	)		(26,370,336	)
Class R		(13,517	)		(1,900	)		(1	)		(24,286	)		(371,359	)		(737,808	)
Class R6²		(13,179,845	)		(4,190,388	)		(2,965	)		(26,790	)		(3,637,521	)		(5,633,560	)
Class Y		(29,701	)		(77,200	)		(878	)		(3,439	)		(1,238,921	)		(3,916,957	)
		(35,519,500	)		(43,338,198	)		(2,722,046	)		(4,389,955	)		(31,792,523	)		(50,854,864	)
Net increase (decrease)		(21,836,468	)		(17,114,151	)		(2,000,466	)		(2,448,103	)		(10,365,052	)		20,097,107

286

Table of Contents

	Delaware Ivy Mid Cap Income Opportunities Fund						Delaware Ivy Municipal Bond Fund						Delaware Ivy Municipal High Income Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		757,881			2,371,041			1,331,410			2,465,655			4,082,971			10,239,019
Class B¹		—			—			—			—			—			242
Class C		78,026			413,646			36,570			36,404			102,768			330,583
Class I		8,304,873			31,062,626			2,322,781			3,518,199			11,183,438			13,917,671
Class R		4,455			28,262			—			—			—			—
Class R6²		1,042,214			1,831,453			22,866			56,536			20,419			116,345
Class Y		63,976			723,454			—			28			65			13,474

Shares issued upon reinvestment of dividends and distributions:
Class A		70,914			332,216			578,854			1,045,701			2,303,326			3,578,535
Class B¹		—			—			—			11			—			304
Class C		5,173			36,037			5,249			10,820			60,700			115,548
Class I		575,307			2,656,733			348,718			753,744			1,121,647			1,979,587
Class R		398			1,805			—			—			—			—
Class R6²		48,188			220,806			1,677			3,693			4,540			8,175
Class Y		6,444			49,864			—			—			16,224			27,292
		10,957,849			39,727,943			4,648,125			7,890,791			18,896,098			30,326,775

Shares redeemed:
Class A		(1,478,505	)		(2,324,516	)		(6,655,543	)		(6,657,845	)		(20,633,606	)		(24,209,293	)
Class B¹		—			—			—			(13,587	)		—			(82,298	)
Class C		(233,309	)		(302,434	)		(108,305	)		(280,956	)		(1,133,698	)		(2,369,397	)
Class I		(19,510,878	)		(25,896,446	)		(9,316,827	)		(7,868,698	)		(24,897,977	)		(19,969,197	)
Class R		(4,682	)		(9,105	)		—			—			—			—
Class R6²		(1,746,078	)		(1,682,275	)		(52,673	)		(51,402	)		(78,087	)		(103,890	)
Class Y		(649,678	)		(1,343,690	)		—			(36,238	)		(126,088	)		(104,858	)
		(23,623,130	)		(31,558,466	)		(16,133,348	)		(14,908,726	)		(46,869,456	)		(46,838,933	)
Net increase (decrease)		(12,665,281	)		8,169,477			(11,485,223	)		(7,017,935	)		(27,973,358	)		(16,512,158	)

287

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Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund						Delaware Ivy Systematic Emerging Markets Equity Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		1,556,041			3,238,756			399,656			1,011,064			321,387			1,321,304
Class B¹		—			399			—			169			—			21
Class C		128,055			290,361			28,157			138,304			31,943			176,657
Class E		11,062			61,786			—			—			—			—
Class I		3,985,697			6,161,192			1,503,920			3,463,947			4,080,099			13,519,403
Class R		156,987			593,925			50,409			185,454			25,728			83,454
Class R6²		848,573			1,767,840			245,064			1,471,722			698,488			3,248,360
Class Y		225,899			502,748			15,990			79,028			235,117			419,358

Shares issued upon reinvestment of dividends and distributions:
Class A		—			22,304,490			10,345			1,444,128			—			67,286
Class C		—			1,927,672			545			239,441			—			6,360
Class E		—			277,756			—			—			—			—
Class I		—			8,483,791			23,736			2,926,120			—			359,761
Class R		—			1,259,675			926			215,190			—			1,095
Class R6²		—			1,747,254			6,468			659,710			—			113,228
Class Y		—			1,116,868			301			59,907			—			1,961
		6,912,314			49,734,513			2,285,517			11,894,184			5,392,762			19,318,248

Shares redeemed:
Class A		(8,896,049	)		(13,496,298	)		(1,152,187	)		(2,098,133	)		(1,556,172	)		(3,124,643	)
Class B¹		—			(127,890	)		—			(23,959	)		—			(16,982	)
Class C		(825,452	)		(1,625,786	)		(171,125	)		(356,399	)		(300,341	)		(505,284	)
Class E		(946,426	)		(69,685	)		—			—			—			—
Class I		(10,831,886	)		(14,060,256	)		(4,810,820	)		(9,275,091	)		(10,725,183	)		(28,048,008	)
Class R		(384,646	)		(1,038,559	)		(135,480	)		(249,462	)		(38,269	)		(156,860	)
Class R6²		(1,156,167	)		(2,475,471	)		(753,275	)		(1,255,062	)		(3,102,496	)		(4,613,604	)
Class Y		(454,464	)		(1,484,211	)		(114,373	)		(126,372	)		(177,573	)		(527,155	)
		(23,495,090	)		(34,378,156	)		(7,137,260	)		(13,384,478	)		(15,900,034	)		(36,992,536	)
Net increase (decrease)		(16,582,776	)		15,356,357			(4,851,743	)		(1,490,294	)		(10,507,272	)		(17,674,288	)

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	Delaware Ivy Value Fund
	Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		1,354,654			2,084,012
Class B¹		—			978
Class C		112,620			92,758
Class I		3,553,899			11,134,048
Class R		230			288
Class R6²		319,530			503,923
Class Y		1,010			771

Shares issued upon reinvestment of dividends and distributions:
Class A		92,035			1,482,584
Class B¹		—			70
Class C		1,121			24,762
Class I		229,675			3,533,785
Class R		3			47
Class R6²		20,160			516,827
Class Y		24			229
		5,684,961			19,375,082

Shares redeemed:
Class A		(1,934,979	)		(2,590,489	)
Class B¹		—			(24,671	)
Class C		(70,154	)		(155,379	)
Class I		(7,041,367	)		(12,359,342	)
Class R		—			(13,915	)
Class R6²		(2,260,798	)		(2,018,283	)
Class Y		(304	)		(1,947	)
		(11,307,602	)		(17,164,026	)
Net increase (decrease)		(5,622,641	)		2,211,056

¹	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the tables above and on previous pages.
²	Effective July 1, 2021, Class N shares were renamed Class R6 shares.

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Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on previous pages and on the “Statements of changes in net assets.” For the six months ended September 30, 2022 and the year ended March 31, 2022, each Fund had the following exchange transactions:

	Six months ended September 30, 2022							Year Ended March 31, 2022
		Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Global Value Equity Fund						$	783,873					$	4,760,923
Class A			50,682		16,395				182,286		155,696
Class B			—		—				17,998		—
Class C			16,403		—				52,495		—
Class I			39		50,596				85,864		182,784
Delaware Ivy Core Bond Fund						$	1,147,161					$	2,698,177
Class A			107,274		11,084				76,312		171,640
Class B			—		—				6,557		—
Class C			10,834		—				32,175		—
Class I			1,145		107,358				132,908		76,312
Class R6			—		896				—		—
Delaware Ivy Core Equity Fund						$	7,411,653					$	15,952,467
Class A			364,972		89,862				407,501		411,252
Class B			—		—				109,798		—
Class C			109,229		—				137,396		—
Class E			—		—				—		90
Class I			7,736		312,888				190,924		354,854
Class R6			—		2,332				—		1,428
Delaware Ivy Global Bond Fund						$	765,245					$	1,192,998
Class A			74,884		8,097				21,776		94,441
Class B			—		—				16,015		—
Class C			7,909		—				20,854		—
Class I			190		74,884				57,596		21,779
Delaware Ivy Global Growth Fund						$	859,985					$	2,800,716
Class A			13,414		4,115				13,736		32,498
Class B			—		—				1,895		—
Class C			2,196		—				7,744		—
Class I			2,307		13,012				25,232		13,398
Class R6			—		29				—		1,047
Delaware Ivy High Income Fund						$	10,232,201					$	23,336,214
Class A			340,026		1,293,979				402,843		2,731,674
Class B			—		—				211,898		—
Class C			1,319,428		—				2,264,228		—
Class I			19,963		376,399				397,751		492,440
Class R6			2,575		13,667				—		65,544
Class Y			1,386		—				12,918		—
Delaware Ivy International Core Equity
Fund						$	3,584,067					$	5,337,742
Class A			89,208		91,666				66,522		179,211
Class B			—		—				12,284		—
Class C			101,834		—				53,205		—
Class E			—		—				—		64
Class I			22,192		106,184				127,971		70,304
Class R6			—		4,407				—		5,999
Class Y			2,992		—				3,604		—

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	Six months ended September 30, 2022						Year Ended March 31, 2022
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Ivy International Value Fund					$	34,685					$	777,970
Class A		1,104		1,245				6,881		32,974
Class B		—		—				1,320		—
Class C		1,351		—				4,774		—
Class I		—		1,072				26,697		7,687
Class Y		—		—				1,005		—
Delaware Ivy Large Cap Growth Fund					$	10,367,157					$	21,593,574
Class A		315,017		83,348				377,452		281,091
Class B		—		—				51,893		—
Class C		101,955		—				127,398		—
Class I		12,927		294,931				143,969		352,842
Class R6		—		1,255				—		1,625
Class Y		102		—				—		—
Delaware Ivy Limited-Term Bond Fund					$	2,625,765					$	3,634,750
Class A		133,977		116,246				121,330		207,921
Class B		—		—				8,473		—
Class C		109,795		—				65,202		—
Class I		7,467		129,663				134,545		121,330
Class R6		—		5,380				—		298
Delaware Ivy Managed International Opportunities Fund					$	294,266					$	690,840
Class A		22,328		6,643				14,488		38,795
Class B		—		—				3,438		—
Class C		6,846		—				4,510		—
Class I		—		22,127				30,837		14,385
Delaware Ivy Mid Cap Growth Fund					$	7,993,408					$	20,579,387
Class A		137,097		134,045				227,673		260,891
Class B		—		—				55,102		—
Class C		172,846		—				199,097		—
Class E		—		—				—		404
Class I		19,120		142,561				77,725		219,165
Class R6		3,624		6,921				—		11,997
Class Y		178		—				7,926		—
Delaware Ivy Mid Cap Income Opportunities Fund					$	2,698,253					$	3,391,009
Class A		33,606		20,240				87,731		58,934
Class C		28,962		—				47,674		—
Class I		91,807		37,914				25,680		103,007
Class R6		—		89,228				—		12,492
Class Y		—		6,748				13,993		164
Delaware Ivy Municipal Bond Fund					$	715,599					$	2,850,297
Class A		62,781		4,892				127,857		110,332
Class B		—		—				7,432		—
Class C		4,892		—				39,617		—
Class I		1,262		57,991				63,283		127,857
Class R6		—		6,051				—		—
Delaware Ivy Municipal High Income
Fund					$	1,287,144					$	2,927,239
Class A		103,246		151,437				239,935		313,057
Class B		—		—				32,419		—
Class C		172,016		—				239,636		—

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Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Six months ended September 30, 2022						Year Ended March 31, 2022
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Class I		1,764		133,503				68,335		261,267
Class R6		—		1,764				—		—
Class Y		9,661		—				—		—
Delaware Ivy Small Cap Growth Fund					$	3,507,420					$	8,598,975
Class A		212,239		86,988				147,771		223,726
Class B		—		—				63,374		—
Class C		149,743		—				186,859		—
Class E		—		—				—		747
Class I		4,622		126,693				56,351		113,185
Class R6		—		260				—		2,572
Class Y		357		—				251		109
Delaware Ivy Smid Cap Core Fund					$	1,527,167					$	2,542,339
Class A		27,617		24,481				39,918		64,787
Class B		—		—				12,804		—
Class C		62,895		—				53,839		—
Class I		12,410		48,982				16,906		42,682
Class R6		—		11,290				—		933
Delaware Ivy Systematic Emerging Markets Equity Fund					$	1,131,312					$	3,521,919
Class A		22,580		22,165				49,114		65,592
Class B		—		—				5,963		—
Class C		31,704		—				24,045		—
Class I		6,413		31,865				40,778		58,690
Class R6		—		801				—		—
Class Y		—		—				9,687		—
Delaware Ivy Value Fund					$	1,826,092					$	3,641,213
Class A		56,004		15,191				34,259		97,491
Class B		—		—				9,508		—
Class C		10,799		—				18,161		—
Class I		4,973		55,688				71,243		34,076
Class R6		—		42				—		—

5. Basis of consolidation for Delaware Ivy Systematic Emerging Markets Equity Fund

Delaware Ivy EME, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary and the company acting as an investment vehicle for Delaware Ivy Systematic Emerging Markets Equity Fund (referred to as “the Fund” in this subsection). The Subsidiary acts as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary and the company. The consolidated financial statements include the accounts of the Fund and its Subsidiary and the company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the company.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2022 of the Subsidiary and the Company to the Fund.

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		Date of Incorporation			Subscription Agreement		Fund Net Assets				Subsidiary/ company net assets				Percentage of Fund net assets
Delaware Ivy EME, Ltd.		1-31-13			4-10-13		$	982,782,488				$315,601				0.03%

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

Each Fund had no amounts outstanding as of September 30, 2022, or at any time during the period then ended.

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2022.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. At September 30, 2022, Delaware Ivy Global Bond Fund and Delaware Ivy High Income Fund received $1,280,000 and $1,960,000, respectively, cash as collateral for open foreign currency exchange contracts, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

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Notes to financial statements

Ivy Funds

8. Derivatives (continued)

During the six months ended September 30, 2022, Delaware Ivy High Income Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

During the six months ended September 30, 2022, Delaware Ivy Global Bond Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies and to facilitate or expedite the settlement of portfolio transactions.

During the six months ended September 30, 2022, Delaware Global Value Equity Fund and Delaware Ivy International Value Fund used foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

During the six months ended September 30, 2022, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund and Delaware Ivy Systematic Emerging Markets Equity Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the six months ended September 30, 2022, Delaware Global Value Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund and Delaware Ivy Systematic Emerging Markets Equity Fund experienced net realized and unrealized gains or losses attributable to foreign currency exchange contracts, which are disclosed on the “Statements of operations” and/or “Statements of assets and liabilities.”

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At September 30, 2022, Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund and Delaware Ivy Limited-Term Bond Fund posted $714,450, $3,936,733 and $866,106, respectively, cash collateral as margin for open futures contracts, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities”.

During the six months ended September 30, 2022, Delaware Ivy Global Bond Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to reduce transaction costs.

During the six months ended September 30, 2022, Delaware Ivy Core Bond Fund and Delaware Ivy Limited-Term Bond Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

During the six months ended September 30, 2022, Delaware Ivy Core Bond Fund experienced net realized and unrealized gains or losses attributable to futures contracts, which are disclosed on the “Statements of operations” and/or “Statements of assets and liabilities.”

Options Contracts — Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the

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expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. At September 30, 2022, Delaware Ivy Mid Cap Growth and Delaware Ivy Value Fund posted $129,292,652 and $80,188, respectively, in securities as collateral for open options contracts, which is included on the “Schedules of investments.”

During the six months ended September 30, 2022, Delaware Ivy Global Bond Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to manage the Fund’s exposure to changes in foreign currencies and to adjust the Fund’s overall exposure to certain markets.

During the six months ended September 30, 2022, Delaware Ivy Mid Cap Growth Fund used options contracts to facilitate investments in portfolio securities.

During the six months ended September 30, 2022, Delaware Ivy Value Fund used options contracts to receive premiums for writing options.

During the six months ended September 30, 2022, Delaware Ivy Mid Cap Growth Fund and Delaware Ivy Value Fund experienced net realized and unrealized gains or losses attributable to options contracts, which are disclosed on the “Statements of operations” and/or “Statements of assets and liabilities.”

Swap Contracts — Certain Funds enter into CDS contracts in the normal course of pursuing its investment objective. The Fund entered into CDS contracts in order to hedge against a credit event and to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended September 30, 2022, Delaware Ivy Limited-Term Bond Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

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Notes to financial statements

Ivy Funds

8. Derivatives (continued)

During the six months ended September 30, 2022, Delaware Ivy Limited-Term Bond Fund used CDS contracts to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

Fair values of derivative instruments as of September 30, 2022 were as follows:

	Delaware Ivy Global Bond Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Credit Contracts			Interest Rate Contracts			Total
Unrealized appreciation on foreign currency exchange contracts	$	2,462,829		$	—		$	—		$	2,462,829
Variation margin due from broker on futures contracts*		—			—			4,233,413			4,233,413
Options purchased**		143,236			615,761			—			758,997
Total	$	2,606,065		$	615,761		$	4,233,413		$	7,455,239

	Delaware Ivy Global Bond Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Credit Contracts			Interest Rate Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(993,659	)	$	—		$	—		$	(993,659	)
Variation margin due to broker on futures contracts*		—			—			(2,346,764	)		(2,346,764	)
Options written, at value		(64,366	)		(242,724	)		—			(307,090	)
Total	$	(1,058,025	)	$	(242,724	)	$	(2,346,764	)	$	(3,647,513	)

Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through September 30, 2022. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”

Included with “Investments at Value”.

The effect of derivative instruments on the Fund’s “Statement of operations” for the six months ended September 30, 2022 was as follows:

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	Delaware Ivy Global Bond Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts		Futures Contracts			Options Purchased			Options Written			Total
Currency contracts	$	5,046,460	$	—		$	(381,081	)	$	—		$	4,665,379
Interest rate contracts		—		(964,164	)		(191,240	)		276,413			(878,991	)
Equity contracts		—		—			—			136,843			136,843
Total	$	5,046,460	$	(964,164	)	$	(572,321	)	$	413,256		$	3,923,231

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts		Futures Contracts			Options Purchased			Options Written			Total
Currency contracts	$	402,348	$	—		$	163,176		$	(42,788	)	$	522,736
Interest rate contracts		—		1,669,645			—			—			1,669,645
Credit contracts		—		—			397,790			(131,227	)		266,563
Total	$	402,348	$	1,669,645		$	560,966		$	(174,015	)	$	2,458,944

						Delaware Ivy Limited-Term Bond Fund Net Realized Gain (Loss) on:
						Futures Contracts			Swap Contracts			Total
Interest rate contracts						$	(1,708,848	)	$	—		$	(1,708,848	)
Equity contracts							—			234,901			234,901
Total						$	(1,708,848	)	$	234,901		$	(1,473,947	)

									Net Change in Unrealized Appreciation (Depreciation) on:
									Futures Contracts			Total
Interest rate contracts									$	(878,633	)	$	(878,633	)

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Notes to financial statements

Ivy Funds

8. Derivatives (continued)

The table below summarizes the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2022:

			Long Derivative Volume
			Delaware Global Value Equity Fund		Delaware Ivy Core Bond Fund
Foreign currency exchange contracts (average notional value)			$	191,903	$	—
Futures contracts (average notional value)				—		95,689,648

	Long Derivative Volume
	Delaware Ivy Global Bond Fund		Delaware Ivy Global Growth Fund		Delaware Ivy High Income Fund
Foreign currency exchange contracts (average notional value)	$	16,269,508	$	583,370	$	540,460
Futures contracts (average notional value)		534,210,491		—		—
Options contracts (average notional value)*		211,068		—		—

			Long Derivative Volume
			Delaware Ivy International Core Equity Fund		Delaware Ivy International Value Fund
Foreign currency exchange contracts (average notional value)			$	1,441,707	$	65,248

					Long Derivative Volume
					Delaware Ivy Limited-Term Bond Fund
Futures contracts (average notional value)						131,918,012

					Long Derivative Volume
					Delaware Ivy Systematic Emerging Markets Equity Fund
Foreign currency exchange contracts (average notional value)					$	1,554,217

			Short Derivative Volume
			Delaware Global Value Equity Fund		Delaware Ivy Core Bond Fund
Foreign currency exchange contracts (average notional value)			$	548,506	$	—
Futures contracts (average notional value)				—		25,332,872

	Short Derivative Volume
	Delaware Ivy Global Bond Fund		Delaware Ivy Global Growth Fund		Delaware Ivy High Income Fund
Foreign currency exchange contracts (average notional value)	$	63,454,514	$	756,557	$	34,656,783
Futures contracts (average notional value)		244,325,056		—		—
Options contracts (average notional value)*		131,345		—		—

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	Short Derivative Volume
	Delaware Ivy International Core Equity Fund			Delaware Ivy International Value Fund
Foreign currency exchange contracts (average notional value)		$	3,713,905		$	421,799


	Short Derivative Volume
	Delaware Ivy Limited-Term Bond Fund		Delaware Ivy Mid Cap Growth Fund
Futures contracts (average notional value)		31,192,939		—
Options contracts (average notional value)*		—		4,242,571
CDS contracts (average notional value)**		842,914		—


	Short Derivative Volume
	Delaware Ivy Systematic Emerging Markets Equity Fund
Foreign currency exchange contracts (average notional value)	$	1,573,567

	Short Derivative Volume
	Delaware Ivy Value Fund
Options contracts (average notional value)*		430,335

* Long represents purchased options and short represents written options.

** Long represents buying protection and short represents selling protection.

9. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

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Notes to financial statements

Ivy Funds

9. Offsetting (continued)

At September 30, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Global Value Equity Fund

Counterparty

Gross Value of
Derivative Asset

Gross Value of
Derivative
Liability

Net Position

Bank of New York Mellon

$120

$(4,370)

$(4,250)


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
Bank of New York Mellon		$	(4,250)		$—		$—		$—		$—		$	(4,250)

Delaware Ivy Global Bond Fund

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Goldman Sachs		$	1,099,848		$	(290,051	)		$	809,797
JPMorgan Chase Bank			471,874			(319,477	)			152,397
TD Bank			1,315,560			(572,814	)			742,746
Total		$	2,462,829		$	(993,659	)		$	1,469,170


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
Goldman Sachs		$	809,797		$—		$—		$—		$—		$	809,797
JPMorgan Chase Bank			152,397		—		—		—		—			152,397
TD Bank			742,746		—		—		—		—			742,746
Total		$	1,469,170		$—		$—		$—		$—		$	1,469,170

Delaware Ivy Global Growth Fund

Counterparty

Gross Value of
Derivative Asset

Gross Value of
Derivative
Liability

Net Position

Bank of New York Mellon

$—

$(47)


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
Bank of New York Mellon		$	(47)		$—		$—		$—		$—		$	(47)

Delaware Ivy High Income Fund

Counterparty

Gross Value of
Derivative Asset

Gross Value of
Derivative
Liability

Net Position

TD Bank

$2,263,959

$—

$2,263,959


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)				Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
TD Bank		$	2,263,959		$—		$	(1,960,000	)		$—		$—		$	303,959

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Delaware Ivy International Core Equity Fund

Counterparty		Gross Value of Derivative Asset					Gross Value of Derivative Liability					Net Position
Bank of New York Mellon				$—					$(2,983	)				$(2,983)


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
Bank of New York Mellon		$	(2,983)		$—		$—		$—		$—		$	(2,983)

Delaware Ivy International Value Fund

Counterparty		Gross Value of Derivative Asset					Gross Value of Derivative Liability					Net Position
Bank of New York Mellon				$—					$(1,206	)				$(1,206)


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
Bank of New York Mellon		$	(1,206)		$—		$—		$—		$—		$	(1,206)

Delaware Ivy Systematic Emerging Markets Equity Fund

Counterparty		Gross Value of Derivative Asset					Gross Value of Derivative Liability					Net Position
Bank of New York Mellon				$—					$(178	)				$(178)


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received		Cash Collateral Received^(a)		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure^(b)
Bank of New York Mellon		$	(178)		$—		$—		$—		$—		$	(178)

Securities Lending

Securities lending transactions are entered into by the Funds under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral (see also Note 10).

As of September 30, 2022, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:

Delaware Global Value Equity Fund

Counterparty		Securities Loaned at Value				Cash Collateral Received^(a)				Fair Value of Non-Cash Collateral Received				Net Collateral Received				Net Exposure^(b)
Bank of New York Mellon			$17,472,258				$(9,528,077)				$(7,944,181)				$(17,472,258)				$—

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Notes to financial statements

Ivy Funds

9. Offsetting (continued)

Delaware Ivy Core Equity Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$32,024,154

$(770,005)

$(31,254,149)

$(32,024,154)

$—

Delaware Ivy Global Bond Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$8,087,691

$(4,082,702)

$(4,004,989)

$(8,087,691)

$—

Delaware Ivy Global Growth Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$8,146,690

$(1,041,568)

$(7,105,122)

$(8,146,690)

$—

Delaware Ivy High Income Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$33,422,174

$(24,039,102)

$(9,383,072)

$(33,422,174)

$—

Delaware Ivy International Core Equity Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$56,850,674

$(9,581,964)

$(47,268,710)

$(56,850,674)

$—

Delaware Ivy International Value Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$5,044,056

$(3,485,160)

$(1,558,896)

$(5,044,056)

$—

Delaware Ivy Large Cap Growth Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received^(a)

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$172,922,236

$—

$(172,922,236)

$—

Delaware Ivy Limited-Term Bond Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$19,374,989

$(313,003)

$(19,061,986)

$(19,374,989)

$—

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Delaware Ivy Mid Cap Growth Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$265,800,787

$(61,080,566)

$(204,720,221)

$(265,800,787)

$—

Delaware Ivy Mid Cap Income Opportunities Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received^(a)

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$37,212,282

$—

$(37,212,282)

$—

Delaware Ivy Small Cap Growth Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$76,499,804

$(21,137,897)

$(55,361,907)

$(76,499,804)

$—

Delaware Ivy Smid Cap Core Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$20,327,168

$(4,989,633)

$(15,337,535)

$(20,327,168)

$—

Delaware Ivy Systematic Emerging Markets Equity Fund

Counterparty

Securities
Loaned
at Value

Cash
Collateral
Received^(a)

Fair Value of
Non-Cash
Collateral
Received

Net
Collateral
Received

Net Exposure^(b)

Bank of New York Mellon

$6,603,258

$(2,428,015)

$(4,175,243)

$(6,603,258)

$—

Delaware Ivy Value Fund

Counterparty		Securities Loaned at Value				Cash Collateral Received^(a)				Fair Value of Non-Cash Collateral Received				Net Collateral Received				Net Exposure^(b)
Bank of New York Mellon			$937,200				$—				$(937,200)				$(937,200)			$—

^(a)The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of September 30, 2022, as applicable.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. Securities Lending

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Notes to financial statements

Ivy Funds

10. Securities Lending (continued)

requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of September 30, 2022:

Securities Lending Transactions	Overnight and continuous		Under 30 days		Between 30 & 90 days		Over 90 Days		Total
Delaware Global Value Equity Fund
Money Market Mutual Fund	$	10,376,075		$—		$—		$—	$	10,376,075
Delaware Ivy Core Equity Fund
Money Market Mutual Fund		1,734,050		—		—		—		1,734,050
Delaware Ivy Global Bond Fund
Money Market Mutual Fund		4,660,200		—		—		—		4,660,200
Delaware Ivy Global Growth Fund
Money Market Mutual Fund		1,210,874		—		—		—		1,210,874
Delaware Ivy High Income Fund
Money Market Mutual Fund		26,331,620		—		—		—		26,331,620
Delaware Ivy International Core Equity Fund
Money Market Mutual Fund		15,995,647		—		—		—		15,995,647
Delaware Ivy International Value Fund
Money Market Mutual Fund		3,694,164		—		—		—		3,694,164
Delaware Ivy Large Cap Growth Fund
Money Market Mutual Fund		5,460,590		—		—		—		5,460,590
Delaware Ivy Limited-Term Bond Fund
Money Market Mutual Fund		888,680		—		—		—		888,680
Delaware Ivy Mid Cap Growth Fund
Money Market Mutual Fund		73,821,740		—		—		—		73,821,740
Delaware Ivy Small Cap Growth Fund
Money Market Mutual Fund		24,192,232		—		—		—		24,192,232
Delaware Ivy Smid Cap Core Fund
Money Market Mutual Fund		5,854,931		—		—		—		5,854,931
Delaware Ivy Systematic Emerging Markets Equity Fund
Money Market Mutual Fund		2,747,194		—		—		—		2,747,194

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Notes to financial statements

Ivy Funds

10. Securities Lending (continued)

The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of September 30, 2022:

	Values of securities on loan		Values of non- cash collateral		Values of invested collateral
Delaware Global Value Equity Fund	$	17,472,258	$	7,944,181	$	10,376,075
Delaware Ivy Core Equity Fund		32,024,154		31,254,149		1,734,050
Delaware Ivy Global Bond Fund		8,087,691		4,004,989		4,660,200
Delaware Ivy Global Growth Fund		8,146,690		7,105,122		1,210,874
Delaware Ivy High Income Fund		33,422,174		9,383,072		26,331,620
Delaware Ivy International Core Equity Fund		56,850,674		47,268,710		15,995,647
Delaware Ivy International Value Fund		5,044,056		1,558,896		3,694,164
Delaware Ivy Large Cap Growth Fund		172,922,236		173,414,550		5,460,590
Delaware Ivy Limited-Term Bond Fund		19,374,989		19,061,986		888,680
Delaware Ivy Mid Cap Growth Fund		265,800,787		204,720,221		73,821,740
Delaware Ivy Mid Cap Income Opportunities Fund		37,212,282		38,735,721		—
Delaware Ivy Small Cap Growth Fund		76,499,804		55,361,907		24,192,232
Delaware Ivy Smid Cap Core Fund		20,327,168		15,337,535		5,854,931
Delaware Ivy Systematic Emerging Markets Equity Fund		6,603,258		4,175,243		2,747,194

Investments purchased with cash collateral are presented on the “Schedules of investments” under the caption “Securities Lending Collateral.”

11. Credit and Market Risk

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Funds’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invest will cause the NAV of the Funds to fluctuate.

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Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

Certain Funds invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Funds invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Certain Funds invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of non-payment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

Certain Funds invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Each Fund may invest in advance refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the

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Notes to financial statements

Ivy Funds

11. Credit and Market Risk (continued)

outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” Advance refunded bonds are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.

Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended September 30, 2022. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended (1933 Act), and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

12. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

13. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

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14. Subsequent Events

On October 31, 2022, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described in Note 6 and to be operated in substantially the same manner as the agreement described in Note 6. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 30, 2023.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2022, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)

Ivy Funds

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of each Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of each Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of each Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with theirs HLIM at all times during the reporting period.

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Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022

Delaware Global Value Equity Fund

Delaware Ivy Core Bond Fund

Delaware Ivy Core Equity Fund

Delaware Ivy Global Bond Fund

Delaware Ivy Global Growth Fund

Delaware Ivy High Income Fund

Delaware Ivy International Core Equity Fund

Delaware Ivy International Value Fund

Delaware Ivy Large Cap Growth Fund

Delaware Ivy Limited-Term Bond Fund

Delaware Ivy Managed International Opportunities Fund

Delaware Ivy Mid Cap Growth Fund

Delaware Ivy Mid Cap Income Opportunities Fund

Delaware Ivy Municipal Bond Fund

Delaware Ivy Municipal High Income Fund

Delaware Ivy Small Cap Growth Fund

Delaware Ivy Smid Cap Core Fund

Delaware Ivy Systematic Emerging Markets Equity Fund

Delaware Ivy Value Fund

At a meeting held on August 9-11, 2022 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Global Value Equity Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund and Delaware Ivy Value Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreements with Delaware Management Company (“DMC”); the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”); Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”); Macquarie Investment Management Europe Limited (“MIMEL”); and Macquarie Funds Management Hong Kong Limited (“MFMHKL” and together with MIMGL, MIMEL, and MIMAK, the “Affiliated Sub-Advisers”).

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).

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Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022 (continued)

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement, and the experience of the officers and employees of DMC who provide these services, including each applicable Fund’s portfolio manager(s). The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Sub-Advisers who provide these services, including each applicable Fund’s portfolio manager(s). The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board noted the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Affiliated Sub-Advisers.

Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund showed its investment performance in comparison to a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, 10-year periods and since inception, as applicable, ended December 31, 2021. The Board considered that the Funds were managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. and its subsidiaries (the “Transaction”), and that each Fund’s performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor manager.

Delaware Global Value Equity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional global equity income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year, 3-year and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy Core Bond Fund –The Performance Universe for the Fund consisted of the Fund and all retail and institutional A-rated corporate debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the

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Fund’s total return for the 1-year period was in the first quartile, for the 3- and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was above the median and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of July 2022.

Delaware Ivy Core Equity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted that the Fund is performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Global Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional global income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the first quartile and for the 5-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 3- and 5-year periods. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Global Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional global large-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the second quartile and for the 3-and 5-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was above the median and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy High Income Fund – Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield funds, regardless of asset size or primary channel of distribution funds. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year periods was in the first quartile, for the 3-year period was in the third quartile and for the 5-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was above the median and for the 3-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy International Core Equity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional international large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile, for the 3-year period was in the third quartile, and for the 5-year period was in the fourth quartile of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1- and 3- year periods and underperformed its benchmark for the 5-year period. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy International Value Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional international multi-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was in the third quartile, for the 3-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was above the median and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

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Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022 (continued)

Delaware Ivy Large Cap Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1- and 5- year periods and underperformed its benchmark for the 3-year period. The Board noted that the Fund is performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Limited-Term Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional short-intermediate investment-grade debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the second quartile, for the 3-year period was in the fourth quartile and for the 5-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was above the median and for the 3- and 5-year periods was below the median of its Performance Universe. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy Managed International Opportunities Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional international multi-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile, for the 3-year period was in the first quartile and for the 5-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median and for the 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Mid Cap Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted that the Fund is performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Mid Cap Income Opportunities Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was in the second quartile, and 3-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was above the median and for the 3-year was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3- and 5-year periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Ivy Municipal Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional general and insured municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile and for the 3- and 5-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy Municipal High Income Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield municipal debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile, for the 3- and 5-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the

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median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy Small Cap Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional small-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile, for the 3- and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted the explanations from the DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Ivy Smid Cap Core Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional small-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy Systematic Emerging Markets Equity Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional emerging markets funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile and for the 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median and for the 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 3- and 5-year periods. The Board noted the explanations from the DMC and MIMGL concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Ivy Value Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional multi-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile and for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Comparative expenses. The Board received and considered expense data for the Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees.

Delaware Global Value Equity Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Core Bond Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Core Equity Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

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Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022 (continued)

Delaware Ivy Global Bond Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Global Growth Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy High Income Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy International Core Equity Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy International Value Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Large Cap Growth Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Limited-Term Bond Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Managed International Opportunities Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Mid Cap Growth Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Mid Cap Income Opportunities Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Municipal Bond Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Municipal High Income Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Small Cap Growth Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Smid Cap Core Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Systematic Emerging Markets Equity Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Value Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

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The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex. The Board noted that, as of March 31, 2022, Delaware Ivy Core Bond Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund and Delaware Ivy Value Fund each had net assets that exceeded their first respective breakpoint levels and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board also noted that, as of March 31, 2022, Delaware Ivy Small Cap Growth Fund and Delaware Ivy Systematic Emerging Markets Equity Fund each had net assets that exceeded their second respective breakpoint levels and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board also noted that, as of March 31, 2022, Delaware Ivy High Income Fund had net assets that exceeded its third breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. Finally, the Board also noted that, as of March 31, 2022, Delaware Ivy Core Equity Fund, Delaware Ivy Large Cap Growth Fund and Delaware Ivy Small Cap Growth Fund each had net assets that exceeded their respective fourth breakpoint levels and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC’s Investment Management Agreement and of the MIMGL, MIMAK, MIMEL, and MFMHKL Sub-Advisory Agreements for an additional one-year period.

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About the organization

Board of trustees

Shawn K. Lytle

President and Chief Executive Officer
Delaware Funds by Macquarie^®

Jerome D. Abernathy

Managing Member, Stonebrook Capital Management, LLC

Thomas L. Bennett

Private Investor

Ann D. Borowiec

Former Chief Executive Officer
Private Wealth Management
J.P. Morgan Chase & Co.

Joseph W. Chow

Private Investor

H. Jeffrey Dobbs

Former Global Sector Chairman
Industrial Manufacturing, KPMG, LLP

John A. Fry

President
Drexel University

Joseph Harroz, Jr.

President
University of Oklahoma

Sandra A.J. Lawrence

Former Chief Administrative Officer
Children’s Mercy Hospitals and Clinics

Frances A. Sevilla-Sacasa

Former Chief Executive Officer
Banco Itaú International

Thomas K. Whitford

Chairman of the Board
Delaware Funds by Macquarie
Former Vice Chairman PNC Financial Services Group

Christianna Wood

Chief Executive Officer and President
Gore Creek Capital, Ltd.

Janet L. Yeomans

Former Vice President and Treasurer
3M Company

Affiliated officers

David F. Connor

Senior Vice President, General Counsel, and Secretary
Delaware Funds by Macquarie

Daniel V. Geatens

Senior Vice President and Treasurer
Delaware Funds by Macquarie

Richard Salus

Senior Vice President and Chief Financial Officer
Delaware Funds by Macquarie

This semiannual report is for the information of Delaware Global Value Equity Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, and Delaware Ivy Value Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 888 923-3355; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge on the SEC’s website at sec.gov.

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Semiannual report

Alternative / specialty funds

Delaware Climate Solutions Fund
(formerly, Delaware Ivy Energy Fund)

Delaware Global Real Estate Fund
(formerly, Delaware Ivy LaSalle Global Real Estate Fund)

Delaware Ivy Natural Resources Fund

Delaware Ivy Science and Technology Fund

Delaware Real Estate Securities Fund
(formerly, Delaware Ivy Securian Real Estate Securities Fund)

Multi-asset funds

Delaware Ivy Asset Strategy Fund

Delaware Ivy Balanced Fund

September 30, 2022

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Table of Contents

Table of contents

Experience Delaware Funds by Macquarie^®

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for the Funds at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of September 30, 2022, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

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

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Disclosure of Fund expenses

For the six-month period from April 1, 2022 to September 30, 2022 (Unaudited)

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2022 to September 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Delaware Climate Solutions Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	922.60		1.32	%	$	6.36
Class C		1,000.00		918.90		2.06	%		9.91
Class I		1,000.00		923.00		0.99	%		4.77
Class R		1,000.00		920.60		1.63	%		7.85
Class R6		1,000.00		924.40		0.95	%		4.58
Class Y		1,000.00		921.80		1.32	%		6.36
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.45		1.32	%	$	6.68
Class C		1,000.00		1,014.74		2.06	%		10.40
Class I		1,000.00		1,020.10		0.99	%		5.01
Class R		1,000.00		1,016.90		1.63	%		8.24
Class R6		1,000.00		1,020.31		0.95	%		4.81
Class Y		1,000.00		1,018.45		1.32	%		6.68

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Disclosure of Fund expenses

Delaware Global Real Estate Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	747.00		1.43	%	$	6.26
Class C		1,000.00		744.10		2.23	%		9.75
Class I		1,000.00		748.70		1.05	%		4.60
Class R		1,000.00		746.10		1.72	%		7.53
Class R6		1,000.00		749.00		1.05	%		4.60
Class Y		1,000.00		746.80		1.41	%		6.17
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.90		1.43	%	$	7.23
Class C		1,000.00		1,013.89		2.23	%		11.26
Class I		1,000.00		1,019.80		1.05	%		5.32
Class R		1,000.00		1,016.44		1.72	%		8.69
Class R6		1,000.00		1,019.80		1.05	%		5.32
Class Y		1,000.00		1,018.00		1.41	%		7.13

Delaware Ivy Asset Strategy Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	830.30		1.14	%	$	5.23
Class C		1,000.00		826.40		2.07	%		9.48
Class I		1,000.00		831.20		0.89	%		4.09
Class R		1,000.00		828.60		1.44	%		6.60
Class R6		1,000.00		831.90		0.75	%		3.44
Class Y		1,000.00		830.20		1.11	%		5.09
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.35		1.14	%	$	5.77
Class C		1,000.00		1,014.69		2.07	%		10.45
Class I		1,000.00		1,020.61		0.89	%		4.51
Class R		1,000.00		1,017.85		1.44	%		7.28
Class R6		1,000.00		1,021.31		0.75	%		3.80
Class Y		1,000.00		1,019.50		1.11	%		5.62

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Delaware Ivy Balanced Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	848.60		1.08	%	$	5.00
Class C		1,000.00		844.50		1.92	%		8.88
Class I		1,000.00		849.00		0.86	%		3.99
Class R		1,000.00		846.80		1.42	%		6.57
Class R6		1,000.00		850.00		0.73	%		3.39
Class Y		1,000.00		848.30		1.07	%		4.96
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.65		1.08	%	$	5.47
Class C		1,000.00		1,015.44		1.92	%		9.70
Class I		1,000.00		1,020.76		0.86	%		4.36
Class R		1,000.00		1,017.95		1.42	%		7.18
Class R6		1,000.00		1,021.41		0.73	%		3.70
Class Y		1,000.00		1,019.70		1.07	%		5.42

Delaware Ivy Natural Resources Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	881.20		1.56	%	$	7.36
Class C		1,000.00		877.60		2.34	%		11.01
Class I		1,000.00		883.20		1.14	%		5.38
Class R		1,000.00		880.80		1.69	%		7.97
Class R6		1,000.00		883.60		1.01	%		4.77
Class Y		1,000.00		882.00		1.38	%		6.51
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.25		1.56	%	$	7.89
Class C		1,000.00		1,013.34		2.34	%		11.81
Class I		1,000.00		1,019.35		1.14	%		5.77
Class R		1,000.00		1,016.60		1.69	%		8.54
Class R6		1,000.00		1,020.00		1.01	%		5.11
Class Y		1,000.00		1,018.15		1.38	%		6.98

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Disclosure of Fund expenses

Delaware Ivy Science and Technology Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	734.10		1.20	%	$	5.22
Class C		1,000.00		730.50		2.12	%		9.20
Class I		1,000.00		734.90		0.99	%		4.31
Class R		1,000.00		732.60		1.59	%		6.91
Class R6		1,000.00		735.30		0.84	%		3.65
Class Y		1,000.00		733.90		1.23	%		5.35
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05		1.20	%	$	6.07
Class C		1,000.00		1,014.44		2.12	%		10.71
Class I		1,000.00		1,020.10		0.99	%		5.01
Class R		1,000.00		1,017.10		1.59	%		8.04
Class R6		1,000.00		1,020.86		0.84	%		4.26
Class Y		1,000.00		1,018.90		1.23	%		6.23

Delaware Real Estate Securities Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	747.40		1.36	%	$	5.96
Class C		1,000.00		743.50		2.36	%		10.31
Class I		1,000.00		748.50		1.05	%		4.60
Class R		1,000.00		746.40		1.62	%		7.09
Class R6		1,000.00		749.10		0.93	%		4.08
Class Y		1,000.00		747.80		1.27	%		5.56
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.25		1.36	%	$	6.88
Class C		1,000.00		1,013.24		2.36	%		11.91
Class I		1,000.00		1,019.80		1.05	%		5.32
Class R		1,000.00		1,016.95		1.62	%		8.19
Class R6		1,000.00		1,020.41		0.93	%		4.71
Class Y		1,000.00		1,018.70		1.27	%		6.43

* “Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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In addition to the Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

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Security type / sector allocations and top 10 equity holdings

Delaware Climate Solutions Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks ♦		99.56	%
Consumer Cyclical		2.79	%
Consumer Staples		6.49	%
Energy		22.49	%
Industrials		18.55	%
Materials		10.22	%
Real Estate		2.68	%
Utilities*		36.34	%
Short-Term Investments		0.57	%
Securities Lending Collateral		6.32	%
Total Value of Securities		106.45	%
Obligation to Return Securities Lending Collateral		(6.32	%)
Liabilities Net of Receivables and Other Assets		(0.13	%)
Total Net Assets		100.00	%

♦ Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

* To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Utilities sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Utilities sector consisted of Electric Utilities, Independent Power Producers & Energy Traders, Multi-Utilities, and Renewable Electricity. As of September 30, 2022, such amounts, as a percentage of total net assets were 22.54%, 6.39%, 2.89%, and 4.52% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Utilities sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Denbury		4.04	%
Arcosa		3.80	%
Archaea Energy		3.75	%
Schlumberger		3.43	%
Nutrien		3.41	%
Occidental Petroleum		3.35	%
AES		3.35	%
Archer-Daniels-Midland		3.34	%
Valero Energy		3.33	%
Cummins		3.16	%

Table of Contents

Security type / country and sector allocations

Delaware Global Real Estate Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		98.73	%
Australia		2.29	%
Belgium		1.56	%
Canada		1.39	%
France		1.43	%
Germany		2.28	%
Hong Kong		4.74	%
Japan		10.77	%
Singapore		3.32	%
Spain		0.61	%
Sweden		1.21	%
United Kingdom		3.86	%
United States		65.27	%
Short-Term Investments		0.50	%
Total Value of Securities		99.23	%
Receivables and Other Assets Net of Liabilities		0.77	%
Total Net Assets		100.00	%


Common stocks by sector	Percentage of net assets
Communications		0.46	%
Consumer Cyclical		0.28	%
Real Estate		10.39	%
REIT Diversified		22.08	%
REIT Healthcare		6.36	%
REIT Hotel		1.64	%
REIT Industrial		11.07	%
REIT Information Technology		0.46	%
REIT Mall		0.59	%
REIT Manufactured Housing		3.62	%
REIT Multifamily		12.65	%
REIT Office		7.68	%
REIT Retail		1.30	%
REIT Self-Storage		7.97	%
REIT Shopping Center		6.68	%
REIT Single Tenant		5.50	%
Total		98.73	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Asset Strategy Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		0.35	%
Agency Mortgage-Backed Securities		1.76	%
Corporate Bonds		13.62	%
Banking		1.58	%
Basic Industry		0.14	%
Capital Goods		0.50	%
Communication Services		0.84	%
Communications		0.28	%
Consumer Cyclical		0.33	%
Consumer Discretionary		0.75	%
Consumer Non-Cyclical		0.36	%
Electric		0.22	%
Energy		2.98	%
Finance Companies		0.08	%
Financial Services		0.11	%
Financials		3.58	%
Industrials		0.57	%
Information Technology		0.01	%
Insurance		0.42	%
Natural Gas		0.04	%
REITs		0.01	%
Technology		0.66	%
Transportation		0.16	%
Municipal Bonds		0.11	%
Non-Agency Collateralized Mortgage Obligations		0.36	%
Non-Agency Commercial Mortgage-Backed Securities		0.81	%
Loan Agreements		3.50	%
US Treasury Obligations		9.34	%
Common Stocks		59.99	%
Communication Services		4.37	%
Consumer Discretionary		8.28	%
Consumer Staples		4.37	%
Energy		4.00	%
Financials		7.41	%
Healthcare		10.18	%
Industrials		6.54	%
Information Technology		11.86	%
Materials		0.52	%
Technology		1.08	%
Utilities		1.38	%
Exchange-Traded Fund		0.93	%
Bullion		5.98	%
Short-Term Investments		3.14	%
Securities Lending Collateral		0.63	%
Total Value of Securities		100.52	%
Obligation to Return Securities Lending Collateral		(0.63	%)
Receivables and Other Assets Net of Liabilities		0.11	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Microsoft		2.94	%
ConocoPhillips		1.76	%
Canadian Natural Resources		1.58	%
UnitedHealth Group		1.55	%
Darden Restaurants		1.49	%
ORIX		1.36	%
Deutsche Telekom		1.35	%
Regeneron Pharmaceuticals		1.33	%
Taiwan Semiconductor Manufacturing		1.32	%
Amazon.com		1.29	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Balanced Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		0.66	%
Agency Mortgage-Backed Securities		8.70	%
Corporate Bonds		14.69	%
Banking		2.48	%
Basic Industry		0.04	%
Brokerage		0.77	%
Capital Goods		0.97	%
Communications		1.84	%
Consumer Cyclical		1.20	%
Consumer Non-Cyclical		1.40	%
Electric		1.29	%
Energy		0.61	%
Finance Companies		0.45	%
Information Technology		2.41	%
Insurance		0.48	%
Natural Gas		0.04	%
Real Estate Investment Trusts		0.30	%
Transportation		0.32	%
Utilities		0.09	%
Non-Agency Commercial Mortgage-Backed Securities		3.23	%
US Treasury Obligations		15.54	%
Common Stocks		52.97	%
Banking		1.68	%
Communications		3.68	%
Consumer Cyclical		3.60	%
Consumer Non-Cyclical		12.46	%
Energy		1.73	%
Financials		9.36	%
Healthcare		1.01	%
Industrials		4.66	%
Information Technology		10.81	%
Materials		2.13	%
Utilities		1.85	%
Exchange-Traded Fund		0.92	%
Short-Term Investments		3.79	%
Securities Lending Collateral		0.24	%
Total Value of Securities		100.74	%
Obligation to Return Securities Lending Collateral		(0.24	%)
Liabilities Net of Receivables and Other Assets		(0.50	%)
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Microsoft		4.40	%
UnitedHealth Group		3.49	%
NextEra Energy		1.85	%
Danaher		1.84	%
Apple		1.81	%
Progressive		1.59	%
Eli Lilly & Co.		1.51	%
United Rentals		1.50	%
TE Connectivity		1.49	%
Sysco		1.37	%

Table of Contents

Security type / country and sector allocations

Delaware Ivy Natural Resources Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Closed-Ended Trust		3.39	%
Common Stocks by Country		92.97	%
Australia		3.72	%
Brazil		5.90	%
Canada		11.29	%
Hong Kong		0.00	%
Netherlands		3.64	%
South Africa		2.30	%
United States		66.12	%
Short-Term Investments		3.93	%
Securities Lending Collateral		6.76	%
Total Value of Securities		107.05	%
Obligation to Return Securities Lending Collateral		(6.76	%)
Liabilities Net of Receivables and Other Assets		(0.29	%)
Total Net Assets		100.00	%


Common stocks by sector ♦	Percentage of net assets
Basic Industry		1.35	%
Consumer Staples		6.54	%
Energy*		48.96	%
Industrials		6.22	%
Materials*		27.94	%
REIT Diversified		1.96	%
Total		92.97	%

♦ Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

* To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Energy and Materials sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Energy sector consisted of Electrical Equipment, Energy Equipment & Services and Oil, Gas & Consumable Fuels. As of September 30, 2022, such amounts, as a percentage of total net assets were 1.50%, 4.85% and 42.61%, respectively. The Materials sector consisted of Chemicals and Metals & Mining. As of September 30, 2022, such amounts, as a percentage of total net assets were 7.30% and 20.64%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Energy and Materials sector for financial reporting purposes may exceed 25%.

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Science and Technology Fund

As of September 30, 2022 (Unaudited)

Security type / sector ♦	Percentage of net assets
Common Stocks		93.85	%
Communication Services		16.01	%
Consumer Discretionary		11.60	%
Healthcare		4.79	%
Information Technology*		61.45	%
Short-Term Investments		4.31	%
Securities Lending Collateral		0.76	%
Total Value of Securities		98.92	%
Obligation to Return Securities Lending Collateral		(0.76	%)
Receivables and Other Assets Net of Liabilities		1.84	%
Total Net Assets		100.00	%

♦ Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.

* To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Commercial Services, Computers, Diversified Financial Services, Electronics, Internet, Office/Business Equipment, Semiconductors, and Software. As of September 30, 2022, such amounts, as a percentage of total net assets were 3.26%, 9.10%, 3.47%, 3.25%, 2.89%, 1.15%, 20.20%, and 18.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Microsoft		9.23	%
Amazon.com		6.64	%
Apple		4.77	%
T-Mobile US		4.54	%
Mastercard Class A		3.47	%
Amphenol Class A		3.25	%
Microchip Technology		3.24	%
ASML Holding		3.13	%
Analog Devices		3.08	%
VeriSign		2.89	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Real Estate Securities Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.14	%
Real Estate		0.50	%
REIT Healthcare		8.56	%
REIT Hotel		2.71	%
REIT Industrial		15.68	%
REIT Information Technology		11.14	%
REIT Mall		2.00	%
REIT Manufactured Housing		5.11	%
REIT Multifamily		11.98	%
REIT Office		6.72	%
REIT Self-Storage		10.85	%
REIT Shopping Center		6.54	%
REIT Single Family		4.17	%
REIT Single Tenant		12.79	%
Telecommunication Services		0.39	%
Short-Term Investments		0.78	%
Total Value of Securities		99.92	%
Receivables and Other Assets Net of Liabilities		0.08	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Prologis		7.08	%
Public Storage		6.65	%
Welltower		5.56	%
VICI Properties		4.89	%
Equinix		4.74	%
Realty Income		4.73	%
Alexandria Real Estate Equities		4.72	%
Digital Realty Trust		4.68	%
Duke Realty		4.39	%
Equity Residential		4.38	%

Table of Contents

Schedules of investments

Delaware Climate Solutions Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 99.56%♦
Consumer Cyclical – 2.79%
BorgWarner		206,370	$	6,480,018
				6,480,018
Consumer Staples – 6.49%
Archer-Daniels-Midland		96,412		7,756,345
Darling Ingredients †		110,319		7,297,602
				15,053,947
Energy – 22.49%
Archaea Energy *, †		483,357		8,705,260
Denbury †		108,727		9,378,791
Enviva *		57,879		3,476,213
Equinor		217,495		7,172,709
Occidental Petroleum		126,478		7,772,073
Schlumberger		221,857		7,964,666
Valero Energy		72,345		7,730,063
				52,199,775
Industrials – 18.55%
AP Moller - Maersk Class B		1,308		2,376,935
Arcosa		154,015		8,806,578
Cummins		36,020		7,330,430
Kingspan Group		117,582		5,297,608
Li-Cycle Holdings *, †		526,479		2,800,868
NuScale Power *, †		263,590		3,078,731
Schneider Electric		57,541		6,499,301
Sunrun *, †		248,514		6,856,501
				43,046,952
Materials – 10.22%
Alcoa		162,642		5,474,530
Anglo American		227,831		6,840,813
Holcim †		84,709		3,471,422
Nutrien *		94,983		7,919,682
				23,706,447
Real Estate – 2.68%
Weyerhaeuser		217,832		6,221,282
				6,221,282
Utilities – 36.34%
AES		343,813		7,770,174
American Electric Power		79,117		6,839,665
CMS Energy		115,256		6,712,509
Iberdrola		738,220		6,883,299
NextEra Energy		89,881		7,047,569
Northland Power		239,599		7,016,165
Orsted 144A #		68,075		5,425,630
ReNew Energy Global Class A *, †		576,364		3,469,711
RWE		191,872		7,052,449
Southern		101,420		6,896,560
SSE		366,319		6,185,663
Terna - Rete Elettrica Nazionale		1,024,601		6,240,363
Xcel Energy		106,058		6,787,712
				84,327,469
Total Common Stocks (cost $249,368,216)				231,035,890

Short-Term Investments – 0.57%
Money Market Mutual Funds – 0.57%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		332,657		332,657
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		332,657		332,657
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		332,656		332,656
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		332,656		332,656
Total Short-Term Investments (cost $1,330,626)				1,330,626
Total Value of Securities Before Securities Lending Collateral–100.13% (cost $250,698,842)				232,366,516

Securities Lending Collateral** – 6.32%
Money Market Mutual Fund – 6.32%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		14,664,053		14,664,053
Total Securities Lending Collateral (cost $14,664,053)				14,664,053
Total Value of Securities–106.45% (cost $265,362,895)			$	247,030,569■

♦	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.
*	Fully or partially on loan.

Table of Contents

Schedules of investments

Delaware Climate Solutions Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $5,425,630, which represents 2.34% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $20,290,805 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $6,529,995.

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Appreciation

BNYM

CAD

91,308

USD

(124,400)

10/3/22

1,251

¹	See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

BNYM – Bank of New York Mellon

CAD – Canadian Dollar

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Global Real Estate Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 98.73%D
Australia – 2.29%
Charter Hall Group		37,812	$	278,842
Goodman Group		38,137		385,444
HealthCo REIT		138,900		123,705
Lifestyle Communities		12,364		119,779
NEXTDC †		16,383		91,663
				999,433
Belgium – 1.56%
Aedifica		2,259		174,123
Warehouses De Pauw CVA		20,591		505,727
				679,850
Canada – 1.39%
SmartCentres Real Estate Investment Trust		9,979		187,465
Summit Industrial Income REIT		33,874		419,578
				607,043
France – 1.43%
Covivio		4,161		200,451
Gecina		3,714		290,879
Unibail-Rodamco-Westfield †		3,159		130,719
				622,049
Germany – 2.28%
Aroundtown		83,634		183,134
LEG Immobilien		4,343		259,232
Vonovia		25,594		552,364
				994,730
Hong Kong – 4.74%
CK Asset Holdings		87,000		522,295
Hongkong Land Holdings		96,400		423,584
Link REIT		81,121		566,266
Sun Hung Kai Properties		50,000		551,813
				2,063,958
Japan – 10.77%
Industrial & Infrastructure Fund Investment		312		353,538
Japan Real Estate Investment		84		346,533
Kenedix Retail REIT		93		171,763
Mitsubishi Estate		77,850		1,025,765
Mitsubishi Estate Logistics REIT Investment		115		359,022
Nomura Real Estate Holdings		11,900		268,752
Nomura Real Estate Master Fund		643		710,672
Sumitomo Realty & Development		22,100		502,600
Tokyu REIT		283		385,705
United Urban Investment		549		569,066
				4,693,416
Singapore – 3.32%
CapitaLand Integrated Commercial Trust		351,800		467,959
Capitaland Investment		144,200		346,926
Digital Core REIT Management Pte		362,100		252,207
Mapletree Commercial Trust		319,200		380,024
				1,447,116
Spain – 0.61%
Inmobiliaria Colonial Socimi		55,365		267,314
				267,314
Sweden – 1.21%
Castellum		11,438		128,159
Fabege		18,766		127,470
Fastighets Balder †		27,519		109,847
Samhallsbyggnadsbolaget i Norden		64,618		70,341
Wihlborgs Fastigheter		14,805		88,948
				524,765
United Kingdom – 3.86%
Big Yellow Group		26,491		313,512
Derwent London		6,205		139,986
Land Securities Group		46,310		267,591
Segro		69,509		579,975
Shaftesbury		30,165		123,241
UNITE Group		26,993		256,278
				1,680,583
United States – 65.27%
Agree Realty		9,130		617,006
Alexandria Real Estate Equities		11,291		1,582,885
American Homes 4 Rent Class A		25,873		848,893
American Tower		1,947		418,021
Apple Hospitality REIT		21,352		300,209
Boston Properties		7,263		544,507
CBRE Group Class A †		2,516		169,855
Digital Realty Trust		14,879		1,475,699
DigitalBridge Group		8,636		108,036
Duke Realty		20,289		977,930
Equinix		2,022		1,150,195
Equity LifeStyle Properties		8,382		526,725
Equity Residential		19,983		1,343,257
Essex Property Trust		3,834		928,710
Extra Space Storage		7,308		1,262,165
Federal Realty Investment Trust		3,964		357,236
First Industrial Realty Trust		10,230		458,406
Healthpeak Properties		36,073		826,793
Invitation Homes		13,718		463,257
Kimco Realty		35,825		659,538
Kite Realty Group Trust		27,504		473,619
NETSTREIT		26,226		467,085
Prologis		20,571		2,090,014
Public Storage		6,477		1,896,530
Realty Income		24,238		1,410,652
Rexford Industrial Realty		11,556		600,912
RLJ Lodging Trust		18,852		190,782
Ryman Hospitality Properties		3,043		223,934
SBA Communications		711		202,386
Simon Property Group		2,848		255,608
Spirit Realty Capital		10,084		364,638
Sun Communities		7,770		1,051,515

Table of Contents

Schedules of investments

Delaware Global Real Estate Fund

	Number of shares		Value (US $)
Common StocksD (continued)
United States (continued)
UDR		26,794	$	1,117,578
VICI Properties		47,565		1,419,815
Welltower		25,623		1,648,071
				28,432,462
Total Common Stocks (cost $46,962,307)				43,012,719

Short-Term Investments – 0.50%
Money Market Mutual Funds – 0.50%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		54,550		54,550
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		54,551		54,551
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		54,551		54,551
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		54,550		54,550
Total Short-Term Investments (cost $218,202)				218,202
Total Value of Securities–99.23% (cost $47,180,509)			$	43,230,921

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 7 in “Security type / country and sector allocations.”
†	Non-income producing security.

