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:	September 30

Date of reporting period:	March 31, 2023

Table of Contents

Item 1. Reports to Stockholders


















	Semiannual report

Ivy Funds

Delaware Ivy California Municipal High Income Fund

Delaware Ivy Corporate Bond Fund

Delaware Ivy Crossover Credit Fund

Delaware Ivy Emerging Markets Local Currency Debt Fund

Delaware Ivy Government Securities Fund

Delaware Ivy High Yield Fund

Delaware Ivy International Small Cap Fund

Delaware Ivy Multi-Asset Income Fund

Delaware Ivy Strategic Income Fund

Delaware Ivy Total Return Bond Fund

March 31, 2023

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

Table of contents

Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	12
Schedules of investments	15
Statements of assets and liabilities	65
Statements of operations	71
Statements of changes in net assets	77
Financial highlights	83
Notes to financial statements	125
Other Fund information	163

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 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.

This semiannual report is for the information of Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy International Small Cap Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, and Delaware Ivy Total Return Bond 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.

Unless otherwise noted, views expressed herein are current as of March 31, 2023, 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 October 1, 2022 to March 31, 2023 (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 October 1, 2022 to March 31, 2023.

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 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.

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,054.30	0.80%	$4.10
Class C		1,000.00		1,049.60	1.70%	8.69
Class I		1,000.00		1,055.50	0.58%	2.97
Class Y		1,000.00		1,054.30	0.80%	4.10
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.94	0.80%	$4.03
Class C		1,000.00		1,016.45	1.70%	8.55
Class I		1,000.00		1,022.04	0.58%	2.92
Class Y		1,000.00		1,020.94	0.80%	4.03

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,062.20	1.03%	$ 5.30
Class C		1,000.00		1,056.90	2.07%	10.62
Class I		1,000.00		1,064.50	0.71%	3.65
Class Y		1,000.00		1,062.70	0.94%	4.83
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.80	1.03%	$ 5.19
Class C		1,000.00		1,014.61	2.07%	10.40
Class I		1,000.00		1,021.39	0.71%	3.58
Class Y		1,000.00		1,020.24	0.94%	4.73

Table of Contents

Disclosure of Fund expenses

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,073.00	0.90%	$4.65
Class I		1,000.00		1,074.50	0.65%	3.36
Class Y		1,000.00		1,073.20	0.90%	4.65
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.44	0.90%	$4.53
Class I		1,000.00		1,021.69	0.65%	3.28
Class Y		1,000.00		1,020.44	0.90%	4.53

Delaware Ivy Emerging Markets Local Currency Debt Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,137.40	1.17%	$ 6.23
Class C		1,000.00		1,134.20	1.90%	10.11
Class I		1,000.00		1,139.20	0.80%	4.27
Class R6		1,000.00		1,140.80	0.80%	4.27
Class Y		1,000.00		1,138.90	1.15%	6.13
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.10	1.17%	$ 5.89
Class C		1,000.00		1,015.46	1.90%	9.55
Class I		1,000.00		1,020.94	0.80%	4.03
Class R6		1,000.00		1,020.94	0.80%	4.03
Class Y		1,000.00		1,019.20	1.15%	5.79

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,035.00	0.94%	$4.77
Class C		1,000.00		1,030.80	1.76%	8.91
Class I		1,000.00		1,036.30	0.69%	3.50
Class R6		1,000.00		1,036.80	0.60%	3.05
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.24	0.94%	$4.73
Class C		1,000.00		1,016.16	1.76%	8.85
Class I		1,000.00		1,021.49	0.69%	3.48
Class R6		1,000.00		1,021.94	0.60%	3.02

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,075.50	0.97%	$5.02
Class I		1,000.00		1,078.20	0.72%	3.73
Class R6		1,000.00		1,077.80	0.72%	3.73
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.09	0.97%	$4.89
Class I		1,000.00		1,021.34	0.72%	3.63
Class R6		1,000.00		1,021.34	0.72%	3.63

Table of Contents

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,179.20	1.31%	$ 7.12
Class C		1,000.00		1,174.90	2.07%	11.22
Class I		1,000.00		1,181.90	0.97%	5.28
Class R6		1,000.00		1,180.80	0.96%	5.22
Class Y		1,000.00		1,179.40	0.82%	4.46
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.40	1.31%	$ 6.59
Class C		1,000.00		1,014.61	2.07%	10.40
Class I		1,000.00		1,020.09	0.97%	4.89
Class R6		1,000.00		1,020.14	0.96%	4.84
Class Y		1,000.00		1,020.84	0.82%	4.13

Delaware Ivy Multi-Asset Income Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,139.70	1.11%	$ 5.92
Class C		1,000.00		1,136.20	1.88%	10.01
Class I		1,000.00		1,142.60	0.75%	4.01
Class R6		1,000.00		1,142.00	0.75%	4.01
Class Y		1,000.00		1,140.20	1.11%	5.92
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.40	1.11%	$ 5.59
Class C		1,000.00		1,015.56	1.88%	9.45
Class I		1,000.00		1,021.19	0.75%	3.78
Class R6		1,000.00		1,021.19	0.75%	3.78
Class Y		1,000.00		1,019.40	1.11%	5.59

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,061.10	1.00%	$5.14
Class C		1,000.00		1,056.80	1.77%	9.08
Class I		1,000.00		1,061.50	0.67%	3.44
Class R6		1,000.00		1,061.40	0.67%	3.44
Class Y		1,000.00		1,061.10	1.00%	5.14
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.95	1.00%	$5.04
Class C		1,000.00		1,016.11	1.77%	8.90
Class I		1,000.00		1,021.59	0.67%	3.38
Class R6		1,000.00		1,021.59	0.67%	3.38
Class Y		1,000.00		1,019.95	1.00%	5.04

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

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,054.20	1.23%	$6.30
Class C		1,000.00		1,051.40	1.95%	9.97
Class I		1,000.00		1,057.30	0.99%	5.08
Class R6		1,000.00		1,056.60	0.87%	4.46
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.80	1.23%	$6.19
Class C		1,000.00		1,015.21	1.95%	9.80
Class I		1,000.00		1,020.00	0.99%	4.99
Class R6		1,000.00		1,020.59	0.87%	4.38


*	“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 182/365 (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.

Table of Contents

Disclosure of Fund expenses

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 on the previous pages do not reflect the expenses of any Underlying Funds.

Table of Contents

Security type / sector / state / territory allocations

Delaware Ivy California Municipal High Income Fund

As of March 31, 2023 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials.

Security type / sector	Percentage of net assets
Municipal Bonds*	98.97	%
Education Revenue Bonds	19.71	%
Electric Revenue Bond	5.90	%
Healthcare Revenue Bonds	8.91	%
Housing Revenue Bonds	3.30	%
Industrial Development Revenue/Pollution Control Revenue Bonds	13.92	%
Local General Obligation Bond	2.12	%
Pre-Refunded Bonds	5.83	%
Special Tax Revenue Bonds	33.58	%
State General Obligation Bond	0.67	%
Transportation Revenue Bonds	5.03	%
Short-Term Investments	0.39	%
Total Value of Securities	99.36	%
Receivables and Other Assets Net of Liabilities	0.64	%
Total Net Assets	100.00	%

As of the date of this report, Delaware Ivy California 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
California	85.27	%
Puerto Rico	13.70	%
Total Value of Securities	98.97	%

Table of Contents

Security type / sector allocations

Delaware Ivy Corporate Bond Fund

As of March 31, 2023 (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 / sector	Percentage of net assets
Convertible Bond	0.14	%
Corporate Bonds	94.89	%
Banking	21.68	%
Basic Industry	1.76	%
Brokerage	2.63	%
Capital Goods	3.46	%
Communications	10.29	%
Consumer Cyclical	7.46	%
Consumer Non-Cyclical	7.80	%
Electric	4.05	%
Energy	4.46	%
Finance Companies	1.74	%
Industrials	0.46	%
Insurance	6.06	%
Natural Gas	0.61	%
Real Estate Investment Trusts	1.35	%
Technology	18.06	%
Transportation	2.00	%
Utilities	1.02	%
Municipal Bonds	1.29	%
Sovereign Bonds	0.56	%
US Treasury Obligations	2.75	%
Total Value of Securities	99.63	%
Receivables and Other Assets Net of Liabilities	0.37	%
Total Net Assets	100.00	%

Table of Contents

Security type / sector allocations

Delaware Ivy Crossover Credit Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Convertible Bond	0.17	%
Corporate Bonds	97.65	%
Banking	12.41	%
Basic Industry	0.88	%
Brokerage	3.65	%
Capital Goods	0.45	%
Communications	15.24	%
Consumer Cyclical	8.99	%
Consumer Non-Cyclical	7.09	%
Electric	3.04	%
Energy	4.93	%
Finance Companies	4.08	%
Insurance	7.18	%
Real Estate Investment Trusts	4.53	%
Technology	25.09	%
Transportation	0.09	%
Municipal Bonds	0.59	%
US Treasury Obligations	1.01	%
Total Value of Securities	99.42	%
Receivables and Other Assets Net of Liabilities	0.58	%
Total Net Assets	100.00	%

Table of Contents

Security type / country allocations

Delaware Ivy Emerging Markets Local Currency Debt Fund

As of March 31, 2023 (Unaudited)

Security type / country	Percentage of net assets
Sovereign Bonds	89.58	%
Brazil	9.32	%
Chile	3.34	%
Colombia	4.09	%
Czech Republic	9.60	%
Dominican Republic	0.72	%
Hungary	3.87	%
Indonesia	15.33	%
Malaysia	9.21	%
Mexico	7.11	%
Peru	2.21	%
Poland	0.28	%
Romania	3.29	%
South Africa	9.08	%
Thailand	10.14	%
Turkey	1.04	%
Ukraine	0.63	%
Uruguay	0.32	%
Supranational Banks	4.65	%
Total Value of Securities	94.23	%
Receivables and Other Assets Net of Liabilities	5.77	%
Total Net Assets	100.00	%

Table of Contents

Security type / sector allocations

Delaware Ivy Government Securities Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations	2.69	%
Agency Commercial Mortgage-Backed Securities	13.83	%
Agency Mortgage-Backed Securities	29.96	%
Agency Obligations	1.68	%
US Treasury Obligations	48.68	%
Short-Term Investments	4.88	%
Total Value of Securities	101.72	%
Liabilities Net of Receivables and Other Assets	(1.72	)%
Total Net Assets	100.00	%

Table of Contents

Security type / sector allocations

Delaware Ivy High Yield Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Convertible Bond	0.20	%
Corporate Bonds	93.19	%
Automotive	2.42	%
Basic Industry	6.20	%
Capital Goods	4.66	%
Communications	8.55	%
Consumer Goods	0.69	%
Electric	3.30	%
Energy	15.69	%
Financial Services	3.76	%
Healthcare	7.34	%
Insurance	4.63	%
Leisure	7.65	%
Media	10.75	%
Retail	5.78	%
Services	5.48	%
Technology & Electronics	4.65	%
Transportation	1.64	%
Municipal Bonds	0.56	%
Short-Term Investments	4.59	%
Total Value of Securities	98.54	%
Receivables and Other Assets Net of Liabilities	1.46	%
Total Net Assets	100.00	%

Table of Contents

Security type / country and sector allocations

Delaware Ivy International Small Cap Fund

As of March 31, 2023 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country	96.79	%
Argentina	0.90	%
Australia	2.62	%
Austria	2.80	%
Brazil	2.63	%
Canada	10.44	%
China	8.20	%
Denmark	1.51	%
Finland	0.99	%
France	1.36	%
Germany	3.84	%
Greece	0.51	%
India	1.15	%
Indonesia	0.82	%
Ireland	1.01	%
Israel	1.29	%
Italy	6.04	%
Japan	22.81	%
Mexico	3.99	%
Netherlands	1.10	%
Norway	1.97	%
Republic of Korea	2.20	%
South Africa	0.63	%
Spain	1.94	%
Sweden	2.59	%
Taiwan	5.31	%
Thailand	0.69	%
United Kingdom	6.20	%
United States	1.25	%
Preferred Stock	0.74	%
Rights	0.01	%
Short-Term Investments	2.37	%
Total Value of Securities	99.91	%
Receivables and Other Assets Net of Liabilities	0.09	%
Total Net Assets	100.00	%

Common stocks, preferred stock, and rights by sector	Percentage of net assets
Communication Services	1.36	%
Consumer Discretionary	20.22	%
Consumer Staples	2.17	%
Energy	4.83	%
Financials	10.98	%
Healthcare	6.03	%
Industrials	24.33	%
Information Technology	11.14	%
Materials	11.65	%
Real Estate	3.77	%
Utilities	1.06	%
Total	97.54	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Multi-Asset Income Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Agency Mortgage-Backed Securities	2.40	%
Corporate Bonds	34.05	%
Banking	1.00	%
Basic Industry	1.34	%
Brokerage	0.56	%
Capital Goods	2.30	%
Communications	6.33	%
Consumer Cyclical	5.44	%
Consumer Non-Cyclical	3.04	%
Electric	1.37	%
Energy	5.68	%
Finance Companies	1.12	%
Industrials	0.43	%
Insurance	1.74	%
Natural Gas	0.05	%
Real Estate Investment Trusts	0.03	%
Technology	3.25	%
Transportation	0.37	%
Non-Agency Commercial Mortgage-Backed Securities	0.70	%
Loan Agreements	1.31	%
US Treasury Obligations	2.42	%
Common Stocks	52.00	%
Basic Industry	1.41	%
Capital Goods	0.27	%
Communications	0.60	%
Consumer Cyclical	4.11	%
Consumer Non-Cyclical	16.34	%
Consumer Staples	0.51	%
Energy	3.95	%
Financial Services	0.25	%
Home builders	0.04	%
Industrials	4.31	%
Materials	3.47	%
Real Estate	0.81	%
REIT Diversified	1.18	%
REIT Healthcare	0.86	%
REIT Industrial	1.34	%
REIT Information Technology	0.72	%
REIT Lodging	0.21	%
REIT Mall	0.09	%
REIT Manufactured Housing	0.31	%
REIT Multifamily	1.18	%
REIT Office	0.29	%
REIT Retail	0.26	%
REIT Self-Storage	0.83	%
REIT Shopping Center	0.38	%
REIT Single Tenant	0.77	%
REIT Specialty	0.06	%
Technology	3.18	%
Utilities	4.27	%
Preferred Stock	0.01	%
Exchange-Traded Funds	5.45	%
Master Limited Partnerships	0.36	%
Warrants	0.01	%
Short-Term Investments	0.08	%
Total Value of Securities	98.79	%
Receivables and Other Assets Net of Liabilities	1.21	%
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
Nestle	1.41	%
Koninklijke Ahold Delhaize	1.37	%
Amadeus IT Group	1.14	%
Danone	1.06	%
SAP	1.04	%
Air Liquide	1.01	%
Unilever	1.00	%
Clorox	0.99	%
Diageo	0.98	%
Henry Schein	0.98	%