Summary of abbreviations:

CVA – Certified Dutch Certificate

REIT – Real Estate Investment Trust

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Asset Strategy Fund

September 30, 2022 (Unaudited)

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations – 0.35%
Fannie Mae REMICs
Series 2015-18 NS 3.036% (6.12% minus LIBOR01M, Cap 6.12%) 4/25/45 S, •		4,219,982	$	464,749
Series 2015-37 SB 2.536% (5.62% minus LIBOR01M, Cap 5.62%) 6/25/45 S, •		9,182,314		756,632
Series 2016-48 US 3.016% (6.10% minus LIBOR01M, Cap 6.10%) 8/25/46 S, •		11,117,831		878,298
Series 2017-33 AI 4.50% 5/25/47 S		4,011,882		630,846
Series 2019-13 IP 5.00% 3/25/49 S		2,795,548		562,021
Series 4740 SB 3.332% (6.15% minus LIBOR01M, Cap 6.15%) 11/15/47 S, •		4,035,530		429,730
GNMA Series 2021-162 IN 3.00% 9/20/51 S		17,088,015		2,453,456
Total Agency Collateralized Mortgage Obligations (cost $8,261,835)				6,175,732

Agency Mortgage-Backed Securities – 1.76%
Fannie Mae S.F. 30 yr
3.00% 4/1/47		2,076,614		1,843,360
3.00% 12/1/51		2,354,268		2,068,402
5.00% 9/1/52		2,064,041		2,012,832
5.50% 8/1/52		2,367,152		2,362,522
Freddie Mac S.F. 30 yr
2.50% 1/1/52		5,175,361		4,360,393
3.50% 6/1/47		2,684,694		2,453,668
3.50% 4/1/52		2,470,823		2,228,574
4.00% 8/1/52		2,688,255		2,501,470
4.00% 9/1/52		1,436,000		1,335,509
4.50% 9/1/52		5,253,000		5,028,057
5.00% 7/1/52		1,896,843		1,852,412
5.50% 9/1/52		502,000		507,804
GNMA II S.F. 30 yr
3.00% 12/20/51		702,936		622,556
5.00% 9/20/52		2,375,000		2,330,368
Total Agency Mortgage-Backed Securities (cost $32,841,837)				31,507,927

Corporate Bonds – 13.62%
Banking – 1.58%
Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ		1,562,000		1,369,118
Bank of America
2.482% 9/21/36 μ		735,000		531,989
2.551% 2/4/28 μ		230,000		200,325
2.972% 2/4/33 μ		790,000		618,567
4.375% 1/27/27 μ, y		295,000		237,475
4.948% 7/22/28 μ		615,000		591,551
6.125% 4/27/27 μ		215,000		203,712
Barclays 5.501% 8/9/28 μ		240,000		225,235
Citigroup
3.07% 2/24/28 μ		315,000		281,109
5.61% 9/29/26 μ		1,220,000		1,214,117
Credit Suisse Group 144A 6.442% 8/11/28 #, μ		475,000		442,331
Fifth Third Bancorp 4.337% 4/25/33 μ		2,400,000		2,130,854
Goldman Sachs Group
1.542% 9/10/27 μ		2,600,000		2,199,228
3.102% 2/24/33 μ		115,000		91,479
3.615% 3/15/28 μ		430,000		391,761
Huntington National Bank 4.552% 5/17/28 μ		2,935,000		2,828,649
JPMorgan Chase & Co.
1.953% 2/4/32 μ		410,000		303,859
4.851% 7/25/28 μ		1,185,000		1,139,037
4.912% 7/25/33 μ		2,535,000		2,341,034
KeyCorp 4.789% 6/1/33 μ		2,640,000		2,424,366
Morgan Stanley
1.928% 4/28/32 μ		2,470,000		1,806,940
2.475% 1/21/28 μ		175,000		153,138
2.484% 9/16/36 μ		885,000		635,465
Nordea Bank 144A 3.75% 3/1/29 #, μ, y		1,500,000		993,988
PNC Financial Services Group
6.00% 5/15/27 μ		265,000		246,450
6.20% 9/15/27 μ		380,000		360,050
State Street 2.203% 2/7/28 μ		350,000		307,245
SVB Financial Group 4.57% 4/29/33 μ		525,000		460,897
Toronto-Dominion Bank 4.108% 6/8/27 *		1,210,000		1,142,375
Truist Financial 4.916% 7/28/33 μ		475,000		429,924
UBS Group 144A 4.703% 8/5/27 #, μ		240,000		227,767
US Bancorp
2.215% 1/27/28 μ		295,000		260,244
2.677% 1/27/33 *, μ		295,000		237,485
Wells Fargo & Co. 4.611% 4/25/53 μ		995,000		809,866

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Wells Fargo & Co. 4.808% 7/25/28 μ		455,000	$	434,415
				28,272,045
Basic Industry – 0.14%
Celanese US Holdings
6.05% 3/15/25		325,000		317,785
6.165% 7/15/27		5,000		4,738
Newmont 2.60% 7/15/32		185,000		141,288
Sherwin-Williams 2.90% 3/15/52		1,650,000		994,200
Westlake 3.125% 8/15/51		1,600,000		987,941
				2,445,952
Capital Goods – 0.50%
Boeing
4.875% 5/1/25		3,917,000		3,825,802
5.805% 5/1/50		1,571,000		1,368,703
Eaton 4.15% 3/15/33		1,660,000		1,502,194
Lockheed Martin
3.90% 6/15/32		375,000		348,141
4.15% 6/15/53		320,000		268,614
Parker-Hannifin 4.25% 9/15/27		1,770,000		1,688,672
				9,002,126
Communication Services – 0.84%
Altice France Holding 144A 10.50% 5/15/27 #		8,387,000		6,588,370
CCO Holdings 144A 4.50% 8/15/30 #		6,000,000		4,759,830
Frontier Communications Holdings
5.875% 11/1/29		4,187,781		3,333,557
144A 6.00% 1/15/30 #		461,000		363,130
				15,044,887
Communications – 0.28%
AT&T 3.50% 9/15/53		3,490,000		2,331,211
Charter Communications Operating 3.85% 4/1/61		1,790,000		1,049,612
Discovery Communications 4.00% 9/15/55		400,000		236,714
Verizon Communications 2.875% 11/20/50		375,000		230,329
Warnermedia Holdings
144A 3.755% 3/15/27 #		780,000		698,840
144A 4.054% 3/15/29 #		110,000		95,137
144A 4.279% 3/15/32 #		110,000		90,636
144A 5.141% 3/15/52 #		445,000		324,284
				5,056,763
Consumer Cyclical – 0.33%
Amazon.com
1.50% 6/3/30		2,346,000		1,853,355
2.50% 6/3/50		1,322,000		829,452
3.60% 4/13/32		430,000		391,416
Aptiv
3.10% 12/1/51		1,890,000		1,062,130
3.25% 3/1/32		125,000		99,676
AutoNation 3.85% 3/1/32		230,000		182,064
General Motors
5.40% 10/15/29		465,000		429,352
5.60% 10/15/32		690,000		616,808
VICI Properties 4.95% 2/15/30		410,000		371,392
				5,835,645
Consumer Discretionary – 0.75%
Carnival 144A 7.625% 3/1/26 #		780,000		593,982
Ford Motor 6.10% 8/19/32		7,000,000		6,183,100
Staples 144A 7.50% 4/15/26 #		7,809,000		6,567,798
				13,344,880
Consumer Non-Cyclical – 0.36%
Anheuser-Busch InBev Worldwide 3.50% 6/1/30		1,570,000		1,403,952
Bristol-Myers Squibb 3.70% 3/15/52		190,000		146,128
CSL Finance
144A 4.05% 4/27/29 #		215,000		198,297
144A 4.75% 4/27/52 #		265,000		228,937
CVS Health
2.70% 8/21/40		1,655,000		1,090,246
4.78% 3/25/38		555,000		487,647
HCA 144A 3.125% 3/15/27 #		1,000,000		886,683
JBS USA LUX 144A 3.00% 2/2/29 #		558,000		457,256
JBS USA LUX SA 144A 3.625% 1/15/32 #		2,000,000		1,566,550
				6,465,696
Electric – 0.22%
Eversource Energy 2.90% 3/1/27		340,000		309,016
NextEra Energy Capital Holdings 3.00% 1/15/52		425,000		272,239
NRG Energy
144A 2.00% 12/2/25 #		3,470,000		3,067,718
144A 2.45% 12/2/27 #		390,000		319,860
				3,968,833
Energy – 2.98%
BP Capital Markets America
2.721% 1/12/32		530,000		431,046
2.939% 6/4/51		1,255,000		799,635
ConocoPhillips 3.80% 3/15/52		1,075,000		824,937

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Continental Resources 144A 2.875% 4/1/32 #		450,000	$	330,143
Diamondback Energy 4.25% 3/15/52		115,000		84,241
Energy Transfer
6.25% 2/15/23 *, μ, y		5,000,000		4,106,250
6.75% 5/15/25 μ, y		5,879,000		5,101,796
7.125% 5/15/30 μ, y		15,000,000		12,360,574
Enterprise Products Operating 3.30% 2/15/53		1,555,000		1,015,810
Fells Point Funding Trust 144A 3.046% 1/31/27 #		290,000		258,747
Guara Norte 144A 5.198% 6/15/34 #		1,872,300		1,494,105
Hilcorp Energy I
144A 6.00% 2/1/31 #		1,515,000		1,318,256
144A 6.25% 4/15/32 #		3,487,000		3,093,910
Laredo Petroleum
9.50% 1/15/25		8,259,000		8,198,709
10.125% 1/15/28		9,436,000		9,081,348
Petroleos Mexicanos 6.70% 2/16/32		2,595,000		1,824,674
Targa Resources Partners 5.00% 1/15/28		1,770,000		1,641,064
Valero Energy 2.15% 9/15/27		1,496,000		1,295,587
				53,260,832
Finance Companies – 0.08%
Air Lease 2.875% 1/15/32 *		1,810,000		1,366,782
				1,366,782
Financial Services – 0.11%
New Cotai 5.00% 2/2/27 <<		1,952,660		1,947,782
				1,947,782
Financials – 3.58%
Ally Financial 4.70% 5/15/28 μ, y		2,000,000		1,430,000
Barclays
4.375% 3/15/28 μ, y		5,000,000		3,094,000
6.125% 12/15/25 μ, y		3,901,000		3,291,859
8.00% 6/15/24 μ, y		7,237,000		6,731,496
Citadel Finance 144A 3.375% 3/9/26 #		1,834,000		1,619,750
Credit Suisse Group
144A 6.375% 8/21/26 #, μ, y		4,768,000		3,480,640
144A 7.50% 12/11/23 #, μ, y		10,148,000		9,353,158
Deutsche Bank 3.742% 1/7/33 μ		956,000		621,199
ING Groep 3.875% 5/16/27 μ, y		6,000,000		3,929,100
ING Groep 4.25% 5/16/31 μ, y		4,000,000		2,436,000
Intercontinental Exchange 1.85% 9/15/32		2,342,000		1,706,175
Jefferies Group 2.625% 10/15/31		2,195,000		1,595,712
Standard Chartered
144A 4.30% 8/19/28 #, μ, y		17,000,000		11,055,100
144A 6.00% 8/19/28 #, μ, y		5,000,000		4,448,400
UniCredit
144A 5.459% 6/30/35 #, μ		9,547,000		7,109,904
144A 5.861% 6/19/32 #, μ		2,383,000		1,965,559
				63,868,052
Industrials – 0.57%
Wesco Aircraft Holdings
144A 8.50% 11/15/24 #		7,455,000		3,913,875
144A 9.00% 11/15/26 #, *		5,288,000		3,190,250
144A 13.125% 11/15/27 #		10,000,000		3,025,000
				10,129,125
Information Technology – 0.01%
Workday
3.50% 4/1/27		55,000		50,955
3.70% 4/1/29		110,000		98,787
3.80% 4/1/32		110,000		95,606
				245,348
Insurance – 0.42%
AIA Group
144A 3.20% 9/16/40 #		3,902,000		2,922,818
144A 3.375% 4/7/30 #		1,960,000		1,743,694
Athene Holding 6.15% 4/3/30		2,713,000		2,608,560
Brown & Brown
2.375% 3/15/31		73,000		54,619
4.95% 3/17/52		257,000		209,028
				7,538,719
Natural Gas – 0.04%
Southern Co. Gas Capital 5.15% 9/15/32		740,000		708,369
				708,369
REITs – 0.01%
American Homes 4 Rent 3.625% 4/15/32		220,000		181,691
				181,691
Technology – 0.66%
Apple 2.40% 8/20/50		3,122,000		1,947,008
Autodesk 2.40% 12/15/31		420,000		327,390
Baidu 1.72% 4/9/26		1,672,000		1,479,229
Broadcom 144A 3.419% 4/15/33 #		1,959,000		1,498,819

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
CDW 3.276% 12/1/28		1,035,000	$	865,669
Entegris Escrow 144A 4.75% 4/15/29 #		385,000		339,984
Fidelity National Information Services 4.70% 7/15/27		190,000		183,171
KLA 4.95% 7/15/52		535,000		487,314
PayPal Holdings
3.90% 6/1/27 *		1,180,000		1,131,773
4.40% 6/1/32		1,250,000		1,166,224
Tencent Holdings 144A 3.24% 6/3/50 #		3,910,000		2,384,405
				11,810,986
Transportation – 0.16%
Azul Investments 144A 7.25% 6/15/26 #		1,500,000		927,098
Burlington Northern Santa Fe
2.875% 6/15/52		330,000		216,394
4.45% 1/15/53		355,000		308,933
Simpar Europe 144A 5.20% 1/26/31 #		2,000,000		1,413,170
				2,865,595
Total Corporate Bonds (cost $298,206,990)				243,360,108

Municipal Bonds – 0.11%
Commonwealth of Puerto Rico
Series A-1 3.045% 7/1/24 ^		62,870		57,815
Series A-1 4.00% 7/1/33		188,954		166,587
Series A-1 4.00% 7/1/35		137,232		117,648
Series A-1 4.00% 7/1/37		145,770		119,995
Series A-1 4.38% 7/1/33 ^		243,165		134,451
Series A-1 5.625% 7/1/29		158,907		162,800
GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40		1,448,800		1,274,944
Total Municipal Bonds (cost $2,249,001)				2,034,240

Non-Agency Collateralized Mortgage Obligations – 0.36%
COLT Mortgage Loan Trust Series 2021-3 B1 144A 3.059% 9/27/66 #, •		2,000,000		1,198,147
CSMC Trust Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, •		4,968,250		4,285,747
Verus Securitization Trust Series 2019-INV2 B1 144A 4.452% 7/25/59 #, •		1,097,000		990,233
Total Non-Agency Collateralized Mortgage Obligations (cost $8,278,316)				6,474,127

Non-Agency Commercial Mortgage-Backed Securities – 0.81%
BANK
Series 2020-BN25 A5 2.649% 1/15/63		2,163,000		1,817,391
Series 2022-BNK41 A4 3.916% 4/15/65 •		2,000,000		1,797,656
Benchmark Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 •		2,000,000		1,846,812
Series 2020-B20 A5 2.034% 10/15/53		2,000,000		1,578,174
Series 2021-B25 A5 2.577% 4/15/54		2,000,000		1,632,106
Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 #		2,000,000		1,642,159
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 #		2,225,000		1,709,187
GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53		2,813,000		2,300,288
Merrill Lynch Mortgage Investors Trust Series 1998-C1 F 6.25% 11/15/26 •		142,064		142,364
Total Non-Agency Commercial Mortgage-Backed Securities (cost $15,434,875)				14,466,137

Loan Agreements – 3.50%
Advantage Sales & Marketing Tranche B-1 7.053% (LIBOR01M + 4.50%) 10/28/27 •		4,924,642		4,416,789
Amynta Agency Borrower Tranche B 1st Lien 7.615% (LIBOR01M + 4.50%) 2/28/25 •		18,456,057		17,940,819
Epic Crude Services LP 7.08% (LIBOR03M + 5.00%) 3/2/26 •		8,132		6,739
Heartland Dental 6.615% (LIBOR01M + 3.50%) 4/30/25 •		7,146,743		6,606,271

Table of Contents

	Principal amount^°		Value (US $)
Loan Agreements (continued)
Hillman Group 5.834% (LIBOR01M + 2.75%) 7/14/28 •		12,343,998	$	11,825,551
MLN US HoldCo Tranche B 1st Lien 8.252% (LIBOR03M + 4.50%) 11/30/25 •		8,050,292		4,986,149
PetsMart 6.87% (LIBOR01M + 3.50%) 2/11/28 •		2,560,140		2,428,933
Surgery Center Holdings 6.51% (LIBOR01M + 3.75%) 8/31/26 •		10,136,869		9,648,332
West Corporation Tranche B 7.115% (LIBOR01M + 4.00%) 10/10/24 •		3,286,813		2,835,465
White Cap Buyer TBD 10/19/27 X		2,000,000		1,878,334
Total Loan Agreements (cost $68,143,540)				62,573,382

US Treasury Obligations – 9.34%
US Treasury Bonds
2.75% 8/15/47		6,215,000		4,971,271
3.00% 2/15/49		4,219,000		3,602,713
3.00% 8/15/52		1,585,000		1,368,301
US Treasury Floating Rate Notes
3.293% (USBMMY3M - 0.08%) 4/30/24 •		39,270,000		39,218,533
3.405% (USBMMY3M + 0.04%) 7/31/24 •		10,135,000		10,123,489
US Treasury Notes
0.125% 4/30/23		77,000,000		75,278,649
2.50% 5/31/24		6,060,000		5,885,420
2.625% 7/31/29		6,175,000		5,675,693
2.75% 7/31/27 *		13,960,000		13,147,485
3.125% 8/31/27 *		445,000		426,922
3.50% 9/15/25		1,395,000		1,366,664
4.125% 9/30/27		5,670,000		5,689,048
Total US Treasury Obligations (cost $169,783,451)				166,754,188

	Number of shares
Common Stocks – 59.99%
Communication Services – 4.37%
Alphabet Class A †		233,856		22,368,326
Deutsche Telekom		1,411,550		24,026,944
Frontier Communications Parent †		346,325		8,114,395
New Cotai <<, =, †		1,819,823		0
Tencent Holdings		342,000		11,551,501
T-Mobile US †		89,241		11,973,465
				78,034,631
Consumer Discretionary – 8.28%
Amazon.com †		204,391		23,096,183
Aptiv †		185,895		14,538,848
Burlington Stores †		77,767		8,701,350
Darden Restaurants		210,426		26,581,012
Ferrari		66,750		12,361,158
H World Group ADR		370,389		12,422,847
JD.com ADR		269,629		13,562,339
LVMH Moet Hennessy Louis Vuitton		14,949		8,813,553
Media Group Holdings Series H <<, †		640,301		0
Media Group Holdings Series T <<, †		80,253		0
Skechers USA Class A †		433,454		13,749,161
Studio City International Holdings ADR †		203,063		444,708
Studio City International Holdings ADR †		184,458		403,963
Subaru		872,618		13,187,304
				147,862,426
Consumer Staples – 4.37%
Casey’s General Stores		81,000		16,404,120
China Mengniu Dairy †		4,871,687		19,258,292
Procter & Gamble		164,669		20,789,461
Reckitt Benckiser Group		326,128		21,616,225
				78,068,098
Energy – 4.00%
Canadian Natural Resources		607,374		28,285,407
ConocoPhillips		307,342		31,453,380
Schlumberger		174,283		6,256,760
TotalEnergies *		115,570		5,421,918
				71,417,465
Financials – 7.41%
AGNC Investment		1,571,884		13,235,263
BNP Paribas		329,772		13,929,325
First Republic Bank		141,505		18,473,478
ICICI Bank		1,133,161		11,897,350
Intercontinental Exchange		126,342		11,415,000
Morgan Stanley		190,537		15,054,328
ORIX		1,727,103		24,195,279
Prudential		1,266,780		12,398,780
State Bank of India		1,813,544		11,744,611
				132,343,414

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare – 10.18%
Abbott Laboratories		143,127	$	13,848,969
AstraZeneca		145,364		15,979,789
Bayer		374,159		17,239,205
Eli Lilly & Co.		45,581		14,738,616
Genmab †		57,287		18,429,440
Regeneron Pharmaceuticals †		34,568		23,812,858
Thermo Fisher Scientific		24,729		12,542,302
UnitedHealth Group		54,764		27,658,011
Vertex Pharmaceuticals †		75,150		21,758,931
Zimmer Biomet Holdings		151,212		15,809,215
				181,817,336
Industrials – 6.54%
Airbus		194,690		16,782,352
Ingersoll Rand		294,867		12,755,946
Larsen & Toubro		977,648		22,070,698
Raytheon Technologies		233,516		19,115,620
Schneider Electric		103,798		11,724,065
Thales		53,389		5,883,147
Union Pacific		87,210		16,990,252
Vinci		141,576		11,447,945
				116,770,025
Information Technology – 11.86%
Ambarella †		207,755		11,671,676
Apple		148,512		20,524,358
Autodesk †		69,629		13,006,697
Intuit ~		52,504		20,335,849
Mastercard Class A		80,064		22,765,398
Microchip Technology		158,676		9,683,996
Microsoft ~		225,544		52,529,198
NVIDIA		78,381		9,514,670
Seagate Technology Holdings		167,849		8,934,602
Taiwan Semiconductor Manufacturing		1,782,550		23,628,400
VeriSign †		110,814		19,248,392
				211,843,236
Materials – 0.52%
Barrick Gold		599,304		9,289,212
				9,289,212
Technology – 1.08%
Check Point Software Technologies †		172,856		19,363,329
				19,363,329
Utilities – 1.38%
NTPC		5,843,548		11,412,816
RWE		362,861		13,337,322
				24,750,138
Total Common Stocks (cost $1,669,829,878)				1,071,559,310

Exchange-Traded Fund – 0.93%
Vanguard Russell 2000 ETF *		248,354		16,547,827
Total Exchange-Traded Fund (cost $19,512,652)				16,547,827

	Troy Ounces
Bullion – 5.98%
Gold		64,331		106,894,315
Total Bullion (cost $75,222,346)				106,894,315

	Number of shares
Short-Term Investments – 3.14%
Money Market Mutual Funds – 3.14%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		14,023,280		14,023,280
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		14,023,280		14,023,280
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		14,023,280		14,023,280
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		14,023,280		14,023,280
Total Short-Term Investments (cost $56,093,120)				56,093,120
Total Value of Securities Before Securities Lending Collateral–99.89% (cost $2,423,857,841)				1,784,440,413

Table of Contents

	Number of shares		Value (US $)
Securities Lending Collateral** – 0.63%
Money Market Mutual Fund – 0.63%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		11,211,526	$	11,211,526
Total Securities Lending Collateral (cost $11,211,526)				11,211,526
Total Value of Securities–100.52% (cost $2,435,069,367)			$	1,795,651,939■


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
S	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $106,552,770, which represents 5.96% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
μ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
y	Perpetual security. Maturity date represents next call date.
*	Fully or partially on loan.
<<	Affiliated company. See Note 2 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
X	This loan will settle after September 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
~	All or portion of the security has been pledged as collateral for potential options written.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $28,108,118 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $18,196,049.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at September 30, 2022:

Borrower		Principal Amount		Commitment		Value		Unrealized Appreciation (Depreciation)
Hillman Group 5.834% (LIBOR01M + 2.75%) 7/14/28		$2,984,864		$2,984,864		$2,859,500		$(125,364)

The following foreign currency exchange contracts and futures contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Depreciation

BNYM

EUR

(67,781)

USD

66,024

10/3/22

(418

)

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
(20)	US Treasury 2 yr Notes	$	(4,107,812	)	$	(4,174,172	)	12/30/22	$	66,360	$	–		$	2,969
6	US Treasury 5 yr Notes		645,047			667,309		12/30/22		–		(22,262	)		(1,594	)
23	US Treasury 10 yr Notes		2,577,437			2,594,279		12/20/22		–		(16,842	)		(8,985	)
33	US Treasury Long Bonds		4,171,406			4,529,333		12/20/22		–		(357,927	)		(21,656	)
22	US Treasury Ultra Bonds		3,014,000			3,303,284		12/20/22		–		(289,284	)		(35,750	)
Total Futures Contracts					$	6,920,033			$	66,360	$	(686,315	)	$	(65,016	)

The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

¹	See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – Bank of New York Mellon

ETF – Exchange-Traded Fund

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBD – To be determined

USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:

EUR – European Monetary Unit

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Balanced Fund

September 30, 2022 (Unaudited)

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations – 0.66%
Fannie Mae REMICs
Series 2016-36 VB 3.50% 6/25/29		3,964,882	$	3,847,534
Series 2016-71 NB 3.00% 10/25/46		5,075,194		4,652,684
Freddie Mac REMICs
Series 4616 HW 3.00% 6/15/45		3,323,168		3,107,482
Total Agency Collateralized Mortgage Obligations (cost $12,864,740)				11,607,700

Agency Mortgage-Backed Securities – 8.70%
Fannie Mae S.F. 15 yr 2.50% 8/1/35		1,926,182		1,749,951
Fannie Mae S.F. 20 yr 2.00% 5/1/41		2,368,471		1,984,593
Fannie Mae S.F. 30 yr
2.00% 1/1/51		5,025,279		4,095,468
2.00% 3/1/51		2,240,338		1,824,522
2.00% 4/1/51		2,369,292		1,929,197
2.50% 1/1/52		4,583,452		3,856,977
2.50% 4/1/52		1,385,011		1,164,963
3.00% 12/1/51		3,766,072		3,308,779
3.00% 2/1/52		9,607,897		8,395,058
3.50% 12/1/47		628,650		573,271
3.50% 1/1/48		710,099		649,449
3.50% 8/1/51		4,617,436		4,169,922
3.50% 1/1/52		5,855,211		5,284,000
3.50% 4/1/52		5,295,261		4,776,003
4.50% 11/1/43		2,519,484		2,468,306
4.50% 10/1/44		767,836		752,260
4.50% 5/1/49		1,931,298		1,860,294
5.00% 6/1/52		3,237,475		3,158,002
5.00% 9/1/52		6,749,621		6,582,165
6.50% 10/1/28		9,972		10,289
6.50% 2/1/29		1,481		1,516
6.50% 2/1/32		12,623		13,080
6.50% 9/1/32		10,841		11,172
7.00% 11/1/31		13,666		13,970
7.00% 2/1/32		12,696		13,035
7.00% 3/1/32		7,630		8,032
7.00% 7/1/32		11,991		12,353
Fannie Mae S.F. 30 yr TBA 5.50% 10/1/52		10,402,000		10,338,613
Freddie Mac S.F. 15 yr 2.00% 12/1/35		2,727,155		2,412,911
Freddie Mac S.F. 20 yr
2.00% 3/1/41		8,529,740		7,145,153
2.50% 2/1/42		3,595,644		3,079,181
Freddie Mac S.F. 30 yr
2.00% 1/1/52		10,439,859		8,478,777
2.50% 7/1/50		3,955,819		3,347,773
2.50% 1/1/52		11,765,411		9,932,421
3.00% 8/1/51		362,183		317,254
3.00% 12/1/51		10,098,956		8,820,758
3.00% 2/1/52		10,379,182		9,068,893
3.50% 6/1/47		3,839,342		3,508,955
3.50% 10/1/51		7,741,267		7,007,768
4.00% 8/1/52		6,906,154		6,426,301
4.50% 9/1/52		3,864,000		3,693,933
5.00% 7/1/52		2,684,549		2,621,667
5.50% 9/1/52		1,289,000		1,303,904
5.50% 11/1/52		1,314,000		1,307,594
6.50% 12/1/31		14,153		14,601
6.50% 1/1/32		11,340		11,726
3.50% 4/1/52		3,330,686		3,008,553
GNMA I S.F. 30 yr 6.50% 8/15/28		5,978		6,178
GNMA II S.F. 30 yr
3.00% 12/20/51		1,781,643		1,577,914
5.00% 9/20/52		1,658,000		1,626,842
Total Agency Mortgage-Backed Securities (cost $173,395,498)				153,724,297

Corporate Bonds – 14.69%
Banking – 2.48%
Bank of America
2.482% 9/21/36 µ		2,600,000		1,881,866
2.551% 2/4/28 µ		330,000		287,422
2.972% 2/4/33 µ		165,000		129,194
4.375% 1/27/27 µ, y		415,000		334,075
4.948% 7/22/28 µ		870,000		836,828
6.125% 4/27/27 µ, y		295,000		279,513
Barclays 5.501% 8/9/28 µ		340,000		319,082
Citigroup
3.07% 2/24/28 µ		400,000		356,964
5.61% 9/29/26 µ		335,000		333,385
6.25% 8/15/26 µ, y		6,428,000		6,164,452
Credit Suisse Group 144A 6.442% 8/11/28 #, µ		670,000		623,920
Deutsche Bank 3.742% 1/7/33 µ		1,250,000		812,238
Fifth Third Bancorp 4.337% 4/25/33 µ		365,000		324,067

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Goldman Sachs Group
1.542% 9/10/27 µ		205,000	$	173,401
3.102% 2/24/33 µ		5,445,000		4,331,321
3.615% 3/15/28 µ		605,000		551,198
Huntington National Bank 4.552% 5/17/28 µ		250,000		240,941
JPMorgan Chase & Co.
1.953% 2/4/32 µ		605,000		448,378
4.851% 7/25/28 µ		1,330,000		1,278,412
5.00% 8/1/24 µ, y		2,476,000		2,234,280
5.597% (LIBOR03M + 3.32%) 10/1/22 *, y, •		7,700,000		7,700,000
6.276% (LIBOR03M + 3.47%) 10/30/22 y, •		1,851,000		1,850,986
KeyCorp 4.789% 6/1/33 µ		500,000		459,160
Morgan Stanley
2.475% 1/21/28 µ		250,000		218,769
2.484% 9/16/36 µ		880,000		631,875
PNC Financial Services Group
6.00% 5/15/27 *, µ, y		370,000		344,100
6.20% 9/15/27 µ, y		535,000		506,913
State Street 2.203% 2/7/28 µ		495,000		434,532
SVB Financial Group 4.57% 4/29/33 *, µ		655,000		575,024
Toronto-Dominion Bank 4.108% 6/8/27		710,000		670,319
Truist Financial 4.916% 7/28/33 µ		680,000		615,471
UBS Group 144A 4.703% 8/5/27 #, µ		340,000		322,671
US Bancorp
2.215% 1/27/28 µ		415,000		366,106
2.677% 1/27/33 µ		415,000		334,090
3.10% 4/27/26		4,400,000		4,116,399
Wells Fargo & Co.
2.572% 2/11/31 µ		2,130,000		1,707,584
4.611% 4/25/53 µ		595,000		484,292
4.808% 7/25/28 µ		645,000		615,819
				43,895,047
Basic Industry – 0.04%
Celanese US Holdings
6.05% 3/15/25		465,000		454,677
6.165% 7/15/27		5,000		4,738
Newmont 2.60% 7/15/32		275,000		210,023
				669,438
Brokerage – 0.77%
Apollo Management Holdings 144A 2.65% 6/5/30 #		3,075,000		2,431,986
Blackstone Holdings Finance 144A 2.00% 1/30/32 #		4,850,000		3,598,037
Intercontinental Exchange 2.10% 6/15/30		1,440,000		1,148,584
KKR Group Finance VIII 144A 3.50% 8/25/50 #		1,650,000		1,136,850
LSEGA Financing 144A 2.50% 4/6/31 #		3,440,000		2,799,484
National Securities Clearing 144A 1.50% 4/23/25 #		2,650,000		2,443,634
				13,558,575
Capital Goods – 0.97%
Boeing
3.25% 2/1/28		160,000		139,818
3.75% 2/1/50		3,025,000		1,977,606
Eaton 4.15% 3/15/33		2,020,000		1,827,971
Lockheed Martin
3.90% 6/15/32		1,880,000		1,745,345
4.15% 6/15/53		440,000		369,344
Raytheon Technologies 2.25% 7/1/30		2,200,000		1,781,231
Republic Services
1.45% 2/15/31		2,400,000		1,795,134
2.30% 3/1/30		439,000		361,035
Standard Industries 144A 4.375% 7/15/30 #		2,098,000		1,610,026
Waste Management 3.15% 11/15/27		6,000,000		5,496,670
				17,104,180
Communications – 1.84%
AT&T
3.50% 9/15/53		2,550,000		1,703,321
3.65% 6/1/51		1,950,000		1,322,689
Bell Canada 4.30% 7/29/49		880,000		702,619
CCO Holdings 144A 4.25% 1/15/34 #		4,205,000		3,019,716
Charter Communications Operating 3.85% 4/1/61		2,635,000		1,545,099
Comcast
3.45% 2/1/50		4,325,000		3,033,015
3.90% 3/1/38		3,500,000		2,861,713
4.25% 10/15/30		2,550,000		2,366,250
Sprint 7.875% 9/15/23		2,235,000		2,261,529
T-Mobile USA 3.875% 4/15/30		4,425,000		3,927,750
Verizon Communications
2.875% 11/20/50		480,000		294,821
4.50% 8/10/33		4,000,000		3,611,084
Walt Disney 2.75% 9/1/49		6,500,000		4,142,131

Table of Contents

	Principal amount^°			Value (US $)
Corporate Bonds (continued)
Communications (continued)
Warnermedia Holdings
144A 3.755% 3/15/27 #		1,110,000		$	994,503
144A 4.054% 3/15/29 #		160,000			138,381
144A 4.279% 3/15/32 #		160,000			131,835
144A 5.141% 3/15/52 #		635,000			462,742
					32,519,198
Consumer Cyclical – 1.20%
Alimentation Couche-Tard 144A 2.95% 1/25/30 #		2,650,000			2,182,231
Amazon.com
2.50% 6/3/50		750,000			470,567
3.60% 4/13/32		600,000			546,162
Aptiv 3.25% 3/1/32		165,000			131,572
AutoNation
2.40% 8/1/31		2,200,000			1,563,980
3.85% 3/1/32		320,000			253,307
Carnival 144A 4.00% 8/1/28 #		985,000			796,244
Expedia Group 144A 6.25% 5/1/25 #		1,160,000			1,168,799
General Motors
5.40% 10/15/29		170,000			156,967
5.60% 10/15/32		270,000			241,360
General Motors Financial 3.70% 5/9/23		1,850,000			1,837,209
Home Depot 3.35% 4/15/50		5,300,000			3,809,849
MGM Resorts International 4.75% 10/15/28		2,006,000			1,683,462
NIKE 3.25% 3/27/40		880,000			679,062
NVR 3.00% 5/15/30		3,100,000			2,535,451
PVH 4.625% 7/10/25		2,650,000			2,543,107
VICI Properties 4.95% 2/15/30		565,000			511,797
					21,111,126
Consumer Non-Cyclical – 1.40%
Amgen 3.375% 2/21/50		4,300,000			2,938,649
Bristol-Myers Squibb 3.70% 3/15/52		240,000			184,583
Coca-Cola 2.25% 1/5/32		4,400,000			3,583,193
CSL Finance
144A 4.05% 4/27/29 #		295,000			272,082
144A 4.75% 4/27/52 #		365,000			315,328
CVS Health
4.78% 3/25/38		1,085,000			953,328
5.05% 3/25/48		1,020,000			900,664
HCA 144A 3.125% 3/15/27 #		245,000			217,237
Hormel Foods 3.05% 6/3/51		3,965,000			2,744,545
JBS USA 144A 3.00% 2/2/29 #		793,000			649,829
Johnson & Johnson 3.40% 1/15/38		9,000,000			7,506,924
Merck & Co. 2.75% 12/10/51		3,750,000	��		2,453,914
Nestle Holdings 144A 4.00% 9/24/48 #		2,150,000			1,789,977
Royalty Pharma 3.55% 9/2/50		444,000			277,792
					24,788,045
Electric – 1.29%
Alabama Power 3.125% 7/15/51		2,125,000			1,426,341
Ameren Illinois 3.25% 3/15/50		2,000,000			1,394,266
Berkshire Hathaway Energy
3.25% 4/15/28		1,000,000			908,375
3.80% 7/15/48		2,000,000			1,510,496
144A 4.60% 5/1/53 #		3,000,000			2,536,463
Commonwealth Edison 2.20% 3/1/30		2,650,000			2,182,487
Duke Energy 3.15% 8/15/27		2,500,000			2,265,840
Duke Energy Indiana 3.75% 5/15/46		880,000			661,605
Duke Energy Ohio 4.30% 2/1/49		835,000			676,263
Entergy
2.80% 6/15/30		1,765,000			1,432,008
3.75% 6/15/50		700,000			497,427
Eversource Energy 2.90% 3/1/27		485,000			440,802
Fells Point Funding Trust 144A 3.046% 1/31/27 #		415,000			370,275
Florida Power & Light 3.15% 10/1/49		2,575,000			1,821,767
NextEra Energy Capital Holdings 3.00% 1/15/52		635,000			406,757
Oncor Electric Delivery 2.75% 5/15/30		2,550,000			2,190,449
Southern California Edison
3.45% 2/1/52		859,000			579,861
4.125% 3/1/48		2,000,000			1,491,880
					22,793,362
Energy – 0.61%
BP Capital Markets America 2.721% 1/12/32		760,000			618,104
Cheniere Energy Partners 3.25% 1/31/32		880,000			677,494
ConocoPhillips 3.80% 3/15/52		805,000			617,743
Continental Resources 144A 2.875% 4/1/32 #		635,000			465,868
Diamondback Energy 4.25% 3/15/52		160,000			117,206
EQT 6.125% 2/1/25 •		3,600,000			3,609,864