Table of Contents

Security type / sector allocation

Delaware Ivy Strategic Income Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations	7.79	%
Agency Mortgage-Backed Securities	2.34	%
Convertible Bond	0.30	%
Corporate Bonds	50.31	%
Banking	7.04	%
Basic Industry	2.30	%
Brokerage	1.03	%
Capital Goods	2.57	%
Communications	5.82	%
Consumer Cyclical	6.59	%
Consumer Non-Cyclical	3.53	%
Electric	2.30	%
Energy	8.57	%
Finance Companies	0.56	%
Financials	0.47	%
Industrials	0.77	%
Insurance	1.55	%
Real Estate Investment Trusts	0.36	%
Technology	2.29	%
Transportation	3.53	%
Utilities	1.03	%
Municipal Bonds	0.92	%
Non-Agency Collateralized Mortgage Obligations	4.08	%
Non-Agency Commercial Mortgage-Backed Securities	0.60	%
Loan Agreements	1.77	%
Sovereign Bonds	5.16	%
Brazil	0.19
Chile	0.59
Colombia	0.36
Dominican Republic	0.12
Indonesia	0.61
Mexico	0.82
Morocco	0.31
Panama	0.61
Peru	1.33
Serbia	0.22
Supranational Banks	0.75	%
US Treasury Obligations	22.35	%
Common Stocks	1.33	%
Preferred Stock	0.01	%
Warrants	0.01	%
Options Purchased	0.08	%
Short-Term Investments	1.70	%
Total Value of Securities Before Options Written	99.50	%
Options Written	(0.05	)%
Receivables and Other Assets Net of Liabilities	0.55	%
Total Net Assets	100.00	%

Table of Contents

Security type / sector allocations

Delaware Ivy Total Return Bond Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Agency Mortgage-Backed Securities	7.94	%
Corporate Bonds	47.70	%
Banking	15.72	%
Basic Industry	2.44	%
Capital Goods	1.41	%
Communications	0.73	%
Consumer Cyclical	1.03	%
Consumer Non-Cyclical	3.30	%
Electric	4.95	%
Energy	5.93	%
Finance Companies	1.11	%
Financial Services	0.64	%
Industrials	0.27	%
Insurance	4.07	%
Natural Gas	0.30	%
Real Estate Investment Trusts	0.49	%
Technology	2.21	%
Transportation	2.84	%
Utilities	0.26	%
Sovereign Bonds	36.22	%
Albania	0.28
Angola	0.52
Armenia	0.24
Bermuda	0.96
Brazil	0.26
Canada	2.74
Chile	0.63
Colombia	1.29
Denmark	2.63
Dominican Republic	1.17
Egypt	0.24
Finland	1.59
Georgia	0.28
Germany	1.90
Honduras	0.24
Indonesia	1.53
Italy	5.14
Ivory Coast	0.98
Kazakhstan	0.28
Morocco	1.02
Netherlands	1.67
New Zealand	2.71
Pakistan	0.10
Paraguay	1.63
Philippines	0.47
Republic of North Macedonia	0.35
Senegal	0.25
South Africa	1.70
Spain	1.15
United Kingdom	0.76
Uzbekistan	1.51
Supranational Banks	2.58	%
US Treasury Obligation	0.73	%
Options Purchased	0.19	%
Short-Term Investments	0.55	%
Total Value of Securities Before Options Written	95.91	%
Options Written	(0.13	)%
Receivables and Other Assets Net of Liabilities	4.22	%
Total Net Assets	100.00	%

Table of Contents

Schedules of investments

Delaware Ivy California Municipal High Income Fund

March 31, 2023 (Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds — 98.97%
Education Revenue Bonds — 19.71%
California Educational Facilities Authority Revenue
(Art Center College of Design)
Series 2018A 5.00% 12/1/48	250,000	$	252,782
California Municipal Finance Authority
(California Baptist University)
Series A 144A 5.00% 11/1/46 #	500,000		484,560
(CHF-Davis I - West Village Student Housing Project)
4.00% 5/15/48 (BAM)	300,000		285,279
(The Learning Choice Academy)
Series A 4.00% 7/1/31	95,000		96,002
(The Palmdale Aerospace Academy Project)
Series A 144A 5.00% 7/1/49 #	300,000		268,191
California School Finance Authority
(Green Dot Public Schools California Projects)
Series A 144A 5.00% 8/1/48 #	250,000		251,120
(HTH Learning Project)
Series A 144A 5.00% 7/1/49 #	300,000		276,921
(Larchmont Charter School Project)
Series A 144A 5.00% 6/1/43 #	250,000		249,353
(Rocketship Public Schools - Obligated Group)
Series G 144A 5.00% 6/1/30 #	310,000		311,711
Series G 144A 5.00% 6/1/37 #	330,000		317,658
			2,793,577
Electric Revenue Bond — 5.90%
Puerto Rico Electric Power Authority
Series TT 5.00% 7/1/37 ‡	1,165,000		835,887
			835,887
Healthcare Revenue Bonds — 8.91%
California Municipal Finance Authority
(Eisenhower Medical Center)
Series B 5.00% 7/1/37	250,000		259,550
Series B 5.00% 7/1/42	250,000		256,708
California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series A 5.25% 12/1/44	250,000		250,515
Series A 144A 5.25% 12/1/56 #	250,000		243,355
Washington Township Health Care District
Series A 3.75% 7/1/31	255,000		252,483
			1,262,611
Housing Revenue Bonds — 3.30%
CSCDA Community Improvement
Authority Essential Housing Revenue
(Parallel - Anaheim)
Series A 144A 4.00% 8/1/56 #	300,000		230,829
Los Angeles Housing Authority
(Union Portfolio Project)
Series A 3.25% 6/1/35	250,000		237,198
			468,027
Industrial Development Revenue/Pollution Control Revenue Bonds — 13.92%
California County Tobacco Securitization Agency
(Gold Country Settlement Funding Corporation)
Series B-1 4.00% 6/1/49	145,000		144,021
(Merced County Tobacco Funding Corporation)
Series B 5.00% 6/1/50	250,000		251,087
(Sonoma County Securitization Corporation)
Series B-2 0.001% 6/1/55 ^	250,000		50,755
(Stanislaus County Tobacco Funding Corporation)
Series D 0.001% 6/1/55 ^	1,000,000		66,551
California Municipal Finance Authority
(United Airlines, Los Angeles International Airport Project)
4.00% 7/15/29 (AMT)	250,000		242,812
California Pollution Control
Financing Authority
(Waste Management Project)
Series A1 3.375% 7/1/25 (AMT)	300,000		298,611
Long Beach Bond Finance Authority
Natural Gas Purchase Revenue Bonds
Series A 5.50% 11/15/37	165,000		183,490
M-S-R Energy Authority California Gas Revenue
Series C 7.00% 11/1/34	300,000		369,987

Table of Contents

Schedules of investments

Delaware Ivy California Municipal High Income Fund

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Industrial Development Revenue/Pollution Control Revenue Bonds (continued)
Southern California Public Power Authority
(Natural Gas Project)
Series A 5.00% 11/1/33		295,000	$	326,710
Tobacco Securitization Authority of Southern California
(Capital Appreciation - Restructured)
Third Subordinate
Series D 0.032% 6/1/46 ^		305,000		38,924
				1,972,948
Local General Obligation Bond — 2.12%
Oro Grande Elementary School District
(San Bernardino County,California)
4.00% 9/15/32		300,000		300,312
				300,312
Pre-Refunded Bonds — 5.83%
California Municipal Finance Authority
(Retirement Housing Foundation Obligated Group)
Series A 5.00% 11/15/32		425,000		521,475
California School Finance Authority
(Aspire Public School)
144A 5.00% 8/1/41-25 #, §		25,000		26,418
Golden State, California Tobacco
Securitization Corporate Settlement Revenue
Tobacco Settlement Asset - Backed Bonds
Series A-1 5.00% 6/1/29-27 §		250,000		278,315
				826,208
Special Tax Revenue Bonds — 33.58%
Chino Community Facilities District
5.00% 9/1/47		150,000		153,406
Chino Public Financing Authority
Series A 3.50% 9/1/43		250,000		210,695
Commonwealth of Puerto Rico
3.357% 11/1/43 •		641,088		279,675
GDB Debt Recovery Authority of Puerto Rico
7.50% 8/20/40		529,359		439,368
Jurupa Community Services District
(Eastvale Area)
Series A 4.125% 9/1/42		200,000		189,872
Series A 4.25% 9/1/47		300,000		281,493
Lammersville Joint Unified School District
(Lammersville School District Community Facilities District No. 2002 (Mountain House))
5.00% 9/1/33		250,000		266,047
Murrieta, California Community Facilities District
(Golden City - Improvement Area A)
5.00% 9/1/46		300,000		306,666
Ontario, California Community Facilities District No. 28
(New Haven Facilities - Area A)
5.00% 9/1/42		130,000		133,933
5.00% 9/1/47		230,000		235,315
Ontario, California Community Facilities District No. 31
(Carriage House / Amberly Lane)
5.00% 9/1/47		135,000		137,741
Poway Unified School District Community Facilities No. 15
(DEL SUR East - Improvement Area C)
5.00% 9/1/46		250,000		251,555
Puerto Rico Sales Tax Financing Revenue (Restructured)
Series A-1 5.668% 7/1/46 ^		720,000		189,065
Series A-1 5.75% 7/1/51 ^		529,000		102,954
Roseville
(Fiddyment Ranch Community Facilities District No. 1)
5.00% 9/1/35		250,000		262,957
Sacramento
(Natomas Central Community Facilities District No. 2006-02)
5.00% 9/1/41		250,000		255,545
San Bernardino County District No. 2006-1
(Lyte Creek North)
4.00% 9/1/42		250,000		235,180

Table of Contents

	Principal amount°		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Tulare Redevelopment Agency Successor Agency
Series A 4.00% 8/1/40 (BAM)		250,000	$	251,515
Western Riverside Water & Wastewater Financing Authority
(Local Agency Revenue Bonds)
Series A 5.00% 9/1/29		250,000		271,625
William S. Hart Union High School District
(Community Facilities District No. 2015-1)
5.00% 9/1/47		300,000		304,809
				4,759,416
State General Obligation Bond — 0.67%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 4.00% 7/1/41		116,000		94,375
				94,375
Transportation Revenue Bonds — 5.03%
Foothill-Eastern, California Transportation Corridor Agency
Series B-1 3.95% 1/15/53		300,000		269,784
Norman Y. Mineta San Jose International Airport
Series A 5.00% 3/1/47 (AMT)		200,000		204,428
San Francisco City & County Airport
Commission-San Francisco International Airport
Series A 4.00% 5/1/49 (AMT)		250,000		239,063
				713,275
Total Municipal Bonds (cost $14,954,627)				14,026,636

		Number of shares
Short-Term Investments — 0.39%
Money Market Mutual Funds — 0.39%
State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 4.70%)		55,700		55,700
Total Short-Term Investments (cost $55,700)				55,700
Total Value of Securities—99.36% (cost $15,010,327)			$	14,082,336

°	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 March 31, 2023, the aggregate value of Rule 144A securities was $2,660,116, which represents 18.77% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	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 10 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2023. 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.

Summary of abbreviations:

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

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Ivy Corporate Bond Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Convertible Bond — 0.14%
Spirit Airlines 1.00% exercise price $42.88, maturity date 5/15/26		626,000	$	507,373
Total Convertible Bond (cost $565,212)				507,373

Corporate Bonds — 94.89%
Banking — 21.68%
Bank of America
1.898%7/23/31 µ		3,425,000		2,748,766
2.299%7/21/32 µ		4,775,000		3,851,777
2.482%9/21/36 µ		445,000		338,261
2.496%2/13/31 µ		3,000,000		2,543,050
2.592%4/29/31 µ		5,325,000		4,512,670
4.20%8/26/24		6,000,000		5,898,533
Bank of New York Mellon 4.70% 9/20/25 µ, Ψ		1,350,000		1,280,838
Barclays 7.385% 11/2/28 µ		579,000		614,228
Citigroup
2.572%6/3/31 µ		5,725,000		4,833,570
3.50%5/15/23		1,390,000		1,385,501
3.52%10/27/28 µ		3,250,000		3,040,460
4.412%3/31/31 µ		3,690,000		3,505,788
Fifth Third Bancorp 6.361% 10/27/28 µ		1,046,000		1,053,877
Goldman Sachs Group
1.542%9/10/27 µ		1,295,000		1,140,294
2.383%7/21/32 µ		2,325,000		1,889,166
3.50%11/16/26		1,000,000		955,944
3.80%3/15/30		7,550,000		7,038,973
4.25%10/21/25		2,500,000		2,427,972
JPMorgan Chase & Co.
2.522%4/22/31 µ		4,165,000		3,563,044
3.22%3/1/25 µ		5,000,000		4,894,946
3.875%9/10/24		1,964,000		1,931,409
KeyCorp 4.789% 6/1/33 µ		104,000		93,211
Morgan Stanley
1.794%2/13/32 µ		4,475,000		3,515,927
3.875%1/27/26		4,150,000		4,052,785
Popular 7.25% 3/13/28		1,790,000		1,772,530
SVB Financial Group 4.00% 5/15/26 ‡, Ψ		1,670,000		110,270
Truist Financial
4.95% 9/1/25 µ, Ψ		1,955,000		1,811,858
6.123%10/28/33 µ		347,000		364,384
US Bancorp 2.491% 11/3/36 µ		2,550,000		1,970,178
Wells Fargo & Co. 2.879% 10/30/30 µ		4,808,000		4,181,430
				77,321,640
Basic Industry — 1.76%
Celanese US Holdings 6.05% 3/15/25		725,000		729,666
Graphic Packaging International
144A 0.821% 4/15/24 #		3,020,000		2,878,567
Nutrien
4.90%3/27/28		540,000		540,248
5.80%3/27/53		675,000		696,053
Rio Tinto Finance USA 5.125% 3/9/53		1,400,000		1,443,761
				6,288,295
Brokerage — 2.63%
Blackstone Holdings Finance
144A 1.60% 3/30/31 #		1,250,000		943,030
144A 2.00% 1/30/32 #		4,240,000		3,225,193
Intercontinental Exchange 2.10% 6/15/30		1,795,000		1,518,109
Jefferies Financial Group 2.625% 10/15/31		1,530,000		1,170,692
KKR Group Finance VIII 144A
3.50%8/25/50 #		3,750,000		2,538,050
				9,395,074
Capital Goods — 3.46%
Ashtead Capital 144A 2.45% 8/12/31 #		305,000		240,546
Boeing 3.75% 2/1/50		2,500,000		1,896,897
Masco 1.50% 2/15/28		2,775,000		2,364,619
Parker-Hannifin 4.25% 9/15/27		295,000		289,670
Raytheon Technologies
5.15% 2/27/33		530,000		551,878
5.375% 2/27/53		320,000		337,275
Republic Services 2.30% 3/1/30		4,114,000		3,565,946
Waste Connections 3.50% 5/1/29		3,300,000		3,082,745
				12,329,576
Communications — 10.29%
AT&T
3.50%6/1/41		3,000,000		2,370,176
3.50%9/15/53		2,255,000		1,640,058
3.55%9/15/55		1,000,000		719,074
3.65%6/1/51		5,400,000		4,096,329
CCO Holdings 144A 4.75% 2/1/32 #		1,200,000		1,009,329
Charter Communications Operating
3.85%4/1/61		1,190,000		743,462
3.90%6/1/52		1,385,000		917,194
4.50%2/1/24		3,942,000		3,903,697
Comcast
2.887%11/1/51		2,410,000		1,647,386
3.25%11/1/39		3,125,000		2,539,192

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Crown Castle 1.05% 7/15/26		3,000,000	$	2,645,194
Directv Financing 144A 5.875% 8/15/27 #		1,050,000		951,993
Discovery Communications 4.00% 9/15/55		1,155,000		767,522
Paramount Global 4.75% 5/15/25		1,332,000		1,316,345
Sprint Capital 6.875% 11/15/28		1,335,000		1,435,793
T-Mobile USA
3.30% 2/15/51		575,000		409,504
3.50% 4/15/25		2,350,000		2,285,570
Verizon Communications
2.875% 11/20/50		1,690,000		1,125,773
4.329% 9/21/28		2,500,000		2,472,540
4.50% 8/10/33		3,175,000		3,069,471
VZ Secured Financing 144A 5.00% 1/15/32 #		800,000		653,500
				36,719,102
Consumer Cyclical — 7.46%
Amazon.com
2.50% 6/3/50		3,190,000		2,164,903
3.875% 8/22/37		7,500,000		6,986,030
Aptiv 3.10% 12/1/51		1,191,000		756,389
DR Horton 2.60% 10/15/25		3,620,000		3,388,981
General Motors Financial
1.25% 1/8/26		1,375,000		1,238,723
2.40% 10/15/28		1,580,000		1,352,728
Home Depot 4.20% 4/1/43		4,700,000		4,261,133
Levi Strauss & Co. 144A 3.50% 3/1/31 #		170,000		145,111
NVR 3.00% 5/15/30		5,313,000		4,677,429
VICI Properties 4.95% 2/15/30		1,725,000		1,620,425
				26,591,852
Consumer Non-Cyclical — 7.80%
Amgen
2.80% 8/15/41		2,250,000		1,644,910
5.25% 3/2/33		955,000		981,688
Boston Scientific 1.90% 6/1/25		1,000,000		945,730
Clorox 3.90% 5/15/28		5,512,000		5,368,766
CVS Health 2.70% 8/21/40		1,594,000		1,141,590
Eli Lilly & Co.
4.875% 2/27/53		700,000		724,616
5.00% 2/27/26		535,000		539,971
GE HealthCare Technologies
144A 5.60% 11/15/25 #		305,000		308,860
144A 5.65% 11/15/27 #		810,000		837,697
JBS USA Lux 144A 3.00% 2/2/29 #		1,778,000		1,519,168
McCormick & Co. 0.90% 2/15/26		5,095,000		4,567,997
Merck & Co. 2.75% 12/10/51		2,000,000		1,417,647
Royalty Pharma
1.20% 9/2/25		3,750,000		3,401,899
3.30% 9/2/40		425,000		308,441
3.35% 9/2/51		1,057,000		697,590
3.55% 9/2/50		447,000		308,707
Universal Health Services 1.65% 9/1/26		2,965,000		2,611,416
US Foods 144A 4.75% 2/15/29 #		550,000		508,731
				27,835,424
Electric — 4.05%
AEP Transmission 5.40% 3/15/53		335,000		349,480
Appalachian Power 4.50% 8/1/32		465,000		446,729
Black Hills 1.037% 8/23/24		1,850,000		1,741,851
Commonwealth Edison 2.75% 9/1/51		2,500,000		1,664,039
Constellation Energy Generation 5.60% 3/1/28		1,075,000		1,107,294
Consumers Energy 4.625% 5/15/33		443,000		442,118
Duke Energy Carolinas
3.95% 11/15/28		429,000		421,120
5.35% 1/15/53		700,000		729,581
Edison International 8.125% 6/15/53 µ		1,575,000		1,598,625
Louisville Gas and Electric 5.45% 4/15/33		875,000		909,906
MidAmerican Energy 3.95% 8/1/47		1,000,000		856,543
NextEra Energy Capital Holdings
3.00% 1/15/52		285,000		192,426
6.051% 3/1/25		1,600,000		1,628,513
Oglethorpe Power 144A 4.50% 4/1/47 #		1,530,000		1,304,770
Southern California Edison
3.45% 2/1/52		430,000		315,649
4.125% 3/1/48		895,000		742,259
				14,450,903
Energy — 4.46%
BP Capital Markets America 2.939% 6/4/51		2,755,000		1,914,239
Colorado Interstate Gas 144A 4.15% 8/15/26 #		6,000,000		5,821,595
Energy Transfer
5.00% 5/15/50		135,000		115,437
5.30% 4/15/47		1,450,000		1,273,256
5.75% 2/15/33		263,000		269,641
Kinder Morgan
4.80% 2/1/33		770,000		743,440
5.20% 6/1/33		1,025,000		1,019,112
Marathon Oil 5.20% 6/1/45		245,000		213,502

Table of Contents

Schedules of investments

Delaware Ivy Corporate Bond Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Targa Resources Partners 5.00% 1/15/28		1,470,000	$	1,422,769
Williams Cos. 4.85% 3/1/48		3,500,000		3,103,788
				15,896,779
Finance Companies — 1.74%
AerCap Ireland Capital DAC
1.75% 1/30/26		975,000		873,928
3.00% 10/29/28		1,615,000		1,411,107
Air Lease
2.875% 1/15/32		530,000		438,275
4.125% 12/15/26 µ, Ψ		1,454,000		992,355
5.85% 12/15/27		455,000		457,801
Aviation Capital Group
144A 1.95% 1/30/26 #		657,000		584,838
144A 1.95% 9/20/26 #		355,000		307,644
144A 6.25% 4/15/28 #		300,000		300,463
Avolon Holdings Funding 144A
3.25% 2/15/27 #		960,000		852,877
				6,219,288
Industrials — 0.46%
University of Southern California
3.028% 10/1/39		2,000,000		1,653,969
				1,653,969
Insurance — 6.06%
American International Group
5.125% 3/27/33		1,620,000		1,611,274
Aon
2.80% 5/15/30		4,950,000		4,378,124
5.00% 9/12/32		1,065,000		1,070,600
Athene Global Funding 144A
1.985% 8/19/28 #		2,750,000		2,228,209
Brighthouse Financial 3.85% 12/22/51		597,000		387,528
First American Financial 2.40% 8/15/31		2,400,000		1,857,725
Principal Life Global Funding II
144A 3.00% 4/18/26 #		4,000,000		3,782,229
UnitedHealth Group
3.05% 5/15/41		5,240,000		4,135,611
4.50% 4/15/33		1,080,000		1,074,267
5.05% 4/15/53		1,080,000		1,093,107
				21,618,674
Natural Gas — 0.61%
Southern California Gas
4.30% 1/15/49		2,045,000		1,734,393
6.35% 11/15/52		385,000		444,267
				2,178,660
Real Estate Investment Trusts — 1.35%
American Homes 4 Rent 3.625% 4/15/32		945,000		819,627
Extra Space Storage
2.35% 3/15/32		785,000		617,832
2.55% 6/1/31		4,140,000		3,363,554
				4,801,013
Technology — 18.06%
Adobe 2.30% 2/1/30		5,890,000		5,233,955
Alphabet 2.05% 8/15/50		2,646,000		1,684,518
Apple
2.65% 5/11/50		825,000		582,343
2.65% 2/8/51		825,000		578,914
2.70% 8/5/51		575,000		405,695
Autodesk 2.85% 1/15/30		4,616,000		4,080,395
Broadcom 144A 3.469% 4/15/34 #		2,195,000		1,804,409
CDW 3.276% 12/1/28		2,070,000		1,827,344
CoStar Group 144A 2.80% 7/15/30 #		2,817,000		2,363,382
Entegris Escrow 144A 4.75% 4/15/29 #		1,005,000		951,044
Equinix 2.625% 11/18/24		5,715,000		5,503,876
Fidelity National Information Services 1.65% 3/1/28		2,775,000		2,375,971
Fiserv 3.85% 6/1/25		5,500,000		5,388,509
Global Payments 2.65% 2/15/25		4,195,000		3,983,874
Microchip Technology 0.983% 9/1/24		4,476,000		4,226,694
Micron Technology 6.75% 11/1/29		342,000		363,486
Microsoft 2.921% 3/17/52		3,500,000		2,664,277
NXP 3.875% 6/18/26		2,200,000		2,125,852
Oracle
5.80% 11/10/25		315,000		323,009
6.15% 11/9/29		460,000		490,176
PayPal Holdings 2.30% 6/1/30		890,000		762,493
Sensata Technologies 144A 3.75% 2/15/31 #		805,000		705,099
ServiceNow 1.40% 9/1/30		3,977,000		3,205,600
Texas Instruments 3.875% 3/15/39		3,933,000		3,592,779
Thomson Reuters 3.35% 5/15/26		2,450,000		2,345,997
Visa 2.70% 4/15/40		5,065,000		4,029,917
VMware 4.50% 5/15/25		2,850,000		2,815,397
				64,415,005
Transportation — 2.00%
American Airlines 144A 5.50% 4/20/26 #		535,000		527,158
Burlington Northern Santa Fe 4.55% 9/1/44		2,000,000		1,891,068

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Delta Air Lines 2020-1 Class AA
Pass Through Trust 2.00% 12/10/29 ♦		1,679,768	$	1,480,310
United Airlines 2016-1 Class AA
Pass Through Trust 3.10% 1/7/30 ♦		3,611,390		3,252,094
				7,150,630
Utilities — 1.02%
American Water Capital 4.15% 6/1/49		3,800,000		3,254,005
Oglethorpe Power 5.25% 9/1/50		390,000		369,200
				3,623,205
Total Corporate Bonds (cost $387,803,210)				338,489,089

Municipal Bonds — 1.29%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 2.986% 7/1/24 ^		19,099		17,983
Series A-1 4.00% 7/1/35		41,688		36,438
GDB Debt Recovery Authority of Puerto Rico
(Taxable) 7.50% 8/20/40		1,843,025		1,529,711
New York City Industrial Development Agency
(Yankee Stadium Project) 144A
11.00% 3/1/29 #		2,537,000		3,014,819
Total Municipal Bonds (cost $4,344,707)				4,598,951

Sovereign Bonds — 0.56%∆
Colombia — 0.23%
Colombia Government International Bond
3.25% 4/22/32		1,075,000		802,623
				802,623
Mexico — 0.33%
Mexico Government International Bond
3.75% 4/19/71		1,750,000		1,168,282
				1,168,282
Total Sovereign Bonds (cost $2,794,592)				1,970,905

US Treasury Obligations — 2.75%
US Treasury Bonds
3.625% 2/15/53		2,715,000		2,696,122
US Treasury Notes
3.50% 1/31/30		6,245,000		6,220,606
US Treasury Notes
3.50% 2/15/33		895,000		896,468
Total US Treasury Obligations (cost $9,703,585)				9,813,196
Total Value of Securities—99.63% (cost $405,211,306)			$	355,379,514

°	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 March 31, 2023. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
‡	Non-income producing security. Security is currently in default.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2023, the aggregate value of Rule 144A securities was $40,308,311, which represents 11.30% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
♦	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.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
∆	Securities have been classified by country of risk.