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Targa Resources Partners 5.00% 1/15/28		1,535,000	$	1,423,182
Transcontinental Gas Pipe Line 4.60% 3/15/48		2,000,000		1,653,275
Valero Energy 3.65% 12/1/51		2,195,000		1,500,437
				10,683,173
Finance Companies – 0.45%
AerCap Ireland Capital DAC 6.50% 7/15/25		1,750,000		1,748,087
Air Lease 2.875% 1/15/32		1,560,000		1,178,000
Ares Capital 4.25% 3/1/25		5,225,000		4,941,335
				7,867,422
Information Technology – 2.41%
Apple
2.65% 5/11/50		1,325,000		876,413
2.65% 2/8/51		1,325,000		873,960
2.95% 9/11/49		4,500,000		3,183,767
Autodesk
2.40% 12/15/31		605,000		471,598
2.85% 1/15/30		4,500,000		3,781,617
Broadcom 144A 3.419% 4/15/33 #		2,200,000		1,683,206
CDW 3.276% 12/1/28		325,000		271,829
CoStar Group 144A 2.80% 7/15/30 #		2,650,000		2,095,611
Entegris Escrow 144A 4.75% 4/15/29 #		535,000		472,445
Fidelity National Information Services 4.70% 7/15/27		270,000		260,296
Fortinet 2.20% 3/15/31		2,650,000		2,013,514
Infor 144A 1.75% 7/15/25 #		875,000		788,013
Intel 3.25% 11/15/49		2,700,000		1,795,781
Iron Mountain 144A 5.25% 7/15/30 #		517,000		428,934
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #		1,595,000		1,236,903
KLA 4.95% 7/15/52		740,000		674,041
Microsoft 3.45% 8/8/36		2,240,000		1,967,805
PayPal Holdings
2.30% 6/1/30		1,770,000		1,441,766
3.90% 6/1/27		140,000		134,278
4.40% 6/1/32 *		425,000		396,516
Salesforce
2.70% 7/15/41		1,325,000		915,525
2.90% 7/15/51		1,945,000		1,288,530
ServiceNow 1.40% 9/1/30		3,315,000		2,445,560
Thomson Reuters 3.35% 5/15/26		2,575,000		2,415,616
TSMC Global 144A 1.75% 4/23/28 #		4,400,000		3,670,833
Visa 2.70% 4/15/40		3,060,000		2,219,911
Workday
3.50% 4/1/27 *		75,000		69,484
3.70% 4/1/29		155,000		139,201
3.80% 4/1/32		1,560,000		1,355,865
Xilinx 2.375% 6/1/30		3,975,000		3,283,759
				42,652,577
Insurance – 0.48%
Aon 2.80% 5/15/30		3,975,000		3,301,611
Brown & Brown
2.375% 3/15/31		104,000		77,813
4.95% 3/17/52		366,000		297,682
Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 #		5,000,000		3,781,848
UnitedHealth Group 3.05% 5/15/41		1,500,000		1,093,187
				8,552,141
Natural Gas – 0.04%
Southern Co. Gas Capital 5.15% 9/15/32		784,000		750,489
				750,489
Real Estate Investment Trusts – 0.30%
American Homes 4 Rent 3.625% 4/15/32		310,000		256,019
American Tower Trust #1 144A 3.652% 3/15/48 #		2,000,000		1,819,573
Extra Space Storage 2.35% 3/15/32		4,400,000		3,249,080
				5,324,672
Transportation – 0.32%
American Airlines Group 2017-2 Class AA Pass Through Trust 3.35% 4/15/31 t		3,134,044		2,733,197
Burlington Northern Santa Fe
2.875% 6/15/52		455,000		298,362
4.45% 1/15/53		495,000		430,766
Kansas City Southern 2.875% 11/15/29		2,650,000		2,255,090
				5,717,415

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	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Utilities – 0.09%
American Water Capital 3.75% 9/1/47		2,125,000	$	1,600,227
				1,600,227
Total Corporate Bonds (cost $319,040,912)				259,587,087

Non-Agency Commercial Mortgage-Backed Securities – 3.23%
BANK
Series 2021-BN32 A5 2.643% 4/15/54		7,060,000		5,809,358
Series 2021-BN36 A5 2.47% 9/15/64		10,096,000		8,111,407
Series 2022-BNK39 A4 2.928% 2/15/55		8,345,000		6,945,761
Series 2022-BNK39 B 3.348% 2/15/55 •		588,000		467,911
Series 2022-BNK39 C 3.379% 2/15/55 •		432,000		320,883
Series 2022-BNK40 A4 3.507% 3/15/64 •		8,150,000		7,079,137
Series 2022-BNK40 B 3.507% 3/15/64 •		1,000,000		795,639
Benchmark Mortgage Trust Series 2022-B32 A5 3.002% 1/15/55 •		9,000,000		7,510,340
Series 2022-B32 B 3.202% 1/15/55 •		975,000		755,969
Series 2022-B32 C 3.572% 1/15/55 •		1,196,000		886,263
Series 2022-B33 A5 3.458% 3/15/55		8,100,000		7,080,272
Series 2022-B33 B 3.736% 3/15/55 •		500,000		411,009
Series 2022-B33 C 3.736% 3/15/55 •		500,000		383,328
BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 •		4,500,000		3,887,816
Wells Fargo Commercial Mortgage Trust Series 2021-C61 A4 2.658% 11/15/54		8,355,000		6,693,568
Total Non-Agency Commercial Mortgage-Backed Securities (cost $70,021,667)				57,138,661

US Treasury Obligations – 15.54%
US Treasury Bonds 1.75% 8/15/41		11,770,000		8,054,864
US Treasury Bonds 2.25% 2/15/52		1,580,000		1,148,463
US Treasury Floating Rate Note 3.405% (USBMMY3M + 0.04%) 7/31/24 •		29,740,000		29,706,221
US Treasury Notes
0.125% 4/30/23		124,000,000		121,227,955
0.125% 8/31/23		10,350,000		9,966,765
0.125% 1/15/24		32,655,000		30,957,195
2.00% 5/31/24		4,110,000		3,958,925
2.375% 3/31/29		580,000		525,308
2.625% 4/15/25		30,905,000		29,684,494
2.75% 8/15/32 *		10,765,000		9,844,929
2.875% 5/31/25		30,790,000		29,713,554
Total US Treasury Obligations (cost $284,794,739)				274,788,673

		Number of shares
Common Stocks – 52.97%
Banking – 1.68%
Bank of America		405,721		12,252,774
Morgan Stanley		221,375		17,490,839
				29,743,613
Communications – 3.68%
Alphabet Class A †		198,498		18,986,334
Alphabet Class C †		171,967		16,534,627
Amazon.com †		162,398		18,350,974
VeriSign †		64,275		11,164,567
				65,036,502
Consumer Cyclical – 3.60%
Aptiv †		240,243		18,789,405
AutoZone †		10,402		22,280,356
Costco Wholesale		47,847		22,596,703
				63,666,464
Consumer Non-Cyclical – 12.46%
Danaher		126,041		32,555,130
Eli Lilly & Co.		82,861		26,793,104
Equifax		76,020		13,032,109
Sysco		342,413		24,212,023
United Rentals †		98,069		26,490,398
UnitedHealth Group		122,121		61,675,990
Vertex Pharmaceuticals †		47,214		13,670,341
Zoetis		147,171		21,823,988
				220,253,083
Energy – 1.73%
ConocoPhillips		223,364		22,859,072

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Energy (continued)
Schlumberger		217,776	$	7,818,158
				30,677,230
Financials – 9.36%
American Express		89,878		12,125,441
Aon Class A		52,037		13,939,151
Artisan Partners Asset Management Class A		400,832		10,794,406
Blackstone		164,441		13,763,712
Charles Schwab		330,589		23,759,431
CME Group Class A		84,784		15,017,790
Intercontinental Exchange		151,167		13,657,939
KKR & Co.		372,129		16,001,547
Mastercard Class A		64,450		18,325,713
Progressive		241,516		28,066,574
				165,451,704
Healthcare – 1.01%
HCA Healthcare		97,071		17,840,679
				17,840,679
Industrials – 4.66%
Airbus ADR		862,412		18,515,986
Caterpillar		30,035		4,928,143
Deere & Co.		54,096		18,062,113
TE Connectivity		239,149		26,392,483
Union Pacific		74,345		14,483,893
				82,382,618
Information Technology – 10.81%
Apple ~		232,174		32,086,447
Applied Materials		108,909		8,922,914
Fiserv †		170,773		15,979,230
Intuit		37,437		14,500,099
Microchip Technology		391,511		23,893,916
Microsoft		333,680		77,714,072
Take-Two Interactive Software †		165,148		18,001,132
				191,097,810
Materials – 2.13%
Linde		82,423		22,220,417
Sherwin-Williams		75,231		15,403,547
				37,623,964
Utilities – 1.85%
NextEra Energy		416,634		32,668,272
				32,668,272
Total Common Stocks (cost $945,731,707)				936,441,939

Exchange-Traded Fund – 0.92%
Vanguard Russell 2000 ETF		244,631		16,299,764
Total Exchange-Traded Fund (cost $19,220,144)				16,299,764

Short-Term Investments – 3.79%
Money Market Mutual Funds – 3.79%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		16,735,668		16,735,668
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		16,735,668		16,735,668
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		16,735,668		16,735,668
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		16,735,668		16,735,668
Total Short-Term Investments (cost $66,942,672)				66,942,672
Total Value of Securities Before Securities Lending Collateral–100.50% (cost $1,892,012,079)				1,776,530,793

Securities Lending Collateral** – 0.24%
Money Market Mutual Fund – 0.24%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		4,227,677		4,227,677
Total Securities Lending Collateral (cost $4,227,677)				4,227,677
Total Value of Securities–100.74% (cost $1,896,239,756)			$	1,780,758,470■


°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
y	Perpetual security. Maturity date represents next call date.

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#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $46,455,484, which represents 2.63% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
*	Fully or partially on loan.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
t	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
†	Non-income producing security.
~	All or portion of the security has been pledged as collateral for potential options written.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
n	Includes $15,688,557 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $11,911,649.

The following futures contract were outstanding at September 30, 2022:¹

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation		Variation Margin Due from (Due to) Brokers
530	US Treasury 5 yr Notes	$	56,979,139		$	58,945,661		12/30/22	$	–	$	(1,966,522)	$	(140,784	)
(222)	US Treasury 10 yr Ultra Notes		(26,303,532	)		(27,843,896	)	12/20/22		1,540,364		–		111,000
21	US Treasury Ultra Bonds		2,877,000			3,153,134		12/20/22		–		(276,134)		(34,125	)
Total Futures Contracts					$	34,254,899			$	1,540,364	$	(2,242,656)	$	(63,909)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

DAC – Designated Activity Company

ETF – Exchange-Traded Fund

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

yr – Year

See accompanying notes, which are an integral part of the financial statements.

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Schedules of investments

Delaware Ivy Natural Resources Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Closed-Ended Trust – 3.39%
Sprott Physical Uranium Trust *, †		697,895	$	8,240,249
Total Closed-Ended Trust (cost $8,309,958)				8,240,249

Common Stocks – 92.97%∆
Australia – 3.72%
BHP Group		363,433		9,034,266
				9,034,266
Brazil – 5.90%
ERO Copper *, †		557,900		6,167,251
Wheaton Precious Metals		252,505		8,171,062
				14,338,313
Canada – 11.29%
Hudbay Minerals *		1,179,508		4,753,417
Kinross Gold		920,513		3,461,129
Li-Cycle Holdings *, †		504,367		2,683,232
Nutrien *		119,284		9,945,900
Pan American Silver		251,703		4,001,446
Parex Resources		177,670		2,594,277
				27,439,401
Hong Kong – 0.00%
China Metal Recycling Holdings †		30,000,000		4
				4
Netherlands – 3.64%
Shell		357,076		8,858,317
				8,858,317
South Africa – 2.30%
Anglo American		186,285		5,593,360
				5,593,360
United States – 66.12%
Alcoa		76,858		2,587,040
Archaea Energy †		473,890		8,534,759
Archer-Daniels-Midland		69,978		5,629,730
Arcosa		153,602		8,782,962
Bunge		74,001		6,110,263
CF Industries Holdings		81,123		7,808,089
Chesapeake Energy *		165,997		15,638,577
Chord Energy		19,341		2,645,269
Darling Ingredients †		62,987		4,166,590
Denbury †		127,321		10,982,709
Enviva		74,585		4,479,575
EOG Resources		56,107		6,268,835
EQT		323,700		13,190,775
Kimbell Royalty Partners		531,301		9,021,491
Louisiana-Pacific		64,188		3,285,784
Newmont		151,984		6,387,888
NuScale Power *, †		314,415		3,672,367
Occidental Petroleum		96,640		5,938,528
Schlumberger		201,597		7,237,332
Sunrun *, †		132,290		3,649,881
Unit †		104,238		5,552,758
Valaris †		93,223		4,562,334
Valero Energy		92,281		9,860,225
Weyerhaeuser		166,828		4,764,608
				160,758,369
Total Common Stocks (cost $261,069,967)				226,022,030

Short-Term Investments – 3.93%
Money Market Mutual Funds – 3.93%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		2,386,405		2,386,405
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		2,386,406		2,386,406
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		2,386,406		2,386,406
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		2,386,406		2,386,406
Total Short-Term Investments (cost $9,545,623)				9,545,623
Total Value of Securities Before Securities Lending Collateral–100.29% (cost $278,925,548)				243,807,902

Securities Lending Collateral** – 6.76%
Money Market Mutual Fund – 6.76%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		16,438,846		16,438,846
Total Securities Lending Collateral (cost $16,438,846)				16,438,846
Total Value of Securities–107.05% (cost $295,364,394)			$	260,246,748■

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*	Fully or partially on loan.
†	Non-income producing security.
∆	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 10 in “Security type / country and sector allocations.”
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $32,398,931 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $17,079,356.

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Appreciation

BNYM

CAD

27,513

USD

(37,754)

10/3/22

182

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

BNYM – Bank of New York Mellon

Summary of currencies:

CAD – Canadian Dollar
USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Ivy Science and Technology Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 93.85%
Communication Services – 16.01%
Alphabet Class A †		1,224,400	$	117,113,860
Alphabet Class C †		1,217,460		117,058,779
Meta Platforms Class A †		974,916		132,276,603
Netflix †		469,838		110,618,659
Pinterest Class A †		5,273,424		122,870,779
T-Mobile US †		1,768,947		237,339,619
				837,278,299
Consumer Discretionary – 11.60%
Amazon.com †		3,074,485		347,416,805
Aptiv †		1,232,816		96,418,540
Etsy *, †		1,232,141		123,374,278
Luminar Technologies *, †		5,402,199		39,355,020
				606,564,643
Healthcare – 4.79%
Edwards Lifesciences †		608,838		50,308,284
Intuitive Surgical †		499,103		93,551,866
Ionis Pharmaceuticals †		739,272		32,698,001
Vertex Pharmaceuticals †		256,056		74,138,454
				250,696,605
Information Technology – 61.45%
Ambarella †		1,132,239		63,609,187
Amphenol Class A		2,542,139		170,221,627
Analog Devices		1,155,069		160,947,314
Apple		1,803,802		249,285,436
ASML Holding		394,830		163,992,640
Aspen Technology *, †		348,748		83,071,774
Autodesk †		617,123		115,278,576
Cadence Design Systems †		544,126		88,926,512
Intuit		300,785		116,500,046
KLA *		271,701		82,224,874
Mastercard Class A		637,890		181,377,643
Microchip Technology		2,780,809		169,712,773
Micron Technology		2,171,959		108,815,146
Microsoft		2,072,924		482,784,000
NVIDIA		634,986		77,080,951
ON Semiconductor *, †		2,237,479		139,462,066
PayPal Holdings †		1,217,595		104,798,402
Seagate Technology Holdings *		2,333,379		124,205,764
ServiceNow †		164,272		62,030,750
Shift4 Payments Class A *, †		1,468,760		65,521,384
Taiwan Semiconductor Manufacturing ADR		1,322,779		90,689,728
VeriSign †		870,904		151,276,025
WNS Holdings ADR		1,251,314		102,407,538
Zebra Technologies Class A †		229,625		60,164,045
				3,214,384,201
Total Common Stocks (cost $4,344,936,537)				4,908,923,748

Short-Term Investments – 4.31%
Money Market Mutual Funds – 4.31%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		56,309,085		56,309,085
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		56,309,085		56,309,085
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		56,309,085		56,309,085
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		56,309,085		56,309,085
Total Short-Term Investments (cost $225,236,340)				225,236,340
Total Value of Securities Before Securities Lending Collateral–98.16% (cost $4,570,172,877)				5,134,160,088

Securities Lending Collateral** – 0.76%
Money Market Mutual Fund – 0.76%
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%)		40,023,362		40,023,362
Total Securities Lending Collateral (cost $40,023,362)				40,023,362
Total Value of Securities–98.92% (cost $4,610,196,239)			$	5,174,183,450■


†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $121,267,770 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $85,343,285.

Table of Contents

Summary of abbreviations:

ADR – American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Schedules of investments

Delaware Real Estate Securities Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 99.14%
Real Estate – 0.50%
CBRE Group Class A †		17,929	$	1,210,387
				1,210,387
REIT Healthcare – 8.56%
Healthpeak Properties		317,076		7,267,382
Welltower		208,853		13,433,425
				20,700,807
REIT Hotel – 2.71%
Apple Hospitality REIT		160,361		2,254,675
RLJ Lodging Trust		196,782		1,991,434
Ryman Hospitality Properties		31,388		2,309,843
				6,555,952
REIT Industrial – 15.68%
Duke Realty		220,217		10,614,459
First Industrial Realty Trust		80,141		3,591,118
Prologis		168,473		17,116,857
Rexford Industrial Realty		91,827		4,775,004
Summit Industrial Income REIT		144,915		1,794,980
				37,892,418
REIT Information Technology – 11.14%
American Tower		11,363		2,439,636
Digital Realty Trust		114,168		11,323,182
Equinix		20,163		11,469,521
SBA Communications		5,957		1,695,660
				26,927,999
REIT Mall – 2.00%
Simon Property Group		53,943		4,841,384
				4,841,384
REIT Manufactured Housing – 5.11%
Equity LifeStyle Properties		66,984		4,209,275
Sun Communities		60,206		8,147,678
				12,356,953
REIT Multifamily – 11.98%
Equity Residential		157,653		10,597,435
Essex Property Trust		30,559		7,402,306
Independence Realty Trust		136,749		2,287,811
UDR		207,717		8,663,876
				28,951,428
REIT Office – 6.72%
Alexandria Real Estate Equities		81,340		11,403,055
Boston Properties		64,486		4,834,515
				16,237,570
REIT Self-Storage – 10.85%
Extra Space Storage		58,761		10,148,613
Public Storage		54,878		16,068,827
				26,217,440
REIT Shopping Center – 6.54%
Federal Realty Investment Trust		34,250		3,086,610
Kimco Realty		310,539		5,717,023
Kite Realty Group Trust		237,923		4,097,034
NETSTREIT		163,091		2,904,651
				15,805,318
REIT Single Family – 4.17%
American Homes 4 Rent Class A		163,468		5,363,385
Invitation Homes		139,827		4,721,958
				10,085,343
REIT Single Tenant – 12.79%
Agree Realty		72,500		4,899,550
Realty Income		196,277		11,423,321
Spirit Realty Capital		77,167		2,790,359
VICI Properties		395,894		11,817,436
				30,930,666
Telecommunication Services – 0.39%
DigitalBridge Group		75,591		945,643
				945,643
Total Common Stocks (cost $195,684,483)				239,659,308

Short-Term Investments – 0.78%
Money Market Mutual Funds – 0.78%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		470,373		470,373
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		470,372		470,372
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		470,372		470,372
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		470,373		470,373
Total Short-Term Investments (cost $1,881,489)				1,881,490
Total Value of Securities–99.92% (cost $197,565,972)			$	241,540,798


†	Non-income producing security.

Summary of abbreviations:
REIT – Real Estate Investment Trust

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statements of assets and liabilities

Ivy Funds

September 30, 2022 (Unaudited)

	Delaware Climate Solutions Fund			Delaware Global Real Estate Fund			Delaware Ivy Asset Strategy Fund^Φ			Delaware Ivy Balanced Fund
Assets:
Investments, at value*^,†	$	232,366,516		$	43,230,921		$	1,675,598,316		$	1,776,530,793
Investments of affiliated issuers, at value**		—			—			1,947,782			—
Short-term investments held as collateral for loaned securities, at value⁼		14,664,053			—			11,211,526			4,227,677
Cash		354,355			—			—			22,439
Cash collateral due from brokers		—			—			358,131			588,143
Foreign currencies, at value^∆		—			155,415			144,247			—
Prepaid expenses		215,864			36,983			207,068			1,453,011
Dividends and interest receivable		189,638			173,767			8,257,387			4,830,578
Receivable for fund shares sold		158,557			19,155			1,358,481			1,819,950
Receivable for securities sold		90,057			—			9,584,711			17,597,404
Securities lending income receivable		67,122			—			50,746			5,963
Foreign tax reclaims receivable		28,322			58,010			1,125,836			73,140
Unrealized appreciation on foreign currency exchange contracts		1,251			—			—			—
Bullion at value^‡		—			—			106,894,315			—
Other assets		26,897			19,296			55,155			100,182
Total Assets		248,162,632			43,693,547			1,816,793,701			1,807,249,280
Liabilities:
Due to custodian		336,512			1,276			645,754			—
Obligation to return securities lending collateral		14,664,053			—			11,211,526			4,227,677
Payable for fund shares redeemed		478,407			43,381			2,892,924			4,101,814
Distribution fees payable to affiliates		358,871			19,762			2,682,707			2,583,241
Investment management fees payable to affiliates		257,247			58,494			1,100,546			1,091,189
Administration expenses payable to affiliates		15,640			5,901			60,273			60,273
Payable for securities purchased		—			—			11,603,093			27,366,704
Unrealized depreciation on foreign currency exchange contracts		—			—			418			—
Variation margin due to broker on futures contracts		—			—			65,016			63,909
Unrealized depreciation on unfunded loan commitments		—			—			125,364			—
Total Liabilities		16,110,730			128,814			30,387,621			39,494,807
Total Net Assets	$	232,051,902		$	43,564,733		$	1,786,406,080		$	1,767,754,473

Net Assets Consist of:
Paid-in capital	$	406,250,266		$	43,785,215		$	2,267,428,988		$	1,571,207,016
Total distributable earnings (loss)		(174,198,364	)		(220,482	)		(481,022,908	)		196,547,457
Total Net Assets	$	232,051,902		$	43,564,733		$	1,786,406,080		$	1,767,754,473
Net Asset Value

Class A:
Net assets	$	87,944,525		$	6,501,579		$	1,206,526,561		$	1,163,346,590
Shares of beneficial interest outstanding, unlimited authorization, no par		9,840,879			721,294			63,539,471			53,891,794
Net asset value per share	$	8.94		$	9.01		$	18.99		$	21.59
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.49		$	9.56		$	20.15		$	22.91

Table of Contents

Statements of assets and liabilities

Ivy Funds

	Delaware Climate Solutions Fund		Delaware Global Real Estate Fund		Delaware Ivy Asset Strategy Fund^Φ		Delaware Ivy Balanced Fund

Class C:
Net assets	$	11,369,272	$	314,009	$	54,534,371	$	78,195,048
Shares of beneficial interest outstanding, unlimited authorization, no par		1,393,031		35,235		3,118,690		3,672,152
Net asset value per share	$	8.16	$	8.91	$	17.49	$	21.29

Class I:
Net assets	$	86,465,283	$	22,895,109	$	419,019,717	$	499,479,318
Shares of beneficial interest outstanding, unlimited authorization, no par		9,244,114		2,527,476		21,658,537		23,131,008
Net asset value per share	$	9.35	$	9.06	$	19.35	$	21.59

Class R:
Net assets	$	33,536,309	$	618,330	$	18,943,203	$	8,657,334
Shares of beneficial interest outstanding, unlimited authorization, no par		3,807,835		68,923		1,014,427		402,209
Net asset value per share	$	8.81	$	8.97	$	18.67	$	21.52

Class R6:
Net assets	$	4,603,387	$	12,364,441	$	12,576,433	$	8,072,651
Shares of beneficial interest outstanding, unlimited authorization, no par		489,398		1,363,680		647,965		372,931
Net asset value per share	$	9.41	$	9.07	$	19.41	$	21.65

Class Y:
Net assets	$	8,133,126	$	871,265	$	74,805,795	$	10,003,532
Shares of beneficial interest outstanding, unlimited authorization, no par		895,622		95,396		3,923,903		463,252
Net asset value per share	$	9.08	$	9.13	$	19.06	$	21.59

*Investments, at cost	$	250,698,842	$	47,180,509	$	1,720,417,916	$	1,892,012,079
**Investments of affiliated issuers, at cost		—		—		628,217,579		—
^†Including securities on loan		20,290,805		—		28,108,118		15,688,557
⁼Short-term investments held as collateral for loaned securities, at cost		14,664,053		—		11,211,526		4,227,677
^‡Bullion, at cost		—		—		75,222,346		—
^∆Foreign currencies, at cost		—		158,349		143,305		—
**See Note 10 in “Notes to financial statements.”

^ΦConsolidated statements of assets and liabilities

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

	Delaware Ivy Natural Resources Fund			Delaware Ivy Science and Technology Fund		Delaware Real Estate Securities Fund
Assets:
Investments, at value*^,†	$	243,807,902		$	5,134,160,088	$	241,540,798
Short-term investments held as collateral for loaned securities, at value⁼		16,438,846			40,023,362		—
Cash		79			133,356		—
Foreign currencies, at value^∆		27,331			—		—
Receivable for fund shares sold		350,814			4,960,472		230,058
Securities lending income receivable		117,742			51,034		—
Dividends and interest receivable		107,823			3,271,747		810,927
Foreign tax reclaims receivable		89,776			473,795		1,016
Prepaid expenses		9,259			3,533,608		52,058
Unrealized appreciation on foreign currency exchange contracts		182			—		—
Receivable for securities sold		—			107,792,962		—
Other assets		43,446			188,387		50,919
Total Assets		260,993,200			5,294,588,811		242,685,776
Liabilities:
Due to custodian		—			—		12,295
Obligation to return securities lending collateral		16,438,846			40,023,362		—
Payable for fund shares redeemed		463,079			12,055,506		423,700
Other accrued expenses		443,887			—		—
Distribution fees payable to affiliates		312,963			7,780,252		306,266
Investment management fees payable to affiliates		205,257			3,829,416		200,379
Administration expenses payable to affiliates		14,006			59,458		20,885
Total Liabilities		17,878,038			63,747,994		963,525
Total Net Assets	$	243,115,162		$	5,230,840,817	$	241,722,251

Net Assets Consist of:
Paid-in capital	$	875,371,461		$	3,084,402,507	$	158,539,155
Total distributable earnings (loss)		(632,256,299	)		2,146,438,310		83,183,096
Total Net Assets	$	243,115,162		$	5,230,840,817	$	241,722,251

Table of Contents

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Natural Resources Fund			Delaware Ivy Science and Technology Fund			Delaware Real Estate Securities Fund
Net Asset Value

Class A:
Net assets	$	142,570,580		$	3,259,500,952		$	96,587,923
Shares of beneficial interest outstanding, unlimited authorization, no par		9,560,094			69,930,820			4,698,031
Net asset value per share	$	14.91		$	46.61		$	20.56
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	15.82		$	49.45		$	21.81

Class C:
Net assets	$	3,273,466		$	130,053,626		$	926,336
Shares of beneficial interest outstanding, unlimited authorization, no par		269,978			4,067,764			46,832
Net asset value per share	$	12.12		$	31.97		$	19.78

Class I:
Net assets	$	69,986,609		$	1,407,895,443		$	84,028,445
Shares of beneficial interest outstanding, unlimited authorization, no par		4,471,844			24,979,081			4,035,982
Net asset value per share	$	15.65		$	56.36		$	20.82

Class R:
Net assets	$	12,709,613		$	83,592,335		$	405,868
Shares of beneficial interest outstanding, unlimited authorization, no par		864,600			1,926,432			19,801
Net asset value per share	$	14.70		$	43.39		$	20.50

Class R6:
Net assets	$	2,225,188		$	122,360,781		$	756,193
Shares of beneficial interest outstanding, unlimited authorization, no par		141,551			2,139,698			36,240
Net asset value per share	$	15.72		$	57.19		$	20.87

Class Y:
Net assets	$	12,349,706		$	227,437,680		$	59,017,486
Shares of beneficial interest outstanding, unlimited authorization, no par		805,606			4,399,383			2,862,499
Net asset value per share	$	15.33		$	51.70		$	20.62

*Investments, at cost	$	278,925,548		$	4,570,172,877		$	197,565,972
^†Including securities on loan		32,398,931			121,267,770			—
⁼Short-term investments held as collateral for loaned securities, at cost		16,438,846			40,023,362			—
^∆Foreign currencies, at cost		27,568			—			—

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statements of operations

Ivy Funds

Six months ended September 30, 2022 (Unaudited)

	Delaware Climate Solutions Fund				Delaware Global Real Estate Fund				Delaware Ivy Asset Strategy Fund^Φ
Investment Income:
Dividends		$	4,213,932			$	1,286,755			$	18,100,134
Securities lending income			363,177				437				377,552
Interest			—				—				12,475,916
Interest - affiliated			—				—				56,895
Foreign tax withheld			(146,100	)			(34,430	)			(1,358,928	)
			4,431,009				1,252,762				29,651,569