Summary of abbreviations:

DAC – Designated Activity Company

USD – US Dollar

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

Table of Contents

Schedules of investments

Delaware Ivy Crossover Credit Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Convertible Bond — 0.17%
Spirit Airlines 1.00% exercise price $42.88, maturity date 5/15/26		32,000	$	25,936
Total Convertible Bond (cost $28,909)				25,936

Corporate Bonds — 97.65%
Banking — 12.41%
Bank of America
1.898% 7/23/31 µ		500,000		401,280
2.482% 9/21/36 µ		5,000		3,801
6.204% 11/10/28 µ		10,000		10,463
Bank of New York Mellon 5.834% 10/25/33 µ		15,000		16,032
Fifth Third Bancorp 6.361% 10/27/28 µ		11,000		11,083
Goldman Sachs Group 2.383% 7/21/32 µ		1,000,000		812,544
JPMorgan Chase & Co. 2.522% 4/22/31 µ		500,000		427,736
KeyCorp 4.789% 6/1/33 µ		5,000		4,481
Popular 7.25% 3/13/28		80,000		79,219
SVB Financial Group 4.00% 5/15/26 µ, ‡, Ψ		55,000		3,632
Truist Financial
4.95% 9/1/25 µ, Ψ		45,000		41,705
6.123% 10/28/33 µ		7,000		7,351
US Bancorp
2.491% 11/3/36 µ		150,000		115,893
4.653% 2/1/29 µ		18,000		17,608
				1,952,828
Basic Industry — 0.88%
Celanese US Holdings 6.05% 3/15/25		20,000		20,129
Nutrien
4.90% 3/27/28		25,000		25,011
5.80% 3/27/53		30,000		30,936
Rio Tinto Finance USA 5.125% 3/9/53		60,000		61,875
				137,951
Brokerage — 3.65%
Jefferies Financial Group 2.625% 10/15/31		750,000		573,869
				573,869
Capital Goods — 0.45%
Boeing 3.75% 2/1/50		75,000		56,907
Parker-Hannifin 4.25% 9/15/27		15,000		14,729
				71,636
Communications — 15.24%
AT&T
3.50% 6/1/41		500,000		395,029
3.50% 9/15/53		55,000		40,002
3.65% 6/1/51		500,000		379,290
CCO Holdings 144A 4.75% 2/1/32 #		40,000		33,644
Charter Communications Operating
3.85% 4/1/61		25,000		15,619
3.90% 6/1/52		750,000		496,675
Crown Castle 1.05% 7/15/26		500,000		440,866
Directv Financing 144A 5.875% 8/15/27 #		55,000		49,866
Sprint Capital 6.875% 11/15/28		60,000		64,530
Verizon Communications
2.65% 11/20/40		500,000		357,406
2.875% 11/20/50		90,000		59,952
Warnermedia Holdings 6.412% 3/15/26		65,000		65,348
				2,398,227
Consumer Cyclical — 8.99%
Amazon.com 2.50% 6/3/50		35,000		23,753
Aptiv 3.10% 12/1/51		22,000		13,972
General Motors Financial 1.25% 1/8/26		500,000		450,445
Levi Strauss & Co. 144A 3.50% 3/1/31 #		5,000		4,268
NVR 3.00% 5/15/30		1,000,000		880,374
VICI Properties 4.95% 2/15/30		45,000		42,272
				1,415,084
Consumer Non-Cyclical — 7.09%
Amgen 5.25% 3/2/33		40,000		41,118
CVS Health
2.70% 8/21/40		5,000		3,581
4.78% 3/25/38		40,000		38,160
JBS USA Lux 144A 3.00% 2/2/29 #		34,000		29,050
Royalty Pharma
3.30% 9/2/40		700,000		508,021
3.35% 9/2/51		55,000		36,299
Universal Health Services 1.65% 9/1/26		500,000		440,374
US Foods 144A 4.75% 2/15/29 #		20,000		18,499
				1,115,102
Electric — 3.04%
Constellation Energy Generation 5.60% 3/1/28		45,000		46,352
Consumers Energy 4.625% 5/15/33		50,000		49,900
Duke Energy Carolinas 3.95% 11/15/28		25,000		24,541

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Edison International 8.125% 6/15/53 µ		70,000	$	71,050
Eversource Energy 5.45% 3/1/28		50,000		51,850
NextEra Energy Capital Holdings 6.051% 3/1/25		70,000		71,247
Oglethorpe Power
144A 4.50% 4/1/47 #		40,000		34,112
5.25% 9/1/50		15,000		14,200
Southern California Edison 3.45% 2/1/52		45,000		33,033
Vistra Operations 144A 5.125% 5/13/25 #		85,000		82,935
				479,220
Energy — 4.93%
Energy Transfer
5.30% 4/15/47		250,000		219,527
6.25% 4/15/49		20,000		19,852
Enterprise Products Operating
5.35% 1/31/33		10,000		10,369
Kinder Morgan 5.20% 6/1/33		15,000		14,914
Marathon Oil 5.20% 6/1/45		5,000		4,357
MPLX 5.65% 3/1/53		20,000		19,276
Targa Resources Partners 5.00% 1/15/28		45,000		43,554
Williams Cos. 4.85% 3/1/48		500,000		443,398
				775,247
Finance Companies — 4.08%
AerCap Ireland Capital DAC 3.00% 10/29/28		90,000		78,638
Air Lease
4.125% 12/15/26 µ, Ψ		67,000		45,727
5.85% 12/15/27		25,000		25,154
Aviation Capital Group
144A 1.95% 1/30/26 #		37,000		32,936
144A 6.25% 4/15/28 #		15,000		15,023
Avolon Holdings Funding 144A 3.25% 2/15/27 #		500,000		444,207
				641,685
Insurance — 7.18%
American International Group
5.125% 3/27/33		70,000		69,623
Aon 2.80% 5/15/30		500,000		442,235
Athene Global Funding 144A 1.985% 8/19/28 #		20,000		16,205
Brighthouse Financial 3.85% 12/22/51		33,000		21,421
First American Financial 2.40% 8/15/31		750,000		580,539
				1,130,023
Real Estate Investment Trusts — 4.53%
Alexandria Real Estate Equities 4.75% 4/15/35		35,000		32,836
American Homes 4 Rent 3.625% 4/15/32		50,000		43,367
Extra Space Storage
2.35% 3/15/32		60,000		47,223
2.55% 6/1/31		725,000		589,028
				712,454
Technology — 25.09%
Alphabet 2.05% 8/15/50		55,000		35,015
Autodesk 2.85% 1/15/30		750,000		662,976
Broadcom 144A 3.419% 4/15/33 #		500,000		418,709
CDW 3.276% 12/1/28		35,000		30,897
CoStar Group 144A 2.80% 7/15/30 #		1,000,000		838,971
Entegris Escrow 144A 4.75% 4/15/29 #		75,000		70,973
Microchip Technology 0.983% 9/1/24		750,000		708,226
Micron Technology 6.75% 11/1/29		14,000		14,880
Oracle 5.55% 2/6/53		60,000		57,198
Sensata Technologies 144A 3.75% 2/15/31 #		30,000		26,277
ServiceNow 1.40% 9/1/30		750,000		604,526
Thomson Reuters 3.35% 5/15/26		500,000		478,775
				3,947,423
Transportation — 0.09%
American Airlines 144A 5.50% 4/20/26 #		15,000		14,780
				14,780
Total Corporate Bonds (cost $18,266,388)				15,365,529

Municipal Bonds — 0.59%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 2.986% 7/1/24 ^		1,232		1,160
Series A-1 4.00% 7/1/35		2,689		2,351
GDB Debt Recovery Authority of Puerto Rico
(Taxable) 7.50% 8/20/40		107,885		89,544
Total Municipal Bonds (cost $106,191)				93,055

US Treasury Obligations — 1.01%
US Treasury Bonds
3.625% 2/15/53		120,000		119,166

Table of Contents

Schedules of investments

Delaware Ivy Crossover Credit Fund

	Principal amount^°		Value (US $)
US Treasury Obligations (continued)
US Treasury Notes 3.50% 2/15/33		40,000	$	40,065
Total US Treasury Obligations (cost $160,819)				159,231
Total Value of Securities—99.42% (cost $18,562,307)			$	15,643,751

°	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 March 31, 2023. Rate will reset at a future date.
‡	Non-income producing security. Security is currently in default.
Ψ	Perpetual security. Maturity date represents next call date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2023, the aggregate value of Rule 144A securities was $2,130,455, which represents 13.54% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Summary of abbreviations:

DAC – Designated Activity Company

USD – US Dollar

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

Table of Contents

Delaware Ivy Emerging Markets Local Currency Debt Fund

March 31, 2023 (Unaudited)

		Principal amount^°		Value (US $)
Sovereign Bonds — 89.58%D
Brazil — 9.32%
Brazil Letras do Tesouro Nacional
7.194% 7/1/24 ^	BRL		1,258,000	$	214,741
8.19% 1/1/24 ^	BRL		4,300,000		773,291
Brazil Notas do Tesouro Nacional
Series F 10.00% 1/1/27	BRL		4,045,000		750,530
Series F 10.00% 1/1/31	BRL		672,000		116,061
					1,854,623
Chile — 3.34%
Bonos de la Tesoreria de la Republica en pesos
144A 2.30% 10/1/28 #	CLP		100,000,000		107,171
144A 2.80% 10/1/33 #	CLP		115,000,000		117,864
4.50% 3/1/26	CLP		90,000,000		108,140
144A 4.70% 9/1/30 #	CLP		40,000,000		48,450
144A 5.00% 10/1/28 #	CLP		80,000,000		97,835
5.00% 3/1/35	CLP		70,000,000		87,085
6.00% 1/1/43	CLP		70,000,000		97,456
					664,001
Colombia — 4.09%
Colombian TES
5.75% 11/3/27	COP		717,400,000		124,885
6.25% 7/9/36	COP		320,300,000		43,610
7.00% 3/26/31	COP		778,500,000		128,708
7.00% 6/30/32	COP		1,042,100,000		165,970
7.25% 10/18/34	COP		885,100,000		136,558
7.25% 10/26/50	COP		421,700,000		56,169
7.75% 9/18/30	COP		896,000,000		157,325
					813,225
Czech Republic — 9.60%
Czech Republic Government Bonds
0.25% 2/10/27	CZK		1,580,000		61,332
0.95% 5/15/30	CZK		8,230,000		295,289
1.25% 2/14/25	CZK		3,010,000		129,362
1.50% 4/24/40	CZK		1,700,000		49,963
1.75% 6/23/32	CZK		12,900,000		472,047
2.00% 10/13/33	CZK		4,250,000		154,613
2.40% 9/17/25	CZK		4,400,000		190,429
2.50% 8/25/28	CZK		4,860,000		200,647
2.75% 7/23/29	CZK		4,470,000		184,613
5.008% 12/12/24 ^	CZK		4,060,000		171,388
					1,909,683
Dominican Republic — 0.72%
Dominican Republic International Bond
9.75% 6/5/26	DOP		8,000,000		143,196
					143,196
Hungary — 3.87%
Hungary Government Bonds
1.00% 11/26/25	HUF		50,000,000		112,302
1.50% 4/22/26	HUF		18,740,000		41,433
1.50% 8/26/26	HUF		29,820,000		64,277
2.50% 10/24/24	HUF		21,220,000		52,356
2.75% 12/22/26	HUF		55,000,000		122,086
3.00% 10/27/38	HUF		8,510,000		13,525
4.00% 4/28/51	HUF		95,680,000		156,420
6.00% 11/24/23	HUF		42,520,000		115,390
6.75% 10/22/28	HUF		36,100,000		91,802
					769,591
Indonesia — 15.33%
Indonesia Treasury Bonds
6.125% 5/15/28	IDR		15,096,000,000		993,782
6.625% 5/15/33	IDR		4,980,000,000		326,708
7.125% 6/15/42	IDR		2,270,000,000		153,357
7.50% 8/15/32	IDR		1,105,000,000		77,312
7.50% 6/15/35	IDR		5,300,000,000		368,662
7.75% 4/15/31	IDR		979,000,000		69,929
8.25% 5/15/29	IDR		2,683,000,000		195,115
8.375% 9/15/26	IDR		570,000,000		40,420
8.75% 5/15/31	IDR		5,042,000,000		378,322
8.75% 2/15/44	IDR		1,353,000,000		104,939
9.00% 3/15/29	IDR		2,800,000,000		209,367
9.50% 7/15/31	IDR		290,000,000		22,821
9.50% 5/15/41	IDR		1,307,000,000		109,883
					3,050,617
Malaysia — 9.21%
Malaysia Government Bonds
2.632% 4/15/31	MYR		675,000		139,417
3.733% 6/15/28	MYR		1,820,000		413,173
3.757% 4/20/23	MYR		1,585,000		359,496
3.757% 5/22/40	MYR		3,149,000		672,176
3.828% 7/5/34	MYR		200,000		44,296
4.232% 6/30/31	MYR		650,000		150,434
4.392% 4/15/26	MYR		236,000		54,928
					1,833,920
Mexico — 7.11%
Mexican Bonos
5.50% 3/4/27	MXN		9,600,000		469,401
7.75% 5/29/31	MXN		2,740,000		142,763

Table of Contents

Schedules of investments

Delaware Ivy Emerging Markets Local Currency Debt Fund

		Principal amount^°		Value (US $)
Sovereign BondsΔ (continued)
Mexico (continued)
Mexican Bonos
7.75% 11/23/34	MXN		4,510,000	$	231,001
7.75% 11/13/42	MXN		1,500,000		72,636
8.00% 11/7/47	MXN		600,000		29,655
8.50% 11/18/38	MXN		5,128,100		271,895
10.00% 11/20/36	MXN		3,270,000		198,225
					1,415,576
Peru — 2.21%
Peru Government Bonds
5.35% 8/12/40	PEN		190,000		39,534
5.40% 8/12/34	PEN		496,000		110,713
5.94% 2/12/29	PEN		252,000		63,264
Peruvian Government International Bonds
6.90% 8/12/37	PEN		300,000		74,792
6.95% 8/12/31	PEN		586,000		151,782
					440,085
Poland — 0.28%
Republic of Poland Government Bond
2.50% 7/25/27	PLN		272,000		54,873
					54,873
Romania — 3.29%
Romania Government Bonds
3.25% 4/29/24	RON		580,000		123,068
4.00% 10/25/23	RON		700,000		151,743
4.15% 1/26/28	RON		500,000		96,275
4.85% 4/22/26	RON		900,000		185,100
5.00% 2/12/29	RON		505,000		98,774
					654,960
South Africa — 9.08%
Republic of South Africa Government Bonds
6.50% 2/28/41	ZAR		1,840,021		65,085
8.25% 3/31/32	ZAR		6,500,000		318,703
8.50% 1/31/37	ZAR		4,897,009		221,514
8.75% 1/31/44	ZAR		4,580,705		199,500
8.75% 2/28/48	ZAR		9,704,755		419,640
8.875% 2/28/35	ZAR		5,713,558		275,425
9.00% 1/31/40	ZAR		4,310,342		197,010
10.50% 12/21/26	ZAR		1,849,000		110,565
					1,807,442
Thailand — 10.14%
Thailand Government Bonds
1.60% 12/17/29	THB		5,655,000		159,727
1.60% 6/17/35	THB		839,000		22,057
2.00% 12/17/31	THB		8,812,000		251,836
2.875% 12/17/28	THB		32,821,000		1,001,199
2.875% 6/17/46	THB		5,000,000		144,389
3.30% 6/17/38	THB		10,220,000		318,808
3.40% 6/17/36	THB		2,440,000		77,369
3.775% 6/25/32	THB		1,286,000		42,196
					2,017,581
Turkey — 1.04%
Turkey Government Bonds
9.00% 7/24/24	TRY		900,000		44,861
10.40% 3/20/24	TRY		450,000		22,735
10.60% 2/11/26	TRY		856,637		42,409
12.40% 3/8/28	TRY		130,848		7,245
12.60% 10/1/25	TRY		1,700,000		90,320
					207,570
Ukraine — 0.63%
Ukraine Government International Bond
11.67% 11/22/23	UAH		5,394,000		126,359
					126,359
Uruguay — 0.32%
Uruguay Government International Bonds
8.25% 5/21/31	UYU		1,109,152		25,388
8.50% 3/15/28	UYU		1,637,000		39,240
					64,628
Total Sovereign Bonds (cost $19,823,743)					17,827,930

Supranational Banks — 4.65%
European Investment Bank
8.50% 8/24/23	EGP		7,000,000		205,209
13.943% 10/18/32 ^	ZAR		10,260,000		242,771
International Finance
7.00% 7/20/27	MXN		9,270,000		477,029
Total Supranational Banks (cost $1,097,441)					925,009
Total Value of Securities—94.23% (cost $20,921,184)				$	18,752,939

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

Table of Contents

D	Securities have been classified by country of risk.
^	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 March 31, 2023, the aggregate value of Rule 144A securities was $371,320, which represents 1.87% of the Fund's net assets. See Note 10 in “Notes to financial statements."