Expenses:
Investment advisory fees			1,209,704				290,123				6,993,885
Distribution expenses — Class A			132,772				11,283				1,712,819
Distribution expenses — Class C			67,316				1,964				351,838
Distribution expenses — Class E			—				—				18,177
Distribution expenses — Class R			96,598				1,888				53,611
Distribution expenses — Class Y			13,686				1,317				107,974
Dividend disbursing and transfer agent fees and expenses			187,212				30,944				1,399,173
Reports and statements to shareholders servicing expenses			147,042				35,236				480,581
Registration fees			52,722				49,483				70,190
Accounting and administration expenses			39,773				25,924				175,135
Trustees’ fees and expenses			11,179				2,747				198,899
Audit and tax fees			7,525				13,291				23,695
Custodian fees			2,820				12,270				57,683
Legal fees			388				199				4,394
Other			7,283				12,234				56,973
			1,976,020				488,903				11,705,027
Less expenses waived			(2,842	)			(109,398	)			(1,487	)
Less waived distribution expenses — Class A			(88,659	)			(8,013	)			(111,435	)
Less waived distribution expenses — Class C			(7,203	)			(982	)			(37,796	)
Less waived distribution expenses — Class E			—				—				(18,403	)
Less waived distribution expenses — Class R			—				(35	)			—
Less waived distribution expenses — Class Y			—				(15	)			—
Less expenses paid indirectly			(393	)			(244	)			(527	)
Less waived shareholder servicing expenses			(83,526	)			(26,088	)			(50,612	)
Total operating expenses			1,793,397				344,128				11,484,767
Net Investment Income (Loss)			2,637,612				908,634				18,166,802

Table of Contents

Statements of operations

Ivy Funds

	Delaware Climate Solutions Fund				Delaware Global Real Estate Fund				Delaware Ivy Asset Strategy Fund^Φ
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	67,300,782			$	1,540,626			$	20,316,306
Foreign currencies			403,144				(77,339	)			117,754
Foreign currency exchange contracts			(362,245	)			22,870				(1,183,945	)
Futures contracts			—				—				(2,517,459	)
Options written			—				—				21,834
Net realized gain (loss)			67,341,681				1,486,157				16,754,490

Net change in unrealized appreciation (depreciation) on:
Investments			(92,229,437	)			(19,180,100	)			(421,561,071	)
Affiliated investments			—				—				(1,204,091	)
Foreign currencies			(3,447	)			(10,064	)			(125,017	)
Foreign currency exchange contracts			1,251				(1,478	)			6,612
Futures contracts			—				—				970,855
Net change in unrealized appreciation (depreciation)			(92,231,633	)			(19,191,642	)			(421,912,712	)
Net Realized and Unrealized Gain (Loss)			(24,889,952	)			(17,705,485	)			(405,158,222	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(22,252,340	)		$	(16,796,851	)		$	(386,991,420	)

^ΦConsolidated statements of operations

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

	Delaware Ivy Balanced Fund				Delaware Ivy Natural Resources Fund				Delaware Ivy Science and Technology Fund
Investment Income:
Interest		$	9,938,502			$	—			$	357,947
Dividends			8,474,531				4,919,703				20,048,963
Securities lending income			14,777				489,933				584,148
Foreign tax withheld			(20,970	)			(68,781	)			(319,937	)
			18,406,840				5,340,855				20,671,121

Expenses:
Investment advisory fees			6,902,769				1,147,074				25,501,385
Distribution expenses — Class A			1,645,790				197,447				4,938,792
Distribution expenses — Class C			479,604				17,169				861,253
Distribution expenses — Class E			—				1,780				25,730
Distribution expenses — Class R			24,130				33,796				245,225
Distribution expenses — Class Y			14,167				16,967				346,355
Dividend disbursing and transfer agent fees and expenses			1,009,414				362,832				2,789,681
Reports and statements to shareholders servicing expenses			487,817				93,114				1,688,372
Accounting and administration expenses			169,084				41,639				422,573
Trustees’ fees and expenses			102,647				64,648				330,068
Registration fees			66,868				50,072				91,097
Custodian fees			14,226				4,480				81,821
Audit and tax fees			6,923				19,017				11,179
Legal fees			3,662				220				18,487
Other			46,504				11,259				142,559
			10,973,605				2,061,514				37,494,577
Less expenses waived			—				(32,260	)			—
Less waived distribution expenses — Class A			(61,365	)			(62,900	)			—
Less waived distribution expenses — Class C			(24,764	)			(2,240	)			—
Less waived distribution expenses — Class E			—				(1,780	)			(10,906	)
Less expenses paid indirectly			(659	)			(203	)			(1,708	)
Less waived shareholder servicing expenses			(62,721	)			(17,988	)			—
Total operating expenses			10,824,096				1,944,143				37,481,963
Net Investment Income (Loss)			7,582,744				3,396,712				(16,810,842	)

Table of Contents

Statements of operations

Ivy Funds

	Delaware Ivy Balanced Fund				Delaware Ivy Natural Resources Fund				Delaware Ivy Science and Technology Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	(61,116,127	)		$	8,471,886			$	430,341,950
Foreign currencies			—				74,642				(3,674	)
Foreign currency exchange contracts			—				(76,563	)			(24,677	)
Futures contracts			(302,633	)			—				—
Swap contracts			49,069				—				—
Net realized gain (loss)			(61,369,691	)			8,469,965				430,313,599

Net change in unrealized appreciation (depreciation) on:
Investments			(287,411,670	)			(45,951,417	)			(2,396,789,507	)
Affiliated investments			—				—				(94,951,606	)
Foreign currencies			—				(11,346	)			(61,010	)
Foreign currency exchange contracts			—				1,353				—
Futures contracts			(702,292	)			—				—
Net change in unrealized appreciation (depreciation)			(288,113,962	)			(45,961,410	)			(2,491,802,123	)
Net Realized and Unrealized Gain (Loss)			(349,483,653	)			(37,491,445	)			(2,061,488,524	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(341,900,909	)		$	(34,094,733	)		$	(2,078,299,366	)

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

	Delaware Real Estate Securities Fund
Investment Income:
Dividends		$	5,272,561
Foreign tax withheld			(1,575	)
			5,270,986

Expenses:
Investment advisory fees			1,241,169
Distribution expenses — Class A			151,109
Distribution expenses — Class C			6,648
Distribution expenses — Class E			1,406
Distribution expenses — Class R			1,235
Distribution expenses — Class Y			95,715
Dividend disbursing and transfer agent fees and expenses			199,672
Reports and statements to shareholders servicing expenses			147,917
Registration fees			56,218
Accounting and administration expenses			50,133
Trustees’ fees and expenses			16,904
Audit and tax fees			13,538
Custodian fees			3,918
Legal fees			705
Other			10,570
			1,996,857
Less expenses waived			(5,737	)
Less waived distribution expenses — Class A			(45,852	)
Less waived distribution expenses — Class C			(1,334	)
Less waived distribution expenses — Class E			(1,406	)
Less waived distribution expenses — Class R			(11	)
Less expenses paid indirectly			(210	)
Less waived shareholder servicing expenses			(36,824	)
Total operating expenses			1,905,483
Net Investment Income (Loss)			3,365,503

Table of Contents

Statements of operations

Ivy Funds

	Delaware Real Estate Securities Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		$	28,895,951
Foreign currencies			(3,909	)
Foreign currency exchange contracts			1,344
Net realized gain (loss)			28,893,386

Net change in unrealized appreciation (depreciation) on:
Investments			(119,882,830	)
Foreign currencies			(57	)
Net change in unrealized appreciation (depreciation)			(119,882,887	)
Net Realized and Unrealized Gain (Loss)			(90,989,501	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(87,623,998	)

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Climate Solutions Fund						Delaware Global Real Estate Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,637,612		$	3,695,617		$	908,634		$	1,538,799
Net realized gain (loss)		67,341,681			75,909,685			1,486,157			16,803,665
Net change in unrealized appreciation (depreciation)		(92,231,633	)		28,580,345			(19,191,642	)		(3,922,360	)
Net increase (decrease) in net assets resulting from operations		(22,252,340	)		108,185,647			(16,796,851	)		14,420,104

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(1,117,215	)		(109,461	)		(378,619	)
Class B		—			—			—			(382	)
Class C		—			(92,780	)		(3,723	)		(47,941	)
Class I		—			(1,566,499	)		(440,128	)		(2,045,754	)
Class R		—			(302,961	)		(9,120	)		(27,935	)
Class R6¹		—			(73,668	)		(223,602	)		(506,542	)
Class Y		—			(120,593	)		(13,962	)		(35,699	)
		—			(3,273,716	)		(799,996	)		(3,042,872	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		20,900,348			34,260,612			599,861			2,734,446
Class C		2,169,234			3,128,620			29,765			40,529
Class I		41,534,011			26,692,477			1,389,239			3,605,189
Class R		9,513,395			14,255,610			9,053			76,092
Class R6¹		2,156,262			5,132,162			746,053			10,008,503
Class Y		4,620,779			5,122,734			—			5,050

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			1,099,510			107,688			353,943
Class B²		—			—			—			382
Class C		—			87,810			3,706			14,501
Class I		—			1,531,605			438,286			2,017,933
Class R		—			301,597			9,120			27,935
Class R6¹		—			73,668			223,602			506,542
Class Y		—			114,813			13,962			35,699
		80,894,029			91,801,218			3,570,335			19,426,744

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Climate Solutions Fund						Delaware Global Real Estate Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(29,077,589	)	$	(40,203,242	)	$	(2,379,300	)	$	(4,737,461	)
Class B²		—			(504,854	)		—			(781,062	)
Class C		(3,228,399	)		(3,699,064	)		(101,934	)		(3,152,429	)
Class I		(57,899,425	)		(58,083,400	)		(12,651,073	)		(32,168,103	)
Class R		(8,852,448	)		(15,402,978	)		(33,654	)		(462,199	)
Class R6¹		(3,636,887	)		(3,864,905	)		(6,277,245	)		(5,061,109	)
Class Y		(6,964,385	)		(5,238,188	)		(35,100	)		(18,331	)
		(109,659,133	)		(126,996,631	)		(21,478,306	)		(46,380,694	)
Decrease in net assets derived from capital share transactions		(28,765,104	)		(35,195,413	)		(17,907,971	)		(26,953,950	)
Net Increase (Decrease) in Net Assets		(51,017,444	)		69,716,518			(35,504,818	)		(15,576,718	)

Net Assets:
Beginning of period		283,069,346			213,352,828			79,069,551			94,646,269
End of period	$	232,051,902		$	283,069,346		$	43,564,733		$	79,069,551

¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

	Delaware Ivy Asset Strategy Fund^f						Delaware Ivy Balanced Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	18,166,802		$	31,392,806		$	7,582,744		$	11,991,157
Net realized gain (loss)		16,754,490			311,989,171			(61,369,691	)		551,780,536
Net change in unrealized appreciation (depreciation)		(421,912,712	)		(193,418,320	)		(288,113,962	)		(439,261,460	)
Net increase (decrease) in net assets resulting from operations		(386,991,420	)		149,963,657			(341,900,909	)		124,510,233

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(10,495,985	)		(175,318,750	)		(4,398,073	)		(170,015,564	)
Class B		—			(42,536	)		—			—
Class C		(273,448	)		(12,324,565	)		—			(14,282,406	)
Class E		(136,863	)		(4,366,558	)		—			—
Class I		(4,188,777	)		(72,386,268	)		(2,483,387	)		(92,393,854	)
Class R		(140,208	)		(2,762,528	)		(17,384	)		(1,203,217	)
Class R6¹		(131,856	)		(1,889,134	)		(44,095	)		(1,198,396	)
Class Y		(665,852	)		(11,274,721	)		(38,383	)		(1,666,306	)
		(16,032,989	)		(280,365,060	)		(6,981,322	)		(280,759,743	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		34,456,575			107,147,075	²		41,862,886			158,026,004
Class B³		—			24,590	²		—			33,172
Class C		1,947,656			6,546,021	²		2,385,426			10,887,561
Class E		311,695			2,620,753	²		—			—
Class I		32,613,981			60,720,827	²		31,915,711			114,463,862
Class R		909,459			2,727,673	²		372,088			1,388,957
Class R6¹		686,622			3,811,600	²		913,016			2,268,269
Class Y		1,958,097			5,001,260	²		343,020			1,754,031

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		9,946,573			160,806,169			4,287,236			162,754,443
Class B³		—			38,816			—			—
Class C		268,488			12,151,358			—			14,112,065
Class E		136,389			4,361,923			—			—
Class I		4,070,909			70,008,470			2,436,618			90,605,200
Class R		137,347			2,648,431			17,365			1,197,259
Class R6¹		130,332			1,874,088			44,095			1,196,162
Class Y		651,769			10,861,498			36,700			1,462,126
		88,225,892			451,350,552			84,614,161			560,149,111

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Asset Strategy Fund^f						Delaware Ivy Balanced Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(104,705,632	)	$	(251,348,935	)	$	(145,332,505	)	$	(246,509,829	)
Class B³		—			(9,485,078	)		—			(10,811,875	)
Class C		(23,789,783	)		(70,455,268	)		(24,775,187	)		(84,463,045	)
Class E		(35,354,533	)		(4,954,641	)		—			—
Class I		(117,577,442	)		(215,429,711	)		(175,910,645	)		(256,029,558	)
Class R		(1,739,525	)		(8,845,297	)		(946,025	)		(2,044,337	)
Class R6¹		(1,962,408	)		(7,755,755	)		(1,570,281	)		(3,193,859	)
Class Y		(8,071,771	)		(22,347,142	)		(1,166,137	)		(5,418,651	)
		(293,201,094	)		(590,621,827	)		(349,700,780	)		(608,471,154	)
Decrease in net assets derived from capital share transactions		(204,975,202	)		(139,271,275	)		(265,086,619	)		(48,322,043	)
Net Decrease in Net Assets		(607,999,611	)		(269,672,678	)		(613,968,850	)		(204,571,553	)

Net Assets:
Beginning of period		2,394,405,691			2,664,078,369			2,381,723,323			2,586,294,876
End of period	$	1,786,406,080		$	2,394,405,691		$	1,767,754,473		$	2,381,723,323

¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	Included payments from affiliates.
³	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

^fConsolidated statements of operations

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

	Delaware Ivy Natural Resources Fund						Delaware Ivy Science and Technology Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,396,712		$	4,364,247		$	(16,810,842	)	$	(72,596,588	)
Net realized gain (loss)		8,469,965			80,651,573			430,313,599			3,890,988,694
Net change in unrealized appreciation (depreciation)		(45,961,410	)		765,539			(2,491,802,123	)		(3,751,673,768	)
Net increase (decrease) in net assets resulting from operations		(34,094,733	)		85,781,359			(2,078,299,366	)		66,718,338

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(3,146,954	)		—			(1,784,827,190	)
Class C		—			(70,862	)		—			(125,153,174	)
Class E		—			(80,542	)		—			(19,789,487	)
Class I		—			(1,959,146	)		—			(785,259,857	)
Class R		—			(268,318	)		—			(44,371,491	)
Class R6¹		—			(38,129	)		—			(52,529,517	)
Class Y		—			(282,747	)		—			(122,334,761	)
		—			(5,846,698	)		—			(2,934,265,477	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		9,398,696			13,336,225			80,988,763			339,601,285
Class B²		—			—			—			73,803
Class C		1,289,385			852,447			4,697,764			16,743,149
Class E		56,482			375,186			833,192			5,794,087
Class I		13,483,981			16,031,438			138,361,511			479,654,451
Class R		3,236,283			4,620,739			9,051,592			14,364,657
Class R6¹		789,957			1,115,493			13,462,984			38,642,237
Class Y		2,752,844			3,316,726			16,075,269			48,460,741

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			3,002,510			—			1,732,093,310
Class C		—			68,749			—			123,088,388
Class E		—			80,529			—			19,798,396
Class I		—			1,912,065			—			765,677,262
Class R		—			267,052			—			44,192,071
Class R6¹		—			38,129			—			52,395,887
Class Y		—			276,133			—			117,831,872
		31,007,628			45,293,421			263,471,075			3,798,411,596

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Natural Resources Fund						Delaware Ivy Science and Technology Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(17,345,988	)	$	(27,895,089	)	$	(516,365,957	)	$	(1,052,534,059	)
Class B²		—			(107,394	)		—			(17,090,289	)
Class C		(998,326	)		(1,649,400	)		(54,825,399	)		(194,928,669	)
Class E		(3,604,681	)		(463,852	)		(47,478,791	)		(7,308,076	)
Class I		(18,153,710	)		(28,379,444	)		(505,416,298	)		(1,010,870,001	)
Class R		(3,025,953	)		(6,527,736	)		(14,734,698	)		(44,614,075	)
Class R6¹		(528,051	)		(646,663	)		(19,547,306	)		(58,417,659	)
Class Y		(2,933,617	)		(3,395,471	)		(50,147,039	)		(151,601,849	)
		(46,590,326	)		(69,065,049	)		(1,208,515,488	)		(2,537,364,677	)
Increase (decrease) in net assets derived from capital share transactions		(15,582,698	)		(23,771,628	)		(945,044,413	)		1,261,046,919
Net Increase (Decrease) in Net Assets		(49,677,431	)		56,163,033			(3,023,343,779	)		(1,606,500,220	)

Net Assets:
Beginning of period		292,792,593			236,629,560			8,254,184,596			9,860,684,816
End of period	$	243,115,162		$	292,792,593		$	5,230,840,817		$	8,254,184,596

¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

	Delaware Real Estate Securities Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,365,503		$	3,170,450
Net realized gain (loss)		28,893,386			37,809,150
Net change in unrealized appreciation (depreciation)		(119,882,887	)		45,947,974
Net increase (decrease) in net assets resulting from operations		(87,623,998	)		86,927,574

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(817,057	)		(18,007,963	)
Class C		(5,102	)		(220,828	)
Class E		—			(367,446	)
Class I		(786,953	)		(16,315,128	)
Class R		(3,139	)		(65,284	)
Class R6¹		(7,522	)		(117,215	)
Class Y		(513,073	)		(10,935,534	)
		(2,132,846	)		(46,029,398	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		1,857,160			9,444,998
Class B²		—			14,988
Class C		45,650			311,780
Class E		21,550			222,451
Class I		12,362,464			33,094,238
Class R		56,153			157,393
Class R6¹		86,821			619,095
Class Y		2,522,571			15,233,806

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		808,460			17,800,733
Class C		4,635			213,597
Class E		—			368,040
Class I		779,395			16,144,683
Class R		3,139			65,283
Class R6¹		7,522			117,215
Class Y		513,073			10,823,228
		19,068,593			104,631,528

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Real Estate Securities Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(14,483,276	)	$	(29,411,210	)
Class B²		—			(479,079	)
Class C		(442,803	)		(939,453	)
Class E		(2,513,515	)		(458,430	)
Class I		(30,962,672	)		(60,019,310	)
Class R		(59,290	)		(215,612	)
Class R6¹		(178,617	)		(184,537	)
Class Y		(12,399,369	)		(13,293,007	)
		(61,039,542	)		(105,000,638	)
Decrease in net assets derived from capital share transactions		(41,970,949	)		(369,110	)
Net Increase (Decrease) in Net Assets		(131,727,793	)		40,529,066

Net Assets:
Beginning of period		373,450,044			332,920,978
End of period	$	241,722,251		$	373,450,044

¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.69		$	6.18		$	3.25		$	9.45		$	11.55		$	13.30

Income (loss) from investment operations:
Net investment income (loss)²		0.09			0.11			0.07			0.04			(0.05	)		0.03
Net realized and unrealized gain (loss)		(0.84	)		3.51			2.97			(6.24	)		(2.05	)		(1.74	)
Total from investment operations		(0.75	)		3.62			3.04			(6.20	)		(2.10	)		(1.71	)

Less dividends and distributions from:
Net investment income		—			(0.11	)		(0.11	)		—			—			(0.04	)
Total dividends and distributions		—			(0.11	)		(0.11	)		—			—			(0.04	)

Net asset value, end of period	$	8.94		$	9.69		$	6.18		$	3.25		$	9.45		$	11.55

Total return³		(7.74%	)		59.24%			94.23%			(65.61%	)		(18.18%	)		(12.89%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	87,945		$	104,280		$	72	⁴	$	40	⁴	$	134	⁴	$	211	⁴
Ratio of expenses to average net assets⁵		1.32%			1.35%			1.35%			1.41%			1.41%			1.46%	⁶
Ratio of expenses to average net assets prior to fees waived⁵		1.49%			1.72%			1.87%			1.71%			1.55%			1.53%
Ratio of net investment income (loss) to average net assets		1.81%			1.60%			1.52%			0.52%			(0.46%	)		0.26%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.64%			1.23%			1.00%			0.22%			(0.60%	)		0.19%
Portfolio turnover		91%			113%			30%			23%			31%			21%


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.
⁶	Expense ratio based on the period excluding reorganization expenses was 1.44%.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	8.88		$	5.68		$	2.97		$	8.70		$	10.71		$	12.39

Income (loss) from investment operations:
Net investment income (loss)²		0.05			0.06			0.03			(0.01	)		(0.12	)		—	³
Net realized and unrealized gain (loss)		(0.77	)		3.21			2.73			(5.72	)		(1.89	)		(1.68	)
Total from investment operations		(0.72	)		3.27			2.76			(5.73	)		(2.01	)		(1.68	)

Less dividends and distributions from:
Net investment income		—			(0.07	)		(0.05	)		—			—			—
Total dividends and distributions		—			(0.07	)		(0.05	)		—			—			—

Net asset value, end of period	$	8.16		$	8.88		$	5.68		$	2.97		$	8.70		$	10.71

Total return⁴		(8.11%	)⁵		57.97%	⁵		93.07%	⁵		(65.86%	)⁵		(18.77%	)⁵		(13.56%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,369		$	13,503		$	9	⁶	$	6	⁶	$	27	⁶	$	48	⁶
Ratio of expenses to average net assets⁷		2.06%			2.09%			2.09%			2.11%			2.11%			2.15%
Ratio of expenses to average net assets prior to fees waived⁷		2.17%			2.34%			2.44%			2.31%			2.12%			2.15%
Ratio of net investment income (loss) to average net assets		1.05%			0.87%			0.77%			(0.20%	)		(1.17%	)		(0.01%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.94%			0.62%			0.42%			(0.40%	)		(1.18%	)		(0.01%	)
Portfolio turnover		91%			113%			30%			23%			31%			21%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	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.
⁵	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.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Climate Solutions Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.13		$	6.45		$	3.40		$	9.85		$	11.99		$	13.80

Income (loss) from investment operations:
Net investment income (loss)²		0.11			0.14			0.09			0.08			(0.01	)		0.09
Net realized and unrealized gain (loss)		(0.89	)		3.67			3.11			(6.53	)		(2.13	)		(1.83	)
Total from investment operations		(0.78	)		3.81			3.20			(6.45	)		(2.14	)		(1.74	)

Less dividends and distributions from:
Net investment income		—			(0.13	)		(0.15	)		—			—			(0.07	)
Total dividends and distributions		—			(0.13	)		(0.15	)		—			—			(0.07	)

Net asset value, end of period	$	9.35		$	10.13		$	6.45		$	3.40		$	9.85		$	11.99

Total return³		(7.70%	)		59.90%			95.08%			(65.48%	)		(17.85%	)		(12.63%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	86,465		$	110,841		$	97	⁴	$	52	⁴	$	158	⁴	$	263	⁴
Ratio of expenses to average net assets⁵		0.99%			0.99%			0.99%			0.99%			1.03%			1.11%	⁶
Ratio of expenses to average net assets prior to fees waived⁵		1.11%			1.14%			1.20%			1.17%			1.11%			1.12%
Ratio of net investment income (loss) to average net assets		2.11%			1.93%			1.87%			0.95%			(0.08%	)		0.76%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.99%			1.78%			1.66%			0.77%			(0.16%	)		0.75%
Portfolio turnover		91%			113%			30%			23%			31%			21%


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 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.
⁶	Expense ratio based on the period excluding reorganization expenses was 1.09%.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.57		$	6.10		$	3.20		$	9.34		$	11.45		$	13.20

Income (loss) from investment operations:
Net investment income (loss)²		0.07			0.09			0.05			0.01			(0.08	)		0.04
Net realized and unrealized gain (loss)		(0.83	)		3.46			2.93			(6.15	)		(2.03	)		(1.77	)
Total from investment operations		(0.76	)		3.55			2.98			(6.14	)		(2.11	)		(1.73	)

Less dividends and distributions from:
Net investment income		—			(0.08	)		(0.08	)		—			—			(0.02	)
Total dividends and distributions		—			(0.08	)		(0.08	)		—			—			(0.02	)

Net asset value, end of period	$	8.81		$	9.57		$	6.10		$	3.20		$	9.34		$	11.45

Total return³		(7.94%	)⁴		58.80%			93.40%	⁴		(65.74%	)		(18.43%	)		(13.11%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33,536		$	36,368		$	24	⁵	$	7	⁵	$	18	⁵	$	22	⁵
Ratio of expenses to average net assets⁶		1.63%			1.73%			1.75%			1.74%			1.68%			1.70%
Ratio of expenses to average net assets prior to fees waived⁶		1.70%			1.73%			1.77%			1.74%			1.68%			1.70%
Ratio of net investment income (loss) to average net assets		1.47%			1.23%			1.06%			0.19%			(0.72%	)		0.37%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.40%			1.23%			1.04%			0.19%			(0.72%	)		0.37%
Portfolio turnover		91%			113%			30%			23%			31%			21%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Climate Solutions Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	10.18		$	6.49		$	3.42		$	9.90		$	12.05		$	13.86

Income (loss) from investment operations:
Net investment income²		0.12			0.16			0.09			0.08			—	³		0.17
Net realized and unrealized gain (loss)		(0.89	)		3.66			3.13			(6.56	)		(2.15	)		(1.90	)
Total from investment operations		(0.77	)		3.82			3.22			(6.48	)		(2.15	)		(1.73	)

Less dividends and distributions from:
Net investment income		—			(0.13	)		(0.15	)		—			—			(0.08	)
Total dividends and distributions		—			(0.13	)		(0.15	)		—			—			(0.08	)

Net asset value, end of period	$	9.41		$	10.18		$	6.49		$	3.42		$	9.90		$	12.05

Total return⁴		(7.56%	)⁵		59.68%	⁵		95.11%	⁵		(65.45%	)		(17.84%	)		(12.48%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,604		$	6,610		$	3	⁶	$	2	⁶	$	5	⁶	$	5	⁶
Ratio of expenses to average net assets⁷		0.95%			0.98%			0.99%			0.99%			0.94%			0.95%
Ratio of expenses to average net assets prior to fees waived⁷		0.95%			0.99%			1.02%			0.99%			0.94%			0.95%
Ratio of net investment income to average net assets		2.25%			2.07%			1.84%			0.95%			0.04%			1.45%
Ratio of net investment income to average net assets prior to fees waived		2.25%			2.06%			1.81%			0.95%			0.04%			1.45%
Portfolio turnover		91%			113%			30%			23%			31%			21%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	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.
⁵	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.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.85		$	6.28		$	3.30		$	9.59		$	11.72		$	13.49

Income (loss) from investment operations:
Net investment income (loss)²		0.10			0.12			0.07			0.04			(0.05	)		0.08
Net realized and unrealized gain (loss)		(0.87	)		3.56			3.02			(6.33	)		(2.08	)		(1.80	)
Total from investment operations		(0.77	)		3.68			3.09			(6.29	)		(2.13	)		(1.72	)

Less dividends and distributions from:
Net investment income		—			(0.11	)		(0.11	)		—			—			(0.05	)
Total dividends and distributions		—			(0.11	)		(0.11	)		—			—			(0.05	)

Net asset value, end of period	$	9.08		$	9.85		$	6.28		$	3.30		$	9.59		$	11.72

Total return³		(7.82%	)⁴		59.24%	⁴		94.31%	⁴		(65.59%	)⁴		(18.17%	)		(12.78%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,133		$	11,467		$	8	⁵	$	4	⁵	$	22	⁵	$	42	⁵
Ratio of expenses to average net assets⁶		1.32%			1.35%			1.35%			1.41%			1.34%			1.35%
Ratio of expenses to average net assets prior to fees waived⁶		1.35%			1.38%			1.42%			1.42%			1.34%			1.35%
Ratio of net investment income (loss) to average net assets		1.86%			1.61%			1.50%			0.46%			(0.42%	)		0.71%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.83%			1.58%			1.43%			0.45%			(0.42%	)		0.71%
Portfolio turnover		91%			113%			30%			23%			31%			21%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Global Real Estate Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.23		$	10.86		$	8.16		$	11.22		$	10.38		$	10.28

Income (loss) from investment operations:
Net investment income²		0.15			0.16			0.12			0.15			0.15			0.24
Net realized and unrealized gain (loss)		(3.23	)		1.58			2.88			(2.57	)		1.21			0.04
Total from investment operations		(3.08	)		1.74			3.00			(2.42	)		1.36			0.28

Less dividends and distributions from:
Net investment income		(0.14	)		(0.37	)		(0.30	)		(0.38	)		(0.31	)		(0.11	)
Net realized gain		—			—			—			(0.26	)		(0.21	)		(0.07	)
Total dividends and distributions		(0.14	)		(0.37	)		(0.30	)		(0.64	)		(0.52	)		(0.18	)

Net asset value, end of period	$	9.01		$	12.23		$	10.86		$	8.16		$	11.22		$	10.38

Total return³		(25.30%	)		16.12%			37.08%			(22.88%	)		13.61%			2.69%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,502		$	10,754		$	11	⁴	$	11	⁴	$	20	⁴	$	8	⁴
Ratio of expenses to average net assets⁵		1.43%			1.48%			1.48%			1.51%			1.61%	⁶		1.51%
Ratio of expenses to average net assets prior to fees waived⁵		1.96%			1.76%			1.79%			1.68%			1.90%			1.79%
Ratio of net investment income to average net assets		2.69%			1.38%			1.23%			1.44%			1.40%			2.29%
Ratio of net investment income to average net assets prior to fees waived		2.16%			1.10%			0.92%			1.27%			1.11%			2.01%
Portfolio turnover		81%			88%			90%			88%			91%			77%


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.
⁶	Expense ratio based on the period excluding reorganization expenses was 1.51%.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Global Real Estate Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.10		$	10.76		$	8.11		$	11.15		$	10.32		$	10.24

Income (loss) from investment operations:
Net investment income²		0.10			0.08			0.05			0.08			0.06			0.14
Net realized and unrealized gain (loss)		(3.18	)		1.56			2.86			(2.55	)		1.21			0.06
Total from investment operations		(3.08	)		1.64			2.91			(2.47	)		1.27			0.20

Less dividends and distributions from:
Net investment income		(0.11	)		(0.30	)		(0.26	)		(0.31	)		(0.23	)		(0.05	)
Net realized gain		—			—			—			(0.26	)		(0.21	)		(0.07	)
Total dividends and distributions		(0.11	)		(0.30	)		(0.26	)		(0.57	)		(0.44	)		(0.12	)

Net asset value, end of period	$	8.91		$	12.10		$	10.76		$	8.11		$	11.15		$	10.32

Total return³		(25.59%	)		15.28%			36.12%			(23.32%	)		12.72%			1.96%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	314		$	499		$	3	⁴	$	3	⁴	$	4	⁴	$	1	⁴
Ratio of expenses to average net assets⁵		2.23%			2.15%			2.15%			2.17%			2.27%			2.30%
Ratio of expenses to average net assets prior to fees waived⁵		3.04%			2.21%			2.31%			2.26%			2.44%			2.47%
Ratio of net investment income to average net assets		1.90%			0.64%			0.52%			0.75%			0.60%			1.30%
Ratio of net investment income to average net assets prior to fees waived		1.09%			0.58%			0.36%			0.66%			0.43%			1.13%
Portfolio turnover		81%			88%			90%			88%			91%			77%


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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Global Real Estate Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.29		$	10.91		$	8.19		$	11.24		$	10.41		$	10.29

Income (loss) from investment operations:
Net investment income²		0.17			0.21			0.16			0.21			0.19			0.26
Net realized and unrealized gain (loss)		(3.24	)		1.59			2.89			(2.57	)		1.21			0.07
Total from investment operations		(3.07	)		1.80			3.05			(2.36	)		1.40			0.33

Less dividends and distributions from:
Net investment income		(0.16	)		(0.42	)		(0.33	)		(0.43	)		(0.36	)		(0.14	)
Net realized gain		—			—			—			(0.26	)		(0.21	)		(0.07	)
Total dividends and distributions		(0.16	)		(0.42	)		(0.33	)		(0.69	)		(0.57	)		(0.21	)

Net asset value, end of period	$	9.06		$	12.29		$	10.91		$	8.19		$	11.24		$	10.41

Total return³		(25.13%	)		16.62%			37.55%			(22.41%	)		14.00%			3.20%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	22,895		$	43,193		$	63	⁴	$	60	⁴	$	88	⁴	$	28	⁴
Ratio of expenses to average net assets⁵		1.05%			1.05%			1.05%			1.05%			1.20%	⁶		1.05%
Ratio of expenses to average net assets prior to fees waived⁵		1.59%			1.36%			1.41%			1.34%			1.55%			1.41%
Ratio of net investment income to average net assets		3.07%			1.77%			1.64%			1.90%			1.76%			2.48%
Ratio of net investment income to average net assets prior to fees waived		2.53%			1.46%			1.28%			1.61%			1.41%			2.12%
Portfolio turnover		81%			88%			90%			88%			91%			77%


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 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.
⁶	Expense ratio based on the period excluding reorganization expenses was 1.05%.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Global Real Estate Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.18		$	10.82		$	8.14		$	11.19		$	10.36		$	10.27

Income (loss) from investment operations:
Net investment income²		0.13			0.12			0.15			0.12			0.09			0.18
Net realized and unrealized gain (loss)		(3.21	)		1.58			2.81			(2.56	)		1.23			0.07
Total from investment operations		(3.08	)		1.70			2.96			(2.44	)		1.32			0.25

Less dividends and distributions from:
Net investment income		(0.13	)		(0.34	)		(0.28	)		(0.35	)		(0.28	)		(0.09	)
Net realized gain		—			—			—			(0.26	)		(0.21	)		(0.07	)
Total dividends and distributions		(0.13	)		(0.34	)		(0.28	)		(0.61	)		(0.49	)		(0.16	)

Net asset value, end of period	$	8.97		$	12.18		$	10.82		$	8.14		$	11.19		$	10.36

Total return³		(25.39%	)		15.74%			36.66%			(23.08%	)		13.19%			2.39%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	618		$	857		$	1	⁴	$	3	⁴	$	6	⁴	$	—	^4,5
Ratio of expenses to average net assets⁶		1.72%			1.80%			1.80%			1.80%			1.93%			1.81%
Ratio of expenses to average net assets prior to fees waived⁶		2.14%			1.97%			1.98%			1.93%			2.10%			1.97%
Ratio of net investment income to average net assets		2.45%			1.03%			1.66%			1.16%			0.83%			1.74%
Ratio of net investment income to average net assets prior to fees waived		2.03%			0.86%			1.48%			1.03%			0.66%			1.58%
Portfolio turnover		81%			88%			90%			88%			91%			77%


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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Net assets reported in millions.
⁵	Amount is less than $500,000.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Global Real Estate Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22²			Year ended													7/5/17¹ to
	(Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.30			$	10.92		$	8.19		$	11.26		$	10.42		$	10.42

Income (loss) from investment operations:
Net investment income³		0.17				0.23			0.16			0.20			0.21			0.15
Net realized and unrealized gain (loss)		(3.24	)			1.57			2.90			(2.58	)		1.19			0.05
Total from investment operations		(3.07	)			1.80			3.06			(2.38	)		1.40			0.20

Less dividends and distributions from:
Net investment income		(0.16	)			(0.42	)		(0.33	)		(0.43	)		(0.35	)		(0.13	)
Net realized gain		—				—			—			(0.26	)		(0.21	)		(0.07	)
Total dividends and distributions		(0.16	)			(0.42	)		(0.33	)		(0.69	)		(0.56	)		(0.20	)

Net asset value, end of period	$	9.07			$	12.30		$	10.92		$	8.19		$	11.26		$	10.42

Total return⁴		(25.10%	)			16.60%			37.67%			(22.53%	)		14.08%			1.89%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,365			$	22,562		$	15	⁵	$	22	⁵	$	30	⁵	$	30	⁵
Ratio of expenses to average net assets⁶		1.05%				1.05%			1.05%			1.05%			1.13%	⁷		1.05%
Ratio of expenses to average net assets prior to fees waived⁶		1.37%				1.30%			1.22%			1.16%			1.31%			1.27%
Ratio of net investment income to average net assets		3.05%				1.92%			1.71%			1.90%			2.01%			1.96%
Ratio of net investment income to average net assets prior to fees waived		2.73%				1.67%			1.54%			1.79%			1.83%			1.74%
Portfolio turnover		81%				88%			90%			88%			91%			77%	⁸

¹	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	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 and/or distributor. 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.
⁷	Expense ratio based on the period excluding reorganization expenses was 1.05%.
⁸	Portfolio turnover is representative of the Fund for the period ended March 31, 2018.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Global Real Estate Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.40		$	11.00		$	8.27		$	11.35		$	10.50		$	10.39

Income (loss) from investment operations:
Net investment income²		0.15			0.17			0.20			0.16			0.14			0.22
Net realized and unrealized gain (loss)		(3.27	)		1.61			2.83			(2.59	)		1.24			0.07
Total from investment operations		(3.12	)		1.78			3.03			(2.43	)		1.38			0.29

Less dividends and distributions from:
Net investment income		(0.15	)		(0.38	)		(0.30	)		(0.39	)		(0.32	)		(0.11	)
Net realized gain		—			—			—			(0.26	)		(0.21	)		(0.07	)
Total dividends and distributions		(0.15	)		(0.38	)		(0.30	)		(0.65	)		(0.53	)		(0.18	)

Net asset value, end of period	$	9.13		$	12.40		$	11.00		$	8.27		$	11.35		$	10.50

Total return³		(25.32%	)		16.21%			36.96%			(22.73%	)		13.64%			2.76%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	871		$	1,205		$	1	⁴	$	4	⁴	$	5	⁴	$	1	⁴
Ratio of expenses to average net assets⁵		1.41%			1.47%			1.45%			1.46%			1.51%			1.46%
Ratio of expenses to average net assets prior to fees waived⁵		1.77%			1.65%			1.61%			1.55%			1.68%			1.62%
Ratio of net investment income to average net assets		2.77%			1.39%			2.15%			1.46%			1.29%			2.11%
Ratio of net investment income to average net assets prior to fees waived		2.41%			1.21%			1.99%			1.37%			1.12%			1.95%
Portfolio turnover		81%			88%			90%			88%			91%			77%

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 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Asset Strategy Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.05		$	24.45		$	17.41		$	20.63		$	24.02		$	21.86

Income (loss) from investment operations:
Net investment income²		0.18			0.29			0.29			0.43			0.38			0.21
Net realized and unrealized gain (loss)		(4.08	)		1.12			7.39			(2.42	)		0.09			2.64
Total from investment operations		(3.90	)		1.41			7.68			(1.99	)		0.47			2.85

Less dividends and distributions from:
Net investment income		(0.16	)		(0.55	)		(0.39	)		(0.42	)		(0.40	)		(0.24	)
Net realized gain		—			(2.26	)		(0.25	)		(0.81	)		(3.46	)		(0.45	)
Total dividends and distributions		(0.16	)		(2.81	)		(0.64	)		(1.23	)		(3.86	)		(0.69	)

Net asset value, end of period	$	18.99		$	23.05		$	24.45		$	17.41		$	20.63		$	24.02

Total return³		(16.97%	)⁴		5.33%	⁵		44.79	%		(10.69%	)		2.67%			13.11%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,206,527		$	1,531,209		$	1,601	⁶	$	1,128	⁶	$	1,361	⁶	$	1,345	⁶
Ratio of expenses to average net assets⁷		1.14%			1.11%			1.07%			1.13%			1.16%			1.13%
Ratio of expenses to average net assets prior to fees waived⁷		1.15%			1.11%			1.07%			1.13%			1.16%			1.13%
Ratio of net investment income to average net assets		1.72%			1.16%			1.33%			2.03%			1.71%			0.90%
Ratio of net investment income to average net assets prior to fees waived		1.71%			1.16%			1.33%			2.03%			1.71%			0.90%
Portfolio turnover		38%			33%			40%			44%			52%			34%

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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	21.25		$	22.75		$	16.24		$	19.33		$	22.71		$	20.71

Income (loss) from investment operations:
Net investment income²		0.07			0.08			0.13			0.27			0.22			0.02
Net realized and unrealized gain (loss)		(3.75	)		1.05			6.87			(2.26	)		0.07			2.51
Total from investment operations		(3.68	)		1.13			7.00			(1.99	)		0.29			2.53

Less dividends and distributions from:
Net investment income		(0.08	)		(0.37	)		(0.24	)		(0.29	)		(0.21	)		(0.08	)
Net realized gain		—			(2.26	)		(0.25	)		(0.81	)		(3.46	)		(0.45	)
Total dividends and distributions		(0.08	)		(2.63	)		(0.49	)		(1.10	)		(3.67	)		(0.53	)

Net asset value, end of period	$	17.49		$	21.25		$	22.75		$	16.24		$	19.33		$	22.71

Total return³		(17.36%	)⁴		4.49%	⁵		43.70%			(11.37%	)		1.99%			12.29%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	54,534		$	89,955		$	146	⁶	$	298	⁶	$	634	⁶	$	995	⁶
Ratio of expenses to average net assets⁷		2.07%			1.92%			1.86%			1.88%			1.83%			1.89%
Ratio of expenses to average net assets prior to fees waived⁷		2.18%			1.92%			1.86%			1.88%			1.83%			1.89%
Ratio of net investment income to average net assets		0.77%			0.35%			0.63%			1.34%			1.05%			0.11%
Ratio of net investment income to average net assets prior to fees waived		0.66%			0.35%			0.63%			1.34%			1.05%			0.11%
Portfolio turnover		38%			33%			40%			44%			52%			34%

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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Asset Strategy Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.48		$	24.85		$	17.68		$	20.93		$	24.33		$	22.16

Income (loss) from investment operations:
Net investment income²		0.21			0.36			0.35			0.50			0.44			0.27
Net realized and unrealized gain (loss)		(4.16	)		1.14			7.51			(2.46	)		0.10			2.70
Total from investment operations		(3.95	)		1.50			7.86			(1.96	)		0.54			2.97

Less dividends and distributions from:
Net investment income		(0.18	)		(0.61	)		(0.44	)		(0.48	)		(0.48	)		(0.35	)
Net realized gain		—			(2.26	)		(0.25	)		(0.81	)		(3.46	)		(0.45	)
Total dividends and distributions		(0.18	)		(2.87	)		(0.69	)		(1.29	)		(3.94	)		(0.80	)

Net asset value, end of period	$	19.35		$	23.48		$	24.85		$	17.68		$	20.93		$	24.33

Total return³		(16.88%	)⁴		5.59%	⁵		45.16%			(10.44%	)		2.93%			13.48%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	419,020		$	597,362		$	713	⁶	$	586	⁶	$	805	⁶	$	622	⁶
Ratio of expenses to average net assets⁷		0.89%			0.88%			0.83%			0.87%			0.89%			0.85%
Ratio of expenses to average net assets prior to fees waived⁷		0.90%			0.88%			0.83%			0.87%			0.89%			0.85%
Ratio of net investment income to average net assets		1.97%			1.39%			1.59%			2.31%			1.97%			1.15%
Ratio of net investment income to average net assets prior to fees waived		1.96%			1.39%			1.59%			2.31%			1.97%			1.15%
Portfolio turnover		38%			33%			40%			44%			52%			34%

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 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	22.68		$	24.09		$	17.17		$	20.35		$	23.73		$	21.59

Income (loss) from investment operations:
Net investment income²		0.15			0.20			0.22			0.36			0.31			0.13
Net realized and unrealized gain (loss)		(4.02	)		1.11			7.27			(2.37	)		0.08			2.61
Total from investment operations		(3.87	)		1.31			7.49			(2.01	)		0.39			2.74

Less dividends and distributions from:
Net investment income		(0.14	)		(0.46	)		(0.32	)		(0.36	)		(0.31	)		(0.15	)
Net realized gain		—			(2.26	)		(0.25	)		(0.81	)		(3.46	)		(0.45	)
Total dividends and distributions		(0.14	)		(2.72	)		(0.57	)		(1.17	)		(3.77	)		(0.60	)

Net asset value, end of period	$	18.67		$	22.68		$	24.09		$	17.17		$	20.35		$	23.73

Total return³		(17.14%	)⁴		4.98%	⁵		44.26%			(10.93%	)		2.32%			12.74%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	18,943		$	23,787		$	28	⁶	$	28	⁶	$	44	⁶	$	54	⁶
Ratio of expenses to average net assets⁷		1.44%			1.46%			1.42%			1.46%			1.47%			1.45%
Ratio of expenses to average net assets prior to fees waived⁷		1.49%			1.46%			1.42%			1.46%			1.47%			1.45%
Ratio of net investment income to average net assets		1.41%			0.81%			1.02%			1.72%			1.40%			0.57%
Ratio of net investment income to average net assets prior to fees waived		1.36%			0.81%			1.02%			1.72%			1.40%			0.57%
Portfolio turnover		38%			33%			40%			44%			52%			34%

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 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Asset Strategy Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.55		$	24.92		$	17.73		$	20.99		$	24.40		$	22.24

Income (loss) from investment operations:
Net investment income²		0.23			0.40			0.37			0.51			0.45			0.28
Net realized and unrealized gain (loss)		(4.17	)		1.14			7.54			(2.45	)		0.11			2.73
Total from investment operations		(3.94	)		1.54			7.91			(1.94	)		0.56			3.01

Less dividends and distributions from:
Net investment income		(0.20	)		(0.65	)		(0.47	)		(0.51	)		(0.51	)		(0.40	)
Net realized gain		—			(2.26	)		(0.25	)		(0.81	)		(3.46	)		(0.45	)
Total dividends and distributions		(0.20	)		(2.91	)		(0.72	)		(1.32	)		(3.97	)		(0.85	)

Net asset value, end of period	$	19.41		$	23.55		$	24.92		$	17.73		$	20.99		$	24.40

Total return³		(16.81%	)		5.73%	⁴		45.35%			(10.32%	)		3.03%			13.65%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,576		$	16,520		$	19	⁵	$	8	⁵	$	5	⁵	$	2	⁵
Ratio of expenses to average net assets⁶		0.75%			0.72%			0.67%			0.72%			0.79%			0.78%
Ratio of net investment income to average net assets		2.11%			1.56%			1.62%			2.35%			2.03%			1.19%
Portfolio turnover		38%			33%			40%			44%			52%			34%

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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	23.14		$	24.53		$	17.47		$	20.69		$	24.09		$	21.92

Income (loss) from investment operations:
Net investment income²		0.18			0.30			0.30			0.44			0.39			0.21
Net realized and unrealized gain (loss)		(4.09	)		1.12			7.40			(2.42	)		0.08			2.67
Total from investment operations		(3.91	)		1.42			7.70			(1.98	)		0.47			2.88

Less dividends and distributions from:
Net investment income		(0.17	)		(0.55	)		(0.39	)		(0.43	)		(0.41	)		(0.26	)
Net realized gain		—			(2.26	)		(0.25	)		(0.81	)		(3.46	)		(0.45	)
Total dividends and distributions		(0.17	)		(2.81	)		(0.64	)		(1.24	)		(3.87	)		(0.71	)

Net asset value, end of period	$	19.06		$	23.14		$	24.53		$	17.47		$	20.69		$	24.09

Total return³		(16.98%	)⁴		5.35%	^4,5		44.75%	⁴		(10.64%	)		2.70%			13.15%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	74,806		$	96,913		$	109	⁶	$	98	⁶	$	151	⁶	$	175	⁶
Ratio of expenses to average net assets⁷		1.11%			1.09%			1.07%			1.11%			1.13%			1.10%
Ratio of expenses to average net assets prior to fees waived⁷		1.14%			1.11%			1.08%			1.11%			1.13%			1.10%
Ratio of net investment income to average net assets		1.74%			1.17%			1.36%			2.08%			1.73%			0.92%
Ratio of net investment income to average net assets prior to fees waived		1.71%			1.15%			1.35%			2.08%			1.73%			0.92%
Portfolio turnover		38%			33%			40%			44%			52%			34%

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 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Balanced Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	25.53		$	27.29		$	20.43		$	23.58		$	24.74		$	24.33

Income (loss) from investment operations:
Net investment income²		0.08			0.12			0.24			0.31			0.37			0.37
Net realized and unrealized gain (loss)		(3.94	)		1.28			8.38			(1.57	)		1.03			1.18
Total from investment operations		(3.86	)		1.40			8.62			(1.26	)		1.40			1.55

Less dividends and distributions from:
Net investment income		(0.08	)		(0.12	)		(0.28	)		(0.34	)		(0.36	)		(0.48	)
Net realized gain		—			(3.04	)		(1.48	)		(1.55	)		(2.20	)		(0.66	)
Total dividends and distributions		(0.08	)		(3.16	)		(1.76	)		(1.89	)		(2.56	)		(1.14	)

Net asset value, end of period	$	21.59		$	25.53		$	27.29		$	20.43		$	23.58		$	24.74

Total return³		(15.14%	)⁴		4.57%			42.81%			(6.55%	)		6.25%			6.43%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,163,346		$	1,485,004		$	1,509	⁵	$	1,086	⁵	$	1,275	⁵	$	1,368	⁵
Ratio of expenses to average net assets⁶		1.08%			1.04%			1.07%			1.10%			1.09%			1.12%
Ratio of expenses to average net assets prior to fees waived⁶		1.09%			1.04%			1.07%			1.10%			1.09%			1.12%
Ratio of net investment income to average net assets		0.72%			0.44%			0.95%			1.27%			1.49%			1.48%
Ratio of net investment income to average net assets prior to fees waived		0.71%			0.44%			0.95%			1.27%			1.49%			1.48%
Portfolio turnover		27%			94%			52%			43%			53%			36%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Balanced Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	25.21		$	26.98		$	20.24		$	23.38		$	24.56		$	24.17

Income (loss) from investment operations:
Net investment income (loss)²		(0.02	)		(0.09	)		0.06			0.13			0.19			0.19
Net realized and unrealized gain (loss)		(3.90	)		1.25			8.30			(1.55	)		1.01			1.18
Total from investment operations		(3.92	)		1.16			8.36			(1.42	)		1.20			1.37

Less dividends and distributions from:
Net investment income		—			—			(0.14	)		(0.17	)		(0.18	)		(0.32	)
Net realized gain		—			(2.93	)		(1.48	)		(1.55	)		(2.20	)		(0.66	)
Total dividends and distributions		—			(2.93	)		(1.62	)		(1.72	)		(2.38	)		(0.98	)

Net asset value, end of period	$	21.29		$	25.21		$	26.98		$	20.24		$	23.38		$	24.56

Total return³		(15.55%	)⁴		3.77%	⁴		41.82%	⁴		(7.24%	)		5.46%			5.69%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	78,195		$	117,058		$	183	⁵	$	243	⁵	$	366	⁵	$	485	⁵
Ratio of expenses to average net assets⁶		1.92%			1.82%			1.82%			1.83%			1.80%			1.83%
Ratio of expenses to average net assets prior to fees waived⁶		1.97%			1.82%			1.82%			1.83%			1.80%			1.83%
Ratio of net investment income (loss) to average net assets		(0.13%	)		(0.34%	)		0.23%			0.54%			0.78%			0.78%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.18%	)		(0.34%	)		0.23%			0.54%			0.78%			0.78%
Portfolio turnover		27%			94%			52%			43%			53%			36%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Balanced Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	25.54		$	27.29		$	20.42		$	23.57		$	24.74		$	24.33

Income (loss) from investment operations:
Net investment income²			0.11			0.18			0.29			0.36			0.43			0.43
Net realized and unrealized gain (loss)			(3.96	)		1.28			8.39			(1.57	)		1.02			1.19
Total from investment operations			(3.85	)		1.46			8.68			(1.21	)		1.45			1.62

Less dividends and distributions from:
Net investment income			(0.10	)		(0.17	)		(0.33	)		(0.39	)		(0.42	)		(0.55	)
Net realized gain			—			(3.04	)		(1.48	)		(1.55	)		(2.20	)		(0.66	)
Total dividends and distributions			(0.10	)		(3.21	)		(1.81	)		(1.94	)		(2.62	)		(1.21	)

Net asset value, end of period		$	21.59		$	25.54		$	27.29		$	20.42		$	23.57		$	24.74

Total return³			(15.10%	)⁴		4.82%			43.15%			(6.32%	)		6.51%			6.66%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	499,479		$	745,878		$	846	⁵	$	671	⁵	$	873	⁵	$	1,043	⁵
Ratio of expenses to average net assets⁶			0.86%			0.84%			0.86%			0.86%			0.84%			0.88%
Ratio of expenses to average net assets prior to fees waived⁶			0.88%			0.84%			0.86%			0.86%			0.84%			0.88%
Ratio of net investment income to average net assets			0.93%			0.64%			1.17%			1.51%			1.73%			1.72%
Ratio of net investment income to average net assets prior to fees waived			0.91%			0.64%			1.17%			1.51%			1.73%			1.72%
Portfolio turnover			27%			94%			52%			43%			53%			36%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Balanced Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	25.46		$	27.22		$	20.39		$	23.54		$	24.70		$	24.30

Income (loss) from investment operations:
Net investment income²			0.04			0.01			0.15			0.22			0.28			0.28
Net realized and unrealized gain (loss)			(3.94	)		1.26			8.36			(1.57	)		1.04			1.18
Total from investment operations			(3.90	)		1.27			8.51			(1.35	)		1.32			1.46

Less dividends and distributions from:
Net investment income			(0.04	)		(0.01	)		(0.20	)		(0.25	)		(0.28	)		(0.40	)
Net realized gain			—			(3.02	)		(1.48	)		(1.55	)		(2.20	)		(0.66	)
Total dividends and distributions			(0.04	)		(3.03	)		(1.68	)		(1.80	)		(2.48	)		(1.06	)

Net asset value, end of period		$	21.52		$	25.46		$	27.22		$	20.39		$	23.54		$	24.70

Total return³			(15.32%	)⁴		4.15%			42.31%			(6.90%	)		5.91%			6.04%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	8,657		$	10,852		$	11	⁵	$	11	⁵	$	13	⁵	$	13	⁵
Ratio of expenses to average net assets⁶			1.42%			1.44%			1.45%			1.45%			1.43%			1.46%
Ratio of expenses to average net assets prior to fees waived⁶			1.47%			1.44%			1.45%			1.45%			1.43%			1.46%
Ratio of net investment income to average net assets			0.38%			0.04%			0.60%			0.91%			1.14%			1.13%
Ratio of net investment income to average net assets prior to fees waived			0.33%			0.04%			0.60%			0.91%			1.14%			1.13%
Portfolio turnover			27%			94%			52%			43%			53%			36%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Balanced Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	25.60		$	27.36		$	20.47		$	23.62		$	24.78		$	24.37

Income (loss) from investment operations:
Net investment income²			0.13			0.22			0.33			0.40			0.46			0.47
Net realized and unrealized gain (loss)			(3.96	)		1.27			8.40			(1.57	)		1.04			1.19
Total from investment operations			(3.83	)		1.49			8.73			(1.17	)		1.50			1.66

Less dividends and distributions from:
Net investment income			(0.12	)		(0.21	)		(0.36	)		(0.43	)		(0.46	)		(0.59	)
Net realized gain			—			(3.04	)		(1.48	)		(1.55	)		(2.20	)		(0.66	)
Total dividends and distributions			(0.12	)		(3.25	)		(1.84	)		(1.98	)		(2.66	)		(1.25	)

Net asset value, end of period		$	21.65		$	25.60		$	27.36		$	20.47		$	23.62		$	24.78

Total return³			(15.00%	)		4.93%			43.34%			(6.16%	)		6.66%			6.86%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	8,073		$	10,232		$	11	⁴	$	7	⁴	$	15	⁴	$	10	⁴
Ratio of expenses to average net assets⁵			0.73%			0.70%			0.71%			0.71%			0.70%			0.72%
Ratio of net investment income to average net assets			1.07%			0.78%			1.30%			1.65%			1.88%			1.88%
Portfolio turnover			27%			94%			52%			43%			53%			36%


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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Balanced Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	25.54		$	27.29		$	20.43		$	23.58		$	24.75		$	24.34

Income (loss) from investment operations:
Net investment income²			0.09			0.12			0.24			0.31			0.37			0.38
Net realized and unrealized gain (loss)			(3.96	)		1.28			8.38			(1.57	)		1.02			1.17
Total from investment operations			(3.87	)		1.40			8.62			(1.26	)		1.39			1.55

Less dividends and distributions from:
Net investment income			(0.08	)		(0.11	)		(0.28	)		(0.34	)		(0.36	)		(0.48	)
Net realized gain			—			(3.04	)		(1.48	)		(1.55	)		(2.20	)		(0.66	)
Total dividends and distributions			(0.08	)		(3.15	)		(1.76	)		(1.89	)		(2.56	)		(1.14	)

Net asset value, end of period		$	21.59		$	25.54		$	27.29		$	20.43		$	23.58		$	24.75

Total return³			(15.17%	)⁴		4.59%	⁴		42.81%	⁴		(6.55%	)⁴		6.22%			6.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	10,004		$	12,699		$	16	⁵	$	14	⁵	$	24	⁵	$	34	⁵
Ratio of expenses to average net assets⁶			1.07%			1.04%			1.07%			1.10%			1.09%			1.12%
Ratio of expenses to average net assets prior to fees waived⁶			1.12%			1.08%			1.10%			1.11%			1.09%			1.12%
Ratio of net investment income to average net assets			0.73%			0.44%			0.97%			1.27%			1.49%			1.53%
Ratio of net investment income to average net assets prior to fees waived			0.68%			0.40%			0.94%			1.26%			1.49%			1.53%
Portfolio turnover			27%			94%			52%			43%			53%			36%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Natural Resources Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	16.92		$	12.42		$	7.85		$	13.45		$	14.82		$	14.80

Income (loss) from investment operations:
Net investment income (loss)²			0.19			0.21			0.09			0.13			0.12			(0.03	)
Net realized and unrealized gain (loss)			(2.20	)		4.61			4.51			(5.51	)		(1.49	)		0.05
Total from investment operations			(2.01	)		4.82			4.60			(5.38	)		(1.37	)		0.02

Less dividends and distributions from:
Net investment income			—			(0.32	)		(0.03	)		(0.22	)		—			—
Total dividends and distributions			—			(0.32	)		(0.03	)		(0.22	)		—			—

Net asset value, end of period		$	14.91		$	16.92		$	12.42		$	7.85		$	13.45		$	14.82

Total return³			(11.88%	)⁴		39.47%			58.68%			(40.58%	)		(9.31%	)		0.20%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	142,570		$	170,746		$	136	⁵	$	102	⁵	$	218	⁵	$	288	⁵
Ratio of expenses to average net assets⁶			1.56%			1.82%			1.84%			1.77%			1.59%			1.73%
Ratio of expenses to average net assets prior to fees waived⁶			1.68%			1.82%			1.84%			1.77%			1.59%			1.73%
Ratio of net investment income (loss) to average net assets			2.40%			1.57%			0.82%			1.05%			0.82%			(0.19%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			2.28%			1.57%			0.82%			1.05%			0.82%			(0.19%	)
Portfolio turnover			19%			116%			52%			44%			21%			33%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Natural Resources Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	13.81		$	10.22		$	6.48		$	11.13		$	12.33		$	12.39

Income (loss) from investment operations:
Net investment income (loss)²			0.11			0.09			0.01			0.03			0.03			(0.12	)
Net realized and unrealized gain (loss)			(1.80	)		3.77			3.74			(4.55	)		(1.23	)		0.06
Total from investment operations			(1.69	)		3.86			3.75			(4.52	)		(1.20	)		(0.06	)

Less dividends and distributions from:
Net investment income			—			(0.27	)		(0.01	)		(0.13	)		—			—
Total dividends and distributions			—			(0.27	)		(0.01	)		(0.13	)		—			—

Net asset value, end of period		$	12.12		$	13.81		$	10.22		$	6.48		$	11.13		$	12.33

Total return³			(12.24%	)⁴		38.45%			57.83%			(41.02%	)		(9.73%	)		(0.48%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,273		$	3,460		$	3	⁵	$	5	⁵	$	21	⁵	$	40	⁵
Ratio of expenses to average net assets⁶			2.34%			2.52%			2.49%			2.48%			2.07%			2.40%
Ratio of expenses to average net assets prior to fees waived⁶			2.47%			2.52%			2.49%			2.48%			2.07%			2.40%
Ratio of net investment income (loss) to average net assets			1.66%			0.84%			0.07%			0.30%			0.28%			(0.98%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			1.53%			0.84%			0.07%			0.03%			0.28%			(0.98%	)
Portfolio turnover			19%			116%			52%			44%			21%			33%


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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Natural Resources Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	17.72		$	12.99		$	8.18		$	14.06		$	15.50		$	15.40

Income (loss) from investment operations:
Net investment income²			0.23			0.31			0.16			0.21			0.20			0.05
Net realized and unrealized gain (loss)			(2.30	)		4.82			4.73			(5.74	)		(1.57	)		0.05
Total from investment operations			(2.07	)		5.13			4.89			(5.53	)		(1.37	)		0.10

Less dividends and distributions from:
Net investment income			—			(0.40	)		(0.08	)		(0.35	)		(0.07	)		—
Total dividends and distributions			—			(0.40	)		(0.08	)		(0.35	)		(0.07	)		—

Net asset value, end of period		$	15.65		$	17.72		$	12.99		$	8.18		$	14.06		$	15.50

Total return³			(11.68%	)⁴		40.30%			59.85%			(40.26%	)		(8.86%	)		0.71%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	69,987		$	84,343		$	71	⁵	$	54	⁵	$	106	⁵	$	154	⁵
Ratio of expenses to average net assets⁶			1.14%			1.21%			1.20%			1.19%			1.10%			1.20%
Ratio of expenses to average net assets prior to fees waived⁶			1.17%			1.21%			1.20%			1.19%			1.10%			1.20%
Ratio of net investment income to average net assets			2.81%			2.17%			1.46%			1.63%			1.30%			0.32%
Ratio of net investment income to average net assets prior to fees waived			2.78%			2.17%			1.46%			1.63%			1.30%			0.32%
Portfolio turnover			19%			116%			52%			44%			21%			33%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Natural Resources Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	16.69		$	12.25		$	7.75		$	13.26		$	14.63		$	14.61

Income (loss) from investment operations:
Net investment income (loss)²			0.18			0.22			0.09			0.13			0.10			(0.04	)
Net realized and unrealized gain (loss)			(2.17	)		4.54			4.45			(5.42	)		(1.47	)		0.06
Total from investment operations			(1.99	)		4.76			4.54			(5.29	)		(1.37	)		0.02

Less dividends and distributions from:
Net investment income			—			(0.32	)		(0.04	)		(0.22	)		—			—
Total dividends and distributions			—			(0.32	)		(0.04	)		(0.22	)		—			—

Net asset value, end of period		$	14.70		$	16.69		$	12.25		$	7.75		$	13.26		$	14.63

Total return³			(11.92%	)⁴		39.60%			58.67%			(40.53%	)		(9.36%	)		0.14%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	12,710		$	14,145		$	12	⁵	$	7	⁵	$	15	⁵	$	21	⁵
Ratio of expenses to average net assets⁶			1.69%			1.78%			1.77%			1.76%			1.67%			1.78%
Ratio of expenses to average net assets prior to fees waived⁶			1.75%			1.78%			1.77%			1.76%			1.67%			1.78%
Ratio of net investment income (loss) to average net assets			2.32%			1.60%			0.90%			1.06%			0.73%			(0.26%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			2.26%			1.60%			0.90%			1.06%			0.73%			(0.26%	)
Portfolio turnover			19%			116%			52%			44%			21%			33%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Natural Resources Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	17.79		$	13.03		$	8.21		$	14.12		$	15.58		$	15.44

Income (loss) from investment operations:
Net investment income²			0.24			0.36			0.18			0.23			0.23			0.07
Net realized and unrealized gain (loss)			(2.31	)		4.82			4.73			(5.75	)		(1.59	)		0.07
Total from investment operations			(2.07	)		5.18			4.91			(5.52	)		(1.36	)		0.14

Less dividends and distributions from:
Net investment income			—			(0.42	)		(0.09	)		(0.39	)		(0.10	)		—
Total dividends and distributions			—			(0.42	)		(0.09	)		(0.39	)		(0.10	)		—

Net asset value, end of period		$	15.72		$	17.79		$	13.03		$	8.21		$	14.12		$	15.58