The following foreign currency exchange contracts were outstanding at March 31, 2023:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPMCB	CNH	10,421,467		USD	(1,544,951	)	4/28/23	$	—	$	(25,339	)
JPMCB	CZK	(12,783,980	)	USD	580,916		4/28/23		—		(8,963	)
JPMCB	IDR	(16,250,445,000	)	USD	1,084,302		4/28/23		—		(1,557	)
JPMCB	MXN	(5,199,708	)	USD	271,668		4/28/23		—		(15,311	)
JPMCB	PLN	6,184,031		USD	(1,416,483	)	4/28/23		13,696		—
JPMCB	ZAR	(5,992,095	)	USD	345,769		4/28/23		10,067		—
Total Foreign Currency Exchange Contracts								$	23,763	$	(51,170	)

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.

See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

JPMCB – JPMorgan Chase Bank

Summary of currencies:

BRL – Brazilian Real

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

DOP – Dominican Peso

EGP – Egypt Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Sol

PLN – Polish Zloty

RON – Romania Leu

THB – Thai Baht

TRY – Turkish Lira

UAH – Ukrainian Hryvna

USD – US Dollar

UYU – Uruguayan Peso

ZAR – South African Rand

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

Table of Contents

Schedules of investments

Delaware Ivy Government Securities Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 2.69%
Freddie Mac REMICs
Series 2611 HD 5.00% 5/15/23		4,660	$	4,646
Series 4568 DA 3.00% 4/15/46		875,711		818,217
Series 4764 PA 3.00% 10/15/45		357,392		341,987
Series 4798 BA 4.00% 5/15/44		103,065		102,519
Series 4922 PA 2.50% 7/25/49		772,559		691,328
Series 4953 PC 2.00% 8/25/49		1,703,954		1,483,452
GNMA
Series 2004-31 ZB 5.00% 4/20/34		922,009		925,368
Total Agency Collateralized Mortgage Obligations (cost $4,909,894)				4,367,517

Agency Commercial Mortgage-Backed Securities — 13.83%
Fannie Mae - Aces
Series 2016-M11 A2 2.369% 7/25/26 •		5,407,812		5,057,650
Series 2016-M6 A2 2.488% 5/25/26		1,754,532		1,667,075
Freddie Mac Multifamily
Structured Pass Through Certificates
Series K048 A2 3.284% 6/25/25 ♦, •		3,890,000		3,789,479
Series K068 X1 0.424% 8/25/27 ♦, •		64,818,913		1,038,425
Series K076 A2 3.90% 4/25/28 ♦		4,000,000		3,946,813
Series K729 A2 3.136% 10/25/24 ♦		1,000,000		974,482
Series KIR3 A2 3.281% 8/25/27 ♦		5,460,000		5,230,456
Series KW02 A1 2.896% 4/25/26 ♦		743,581		729,096
Total Agency Commercial Mortgage-Backed Securities (cost $24,676,553)				22,433,476

Agency Mortgage-Backed Securities — 29.96%
Fannie Mae S.F. 20 yr
4.00% 12/1/31		467,851		456,772
4.00% 8/1/42		186,106		179,726
4.00% 9/1/42		451,260		435,791
Fannie Mae S.F. 30 yr
2.00% 3/1/51		1,155,353		957,973
2.50% 4/1/51		2,201,169		1,897,665
2.50% 11/1/51		913,679		788,208
2.50% 1/1/52		1,312,474		1,132,230
2.50% 2/1/52		1,011,403		875,955
3.00% 8/1/49		1,790,410		1,631,804
Fannie Mae S.F. 30 yr
3.00% 9/1/49		1,309,684		1,194,545
3.00% 10/1/49		589,853		534,484
3.00% 1/1/50		1,577,713		1,434,477
3.50% 6/1/52		3,513,459		3,264,928
4.00% 6/1/52		1,460,505		1,396,827
4.50% 2/1/48		827,185		832,508
4.50% 9/1/49		938,575		935,531
4.50% 10/1/52		1,584,959		1,552,826
5.00% 6/1/52		1,851,573		1,847,256
5.00% 9/1/52		2,003,639		1,998,118
5.50% 10/1/52		1,315,927		1,335,119
5.50% 11/1/52		1,094,167		1,115,408
5.50% 12/1/52		1,228,430		1,240,781
5.50% 3/1/53		1,566,223		1,581,971
6.00% 4/1/39		85,066		86,898
Freddie Mac S.F. 30 yr
2.00% 3/1/52		2,277,094		1,883,572
2.50% 2/1/52		2,253,468		1,943,965
2.50% 5/1/52		231,906		200,018
3.00% 2/1/50		780,613		707,320
3.50% 6/1/47		999,175		943,314
3.50% 4/1/52		1,875,284		1,751,165
4.00% 10/1/44		607,372		592,796
4.00% 8/1/52		463,477		445,850
4.00% 9/1/52		1,888,138		1,810,884
4.50% 9/1/52		3,795,234		3,731,019
5.50% 9/1/52		2,870,546		2,951,733
5.50% 11/1/52		1,071,637		1,086,952
5.50% 3/1/53		1,796,000		1,837,234
Total Agency Mortgage-Backed Securities (cost $49,407,851)				48,593,623

Agency Obligations — 1.68%
Federal Home Loan Mortgage
4.00% 2/28/25		980,000		966,815
4.20% 8/28/25		980,000		968,569
5.82% 3/20/25		785,000		786,986
Total Agency Obligations (cost $2,745,000)				2,722,370

US Treasury Obligations — 48.68%
US Treasury Bonds
1.375% 11/15/40		515,000		355,169
1.375% 8/15/50		660,000		396,748
1.875% 2/15/41		625,000		467,981
2.50% 2/15/45		10,805,000		8,630,283
3.625% 2/15/53		6,890,000		6,842,093

Table of Contents

	Principal amount^°		Value (US $)
US Treasury Obligations (continued)
US Treasury Bonds
4.50% 8/15/39		2,495,000	$	2,772,325
US Treasury Floating Rate Notes
4.931% (USBMMY3M + 0.20%) 1/31/25 •		3,225,000		3,227,192
US Treasury Notes
1.125% 2/15/31		6,150,000		5,180,774
1.625% 2/15/26		2,323,000		2,185,480
2.25% 11/15/25		2,905,000		2,788,346
2.875% 8/15/28		5,860,000		5,645,858
3.50% 1/31/30		1,885,000		1,877,637
3.625% 3/31/28		1,185,000		1,187,037
3.875% 12/31/27		7,120,000		7,196,346
3.875% 12/31/29		1,870,000		1,904,186
4.00% 2/15/26		1,590,000		1,596,770
4.00% 10/31/29		10,480,000		10,735,450
4.125% 10/31/27		4,480,000		4,566,800
4.125% 11/15/32		10,865,000		11,418,436
Total US Treasury Obligations (cost $80,098,690)				78,974,911

	Number of shares
Short-Term Investments — 4.88%
Money Market Mutual Funds — 4.88%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		1,978,525		1,978,525
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		1,978,525		1,978,525
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		1,978,524		1,978,524
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		1,978,524		1,978,524
Total Short-Term Investments (cost $7,914,098)				7,914,098
Total Value of Securities—101.72% (cost $169,752,086)			$	165,005,995

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2023. 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.

The following futures contracts were outstanding at March 31, 2023:¹

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
62	US Treasury 5 yr Notes	$	6,789,484	$	6,840,006	6/30/23	$	—	$	(50,522	)	$	14,046
37	US Treasury 10 yr Notes		4,252,110		4,133,937	6/21/23		118,173		—			12,719
Total Futures Contracts				$	10,973,943		$	118,173	$	(50,522	)	$	26,765

Table of Contents

Schedules of investments

Delaware Ivy Government Securities Fund

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the 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.

See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

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

S.F. – Single Family

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

USD – US Dollar

yr – Year

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

Table of Contents

Delaware Ivy High Yield Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Convertible Bond — 0.20%
Spirit Airlines 1.00% exercise price $42.88, maturity date 5/15/26		90,000	$	72,945
Total Convertible Bond (cost $80,800)				72,945

Corporate Bonds — 93.19%
Automotive — 2.42%
Ford Motor 4.75% 1/15/43		220,000		169,008
Ford Motor Credit
3.375% 11/13/25		150,000		140,792
4.125% 8/17/27		150,000		137,641
4.542% 8/1/26		165,000		156,663
Goodyear Tire & Rubber 5.25% 7/15/31		315,000		272,431
				876,535
Basic Industry — 6.20%
ATI
4.875% 10/1/29		160,000		145,853
5.125% 10/1/31		312,000		284,377
Chemours 144A 5.75% 11/15/28 #		310,000		277,117
First Quantum Minerals 144A 7.50% 4/1/25 #		200,000		200,036
FMG Resources August 2006
144A 5.875% 4/15/30 #		220,000		211,154
144A 6.125% 4/15/32 #		95,000		91,570
Novelis 144A 4.75% 1/30/30 #		420,000		386,400
Standard Industries 144A 5.00% 2/15/27 #		420,000		399,466
Vibrantz Technologies 144A 9.00% 2/15/30 #		330,000		253,763
				2,249,736
Capital Goods — 4.66%
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 #		200,000		156,691
Bombardier
144A 6.00% 2/15/28 #		126,000		122,850
144A 7.50% 2/1/29 #		70,000		71,575
Clydesdale Acquisition Holdings
144A 6.625% 4/15/29 #		50,000		48,170
144A 8.75% 4/15/30 #		135,000		122,841
Mauser Packaging Solutions Holding
144A 7.875% 8/15/26 #		275,000		275,249
144A 9.25% 4/15/27 #		105,000		97,125
Roller Bearing Co. of America 144A 4.375% 10/15/29 #		340,000		304,014
Sealed Air 144A 5.00% 4/15/29 #		140,000		131,732
TransDigm 4.625% 1/15/29		405,000		360,466
				1,690,713
Communications — 8.55%
Altice France 144A 5.50% 10/15/29 #		330,000		252,634
Altice France Holding 144A 6.00% 2/15/28 #		370,000		236,467
Connect Finco 144A 6.75% 10/1/26 #		380,000		357,542
Consolidated Communications
144A 5.00% 10/1/28 #		36,000		24,490
144A 6.50% 10/1/28 #		350,000		254,555
Digicel International Finance 144A 8.75% 5/25/24 #		235,000		211,524
Frontier Communications Holdings
144A 5.00% 5/1/28 #		45,000		39,100
144A 5.875% 10/15/27 #		365,000		332,150
5.875% 11/1/29		120,000		91,628
144A 6.75% 5/1/29 #		120,000		95,216
144A 8.75% 5/15/30 #		70,000		69,796
Northwest Fiber 144A 4.75% 4/30/27 #		330,000		282,249
Sable International Finance 144A 5.75% 9/7/27 #		200,000		186,514
Telesat Canada
144A 4.875% 6/1/27 #		236,000		122,489
144A 6.50% 10/15/27 #		280,000		89,600
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #		240,000		206,017
VZ Secured Financing 144A 5.00% 1/15/32 #		305,000		249,147
				3,101,118
Consumer Goods — 0.69%
Cerdia Finanz 144A 10.50% 2/15/27 #		165,000		151,764
Pilgrim's Pride 4.25% 4/15/31		105,000		92,713
Scotts Miracle-Gro 4.00% 4/1/31		10,000		7,986
				252,463
Electric — 3.30%
Calpine
144A 3.75% 3/1/31 #		307,000		259,238
144A 4.625% 2/1/29 #		50,000		43,240
144A 5.125% 3/15/28 #		275,000		252,150
Vistra
144A 7.00% 12/15/26 #, µ, Ψ		455,000		400,871
144A 8.00% 10/15/26 #, µ, Ψ		260,000		243,209
				1,198,708
Energy — 15.69%
Ascent Resources Utica Holdings 144A 5.875% 6/30/29 #		270,000		238,544
Callon Petroleum 144A 7.50% 6/15/30 #		125,000		117,621