Total return³			(11.64%	)		40.61%			59.94%			(40.11%	)		(8.71%	)		0.91%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,225		$	2,228		$	1	⁴	$	3	⁴	$	5	⁴	$	6	⁴
Ratio of expenses to average net assets⁵			1.01%			1.04%			0.99%			1.02%			0.93%			1.04%
Ratio of net investment income to average net assets			2.93%			2.46%			1.64%			1.81%			1.48%			0.46%
Portfolio turnover			19%			116%			52%			44%			21%			33%


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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Natural Resources Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	17.38		$	12.74		$	8.04		$	13.79		$	15.21		$	15.14

Income (loss) from investment operations:
Net investment income²			0.21			0.28			0.13			0.17			0.16			0.01
Net realized and unrealized gain (loss)			(2.26	)		4.73			4.63			(5.63	)		(1.54	)		0.06
Total from investment operations			(2.05	)		5.01			4.76			(5.46	)		(1.38	)		0.07

Less dividends and distributions from:
Net investment income			—			(0.37	)		(0.06	)		(0.29	)		(0.04	)		—
Total dividends and distributions			—			(0.37	)		(0.06	)		(0.29	)		(0.04	)		—

Net asset value, end of period		$	15.33		$	17.38		$	12.74		$	8.04		$	13.79		$	15.21

Total return³			(11.80%	)⁴		40.08%			59.33%			(40.40%	)		(9.03%	)		0.46%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	12,350		$	14,348		$	11	⁵	$	8	⁵	$	18	⁵	$	26	⁵
Ratio of expenses to average net assets⁶			1.38%			1.42%			1.42%			1.42%			1.33%			1.43%
Ratio of expenses to average net assets prior to fees waived⁶			1.41%			1.42%			1.42%			1.42%			1.33%			1.43%
Ratio of net investment income to average net assets			2.56%			1.97%			1.23%			1.39%			1.09%			0.09%
Ratio of net investment income to average net assets prior to fees waived			2.53%			1.97%			1.23%			1.39%			1.09%			0.09%
Portfolio turnover			19%			116%			52%			44%			21%			33%


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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Science and Technology Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹ (Unaudited)				Year ended
	Six months ended 9/30/22¹ (Unaudited)				3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period		$	63.48		$	92.04		$	59.85		$	65.00		$	65.33		$	56.65

Income (loss) from investment operations:
Net investment loss²			(0.15	)		(0.66	)		(0.55	)		(0.38	)		(0.30	)		(0.36	)
Net realized and unrealized gain (loss)			(16.72	)		2.73			40.68			3.45			7.42			13.46
Total from investment operations			(16.87	)		2.07			40.13			3.07			7.12			13.10

Less dividends and distributions from:
Net realized gain			—			(30.63	)		(7.94	)		(8.22	)		(7.45	)		(4.42	)
Total dividends and distributions			—			(30.63	)		(7.94	)		(8.22	)		(7.45	)		(4.42	)

Net asset value, end of period		$	46.61		$	63.48		$	92.04		$	59.85		$	65.00		$	65.33

Total return³			(26.59%	)		(0.21%	)		67.65%			2.98%			12.63%			23.34%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,259,501		$	4,958,005		$	5,696	⁴	$	3,626	⁴	$	3,956	⁴	$	4,018	⁴
Ratio of expenses to average net assets⁵			1.20%			1.13%			1.14%			1.18%			1.20%			1.22%
Ratio of net investment loss to average net assets			(0.55%	)		(0.76%	)		(0.66%	)		(0.54%	)		(0.45%	)		(0.56%	)
Portfolio turnover			27%			53%			9%			23%			14%			22%


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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Science and Technology Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	43.75		$	72.44		$	48.52		$	54.26		$	56.20		$	49.39

Income (loss) from investment operations:
Net investment loss²		(0.27	)		(1.04	)		(0.95	)		(0.76	)		(0.67	)		(0.76	)
Net realized and unrealized gain (loss)		(11.51	)		2.62			32.81			3.07			6.18			11.74
Total from investment operations		(11.78	)		1.58			31.86			2.31			5.51			10.98

Less dividends and distributions from:
Net realized gain		—			(30.27	)		(7.94	)		(8.05	)		(7.45	)		(4.17	)
Total dividends and distributions		—			(30.27	)		(7.94	)		(8.05	)		(7.45	)		(4.17	)

Net asset value, end of period	$	31.97		$	43.75		$	72.44		$	48.52		$	54.26		$	56.20

Total return³		(26.95%	)		(1.00%	)		66.37%			2.17%			11.79%			22.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	130,054		$	237,610		$	413	⁴	$	407	⁴	$	532	⁴	$	608	⁴
Ratio of expenses to average net assets⁵		2.12%			1.92%			1.92%			1.95%			1.94%			1.98%
Ratio of net investment loss to average net assets		(1.49%	)		(1.56%	)		(1.45%	)		(1.31%	)		(1.18%	)		(1.38%	)
Portfolio turnover		27%			53%			9%			23%			14%			22%

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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Science and Technology Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	76.68		$	105.32		$	67.65		$	72.51		$	71.85		$	61.88

Income (loss) from investment operations:
Net investment loss²		(0.11	)		(0.60	)		(0.45	)		(0.27	)		(0.17	)		(0.26	)
Net realized and unrealized gain (loss)		(20.21	)		2.83			46.06			3.71			8.28			14.77
Total from investment operations		(20.32	)		2.23			45.61			3.44			8.11			14.51

Less dividends and distributions from:
Net realized gain		—			(30.87	)		(7.94	)		(8.30	)		(7.45	)		(4.54	)
Total dividends and distributions		—			(30.87	)		(7.94	)		(8.30	)		(7.45	)		(4.54	)

Net asset value, end of period	$	56.36		$	76.68		$	105.32		$	67.65		$	72.51		$	71.85

Total return³		(26.51%	)		(0.04%	)		67.96%			3.17%			12.88%			23.63%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,407,895		$	2,354,813		$	2,878	⁴	$	1,938	⁴	$	2,203	⁴	$	2,235	⁴
Ratio of expenses to average net assets⁵		0.99%			0.96%			0.96%			0.98%			0.98%			1.00%
Ratio of net investment loss to average net assets		(0.35%	)		(0.59%	)		(0.48%	)		(0.34%	)		(0.23%	)		(0.37%	)
Portfolio turnover		27%			53%			9%			23%			14%			22%

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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Science and Technology Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	59.21		$	87.86		$	57.58		$	62.89		$	63.68		$	55.38

Income (loss) from investment operations:
Net investment loss²		(0.23	)		(0.97	)		(0.85	)		(0.63	)		(0.52	)		(0.61	)
Net realized and unrealized gain (loss)		(15.59	)		2.69			39.07			3.37			7.18			13.18
Total from investment operations		(15.82	)		1.72			38.22			2.74			6.66			12.57

Less dividends and distributions from:
Net realized gain		—			(30.37	)		(7.94	)		(8.05	)		(7.45	)		(4.27	)
Total dividends and distributions		—			(30.37	)		(7.94	)		(8.05	)		(7.45	)		(4.27	)

Net asset value, end of period	$	43.39		$	59.21		$	87.86		$	57.58		$	62.89		$	63.68

Total return³		(26.74%	)		(0.63%	)		66.99%			2.57%			12.23%			22.91%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	83,592		$	120,945		$	151	⁴	$	110	⁴	$	127	⁴	$	129	⁴
Ratio of expenses to average net assets⁵		1.59%			1.55%			1.55%			1.57%			1.56%			1.58%
Ratio of net investment loss to average net assets		(0.94%	)		(1.18%	)		(1.08%	)		(0.93%	)		(0.81%	)		(0.98%	)
Portfolio turnover		27%			53%			9%			23%			14%			22%

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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Ivy Science and Technology Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	77.75		$	106.48		$	68.24		$	73.03		$	72.20		$	62.13

Income (loss) from investment operations:
Net investment loss²		(0.06	)		(0.45	)		(0.32	)		(0.15	)		(0.04	)		(0.17	)
Net realized and unrealized gain (loss)		(20.50	)		2.84			46.50			3.75			8.32			14.85
Total from investment operations		(20.56	)		2.39			46.18			3.60			8.28			14.68

Less dividends and distributions from:
Net realized gain		—			(31.12	)		(7.94	)		(8.39	)		(7.45	)		(4.61	)
Total dividends and distributions		—			(31.12	)		(7.94	)		(8.39	)		(7.45	)		(4.61	)

Net asset value, end of period	$	57.19		$	77.75		$	106.48		$	68.24		$	73.03		$	72.20

Total return³		(26.47%	)		0.10%			68.22%			3.34%			13.07%			23.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	122,361		$	173,276		$	192	⁴	$	96	⁴	$	101	⁴	$	73	⁴
Ratio of expenses to average net assets⁵		0.84%			0.81%			0.81%			0.83%			0.82%			0.85%
Ratio of net investment loss to average net assets		(0.20%	)		(0.44%	)		(0.33%	)		(0.20%	)		(0.05%	)		(0.24%	)
Portfolio turnover		27%			53%			9%			23%			14%			22%

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	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Ivy Science and Technology Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	70.42		$	98.99		$	64.00		$	69.01		$	68.90		$	59.54

Income (loss) from investment operations:
Net investment loss²		(0.17	)		(0.74	)		(0.58	)		(0.40	)		(0.31	)		(0.43	)
Net realized and unrealized gain (loss)		(18.55	)		2.79			43.51			3.60			7.87			14.21
Total from investment operations		(18.72	)		2.05			42.93			3.20			7.56			13.78

Less dividends and distributions from:
Net realized gain		—			(30.62	)		(7.94	)		(8.21	)		(7.45	)		(4.42	)
Total dividends and distributions		—			(30.62	)		(7.94	)		(8.21	)		(7.45	)		(4.42	)

Net asset value, end of period	$	51.70		$	70.42		$	98.99		$	64.00		$	69.01		$	68.90

Total return³		(26.61%	)		(0.22%	)⁴		67.64%	⁴		2.98%	⁴		12.64%	⁴		23.33%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	227,438		$	351,136		$	455	⁵	$	340	⁵	$	442	⁵	$	554	⁵
Ratio of expenses to average net assets⁶		1.23%			1.14%			1.14%			1.18%			1.20%			1.24%	⁷
Ratio of expenses to average net assets prior to fees waived		1.23%			1.20%			1.20%			1.22%			1.21%			1.24%
Ratio of net investment loss to average net assets		(0.59%	)		(0.78%	)		(0.66%	)		(0.54%	)		(0.44%	)		(0.64%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.59%	)		(0.84%	)		(0.72%	)		(0.58%	)		(0.45%	)		(0.64%	)
Portfolio turnover		27%			53%			9%			23%			14%			22%

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 and/or distributor. 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.
⁷	Expense ratio based on the period excluding reorganization expenses was 1.22%.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Real Estate Securities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.72		$	24.82		$	18.83		$	24.45		$	22.41		$	25.94

Income (loss) from investment operations:
Net investment income²		0.25			0.21			0.17			0.30			0.30			0.39
Net realized and unrealized gain (loss)		(7.24	)		6.44			6.22			(3.61	)		3.35			(0.82	)
Total from investment operations		(6.99	)		6.65			6.39			(3.31	)		3.65			(0.43	)

Less dividends and distributions from:
Net investment income		(0.17	)		(0.14	)		(0.25	)		(0.32	)		(0.33	)		(0.18	)
Net realized gain		—			(3.61	)		(0.15	)		(1.99	)		(1.28	)		(2.92	)
Total dividends and distributions		(0.17	)		(3.75	)		(0.40	)		(2.31	)		(1.61	)		(3.10	)

Net asset value, end of period	$	20.56		$	27.72		$	24.82		$	18.83		$	24.45		$	22.41

Total return³		(25.26%	)⁴		26.90%			34.24%	⁴		(15.35%	)⁴		16.83%	⁴		(2.58%	)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	96,588		$	143,562		$	130	⁵	$	122	⁵	$	173	⁵	$	189	⁵
Ratio of expenses to average net assets⁶		1.36%			1.38%			1.45%			1.43%			1.44%			1.42%
Ratio of expenses to average net assets prior to fees waived⁶		1.44%			1.38%			1.55%			1.53%			1.54%			1.52%
Ratio of net investment income to average net assets		2.06%			0.74%			0.79%			1.21%			1.29%			1.51%
Ratio of net investment income to average net assets prior to fees waived		1.98%			0.74%			0.69%			1.11%			1.19%			1.41%
Portfolio turnover		41%			43%			76%			59%			69%			68%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Real Estate Securities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	26.73		$	24.11		$	18.32		$	23.86		$	21.90		$	25.45

Income (loss) from investment operations:
Net investment income (loss)²		0.12			(0.07	)		0.06			0.12			0.17			0.23
Net realized and unrealized gain (loss)		(6.96	)		6.27			5.96			(3.52	)		3.21			(0.84	)
Total from investment operations		(6.84	)		6.20			6.02			(3.40	)		3.38			(0.61	)

Less dividends and distributions from:
Net investment income		(0.11	)		—			(0.08	)		(0.15	)		(0.14	)		(0.02	)
Net realized gain		—			(3.58	)		(0.15	)		(1.99	)		(1.28	)		(2.92	)
Total dividends and distributions		(0.11	)		(3.58	)		(0.23	)		(2.14	)		(1.42	)		(2.94	)

Net asset value, end of period	$	19.78		$	26.73		$	24.11		$	18.32		$	23.86		$	21.90

Total return³		(25.65%	)⁴		25.74%			33.03%	⁴		(15.99%	)⁴		15.90%	⁴		(3.26%	)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	926		$	1,707		$	25		$	35		$	65		$	85
Ratio of expenses to average net assets⁶		2.36%			2.33%			2.33%			2.25%			2.19%			2.19%
Ratio of expenses to average net assets prior to fees waived⁶		2.56%			2.33%			2.43%			2.35%			2.29%			2.29%
Ratio of net investment income (loss) to average net assets		0.97%			(0.24%	)		0.27%			0.50%			0.74%			0.93%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.77%			(0.24%	)		0.17%			0.40%			0.64%			0.83%
Portfolio turnover		41%			43%			76%			59%			69%			68%

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	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Real Estate Securities Fund Class I

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	28.05		$	25.05		$	18.99		$	24.63		$	22.57		$	26.11

Income (loss) from investment operations:
Net investment income²		0.29			0.29			0.25			0.38			0.39			0.41
Net realized and unrealized gain (loss)		(7.33	)		6.52			6.27			(3.62	)		3.36			(0.74	)
Total from investment operations		(7.04	)		6.81			6.52			(3.24	)		3.75			(0.33	)

Less dividends and distributions from:
Net investment income		(0.19	)		(0.20	)		(0.31	)		(0.41	)		(0.41	)		(0.29	)
Net realized gain		—			(3.61	)		(0.15	)		(1.99	)		(1.28	)		(2.92	)
Total dividends and distributions		(0.19	)		(3.81	)		(0.46	)		(2.40	)		(1.69	)		(3.21	)

Net asset value, end of period	$	20.82		$	28.05		$	25.05		$	18.99		$	24.63		$	22.57

Total return³		(25.15%	)⁴		27.32%			34.68%	⁴		(15.01%	)⁴		17.22%	⁴		(2.17%	)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	84,029		$	133,161		$	127	⁵	$	121	⁵	$	160	⁵	$	173	⁵
Ratio of expenses to average net assets⁶		1.05%			1.09%			1.08%			1.08%			1.07%			1.06%
Ratio of expenses to average net assets prior to fees waived⁶		1.09%			1.09%			1.18%			1.18%			1.17%			1.16%
Ratio of net investment income to average net assets		2.36%			1.01%			1.15%			1.54%			1.65%			1.60%
Ratio of net investment income to average net assets prior to fees waived		2.32%			1.01%			1.05%			1.44%			1.55%			1.50%
Portfolio turnover		41%			43%			76%			59%			69%			68%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Real Estate Securities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.66		$	24.78		$	18.81		$	24.42		$	22.39		$	25.92

Income (loss) from investment operations:
Net investment income²		0.22			0.12			0.13			0.27			0.25			0.36
Net realized and unrealized gain (loss)		(7.22	)		6.44			6.20			(3.62	)		3.34			(0.85	)
Total from investment operations		(7.00	)		6.56			6.33			(3.35	)		3.59			(0.49	)

Less dividends and distributions from:
Net investment income		(0.16	)		(0.07	)		(0.21	)		(0.27	)		(0.28	)		(0.12	)
Net realized gain		—			(3.61	)		(0.15	)		(1.99	)		(1.28	)		(2.92	)
Total dividends and distributions		(0.16	)		(3.68	)		(0.36	)		(2.26	)		(1.56	)		(3.04	)

Net asset value, end of period	$	20.50		$	27.66		$	24.78		$	18.81		$	24.42		$	22.39

Total return³		(25.36%	)⁴		26.55%			33.88%	⁴		(15.51%	)⁴		16.57%	⁴		(2.79%	)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	406		$	555		$	—	^5,6	$	—	^5,6	$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁷		1.62%			1.69%			1.67%			1.69%			1.64%			1.66%
Ratio of expenses to average net assets prior to fees waived⁷		1.70%			1.69%			1.77%			1.79%			1.74%			1.76%
Ratio of net investment income to average net assets		1.81%			0.42%			0.61%			1.07%			1.05%			1.40%
Ratio of net investment income to average net assets prior to fees waived		1.73%			0.42%			0.51%			0.97%			0.95%			1.30%
Portfolio turnover		41%			43%			76%			59%			69%			68%

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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Delaware Real Estate Securities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	28.10		$	25.09		$	19.02		$	24.66		$	22.59		$	26.15

Income (loss) from investment operations:
Net investment income²		0.31			0.36			0.28			0.43			0.57			0.63
Net realized and unrealized gain (loss)		(7.34	)		6.50			6.28			(3.64	)		3.23			(0.92	)
Total from investment operations		(7.03	)		6.86			6.56			(3.21	)		3.80			(0.29	)

Less dividends and distributions from:
Net investment income		(0.20	)		(0.24	)		(0.34	)		(0.44	)		(0.45	)		(0.35	)
Net realized gain		—			(3.61	)		(0.15	)		(1.99	)		(1.28	)		(2.92	)
Total dividends and distributions		(0.20	)		(3.85	)		(0.49	)		(2.43	)		(1.73	)		(3.27	)

Net asset value, end of period	$	20.87		$	28.10		$	25.09		$	19.02		$	24.66		$	22.59

Total return³		(25.09%	)		27.48%			34.84%	⁴		(14.86%	)⁴		17.42%	⁴		(2.04%	)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	756		$	1,112		$	1	⁵	$	—	^5,6	$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁷		0.93%			0.93%			0.94%			0.94%			0.91%			0.89%
Ratio of expenses to average net assets prior to fees waived⁷		0.93%			0.93%			1.04%			1.04%			1.01%			0.99%
Ratio of net investment income to average net assets		2.52%			1.26%			1.26%			1.70%			2.40%			2.38%
Ratio of net investment income to average net assets prior to fees waived		2.52%			1.26%			1.16%			1.60%			2.30%			2.28%
Portfolio turnover		41%			43%			76%			59%			69%			68%

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 and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Real Estate Securities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	27.79		$	24.87		$	18.86		$	24.48		$	22.44		$	25.97

Income (loss) from investment operations:
Net investment income²		0.26			0.23			0.21			0.33			0.34			0.40
Net realized and unrealized gain (loss)		(7.25	)		6.45			6.23			(3.60	)		3.34			(0.79	)
Total from investment operations		(6.99	)		6.68			6.44			(3.27	)		3.68			(0.39	)

Less dividends and distributions from:
Net investment income		(0.18	)		(0.15	)		(0.28	)		(0.36	)		(0.36	)		(0.22	)
Net realized gain		—			(3.61	)		(0.15	)		(1.99	)		(1.28	)		(2.92	)
Total dividends and distributions		(0.18	)		(3.76	)		(0.43	)		(2.35	)		(1.64	)		(3.14	)

Net asset value, end of period	$	20.62		$	27.79		$	24.87		$	18.86		$	24.48		$	22.44

Total return³		(25.22%	)⁴		26.98%			34.45%	⁴		(15.21%	)⁴		16.99%	⁴		(2.42%	)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	59,017		$	90,376		$	70	⁵	$	63	⁵	$	90	⁵	$	98	⁵
Ratio of expenses to average net assets⁶		1.27%			1.31%			1.30%			1.29%			1.28%			1.27%
Ratio of expenses to average net assets prior to fees waived⁶		1.30%			1.31%			1.40%			1.39%			1.38%			1.37%
Ratio of net investment income to average net assets		2.14%			0.82%			0.95%			1.35%			1.45%			1.57%
Ratio of net investment income to average net assets prior to fees waived		2.11%			0.82%			0.85%			1.25%			1.35%			1.47%
Portfolio turnover		41%			43%			76%			59%			69%			68%

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 and/or distributor. 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.

See accompanying notes, which are an integral part of the financial statements.

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Notes to financial statements

Ivy Funds

September 30, 2022 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 39 series. These financial statements and the related notes pertain to 7 funds: Delaware Climate Solutions Fund (formerly, Delaware Ivy Energy Fund) Delaware Global Real Estate Fund (formerly, Delaware Ivy LaSalle Global Real Estate Fund), Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund (formerly, Delaware Ivy Securian Real Estate Securities Fund (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, and Delaware Real Estate Securities Fund are considered diversified under the Investment Company Act of 1940, as amended. Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, and Delaware Ivy Science and Technology Fund are considered nondiversified.

Each Fund offers Class A, Class C, Class I, Class R, Class R6, and Class Y shares. On June 13, 2022, all Class E shares were liquidated. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. Class A shares are subject to an initial sales charge. If you are investing $1 million or more either as a lump sum or through one of the sales charge reduction features described in the prospectus, you may be eligible to buy Class A shares without a sales charge. However, if Delaware Distributors, L.P. (DDLP) or a predecessor distributor paid your financial intermediary a commission on your purchase that received a net asset value (NAV) breakpoint of Class A shares, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase; or if DDLP paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a contingent deferred sales charge (CDSC), you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts and interest rate swap (IRS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. Open-end investment companies are valued at their published NAV. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by each Fund’s valuation designee, Delaware Management Company (DMC). Subject to the oversight of each Fund’s

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Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2022, and for all open tax years (years ended March 31, 2019-March 31, 2022), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 2022, the Funds did not incur any interest or tax penalties.

Table of Contents

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, and Delaware Real Estate Securities Fund declare and pay dividends quarterly. Delaware Climate Solutions Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Climate Solutions Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.75% of net assets over $5 billion and up to $10 billion;
		0.74% of net assets over $10 billion.

Delaware Global Real Estate Fund		0.95% of net assets up to $1 billion;
		0.92% of net assets over $1 billion and up to $2 billion;
		0.87% of net assets over $2 billion and up to $3 billion;
		0.84% of net assets over $3 billion and up to $5 billion;
		0.82% of net assets over $5 billion and up to $10 billion;
		0.80% of net assets over $10 billion.

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Asset Strategy Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $28 billion;
		0.545% of net assets over $28 billion and up to $53 billion;
		0.54% of net assets over $53 billion.

Delaware Ivy Balanced Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $5 billion;
		0.54% of net assets over $5 billion and up to $10 billion;
		0.53% of net assets over $10 billion.

Delaware Ivy Natural Resources Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.70% of net assets over $10 billion.

Delaware Ivy Science and Technology Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $8 billion;
		0.755% of net assets over $8 billion and up to $13 billion;
		0.75% of net assets over $13 billion.

Delaware Real Estate Securities Fund¹		0.90% of net assets up to $1 billion;
		0.87% of net assets over $1 billion and up to $2 billion;
		0.84% of net assets over $2 billion and up to $3 billion;
		0.80% of net assets over $3 billion and up to $5 billion;
		0.76% of net assets over $5 billion and up to $10 billion;
		0.72% of net assets over $10 billion.


¹	DMC had contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.10% of average daily net assets from July 29, 2021 through July 29, 2022.

DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:

Prior to July 29, 2022, under an agreement between DMC and Securian Asset Management, Inc. (Securian AM), Securian AM served as subadviser to Delaware Real Estate Securities Fund. Prior to July 29, 2022, under an agreement between DMC and LaSalle Investment Management Securities, LLC (LaSalle), LaSalle served as subadviser to Delaware Global Real Estate Fund. Each subadviser made investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of DMC and the oversight of the Board. DMC paid all applicable costs of the subadvisers. Following July 29, 2022, under agreements between DMC and each of Macquarie Funds Management Hong Kong Limited (MFMHKL), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL), each of MFMHKL, MIMEL and MIMGL serves as sub-advisor to Delaware Real Estate Securities Fund and Delaware Global Real Estate Fund, and along with DMC, are responsible for its day to day management. In addition, each of these Funds may use MIMGL and MFMHKL to execute Fund security trades. For their services, each of MFMHKL, MIMEL and MIMGL receive a sub-advisory fee from DMC.

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Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. DMC and MIMAK is primarily responsible for the day-to-day management of the Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund portfolios. In addition, DMC may also seek fixed income investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK’s specialized market knowledge, with respect to Delaware Ivy Balanced Fund. With respect to the Funds for which MIMAK serves as sub-advisor, DMC has principal responsibility for all investment advisory services and for its services, MIMAK receives a sub-advisory fee from DMC.

With respect to Delaware Ivy Balanced Fund, MIMEL serves as sub-advisor, DMC may seek investment advice and recommendations from MIMEL and DMC may also permit MIMEL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL’s specialized market knowledge. For its services, MIMEL receives a sub-advisory fee from DMC.

Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (MFMHKL), each serve as sub-advisor to Delaware Ivy Climate Solutions, Delaware Ivy Asset Strategy, Delaware Ivy Balanced, Delaware Ivy Natural Resources and Delaware Ivy Science and Technology Funds, executing security trades on behalf of DMC. MIMGL also exercises investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL’s specialized market knowledge for Delaware Ivy Balanced Fund. For its services, MIMGL receives a sub-advisory fee from DMC.

Fund	Fees
Delaware Climate Solutions Fund	$	7,248
Delaware Global Real Estate Fund		4,869
Delaware Ivy Asset Strategy Fund		42,484
Delaware Ivy Balanced Fund		41,888
Delaware Ivy Natural Resources Fund		7,022
Delaware Ivy Science and Technology Fund		119,612
Delaware Real Estate Securities Fund		7,875

Effective June 27, 2022, DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” From June 27, 2022 through September 30, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Climate Solutions Fund	$	38,549
Delaware Global Real Estate Fund		3,007
Delaware Ivy Asset Strategy Fund		326,023
Delaware Ivy Balanced Fund		233,093
Delaware Ivy Natural Resources Fund		68,169
Delaware Ivy Science and Technology Fund		577,916
Delaware Real Estate Securities Fund		32,529

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Under the Shareholder Servicing Agreement between the Trust and WI Services Company (WISC) (that was in effect until June 27, 2022), with respect to Class A and Class C shares, for each shareholder account that was in existence at any time during the prior month, each Fund paid a monthly fee that ranged from $1.5042 to $1.6958 per account; however, WISC had agreed to reduce that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reached certain levels. For Class R shares, each Fund paid a monthly fee equal to one-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund paid a monthly fee equal to one-twelfth of 0.15 of 1.00% of the average daily net assets of the class for the preceding month. For Class R6 shares, each Fund paid WISC a monthly fee equal to one-twelfth of 0.01 of 1.00% of the average daily net assets of the class for the preceding month. Each Fund also reimbursed WISC for certain out-of-pocket costs for all classes.

For certain networked accounts (that is, those accounts whose Fund shares were purchased through certain financial intermediaries), WISC had agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may have been paid by the Funds to those intermediaries. The Fund would reimburse WISC for such costs if the annual rate of the third-party per account charged for a Fund were less than or equal to $12.00 per account or an annual fee of 0.14 of 1.00% that is based on average daily net assets.

Certain broker/dealers that maintained shareholder accounts with each Fund through an omnibus account provided transfer agent and other shareholder-related services that would otherwise have been provided by WISC if the individual accounts that comprised the omnibus account were opened by their beneficial owners directly. Each Fund could pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).

From April 1, 2022, (except as noted below) DMC, DDLP (through July 29, 2023) and/or DIFSC (from June 27, 2022 through July 29, 2023) and Waddell & Reed Services Company (WRSCO) (that was in effect until June 27, 2022), have contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC, DDLP, DIFSC and/or each Fund. The waivers and reimbursements are accrued daily and received monthly.

Fund	Operating expense limitation as a percentage of average daily net assets Class A			Operating expense limitation as a percentage of average daily net assets Class C			Operating expense limitation as a percentage of average daily net assets Class I			Operating expense limitation as a percentage of average daily net assets Class R			Operating expense limitation as a percentage of average daily net assets Class R6			Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Climate Solutions Fund¹		1.24	%²		1.99	%²		0.99	%		1.49	%		0.99	%		1.24	%
Delaware Global Real Estate Fund^{1, 3}		1.30	%		2.05	%		1.05	%		1.55	%		1.05	%		1.30	%

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Fund	Operating expense limitation as a percentage of average daily net assets Class A			Operating expense limitation as a percentage of average daily net assets Class C			Operating expense limitation as a percentage of average daily net assets Class I			Operating expense limitation as a percentage of average daily net assets Class R			Operating expense limitation as a percentage of average daily net assets Class R6		Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Ivy Asset Strategy Fund		n/a			n/a			n/a			n/a			n/a		1.11	%⁴
Delaware Ivy Balanced Fund		n/a			n/a			n/a			n/a			n/a		1.07	%⁴
Delaware Ivy Natural Resources Fund⁵		1.33	%		2.08	%		1.08	%		1.58	%		n/a		1.33	%
Delaware Ivy Science and Technology Fund		n/a			n/a			n/a			n/a			n/a		n/a
Delaware Real Estate Securities Fund⁵		1.20	%		1.95	%		0.95	%		1.45	%		n/a		1.20	%


¹	Prior to July 29, 2022, 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.
²	Effective July 29, 2022 for Class A and Class C shares. Prior to July 29, 2022, the expense limit in effect for Class A and Class shares was 1.35% and 2.09%, respectively.
³	Effective July 29, 2022. Prior to July 29, 2022, the expense limit in effect for Class A , Class C, Class I, Class R, Class R6 and Class Y was 1.48%, n/a, 1.05%, 1.80%, 1.05% and n/a, respectively.
⁴	Effective November 15, 2021.
⁵	Effective July 29, 2022.

Fund	Fees
Delaware Climate Solutions Fund	$	17,766
Delaware Global Real Estate Fund		11,697
Delaware Ivy Asset Strategy Fund		18,015
Delaware Ivy Balanced Fund		19,017
Delaware Ivy Natural Resources Fund		2,844
Delaware Ivy Science and Technology Fund		45,209
Delaware Real Estate Securities Fund		2,124

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Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

For the six months ended September 30, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Climate Solutions Fund	$	83,787
Delaware Global Real Estate Fund		761
Delaware Ivy Asset Strategy Fund		90,849
Delaware Ivy Balanced Fund		154,423
Delaware Ivy Natural Resources Fund		29,548
Delaware Ivy Science and Technology Fund		447,071
Delaware Real Estate Securities Fund		17,407

For the six months ended September 30, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A		Class C
Delaware Climate Solutions Fund	$	191	$	988
Delaware Global Real Estate Fund		—		14
Delaware Ivy Asset Strategy Fund		226		2,620
Delaware Ivy Balanced Fund		1,176		2,345
Delaware Ivy Natural Resources Fund		166		115
Delaware Ivy Science and Technology Fund		1,427		3,020
Delaware Real Estate Securities Fund		70		37

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A summary of the transactions in affiliated companies during the six months ended September 30, 2022 was as follows:

	Value, beginning of period		Gross additions			Gross reductions⁽¹⁾				Net realized gain (loss) on affiliated fund			Net change in unrealized appreciation (depreciation) on affiliated fund⁽²⁾				Value, end of period		Shares		Interest

Delaware Ivy Asset Strategy Fund
Corporate Bond—0.11%
New Cotai 5.00% 2/2/27*	$	4,498,921		$	6,997		$	(76,758	)		$	—		$	(2,481,378	)	$	1,947,782		1,952,660	$	56,895
Common Stocks—0.00%
Media Group Holdings Series T†		—			—			—				—			—			—		80,253		—
Media Group Holdings Series H†		—			—			(407,951	)			—			407,951			—		640,301		—
New Cotai=,†		1,677,146			—			—				—			(1,677,146	)		—		1,819,823		—
Total	$	6,176,067		$	6,997		$	(484,709	)		$	—		$	(3,750,573	)	$	1,947,782			$	56,895


	Value, beginning of period		Gross additions			Gross reductions⁽¹⁾				Net realized gain (loss) on affiliated fund			Net change in unrealized appreciation (depreciation) on affiliated fund⁽²⁾				Value, end of period			Shares

Delaware Ivy Science and Technology Fund
Common Stock—0.00%
WNS Holdings ADR†,**	$	106,974,834		$	—		$	—			$	—		$	(94,975,640	)		$	—		—
Corporate Bond—0.00%
Marrone Bio Innovations		4,688,466			—			(4,712,500	)			—			24,034				—		—
Total	$	111,663,300		$	—		$	(4,712,500	)		$	—		$	(94,951,606	)		$	—


*	Issuer was not an affiliated investment of the Fund at March 31, 2022.
†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
⁽¹⁾	The amount shown included return of capital.
⁽²⁾	Does not tie to Net change in unrealized appreciation (depreciation) on affiliated investments on the Statements of operations as a result of previously unaffiliated securities moving to affiliated.
^**	Issuer is not an affiliated investment of the Fund at September 30, 2022.

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Notes to financial statements

Ivy Funds

3. Investments

For the six months ended September 30, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases other than US government securities		Purchases of US government securities		Sales other than US government securities		Sales of US government securities
Delaware Climate Solutions Fund	$	247,886,210	$	—	$	269,118,365	$	—
Delaware Global Real Estate Fund		49,167,290		—		67,040,449		—
Delaware Ivy Asset Strategy Fund		447,105,689		261,819,369		810,314,639		170,571,052
Delaware Ivy Balanced Fund		249,119,318		268,461,710		576,409,508		317,075,478
Delaware Ivy Natural Resources Fund		49,026,777		—		60,543,229		—
Delaware Ivy Science and Technology Fund		1,666,948,818		—		2,804,034,284		—
Delaware Real Estate Securities Fund		126,395,675		—		164,781,770		—

Fund	Cost of investments and derivatives		Aggregate unrealized appreciation of investments and derivatives		Aggregate unrealized depreciation of investments and derivatives			Net unrealized appreciation (depreciation) of investments and derivatives
Delaware Climate Solutions Fund	$	265,362,895	$	12,836,028	$	(31,167,103	)	$	(18,331,075	)
Delaware Global Real Estate Fund		47,180,509		2,992,773		(6,942,361	)		(3,949,588	)
Delaware Ivy Asset Strategy Fund		2,435,069,367		559,903,038		(1,199,940,839	)		(640,037,801	)
Delaware Ivy Balanced Fund		1,896,239,756		142,532,302		(258,715,880	)		(116,183,578	)
Delaware Ivy Natural Resources Fund		295,364,394		31,788,306		(66,905,952	)		(35,117,646	)
Delaware Ivy Science and Technology Fund		4,610,196,239		1,494,912,644		(930,925,433	)		563,987,211
Delaware Real Estate Securities Fund		197,565,972		54,397,578		(10,422,752	)		43,974,826

At March 31, 2022, capital loss carryforwards available to offset future realized capital gains, were as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Climate Solutions Fund	$	97,077,549	$	128,988,972	$	226,066,521
Delaware Ivy Natural Resources Fund		283,554,146		328,217,828		611,771,974

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Level 1 ‒	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 ‒	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 ‒	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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Notes to financial statements

Ivy Funds

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2022:

	Delaware Climate Solutions Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Consumer Cyclical		$	6,480,018		$	—		$	6,480,018
Consumer Staples			15,053,947			—			15,053,947
Energy			45,027,066			7,172,709			52,199,775
Industrials			28,873,108			14,173,844			43,046,952
Materials			13,394,212			10,312,235			23,706,447
Real Estate			6,221,282			—			6,221,282
Utilities			52,540,065			31,787,404			84,327,469
Short-Term Investments			1,330,626			—			1,330,626
Securities Lending Collateral			14,664,053			—			14,664,053
Total Value of Securities		$	183,584,377		$	63,446,192		$	247,030,569

Derivatives¹
Assets:
Foreign Currency Exchange Contracts		$	—		$	1,251		$	1,251

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Global Real Estate Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Australia		$	—		$	999,433		$	999,433
Belgium			—			679,850			679,850
Canada			607,043			—			607,043
France			491,330			130,719			622,049
Germany			—			994,730			994,730
Hong Kong			—			2,063,958			2,063,958
Japan			—			4,693,416			4,693,416
Singapore			—			1,447,116			1,447,116
Spain			—			267,314			267,314
Sweden			—			524,765			524,765
United Kingdom			—			1,680,583			1,680,583
United States			28,432,462			—			28,432,462
Short-Term Investments			218,202			—			218,202
Total Value of Securities		$	29,749,037		$	13,481,884		$	43,230,921

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	Delaware Ivy Asset Strategy Fund
	Level 1				Level 2				Level 3				Total
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	—			$	6,175,732			$	—			$	6,175,732
Agency Mortgage-Backed Securities			—				31,507,927				—				31,507,927
Bullion			106,894,315				—				—				106,894,315
Common Stocks
Communication Services			42,456,186				35,578,445				—	¹			78,034,631
Consumer Discretionary			113,500,411				34,362,015				—				147,862,426
Consumer Staples			37,193,581				40,874,517				—				78,068,098
Energy			65,995,547				5,421,918				—				71,417,465
Financials			58,178,069				74,165,345				—				132,343,414
Healthcare			130,168,902				51,648,434				—				181,817,336
Industrials			48,861,818				67,908,207				—				116,770,025
Information Technology			188,214,836				23,628,400				—				211,843,236
Materials			9,289,212				—				—				9,289,212
Technology			19,363,329				—				—				19,363,329
Utilities			—				24,750,138				—				24,750,138
Corporate Bonds			—				241,412,326				1,947,782				243,360,108
Exchange-Traded Fund			16,547,827				—				—				16,547,827
Loan Agreements			—				62,573,382				—				62,573,382
Municipal Bonds			—				2,034,240				—				2,034,240
Non-Agency Collateralized Mortgage Obligations			—				6,474,127				—				6,474,127
Non-Agency Commercial Mortgage-Backed Securities			—				14,466,137				—				14,466,137
US Treasury Obligations			—				166,754,188				—				166,754,188
Short-Term Investments			56,093,120				—				—				56,093,120
Securities Lending Collateral			11,211,526				—				—				11,211,526
Total Value of Securities		$	903,968,679			$	889,735,478			$	1,947,782			$	1,795,651,939

Derivatives²
Assets:
Futures Contracts		$	66,360			$	—			$	—			$	66,360
Liabilities:
Foreign Currency Exchange Contracts		$	—			$	(418	)		$	—			$	(418	)
Futures Contracts			(686,315	)			—				—				(686,315	)

¹The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investments in this table.

²Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Balanced Fund
	Level 1				Level 2			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	—			$	11,607,700		$	11,607,700
Agency Mortgage-Backed Securities			—				153,724,297			153,724,297
Common Stocks			936,441,939				—			936,441,939
Corporate Bonds			—				259,587,087			259,587,087
Exchange-Traded Fund			16,299,764				—			16,299,764
Non-Agency Commercial Mortgage-Backed Securities			—				57,138,661			57,138,661
US Treasury Obligations			—				274,788,673			274,788,673
Short-Term Investments			66,942,672				—			66,942,672
Securities Lending Collateral			4,227,677				—			4,227,677
Total Value of Securities		$	1,023,912,052			$	756,846,418		$	1,780,758,470

Derivatives¹
Assets:
Futures Contracts		$	1,540,364			$	—		$	1,540,364
Liabilities:
Futures Contracts		$	(2,242,656	)		$	—		$	(2,242,656	)

¹Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Natural Resources Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Closed-Ended Trust		$	8,240,249		$	—		$	—		$	8,240,249
Common Stocks
Australia			—			9,034,266			—			9,034,266
Brazil			14,338,313			—			—			14,338,313
Canada			27,439,401			—			—			27,439,401
Hong Kong			—			—			4			4
Netherlands			—			8,858,317			—			8,858,317
South Africa			—			5,593,360			—			5,593,360
United States			160,758,369			—			—			160,758,369
Short-Term Investments			9,545,623			—			—			9,545,623
Securities Lending Collateral			16,438,846			—			—			16,438,846
Total Value of Securities		$	236,760,801		$	23,485,943		$	4		$	260,246,748
Derivatives¹
Assets:
Foreign Currency Exchange Contracts		$	—		$	182		$	—		$	182

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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	Delaware Ivy Science and Technology Fund
	Level 1
Securities
Assets:
Common Stocks		$	4,908,923,748
Short-Term Investments			225,236,340
Securities Lending Collateral			40,023,362
Total Value of Securities		$	5,174,183,450

	Delaware Real Estate Securities Fund
	Level 1
Securities
Assets:
Common Stocks		$	239,659,308
Short-Term Investments			1,881,490
Total Value of Securities		$	241,540,798

During the six months ended September 30, 2022, there were no transfers into or out of Level 3 investments that had a significant impact to each Fund. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the end of the period. At September 30, 2022, Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Balanced Fund, Delaware Ivy Science and Technology Fund and Delaware Real Estate Securities Fund had no Level 3 investments.

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Notes to financial statements

Ivy Funds

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Climate Solutions Fund						Delaware Global Real Estate Fund						Delaware Ivy Asset Strategy Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		2,061,791			4,705,388			53,360			232,651			1,640,435			4,259,933
Class B¹		—			—			—			—			—			1,014
Class C		229,922			438,922			2,959			3,481			100,288			278,424
Class E		—			—			—			—			14,181			102,477
Class I		3,819,116			3,453,528			125,402			300,215			1,536,700			2,367,228
Class R		940,639			2,003,888			834			6,397			44,177			109,168
Class R6²		199,337			652,484			70,704			827,423			32,224			145,601
Class Y		440,916			695,073			—			421			92,330			196,380

Shares issued upon reinvestment of dividends and distributions:
Class A		—			157,298			10,408			29,239			475,362			6,636,530
Class B¹		—			—			—			31			—			1,616
Class C		—			13,678			367			1,208			13,842			543,359
Class E		—			—			—			—			6,259			179,109
Class I		—			209,809			42,108			166,050			190,844			2,836,033
Class R		—			43,646			892			2,314			6,673			111,079
Class R6²		—			10,036			21,587			41,660			6,091			75,763
Class Y		—			16,148			1,340			2,911			31,009			446,437
		7,691,721			12,399,898			329,961			1,614,001			4,190,415			18,290,151

Shares redeemed:
Class A		(2,979,975	)		(5,694,944	)		(221,578	)		(393,150	)		(4,994,264	)		(9,960,159	)
Class B¹		—			(82,199	)		—			(67,792	)		—			(396,688	)
Class C		(356,702	)		(566,225	)		(9,348	)		(263,588	)		(1,228,694	)		(3,018,317	)
Class E		—			—			—			—			(1,688,882	)		(193,554	)
Class I		(5,518,764	)		(7,760,733	)		(1,155,088	)		(2,672,908	)		(5,511,698	)		(8,433,665	)
Class R		(934,374	)		(2,220,335	)		(3,183	)		(38,709	)		(85,204	)		(351,700	)
Class R6²		(358,984	)		(507,131	)		(562,729	)		(424,336	)		(91,679	)		(301,208	)
Class Y		(709,577	)		(740,388	)		(3,116	)		(1,545	)		(386,697	)		(880,161	)
		(10,858,376	)		(17,571,955	)		(1,955,042	)		(3,862,028	)		(13,987,118	)		(23,535,452	)
Net decrease		(3,166,655	)		(5,172,057	)		(1,625,081	)		(2,248,027	)		(9,796,703	)		(5,245,301	)

112

	Delaware Ivy Balanced Fund						Delaware Ivy Natural Resources Fund						Delaware Ivy Science and Technology Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		1,788,415			5,631,565			578,551			945,401			1,523,469			4,004,575
Class B¹		—			1,202			—			—			—			1,014
Class C		103,566			394,571			97,693			71,389			128,535			254,903
Class E		—			—			3,221			26,539			15,280			66,979
Class I		1,360,900			4,063,515			814,651			1,093,121			2,147,898			4,784,274
Class R		16,063			48,780			211,106			331,021			175,324			173,854
Class R6²		38,810			80,331			47,656			72,848			210,533			378,020
Class Y		14,568			62,297			163,051			224,789			270,364			541,145

Shares issued upon reinvestment of dividends and distributions:
Class A		184,912			6,063,065			—			225,076			—			25,267,590
Class B¹		—			—			—			—			—			—
Class C		—			531,929			—			6,296			—			2,598,995
Class E		—			—			—			5,869			—			294,444
Class I		104,919			3,374,499			—			136,967			—			9,251,779
Class R		754			44,727			—			20,277			—			690,285
Class R6²		1,896			44,433			—			2,723			—			624,653
Class Y		1,583			54,452			—			20,170			—			1,549,400
		3,616,386			20,395,366			1,915,929			3,182,486			4,471,403			50,481,910

Shares redeemed:
Class A		(6,239,045	)		(8,851,402	)		(1,108,292	)		(2,031,894	)		(9,694,732	)		(13,059,493	)
Class B¹		—			(380,859	)		—			(10,498	)		—			(233,908	)
Class C		(1,075,389	)		(3,054,999	)		(78,179	)		(144,639	)		(1,491,993	)		(3,123,952	)
Class E		—			—			(205,468	)		(33,640	)		(953,424	)		(83,798	)
Class I		(7,543,556	)		(9,245,460	)		(1,102,057	)		(1,947,863	)		(7,876,661	)		(10,656,206	)
Class R		(40,809	)		(73,277	)		(193,926	)		(476,270	)		(291,460	)		(537,937	)
Class R6²		(67,420	)		(113,539	)		(31,368	)		(41,185	)		(299,590	)		(572,579	)
Class Y		(50,075	)		(195,968	)		(182,976	)		(242,979	)		(857,161	)		(1,697,455	)
		(15,016,294	)		(21,915,504	)		(2,902,266	)		(4,928,968	)		(21,465,021	)		(29,965,328	)
Net increase (decrease)		(11,399,908	)		(1,520,138	)		(986,337	)		(1,746,482	)		(16,993,618	)		20,516,582

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Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Real Estate Securities Fund
	Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		74,357			336,547
Class B¹		—			590
Class C		1,959			11,424
Class E		849			8,063
Class I		494,632			1,182,727
Class R		2,175			5,896
Class R6²		3,568			21,285
Class Y		99,861			529,171

Shares issued upon reinvestment of dividends and distributions:
Class A		35,631			645,153
Class C		212			8,012
Class E		—			13,322
Class I		33,916			578,344
Class R		139			2,372
Class R6²		327			4,194
Class Y		22,543			391,367
		770,169			3,738,467

Shares redeemed:
Class A		(590,612	)		(1,044,572	)
Class B¹		—			(18,164	)
Class C		(19,193	)		(34,410	)
Class E		(108,075	)		(16,173	)
Class I		(1,239,963	)		(2,096,504	)
Class R		(2,586	)		(7,768	)
Class R6²		(7,226	)		(6,593	)
Class Y		(511,808	)		(468,792	)
		(2,479,463	)		(3,692,976	)
Net increase (decrease)		(1,709,294	)		45,491


¹	On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.
²	Effective July 1, 2021, Class N shares were renamed Class R6 shares.

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	Six months ended September 30, 2022						Year Ended March 31, 2022
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Climate Solutions Fund					$	1,050,329					$	701,688
Class A		52,101		17,028				14,481		90,137
Class B		—		—				4,510		—
Class C		49,394		—				31,674		—
Class I		—		76,782				58,546		17,696
Delaware Global Real Estate Fund					$	121,258					$	1,645,927
Class A		6,876		2,744				8,376		133,331
Class B		—		—				66,400		—
Class C		4,131		—				44,132		—
Class I		—		8,172				24,528		9,072
Delaware Ivy Asset Strategy Fund					$	10,531,794					$	24,343,152
Class A		104,813		398,822				232,417		707,648
Class B		—		—				132,613		—
Class C		437,016		—				556,832		—
Class I		30		109,252				77,011		229,910
Class R6		—		—				—		10,933
Class Y		2,801		—				4,052		—
Delaware Ivy Balanced Fund					$	8,518,810					$	20,149,636
Class A		110,453		250,805				118,173		573,375
Class B		—		—				86,638		—
Class C		256,309		—				433,758		35
Class I		8,565		117,183				79,924		143,179
Class R6		—		4,640				—		—
Class Y		844		—				—		5,538
Delaware Ivy Natural Resources Fund					$	436,859					$	2,168,723
Class A		16,100		10,455				116,343		30,234
Class B		—		—				6,142		—
Class C		12,094		—				29,803		—
Class I		1,405		15,372				10,526		120,373
Class R6		—		816				—		—
Delaware Ivy Science and Technology Fund					$	19,163,558					$	52,698,135
Class A		137,012		217,158				224,177		319,262
Class B		—		—				85,188		—
Class C		331,858		—				289,867		—
Class E		—		—				—		357
Class I		1,918		130,033				31,620		211,548
Class R6		—		1,664				—		5,406
Class Y		7,851		—				27,184		—
Delaware Real Estate Securities Fund					$	547,213					$	1,393,141
Class A		14,841		6,395				13,147		36,759
Class B		—		—				12,943		—
Class C		8,513		—				10,657		—
Class I		24		16,452				14,660		13,650

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Notes to financial statements

Ivy Funds

5. Basis of consolidation for Delaware Ivy Asset Strategy Fund

Ivy ASF II, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Delaware Ivy Asset Strategy Fund (referred to as “the Fund” in this subsection). Ivy ASF III (SBP), LLC (the “Company”), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary and the Company act as investment vehicles for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI.

The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Fund and its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2022 of the Subsidiary and the Company to the Fund.

	Date of Incorporation		Subscription Agreement		Fund Net Assets		Subsidiary/ company net assets		Percentage of Fund net assets

Ivy ASF ll, Ltd		1-31-13		4-10-13	$	1,786,406,080	$	107,016,656		5.99	%
Ivy ASF lll (SBP), LLC		4-9-13		4-23-13		1,786,406,080		121,229		0.01	%

6. Line of Credit

Each Fund had no amounts outstanding as of September 30, 2022, or at any time during the period then ended.

7. Interfund Lending Program

8. Derivatives

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a

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security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty.

During the six months ended September 30, 2022, Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund and Delaware Real Estate Securities Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund posted $358,131 and $588,143, respectively as cash collateral as margin for open futures contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”

During the six months ended September 30, 2022, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. At

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Notes to financial statements

Ivy Funds

8. Derivatives (continued)

September 30, 2022, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund posted $41,881,360 and $13,820,000, respectively, in securities as collateral for potential options contracts, which is included on the “Schedules of investments.”

During the six months ended September 30, 2022, Delaware Ivy Asset Strategy Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions.

Swap Contracts — Delaware Ivy Balanced Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended September 30, 2022, Delaware Ivy Balanced Fund entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if Optimum Fixed Income Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended September 30, 2022, Delaware Ivy Balanced Fund used CDS contracts to hedge against credit events.

Fair values of derivative instruments as of September 30, 2022 were as follows:

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Delaware Ivy
Asset Strategy
Fund
Asset
Derivatives Fair
Value

Statement of Assets and
Liabilities Location

Interest
Rate
Contracts

Variation margin due to broker on futures contracts*

$66,360


	Delaware Ivy Asset Strategy Fund Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts				Interest Rate Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	(418	)	$	—		$	(418	)
Variation margin due to broker on futures contracts*			—			(686,315	)		(686,315	)
Total		$	(418	)	$	(686,315	)	$	(686,733	)

Delaware Ivy
Balanced Fund
Asset
Derivatives Fair
Value

Statement of Assets and
Liabilities Location

Interest
Rate
Contracts

Variation margin due from broker on futures contracts*

$1,540,364

Delaware Ivy
Balanced Fund
Liability
Derivatives Fair
Value

Statement of Assets and
Liabilities Location

Interest
Rate
Contracts

Variation margin due to broker on futures contracts*

$(2,242,656)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through September 30, 2022. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on each Fund’s “Statement of operations” for the six months ended September 30, 2022 was as follows:

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Notes to financial statements

Ivy Funds

8. Derivatives (continued)

	Delaware Ivy Asset Strategy Fund Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts				Futures Contracts				Options Written			Total
Currency contracts		$	(1,183,945	)		$	—			$	—		$	(1,183,945	)
Interest rate contracts			—				(2,517,459	)			21,834			(2,495,625	)
Total		$	(1,183,945	)		$	(2,517,459	)		$	21,834		$	(3,679,570	)


	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Total
Currency contracts		$	6,612		$	—		$	6,612
Interest rate contracts			—			970,855			970,855
Total		$	6,612		$	970,855		$	977,467

	Delaware Ivy Balanced Fund Net Realized Gain (Loss) on:
	Futures Contracts				Swap Contracts			Total
Interest rate contracts		$	(302,633	)		$	—		$	(302,633	)
Credit contracts			—				49,069			49,069
Total		$	(302,633	)		$	49,069		$	(253,564	)


	Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts
Interest rate contracts	$	(702,292	)

During the six months ended September 30, 2022, Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund experienced net realized and unrealized gains or losses attributable to foreign currency exchange contracts, which are disclosed on the “Statements of operations” and/or “Statements of assets and liabilities.”

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The table below summarizes the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2022:

	Long Derivative Volume
	Delaware Climate Solutions Fund		Delaware Global Real Estate Fund		Delaware Ivy Asset Strategy Fund
Foreign currency exchange contracts (average notional value)	$	536,973	$	24,208	$	1,135,326
Futures contracts (average notional value)		—		—		24,147,067


	Long Derivative Volume
	Delaware Ivy Balanced Fund		Delaware Ivy Natural Resources Fund
Foreign currency exchange contracts (average notional value)	$	—	$	55,739
Futures contracts (average notional value)		48,946,610		—


	Short Derivative Volume
	Delaware Climate Solutions Fund		Delaware Global Real Estate Fund		Delaware Ivy Asset Strategy Fund
Foreign currency exchange contracts (average notional value)	$	325,960	$	78,482	$	1,693,494
Futures contracts (average notional value)		—		—		1,456,555
Options contracts (average notional value)*		—		—		409


	Short Derivative Volume
	Delaware Ivy Balanced Fund		Delaware Ivy Natural Resources Fund		Delaware Ivy Science and Technology Fund
Foreign currency exchange contracts (average notional value)	$	—	$	21,138	$	884,109
Futures contracts (average notional value)		23,914,658		—		—
Interest rate swap contracts (average notional value)		176,079		—		—

	Short Derivative Volume
	Delaware Real Estate Securities Fund
Foreign currency exchange contracts (average notional value)	$	32

*	Long represents purchased options and short represents written options.

9. Offsetting

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Notes to financial statements

Ivy Funds

9. Offsetting (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At September 30, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Climate Solutions Fund

Counterparty

Gross Value of
Derivative Asset

Gross Value of
Derivative
Liability

Net Position

Bank of New York Mellon

$1,251

$—

$1,251

Counterparty

Net Position

Fair Value of
Non-Cash
Collateral Received

Cash Collateral
Received

Fair Value of
Non-Cash
Collateral Pledged

Cash Collateral
Pledged

Net Exposure^(a)

Bank of New York Mellon

$1,251

$—

$1,251

Delaware Ivy Asset Strategy Fund

Counterparty

Gross Value of
Derivative Asset

Gross Value of
Derivative
Liability

Net Position

Bank of New York Mellon

$—

$(418)

Counterparty

Net Position

Fair Value of
Non-Cash
Collateral Received

Cash Collateral
Received

Fair Value of
Non-Cash
Collateral Pledged

Cash Collateral
Pledged

Net Exposure^(a)

Bank of New York Mellon

$(418)

$—

$(418)

Delaware Ivy Natural Resources Fund

Counterparty

Gross Value of
Derivative Asset

Gross Value of
Derivative
Liability

Net Position

Bank of New York Mellon

$182

$—

$182

Counterparty

Net Position

Fair Value of
Non-Cash
Collateral Received

Cash Collateral
Received

Fair Value of
Non-Cash
Collateral Pledged

Cash Collateral
Pledged

Net Exposure^(a)

Bank of New York Mellon

$182

$—

$182

Securities Lending

As of September 30, 2022, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:

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Delaware Climate Solutions Fund
Counterparty	Securities Loaned at Value	Cash Collateral Received^(b)	Fair Value of Non-Cash Collateral Received	Net Collateral Received	Net Exposure^(a)
Bank of New York Mellon	$20,290,805	$(13,760,810)	$(6,529,995)	$(20,290,805)	$—

Delaware Ivy Asset Strategy Fund
Counterparty	Securities Loaned at Value	Cash Collateral Received^(b)	Fair Value of Non-Cash Collateral Received	Net Collateral Received	Net Exposure^(a)
Bank of New York Mellon	$28,108,118	$(9,912,069)	$(18,196,049)	$(28,108,118)	$—

Delaware Ivy Balanced Fund
Counterparty	Securities Loaned at Value	Cash Collateral Received^(b)	Fair Value of Non-Cash Collateral Received	Net Collateral Received	Net Exposure^(a)
Bank of New York Mellon	$15,688,557	$(3,776,908)	$(11,911,649)	$(15,688,557)	$—

Delaware Ivy Natural Resources Fund
Counterparty	Securities Loaned at Value	Cash Collateral Received^(b)	Fair Value of Non-Cash Collateral Received	Net Collateral Received	Net Exposure^(a)
Bank of New York Mellon	$32,398,931	$(15,319,575)	$(17,079,356)	$(32,398,931)	$—

Delaware Ivy Science and Technology Fund
Counterparty	Securities Loaned at Value	Cash Collateral Received^(b)	Fair Value of Non-Cash Collateral Received	Net Collateral Received	Net Exposure^(a)
Bank of New York Mellon	$121,267,770	$(35,924,485)	$(85,343,285)	$(121,267,770)	$—

^(a)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

^(b)	The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of September 30, 2022, as applicable.

10. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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Notes to financial statements

Ivy Funds

10. Securities Lending (continued)

Securities Lending Transactions	Overnight and continuous	Under 30 days	Between 30 & 90 days	Over 90 Days	Total
Delaware Climate Solutions Fund
Money Market Mutual Fund	$14,664,053	$—	$—	$—	$14,664,053
Delaware Ivy Asset Strategy Fund
Money Market Mutual Fund	11,211,526	—	—	—	11,211,526
Delaware Ivy Balanced Fund
Money Market Mutual Fund	4,227,677	—	—	—	4,227,677
Delaware Ivy Natural Resources Fund
Money Market Mutual Fund	16,438,846	—	—	—	16,438,846
Delaware Ivy Science and Technology Fund
Money Market Mutual Fund	40,023,362	—	—	—	40,023,362

The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of September 30, 2022:

	Values of securities on loan		Values of non- cash collateral		Values of invested collateral
Delaware Climate Solutions Fund	$	20,290,805	$	6,529,995	$	14,664,053
Delaware Ivy Asset Strategy Fund		28,108,118		18,196,049		11,211,526
Delaware Ivy Balanced Fund		15,688,557		11,911,649		4,227,677
Delaware Ivy Natural Resources Fund		32,398,931		17,079,356		16,438,846
Delaware Ivy Science and Technology Fund		121,267,770		85,343,285		40,023,362

Investments purchased with cash collateral are presented on the “Schedules of investments” under the caption “Securities Lending Collateral.”

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11. Credit and Market Risk

Certain Funds invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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Notes to financial statements

Ivy Funds

11. Credit and Market Risk (continued)

interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

12. Contractual Obligations

13. Recent Accounting Pronouncements

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the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

Management has determined that no other material events or transactions occurred subsequent to September 30, 2022, that would require recognition or disclosure in the Funds’ financial statements.

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Table of Contents

Other Fund information (Unaudited)

Ivy Funds

Liquidity Risk Management Program

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022

Delaware Climate Solutions Fund

Delaware Global Real Estate Fund

Delaware Ivy Asset Strategy Fund

Delaware Ivy Balanced Fund

Delaware Ivy Natural Resources Fund

Delaware Ivy Science and Technology Fund

Delaware Real Estate Securities Fund

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Table of Contents

Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Funds Management Hong Kong Limited (“MFMHKL” and together with MIMGL, MIMAK, and MIMEL, the “Affiliated Sub-Advisers”).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement, and the experience of the officers and employees of DMC who provide these services, including each applicable Fund’s portfolio managers(s). The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including each applicable Fund’s portfolio manager(s). The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board noted the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Affiliated Sub-Advisers.

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Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022 (continued)

Contract Renewal Meeting. The Broadridge reports prepared for each Fund showed its investment performance in comparison to a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, 10-year periods and since inception, as applicable, ended December 31, 2021. The Board considered that the Funds were managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. and its subsidiaries (the “Transaction”), and that each Fund’s performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor manager.

Delaware Climate Solutions Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional natural resources funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile and for 3- and 5-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted the limited period of performance data available due to the Fund’s recent repositioning and would continue to evaluate the Fund’s performance.

Delaware Global Real Estate Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional global real estate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- year period was in the second quartile and for the 3-year, 5-year and since inception periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was above the median and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Asset Strategy Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional alternative global macro funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021.

Delaware Ivy Balanced Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was in the second quartile and for the 3-year period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1- and 3-year periods and underperformed its benchmark for the 5-year period. The Board noted that the Fund is generally performing in line with its Performance Universe and benchmark during the periods under review.

Delaware Ivy Natural Resources Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional global natural resources funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the second quartile and for the 3-and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Ivy Science and Technology Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional science & technology funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the second quartile and for the 3- and 5-year periods was in the third quartile of

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its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was at the median and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark for the various periods.

Delaware Real Estate Securities Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional real estate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile and for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of July 2022.

Delaware Climate Solutions Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Global Real Estate Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Asset Strategy Fund – The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average.

Delaware Ivy Balanced Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Natural Resources Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Ivy Science and Technology Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

Delaware Real Estate Securities Fund – The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

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Table of Contents

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held August 9-11, 2022 (continued)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC’s Investment Management Agreement and of the Affiliated Sub-Advisers’ Sub-Advisory Agreements for an additional one-year period.

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About the organization

Board of trustees

Shawn K. Lytle

President and Chief Executive Officer
Delaware Funds by Macquarie^®

Jerome D. Abernathy

Managing Member

Stonebrook Capital Management, LLC

Thomas L. Bennett

Private Investor

Ann D. Borowiec

Former Chief Executive Officer
Private Wealth Management
J.P. Morgan Chase & Co.

Joseph W. Chow

Private Investor

H. Jeffrey Dobbs

Former Global Chairman Industrial Manufacturing ‘KPMG, LLP

John A. Fry

President
Drexel University

Joseph Harroz, Jr.

President

University of Oklahoma

Sandra A.J. Lawrence

Former Chief Administrative Officer
Children’s Mercy Hospitals and Clinics

Frances A. Sevilla-Sacasa

Former Chief Executive Officer
Banco Itaú International

Thomas K. Whitford

Chairman of the Board
Delaware Funds by Macquarie
Former Vice Chairman
PNC Financial Services Group

Christianna Wood

Chief Executive Officer and President
Gore Creek Capital, Ltd.

Janet L. Yeomans

Former Vice President and Treasurer
3M Company

Affiliated officers

David F. Connor

Senior Vice President,

General Counsel, and Secretary
Delaware Funds by Macquarie

Daniel V. Geatens

Senior Vice President and Treasurer
Delaware Funds by Macquarie

Richard Salus

Senior Vice President and Chief Financial Officer
Delaware Funds by Macquarie

This semiannual report is for the information of Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

133

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures.

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

IVY FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 8, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 8, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 8, 2022

Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	7
Schedules of investments	27
Statements of assets and liabilities	104
Statements of operations	114
Statements of changes in net assets	124
Financial highlights	144
Notes to financial statements	255
Other Fund information	310
About the organization	318

Ivy Funds N-CSRSCertified semi-annual shareholder report (management investment company)