Table of Contents

Schedules of investments

Delaware Ivy High Yield Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Callon Petroleum
144A 8.00% 8/1/28 #		405,000	$	401,598
CNX Midstream Partners 144A
4.75% 4/15/30 #		125,000		107,663
CNX Resources 144A 6.00%
1/15/29 #		250,000		234,050
Crestwood Midstream Partners
144A 6.00% 2/1/29 #		30,000		28,597
144A 7.375% 2/1/31 #		280,000		280,270
EQM Midstream Partners 144A
4.75% 1/15/31 #		569,000		473,061
Genesis Energy
7.75% 2/1/28		275,000		266,964
8.00% 1/15/27		429,000		424,628
Hilcorp Energy I
144A 6.00% 4/15/30 #		350,000		323,190
144A 6.00% 2/1/31 #		30,000		27,735
144A 6.25% 4/15/32 #		138,000		127,807
Laredo Petroleum 144A 7.75%
7/31/29 #		280,000		233,817
Murphy Oil 6.375% 7/15/28		433,000		427,054
NuStar Logistics
6.00% 6/1/26		157,000		154,092
6.375% 10/1/30		159,000		152,737
Occidental Petroleum
4.20% 3/15/48		15,000		11,648
4.40% 4/15/46		63,000		50,024
4.40% 8/15/49		125,000		97,783
4.50% 7/15/44		65,000		52,270
6.45% 9/15/36		150,000		157,875
Southwestern Energy
5.375% 2/1/29		108,000		101,915
5.375% 3/15/30		269,000		253,215
USA Compression Partners
6.875% 4/1/26		346,000		336,634
6.875% 9/1/27		60,000		57,393
Weatherford International
144A 6.50% 9/15/28 #		256,000		256,680
144A 8.625% 4/30/30 #		290,000		296,948
				5,691,813
Financial Services — 3.76%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #, µ		570,000		539,764
AerCap Holdings 5.875% 10/10/79 µ		219,000		199,761
Air Lease 4.65% 6/15/26 µ, Ψ		230,000		191,582
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		297,000		263,663
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #		200,000		170,318
				1,365,088
Healthcare — 7.34%
AthenaHealth Group 144A 6.50% 2/15/30 #		160,000		129,882
Avantor Funding 144A 3.875% 11/1/29 #		220,000		197,102
Bausch Health 144A 6.125% 2/1/27 #		335,000		217,154
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		240,000		213,943
CHS 144A 5.25% 5/15/30 #		235,000		184,557
Consensus Cloud Solutions
144A 6.00% 10/15/26 #		110,000		95,663
144A 6.50% 10/15/28 #		110,000		91,322
DaVita
144A 3.75% 2/15/31 #		130,000		102,664
144A 4.625% 6/1/30 #		405,000		346,072
Medline Borrower 144A 3.875% 4/1/29 #		208,000		180,681
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		300,000		255,032
Organon & Co. 144A 5.125% 4/30/31 #		250,000		222,144
Tenet Healthcare
4.375% 1/15/30		240,000		215,616
6.125% 10/1/28		220,000		211,056
				2,662,888
Insurance — 4.63%
HUB International 144A 5.625% 12/1/29 #		325,000		283,563
Jones Deslauriers Insurance Management
144A 8.50% 3/15/30 #		375,000		389,061
144A 10.50% 12/15/30 #		420,000		423,554
NFP
144A 6.875% 8/15/28 #		320,000		274,902
144A 7.50% 10/1/30 #		110,000		106,401
USI 144A 6.875% 5/1/25 #		205,000		202,138
				1,679,619
Leisure — 7.65%
Boyd Gaming 144A 4.75% 6/15/31 #		510,000		463,641
Caesars Entertainment 144A 8.125% 7/1/27 #		226,000		230,723
Carnival
144A 5.75% 3/1/27 #		717,000		588,955
144A 7.625% 3/1/26 #		153,000		139,762

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Leisure (continued)
Royal Caribbean Cruises
144A 5.375% 7/15/27 #		498,000	$	444,154
144A 5.50% 8/31/26 #		30,000		28,101
144A 5.50% 4/1/28 #		338,000		298,792
Scientific Games Holdings 144A 6.625% 3/1/30 #		345,000		305,199
Scientific Games International 144A 7.25% 11/15/29 #		275,000		275,781
				2,775,108
Media — 10.75%
AMC Networks 4.25% 2/15/29		270,000		166,292
Arches Buyer 144A 6.125% 12/1/28 #		315,000		260,229
CCO Holdings
144A 4.50% 8/15/30 #		680,000		575,372
144A 5.375% 6/1/29 #		235,000		216,043
CMG Media 144A 8.875% 12/15/27 #		390,000		295,226
CSC Holdings
144A 4.625% 12/1/30 #		710,000		350,775
144A 5.00% 11/15/31 #		275,000		139,587
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		265,000		201,721
Directv Financing 144A 5.875% 8/15/27 #		395,000		358,131
DISH DBS 144A 5.75% 12/1/28 #		370,000		276,806
Gray Escrow II 144A 5.375% 11/15/31 #		85,000		56,536
Gray Television 144A 4.75% 10/15/30 #		465,000		309,225
Nexstar Media 144A 4.75% 11/1/28 #		255,000		227,088
Sirius XM Radio 144A 4.125% 7/1/30 #		570,000		466,619
				3,899,650
Retail — 5.78%
Asbury Automotive Group
144A 4.625% 11/15/29 #		245,000		219,608
4.75% 3/1/30		215,000		192,680
Bath & Body Works
6.875% 11/1/35		215,000		194,013
6.95% 3/1/33		220,000		194,832
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		374,000		340,107
Michaels
144A 5.25% 5/1/28 #		145,000		120,998
144A 7.875% 5/1/29 #		110,000		77,104
Murphy Oil USA
144A 3.75% 2/15/31 #		75,000		63,264
4.75% 9/15/29		400,000		364,880
PetSmart 144A 7.75% 2/15/29 #		335,000		329,198
				2,096,684
Services — 5.48%
CDW 3.569% 12/1/31		375,000		322,886
Clarivate Science Holdings
144A 3.875% 7/1/28 #		95,000		84,888
144A 4.875% 7/1/29 #		279,000		252,591
Gartner 144A 4.50% 7/1/28 #		215,000		204,286
NESCO Holdings II 144A 5.50% 4/15/29 #		104,000		94,192
Prime Security Services Borrower
144A 3.375% 8/31/27 #		270,000		242,314
144A 5.75% 4/15/26 #		185,000		183,793
Staples 144A 7.50% 4/15/26 #		304,000		266,638
White Cap Buyer 144A 6.875% 10/15/28 #		223,000		193,644
White Cap Parent 144A PIK 8.25% 3/15/26 #, >		157,000		142,993
				1,988,225
Technology & Electronics — 4.65%
Clarios Global 144A 8.50% 5/15/27 #		190,000		191,069
CommScope 144A 8.25% 3/1/27 #		60,000		49,200
CommScope Technologies 144A 6.00% 6/15/25 #		156,000		147,067
Entegris Escrow 144A 5.95% 6/15/30 #		365,000		354,138
Go Daddy Operating 144A 3.50% 3/1/29 #		235,000		203,399
NCR 144A 5.125% 4/15/29 #		454,000		393,277
Sensata Technologies 144A 4.00% 4/15/29 #		160,000		144,700
SS&C Technologies 144A 5.50% 9/30/27 #		210,000		203,999
				1,686,849
Transportation — 1.64%
Air Canada 144A 3.875% 8/15/26 #		235,000		213,630
American Airlines 144A 5.75% 4/20/29 #		162,615		156,159
Grupo Aeromexico 144A 8.50% 3/17/27 #		255,000		224,568
				594,357
Total Corporate Bonds (cost $36,595,532)				33,809,554

Table of Contents

Schedules of investments

Delaware Ivy High Yield Fund

	Principal amount^°		Value (US $)
Municipal Bonds — 0.56%
GDB Debt Recovery Authority of Puerto Rico (Taxable) 7.50% 8/20/40		243,643	$	202,223
Total Municipal Bonds (cost $230,726)				202,223

	Number of shares
Short-Term Investments — 4.59%
Money Market Mutual Funds — 4.59%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		416,100		416,100
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		416,101		416,101
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		416,101		416,101
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		416,100		416,100
Total Short-Term Investments (cost $1,664,402)				1,664,402
Total Value of Securities—98.54% (cost $38,571,460)			$	35,749,124

°	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 March 31, 2023, the aggregate value of Rule 144A securities was $27,152,166, which represents 74.84% of the Fund's net assets. See Note 10 in “Notes to financial statements.”
m	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2023. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
>	PIK. 100% of the income received was in the form of cash.

Summary of abbreviations:

DAC – Designated Activity Company

PIK – Payment-in-kind

USD – US Dollar

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

Table of Contents

Delaware Ivy International Small Cap Fund

March 31, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 96.79%∆
Argentina – 0.90%
Arcos Dorados Holdings Class A		38,907	$	299,973
				299,973
Australia – 2.62%
HUB24		22,194		413,523
Pro Medicus		10,718		462,262
				875,785
Austria – 2.80%
BAWAG Group		4,603		223,563
DO & CO †		4,351		509,503
Vienna Insurance Group AG Wiener Versicherung Gruppe		7,563		203,388
				936,454
Brazil – 2.63%
3R Petroleum Oleo e Gas †		45,640		265,189
CSN Mineracao		468,487		449,220
SLC Agricola		18,239		164,057
				878,466
Canada – 10.44%
Aritzia †		11,148		357,742
ATS †		30,089		1,259,886
Capital Power		11,545		355,704
ERO Copper †		21,554		381,322
Granite Real Estate Investment Trust		4,672		289,308
Major Drilling Group International †		41,482		326,270
Stella–Jones		9,008		345,190
SunOpta †		22,953		176,117
				3,491,539
China – 8.20%
AK Medical Holdings		380,000		444,777
Atour Lifestyle Holdings ADR †		13,276		347,964
Beijing Capital International Airport †		582,000		428,636
China Yongda Automobiles Services Holdings		359,000		255,036
Dongyue Group		303,000		313,178
Hainan Meilan International Airport †		86,000		208,916
MMG †		956,000		280,398
Sinotruk Hong Kong		128,000		199,214
Xtep International Holdings		208,500		265,558
				2,743,677
Denmark – 1.51%
Jyske Bank †		7,207		505,049
				505,049
Finland – 0.99%
Valmet		10,156		329,702
				329,702
France – 1.36%
IPSOS		7,325		454,018
				454,018
Germany – 3.84%
AIXTRON		10,259		348,679
HUGO BOSS		6,521		468,928
K+S		7,674		163,417
SGL Carbon †		30,552		301,897
				1,282,921
Greece – 0.51%
Alpha Services and Holdings †		137,928		169,518
				169,518
India – 1.15%
Varun Beverages		22,776		385,368
				385,368
Indonesia – 0.82%
AKR Corporindo		2,653,200		274,429
				274,429
Ireland – 1.01%
Glenveagh Properties †		313,063		339,517
				339,517
Israel – 1.29%
Inmode †		13,476		430,693
				430,693
Italy – 6.04%
Azimut Holding		16,569		353,545
Brembo		24,837		363,587
Brunello Cucinelli		5,139		509,875
Piaggio & C		97,251		414,559
Reply		3,008		377,724
				2,019,290
Japan – 22.81%
Amvis Holdings		29,100		677,654
Asics		36,100		1,028,288
BayCurrent Consulting		13,000		539,736
DMG Mori		32,700		552,821
Fujimi		11,500		636,693
Fukuoka Financial Group		20,400		392,515
Goldwin		7,300		696,484
IHI		22,200		557,646
Mebuki Financial Group		189,300		462,850
OKUMA		8,200		367,242
SMS		16,900		411,016
TechnoPro Holdings		27,700		768,287

Table of Contents

Schedules of investments

Delaware Ivy International Small Cap Fund

	Number of shares		Value (US $)
Common Stocks∆ (continued)
Japan (continued)
Toho Titanium		32,200	$	537,887
				7,629,119
Mexico – 3.99%
Banco del Bajio		78,563		285,783
Corp Inmobiliaria Vesta		140,663		442,596
Grupo Aeroportuario del Centro Norte		54,268		606,043
				1,334,422
Netherlands – 1.10%
Just Eat Takeaway.com †		19,297		368,245
				368,245
Norway – 1.97%
Aker Solutions		75,529		275,593
Subsea 7		32,197		382,199
				657,792
Republic of Korea – 2.20%
Hotel Shilla		4,093		257,222
LEENO Industrial		1,711		189,751
Sungeel Hitech †		2,324		287,632
				734,605
South Africa – 0.63%
African Rainbow Minerals		16,401		212,471
				212,471
Spain – 1.94%
Banco de Sabadell		268,463		288,716
Melia Hotels International †		55,751		360,222
				648,938
Sweden – 2.59%
Catena		8,076		300,561
Fortnox		82,677		565,704
				866,265
Taiwan – 5.31%
Alchip Technologies		9,000		368,575
ASPEED Technology		3,000		261,830
Lotes		16,000		483,591
Wafer Works		159,000		254,963
Wiwynn		11,000		408,116
				1,777,075
Thailand – 0.69%
Land & Houses		806,800		232,402
				232,402
United Kingdom – 6.20%
Beazley		50,184		371,085
Diploma		5,170		180,007
Grafton Group		10,429		114,225
Inchcape		45,137		432,671
Keywords Studios		13,623		463,491
Pagegroup		36,519		205,602
RS GROUP		27,190		307,419
				2,074,500
United States – 1.25%
Noble †		10,735		418,814
				418,814
Total Common Stocks (cost $30,327,339)				32,371,047

Preferred Stock – 0.74%
Brazil – 0.74%
Metalurgica Gerdau 10.50% ω		105,411		246,450
Total Preferred Stock (cost $275,183)				246,450

Rights – 0.01%
Taiwan – 0.01%
Lotes		415		3,520
Total Rights (cost $0)				3,520

Short–Term Investments – 2.37%
Money Market Mutual Funds – 2.37%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		198,317		198,317
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		198,317		198,317
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		198,316		198,316
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		198,317		198,317
Total Short-Term Investments (cost $793,267)				793,267
Total Value of Securities-99.91% (cost $31,395,789)			$	33,414,284

Table of Contents

∆	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 11 in “Security type / country and sector allocations.”
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

AG – Aktiengesellschaft

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

Table of Contents

Schedules of investments

Delaware Ivy Multi-Asset Income Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities — 2.40%
Fannie Mae S.F. 15 yr
2.50% 8/1/35		273,814	$	254,766
Fannie Mae S.F. 20 yr
4.00% 9/1/42		62,048		59,921
Fannie Mae S.F. 30 yr
3.00% 1/1/50		388,998		352,290
3.00% 2/1/52		72,894		65,681
3.50% 6/1/51		286,246		266,853
3.50% 6/1/52		207,352		192,684
4.00% 5/1/51		47,507		45,966
4.50% 1/1/50		131,300		132,045
4.50% 10/1/52		118,629		116,224
5.00% 9/1/52		11,501		11,469
5.50% 8/1/52		140,674		142,598
5.50% 10/1/52		99,050		100,089
5.50% 3/1/53		119,483		120,684
Freddie Mac S.F. 20 yr
3.00% 5/1/40		287,002		268,259
Freddie Mac S.F. 30 yr
2.50% 7/1/50		612,393		531,653
4.00% 8/1/52		170,296		163,820
4.00% 9/1/52		44,845		42,903
5.00% 7/1/52		270,262		269,913
5.50% 9/1/52		30,706		31,505
5.50% 10/1/52		82,955		83,789
Total Agency Mortgage-Backed Securities (cost $3,469,668)				3,253,112

Corporate Bonds — 34.05%
Banking — 1.00%
Bank of America
5.015% 7/22/33 µ		95,000		94,028
6.204% 11/10/28 µ		70,000		73,239
Citigroup 5.61% 9/29/26 µ		115,000		115,935
Citizens Bank 6.064% 10/24/25 µ		250,000		235,415
Fifth Third Bancorp 6.361% 10/27/28 µ		43,000		43,324
Goldman Sachs Group 1.542% 9/10/27 µ		180,000		158,496
JPMorgan Chase & Co. 1.953% 2/4/32 µ		285,000		229,464
KeyBank 5.85% 11/15/27		280,000		275,566
KeyCorp 4.789% 6/1/33 µ		11,000		9,859
Morgan Stanley 6.296% 10/18/28 µ		33,000		34,730
SVB Financial Group 4.57% 4/29/33 µ, ‡		74,000		42,987
US Bancorp 4.653% 2/1/29 µ		36,000		35,217
				1,348,260
Basic Industry — 1.34%
Celanese US Holdings 6.05% 3/15/25		105,000		105,676
Chemours 144A 5.75% 11/15/28 #		455,000		406,736
First Quantum Minerals 144A 6.875% 10/15/27 #		200,000		192,990
FMG Resources August 2006 144A 5.875% 4/15/30 #		400,000		383,915
Newmont 2.60% 7/15/32		15,000		12,563
Novelis 144A 4.75% 1/30/30 #		620,000		570,400
Sherwin-Williams 3.30% 5/15/50		200,000		141,696
				1,813,976
Brokerage — 0.56%
NFP
144A 6.875% 8/15/28 #		709,000		609,081
144A 7.50% 10/1/30 #		155,000		149,929
				759,010
Capital Goods — 2.30%
ARD Finance 144A PIK 6.50% 6/30/27 #, >		320,000		245,184
Ardagh Metal Packaging Finance USA
144A 3.25% 9/1/28 #		150,000		129,263
144A 4.00% 9/1/29 #		200,000		156,691
Bombardier 144A 7.50% 2/1/29 #		85,000		86,913
Canpack 144A 3.875% 11/15/29 #		154,000		124,863
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #		165,000		150,138
CP Atlas Buyer 144A 7.00%12/1/28 #		395,000		293,803
GFL Environmental 144A 5.125% 12/15/26 #		78,000		76,343
Lockheed Martin 3.90% 6/15/32		75,000		72,995
Mauser Packaging Solutions Holding
144A 7.875% 8/15/26 #		350,000		350,317
144A 9.25% 4/15/27 #		125,000		115,625
NESCO Holdings II 144A 5.50% 4/15/29 #		134,000		121,363
Sealed Air 144A 5.00% 4/15/29 #		220,000		207,007
Standard Industries
144A 4.375% 7/15/30 #		40,000		34,845
144A 4.75% 1/15/28 #		38,000		35,553

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
TransDigm
4.625% 1/15/29		177,000	$	157,537
5.50% 11/15/27		551,000		520,146
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #		657,000		49,275
White Cap Parent 144A PIK 8.25% 3/15/26 #, >		203,000		184,888
				3,112,749
Communications — 6.33%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #		806,000		614,837
Altice France 144A 5.125% 7/15/29 #		254,000		191,376
AMC Networks 4.25% 2/15/29		340,000		209,404
AT&T 3.50% 9/15/53		95,000		69,093
CCO Holdings
144A 4.25% 2/1/31 #		43,000		35,210
144A 4.50% 8/15/30 #		696,000		588,910
144A 5.375% 6/1/29 #		890,000		818,204
Charter Communications Operating 3.85% 4/1/61		10,000		6,248
CMG Media 144A 8.875% 12/15/27 #		485,000		367,140
Consolidated Communications
144A 5.00% 10/1/28 #		122,000		82,995
144A 6.50% 10/1/28 #		620,000		450,925
CSC Holdings
144A 5.00% 11/15/31 #		254,000		128,928
144A 5.375% 2/1/28 #		285,000		233,759
144A 5.75% 1/15/30 #		402,000		212,055
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		420,000		319,708
Digicel International Finance 144A 8.75% 5/25/24 #		411,000		369,942
Directv Financing 144A 5.875% 8/15/27 #		338,000		306,451
DISH DBS 144A 5.75% 12/1/28 #		385,000		288,028
Frontier Communications Holdings
144A 5.00% 5/1/28 #		186,000		161,612
144A 5.875% 10/15/27 #		359,000		326,690
5.875% 11/1/29		310,847		237,352
144A 6.00% 1/15/30 #		200,000		152,332
144A 6.75% 5/1/29 #		174,000		138,064
Gray Escrow II 144A 5.375% 11/15/31 #		435,000		289,334
Gray Television 144A 4.75% 10/15/30 #		165,000		109,725
Ligado Networks 144A PIK 15.50% 11/1/23 #, >>		1,034,082		317,980
Matterhorn Telecom 3.125% 9/15/26	EUR	69,000		69,555
Northwest Fiber 144A 4.75% 4/30/27 #		295,000		252,314
Sirius XM Radio 144A 4.125% 7/1/30 #		595,000		487,085
Telesat Canada
144A 5.625% 12/6/26 #		678,000		350,492
144A 6.50% 10/15/27 #		118,000		37,760
Verizon Communications 3.875% 3/1/52		75,000		60,768
VTR Comunicaciones 144A 4.375% 4/15/29 #		346,000		210,410
Warnermedia Holdings 144A 5.141% 3/15/52 #		90,000		73,021
				8,567,707
Consumer Cyclical — 5.44%
Allison Transmission 144A 5.875% 6/1/29 #		440,000		428,912
Amazon.com
2.50% 6/3/50		105,000		71,259
3.60% 4/13/32		85,000		80,796
Arches Buyer 144A 6.125% 12/1/28 #		409,000		337,885
Asbury Automotive Group
4.50% 3/1/28		344,830		314,268
144A 4.625% 11/15/29 #		8,000		7,171
4.75% 3/1/30		345,830		309,928
144A 5.00% 2/15/32 #		8,000		7,019
Boyd Gaming
4.75% 12/1/27		680,000		652,800
144A 4.75% 6/15/31 #		15,000		13,637
Caesars Entertainment 144A 8.125% 7/1/27 #		289,000		295,040
Carnival
144A 5.75% 3/1/27 #		266,000		218,496
144A 7.625% 3/1/26 #		976,000		891,556
Clarios Global 144A 8.50% 5/15/27 #		240,000		241,350
Ford Motor 4.75% 1/15/43		210,000		161,326
Ford Motor Credit 7.35% 3/6/30		200,000		205,700
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		526,000		478,332
Michaels
144A 5.25% 5/1/28 #		298,000		248,672
144A 7.875% 5/1/29 #		722,000		506,082
Murphy Oil USA 4.75% 9/15/29		60,000		54,732

Table of Contents

Schedules of investments

Delaware Ivy Multi-Asset Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
PetSmart 144A 7.75% 2/15/29 #		650,000	$	638,742
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		339,000		299,676
Scientific Games Holdings 144A 6.625% 3/1/30 #		415,000		367,123
Staples
144A 7.50% 4/15/26 #		384,000		336,806
144A 10.75% 4/15/27 #		162,000		117,665
VICI Properties 4.95% 2/15/30		75,000		70,453
				7,355,426
Consumer Non-Cyclical — 3.04%
American Greetings 144A 8.75% 4/15/25 #		119,000		117,620
Amgen 5.25% 3/2/33		32,000		32,894
CHS 144A 5.25% 5/15/30 #		300,000		235,605
CVS Health 2.70% 8/21/40		170,000		121,751
DaVita
144A 3.75% 2/15/31 #		160,000		126,355
144A 4.625% 6/1/30 #		100,000		85,450
Endo Luxembourg Finance I 144A 6.125% 4/1/29 #, ‡		38,000		28,144
Grifols Escrow Issuer 144A 4.75% 10/15/28 #		133,000		109,194
Hadrian Merger Sub 144A 8.50% 5/1/26 #		347,000		285,026
JBS USA Lux 144A 3.00% 2/2/29 #		120,000		102,531
MajorDrive Holdings IV 144A 6.375% 6/1/29 #		669,000		496,237
Medline Borrower 144A 3.875% 4/1/29 #		504,000		437,805
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		478,000		406,350
Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡		454,000		338,164
Pilgrim’s Pride 4.25% 4/15/31		406,000		358,488
Tenet Healthcare
4.375% 1/15/30		305,000		274,012
6.125% 10/1/28		285,000		273,413
US Renal Care 144A 10.625% 7/15/27 #		986,000		260,478
Zoetis 5.40% 11/14/25		25,000		25,435
				4,114,952
Electric — 1.37%
Berkshire Hathaway Energy 2.85% 5/15/51		60,000		41,328
Calpine
144A 5.00% 2/1/31 #		250,000		211,901
144A 5.125% 3/15/28 #		450,000		412,610
Fells Point Funding Trust 144A 3.046% 1/31/27 #		100,000		92,869
Indianapolis Power & Light 144A 5.65% 12/1/32 #		60,000		63,095
NextEra Energy Capital Holdings 3.00% 1/15/52		40,000		27,007
Southern 5.70% 10/15/32		45,000		47,368
TerraForm Power Operating 144A 5.00% 1/31/28 #		106,000		100,833
Vistra 144A 7.00% 12/15/26 #, m, Ψ		855,000		753,285
Vistra Operations 144A 4.30% 7/15/29 #		109,000		97,692
				1,847,988
Energy — 5.68%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		309,000		273,000
144A 7.00% 11/1/26 #		214,000		207,062
Bellatrix Exploration
8.50% 9/11/23 =		177,000		0
12.50% 12/15/23 =		193,000		0
Callon Petroleum
144A 7.50% 6/15/30 #		145,000		136,440
144A 8.00% 8/1/28 #		465,000		461,094
CNX Midstream Partners 144A 4.75% 4/15/30 #		155,000		133,502
CNX Resources 144A 6.00% 1/15/29 #		325,000		304,265
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		172,000		165,915
144A 6.00% 2/1/29 #		36,000		34,317
144A 7.375% 2/1/31 #		185,000		185,179
Diamondback Energy 4.25% 3/15/52		39,000		30,663
Energy Transfer 6.50% 11/15/26 µ, Ψ		262,000		231,215
Ferrellgas 144A 5.375% 4/1/26 #		160,000		149,990
Genesis Energy
7.75% 2/1/28		300,000		291,234
8.00% 1/15/27		519,000		513,711
Hilcorp Energy I
144A 6.00% 2/1/31 #		225,000		208,010
144A 6.25% 4/15/32 #		520,000		481,593

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Mesquite Energy 144A 7.25% 2/15/24 #, ‡		111,000	$	971
Murphy Oil 6.375% 7/15/28		885,000		872,847
NuStar Logistics
6.00% 6/1/26		201,000		197,276
6.375% 10/1/30		200,000		192,122
Occidental Petroleum
6.45% 9/15/36		200,000		210,500
6.625% 9/1/30		245,000		258,251
Southwestern Energy 5.375% 3/15/30		870,000		818,948
USA Compression Partners
6.875% 4/1/26		190,000		184,857
6.875% 9/1/27		285,000		272,618
Valero Energy 3.65% 12/1/51		89,000		64,770
Vital Energy 10.125% 1/15/28		440,000		422,924
Weatherford International 144A 8.625% 4/30/30 #		370,000		378,865
				7,682,139
Finance Companies — 1.12%
Air Lease
2.875% 1/15/32		35,000		28,943
4.65% 6/15/26 µ, Ψ		335,000		279,043
Aviation Capital Group
144A 3.50% 11/1/27 #		105,000		93,872
144A 6.25% 4/15/28 #		15,000		15,023
Midcap Financial Issuer Trust
144A 6.50% 5/1/28 #		210,000		178,834
New Cotai 5.00% 2/2/27 =		360,230		917,576
				1,513,291
Industrials — 0.43%
Adtalem Global Education 144A 5.50% 3/1/28 #		548,000		520,540
Booz Allen Hamilton 144A 3.875% 9/1/28 #		67,000		61,202
				581,742
Insurance — 1.74%
American International Group 5.125% 3/27/33		105,000		104,434
Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, >		1,047,744		958,686
Berkshire Hathaway Finance 3.85% 3/15/52		95,000		79,726
HUB International 144A 5.625% 12/1/29 #		330,000		287,925
Jones Deslauriers Insurance Management
144A 8.50% 3/15/30 #		290,000		300,874
144A 10.50% 12/15/30 #		215,000		216,819
UnitedHealth Group
4.50% 4/15/33		210,000		208,885
5.05% 4/15/53		200,000		202,427
				2,359,776
Natural Gas — 0.05%
Atmos Energy 2.85% 2/15/52		45,000		30,639
Southern Co. Gas Capital 5.15% 9/15/32		35,000		35,323
				65,962
Real Estate Investment Trusts — 0.03%
American Homes 4 Rent 3.625% 4/15/32		45,000		39,030
				39,030
Technology — 3.25%
Autodesk 2.40% 12/15/31		35,000		29,129
CDW
3.276% 12/1/28		45,000		39,725
3.569% 12/1/31		470,000		404,684
CommScope 144A 8.25% 3/1/27 #		80,000		65,600
CommScope Technologies 144A 6.00% 6/15/25 #		75,000		70,705
Consensus Cloud Solutions
144A 6.00% 10/15/26 #		85,000		73,921
144A 6.50% 10/15/28 #		118,000		97,963
Entegris Escrow
144A 4.75% 4/15/29 #		239,000		226,169
144A 5.95% 6/15/30 #		525,000		509,376
Iron Mountain 144A 5.25% 7/15/30 #		1,150,000		1,038,021
Micron Technology 6.75% 11/1/29 14,000 14,880 NCR
144A 5.00% 10/1/28 #		318,000		279,840
144A 5.125% 4/15/29 #		8,000		6,930
144A 5.25% 10/1/30 #		106,000		86,632
144A 6.125% 9/1/29 #		144,000		142,167
Oracle
5.55% 2/6/53		110,000		104,863
6.15% 11/9/29		35,000		37,296
Sensata Technologies 144A 4.00% 4/15/29 #		360,000		325,575
SS&C Technologies 144A 5.50% 9/30/27 #		875,000		849,996
				4,403,472
Transportation — 0.37%
American Airlines 144A 5.75% 4/20/29 #		213,142		204,680

Table of Contents

Schedules of investments

Delaware Ivy Multi-Asset Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Burlington Northern Santa Fe 2.875% 6/15/52		55,000	$	38,597
Grupo Aeromexico 144A 8.50% 3/17/27 #		300,000		264,197
				507,474
Total Corporate Bonds (cost $51,534,773)				46,072,954

Non-Agency Commercial Mortgage-Backed Securities — 0.70%
BANK
Series 2019-BN21 A5
2.851% 10/17/52		100,000		86,711
Series 2020-BN26 A4
2.403% 3/15/63		220,000		184,648
Series 2021-BN32 A5
2.643% 4/15/54		250,000		209,381
Benchmark Mortgage Trust
Series 2020-B17 A5
2.289% 3/15/53		225,000		186,052
Series 2020-B22 A5
1.973% 1/15/54		100,000		79,302
Series 2022-B33 A5
3.458% 3/15/55		225,000		197,942
Total Non-Agency Commercial Mortgage-Backed Securities (cost $973,101)				944,036

Loan Agreements — 1.31%
Applied Systems 2nd Lien 11.648% (SOFR03M + 6.75%) 9/17/27 •		454,649		456,354
Ascent Resources Utica Holdings 2nd Lien 13.815% (LIBOR03M + 9.00%) 11/1/25 •		133,000		141,230
Foresight Energy Operating Tranche A 13.159% (LIBOR03M + 8.00%) 6/30/27 •		211,650		206,359
Jones DesLauriers Insurance Management 1st Lien 9.27% (CDOR03M + 4.25%) 3/27/28 •		221,668		162,786
9.27% (CDOR03M + 4.25%) 3/27/28 •		50,489		37,077
MLN US HoldCo 1st Lien 11.154% (SOFR03M + 6.70%) 10/18/27 •		871,480		501,101
MLN US HoldCo Tranche B 13.704% (SOFR03M + 9.25%) 10/18/27 •		376,000		129,720
Swf Holdings I 8.753% (LIBOR03M + 4.00%) 10/6/28 •		167,310		142,004
Total Loan Agreements (cost $2,343,022)				1,776,631

US Treasury Obligations — 2.42%
US Treasury Bonds
2.25% 8/15/46		405,000		305,965
3.625% 2/15/53		150,000		148,957
3.875% 2/15/43		70,000		70,640
US Treasury Notes
3.50% 1/31/30		85,000		84,668
3.50% 2/15/33		150,000		150,246
3.625% 3/31/28		150,000		150,258
3.625% 3/31/30		15,000		15,073
3.875% 12/31/27		130,000		131,394
3.875% 11/30/29		635,000		646,162
4.00% 2/28/30		15,000		15,398
4.125% 10/31/27		1,025,000		1,044,859
4.125% 11/15/32		375,000		394,102
4.50% 11/15/25		95,000		96,419
4.625% 3/15/26		15,000		15,343
Total US Treasury Obligations (cost $3,254,942)				3,269,484

		Number of shares
Common Stocks — 52.00%
Basic Industry — 1.41%
Air Liquide		8,180		1,369,240
Foresight Energy =, †		31,163		532,579
Westmoreland Coal =, †		7,276		3,274
				1,905,093
Capital Goods — 0.27%
Otis Worldwide		4,300		362,920
				362,920
Communications — 0.60%
Orange		68,450		813,198
				813,198
Consumer Cyclical — 4.11%
adidas AG		6,310		1,118,590
H & M Hennes & Mauritz Class B		55,560		794,371
Kering		560		365,360
Knorr-Bremse		9,950		662,779
Securitas Class B		113,800		1,012,324
Sodexo		9,600		937,638

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Consumer Cyclical (continued)
Studio City International Holdings ADR †		35,484	$	236,203
Studio City International Holdings ADR †		60,131		400,268
True Religion Apparel =, †		2		32,836
				5,560,369
Consumer Non-Cyclical — 16.34%
Asahi Group Holdings		10,300		383,346
Clorox		8,490		1,343,457
Conagra Brands		10,660		400,390
Danone		23,030		1,433,010
Diageo		29,550		1,318,807
Essity Class B		35,400		1,011,162
Fresenius Medical Care AG & Co.		15,120		641,757
Henry Schein †		16,170		1,318,502
Ingredion		10,060		1,023,404
Kao		18,300		712,333
Kimberly-Clark		8,510		1,142,212
Koninklijke Ahold Delhaize		54,260		1,853,800
Lamb Weston Holdings		6,510		680,425
Merck & Co.		11,410		1,213,910
Nestle		15,690		1,913,090
Novo Nordisk Class B		5,150		817,930
Pfizer		19,190		782,952
Roche Holding		2,330		665,780
Smith & Nephew		85,900		1,194,057
Swatch Group		2,640		909,192
Unilever		26,130		1,354,031
				22,113,547
Consumer Staples — 0.51%
Archer-Daniels-Midland		3,669		292,273
Bunge		4,222		403,285
				695,558
Energy — 3.95%
BP ADR		8,803		333,986
Chesapeake Energy		3,131		238,081
Chord Energy		1,189		160,040
Enbridge		12,772		486,971
EOG Resources		2,616		299,872
KCA Deutag International =, †		5,810		350,779
Kimbell Royalty Partners		32,525		495,356
Occidental Petroleum		5,366		334,999
Parex Resources		22,106		411,206
Schlumberger		7,223		354,649
Shell		22,799		649,740
TC Energy		12,615		490,692
Unit		6,328		276,217
Valero Energy		3,283		458,307
				5,340,895
Financial Services — 0.25%
New Cotai =, †		318,315		324,324
Riverbed Holdings =, †		31,305		7,826
				332,150
Home builders — 0.04%
China Resources Land		4,000		18,215
Lifestyle Communities		3,310		35,467
				53,682
Industrials — 4.31%
ALEATICA †		582,694		1,131,759
Atlas Arteria		99,022		418,069
CCR		231,943		582,094
East Japan Railway		8,600		475,937
Enav 144A #		114,660		479,892
GrafTech International		20,500		99,630
Intertek Group		13,050		653,606
Makita		21,100		525,493
Sacyr		150,445		483,602
Transurban Group		51,667		493,337
Vinci		4,275		490,096
				5,833,515
Materials — 3.47%
Alcoa		7,700		327,712
Anglo American		16,433		546,586
CF Industries Holdings		3,537		256,397
Corteva		6,629		399,795
Endeavour Mining		4,481		110,622
ERO Copper †		15,679		277,384
Freeport-McMoRan		8,811		360,458
Hudbay Minerals		40,694		213,644
Kinross Gold		64,891		305,637
Newmont		11,721		574,563
Nutrien		7,209		532,385
Sylvamo		3,080		142,481
United States Steel		3,814		99,545
Vale ADR		14,844		234,238
Wheaton Precious Metals		6,562		316,026
				4,697,473
Real Estate — 0.81%
Mitsubishi Estate		21,800		259,304
Mitsui Fudosan		3,900		73,259
Sumitomo Realty & Development		8,600		194,200
Weyerhaeuser		18,836		567,529
				1,094,292

Table of Contents

Schedules of investments

Delaware Ivy Multi-Asset Income Fund

	Number of shares		Value (US $)
Common Stocks (continued)
REIT Diversified — 1.18%
Aroundtown		22,520	$	32,193
Capitaland Investment		39,600		109,871
Charter Hall Group		9,250		68,715
CK Asset Holdings		20,000		121,253
Covivio		710		41,301
Derwent London		1,530		44,531
DigitalBridge Group		3,600		43,164
Fastighets Balder Class B †		8,630		35,457
Inmobiliaria Colonial Socimi		10,160		64,391
Land Securities Group		10,380		79,683
Mapletree Logistics Trust		86,800		111,969
Mapletree Pan Asia Commercial Trust		99,400		134,768
Nomura Real Estate Master Fund		160		179,294
Shaftesbury Capital		23,391		33,097
Sun Hung Kai Properties		20,000		280,192
United Urban Investment		140		151,051
Wharf Real Estate Investment		12,000		69,088
				1,600,018
REIT Healthcare — 0.86%
Aedifica		480		38,671
Alexandria Real Estate Equities		2,860		359,187
HealthCo REIT		38,920		34,862
Healthpeak Properties		9,250		203,223
Welltower		7,350		526,921
				1,162,864
REIT Industrial — 1.34%
Americold Realty Trust		5,500		156,475
First Industrial Realty Trust		2,550		135,660
Goodman Group		9,430		119,665
Industrial & Infrastructure Fund Investment		85		92,512
Mitsubishi Estate Logistics REIT Investment		32		94,288
Prologis		6,458		805,765
Rexford Industrial Realty		3,100		184,915
Segro		12,230		116,500
Warehouses De Pauw CVA		3,800		112,997
				1,818,777
REIT Information Technology — 0.72%
American Tower		590		120,561
Digital Realty Trust		4,190		411,919
Equinix		530		382,151
SBA Communications		220		57,435
				972,066
REIT Lodging — 0.21%
Apple Hospitality REIT		5,560		86,291
Ryman Hospitality Properties		1,570		140,876
Xenia Hotels & Resorts		4,590		60,083
				287,250
REIT Mall — 0.09%
Simon Property Group		1,060		118,688
				118,688
REIT Manufactured Housing — 0.31%
Equity LifeStyle Properties		2,700		181,251
Sun Communities		1,710		240,905
				422,156
REIT Multifamily — 1.18%
American Homes 4 Rent Class A		5,340		167,943
Boardwalk Real Estate Investment Trust		1,520		62,015
Canadian Apartment Properties REIT		3,030		106,291
Equity Residential		5,210		312,600
Essex Property Trust		1,150		240,511
Gecina		820		85,116
LEG Immobilien		960		52,758
Mid-America Apartment Communities		360		54,374
UDR		7,190		295,221
UNITE Group		8,090		95,844
Vonovia		6,450		121,485
				1,594,158
REIT Office — 0.29%
Boston Properties		2,170		117,440
Castellum		3,370		39,206
Fabege		5,080		38,964
Japan Real Estate Investment		23		91,661
Tokyu REIT		55		75,088
Wihlborgs Fastigheter		3,800		29,119
				391,478
REIT Retail — 0.26%
CapitaLand Integrated Commercial Trust		65,200		97,241
Link REIT		23,923		153,831
SmartCentres Real Estate Investment Trust		3,050		59,962
Unibail-Rodamco-Westfield †		840		45,197
				356,231
REIT Self-Storage — 0.83%
Big Yellow Group		6,660		96,008

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
REIT Self-Storage (continued)
Extra Space Storage		2,310	$	376,368
Life Storage		2,220		291,020
National Storage REIT		42,060		71,237
Public Storage		940		284,012
				1,118,645
REIT Shopping Center — 0.38%
Federal Realty Investment Trust		1,050		103,772
Kenedix Retail REIT		30		53,157
Kimco Realty		11,350		221,666
Kite Realty Group Trust		6,270		131,168
				509,763
REIT Single Tenant — 0.77%
Agree Realty		3,590		246,310
NETSTREIT		6,020		110,046
Realty Income		7,430		470,467
Spirit Realty Capital		5,270		209,957
				1,036,780
REIT Specialty — 0.06%
Invitation Homes		2,590		80,886
				80,886
Technology — 3.18%
Amadeus IT Group †		23,040		1,545,605
Cellnex Telecom 144A #		14,471		562,743
NEXTDC †		5,980		42,319
SAP		11,080		1,399,078
Visa Class A		3,350		755,291
				4,305,036
Utilities — 4.27%
APA Group		39,392		267,598
Enel		83,333		508,244
Hydro One 144A #		18,034		513,465
National Grid		37,283		504,327
Orsted 144A #		5,893		502,484
Pennon Group		44,778		483,825
PPL		17,596		488,993
Severn Trent		13,911		494,160
Snam		97,017		514,388
SSE		22,908		511,166
Terna - Rete Elettrica Nazionale		61,183		502,153
United Utilities Group		37,106		485,624
				5,776,427
Total Common Stocks (cost $71,420,015)				70,353,915

Preferred Stock — 0.01%
True Religion Apparel 6.25% =, ω		2		10,280
Total Preferred Stock (cost $33,831)				10,280

Exchange-Traded Funds — 5.45%
SPDR S&P Global Natural Resources ETF		10,716		611,776
Vanguard Global ex-U.S. Real Estate ETF		230		9,331
Vanguard High Dividend Yield ETF		37,172		3,921,646
Vanguard International High Dividend Yield ETF		41,866		2,593,599
Vanguard Real Estate ETF		70		5,813
Vanguard S&P 500 ETF		610		229,403
Total Exchange-Traded Funds (cost $7,513,224)				7,371,568

Master Limited Partnerships — 0.36%
Black Stone Minerals		30,887		484,617
Total Master Limited Partnerships (cost $306,103)				484,617

Warrants — 0.01%
California Resources †		1,167		9,919
Total Warrants (cost $101,593)				9,919

Short-Term Investments — 0.08%
Money Market Mutual Funds — 0.08%
BlackRock Liquidity FedFund– Institutional Shares (seven-day effective yield 4.72%)		28,488		28,488
Fidelity Investments Money
Market Government Portfolio – Class I (seven-day effective yield 4.72%)		28,488		28,488
Goldman Sachs Financial
Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		28,488		28,488

Table of Contents

Schedules of investments

Delaware Ivy Multi-Asset Income Fund

	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 4.73%)		28,488	$	28,488
Total Short-Term Investments (cost $113,952)				113,952
Total Value of Securities—98.79% (cost $141,064,224)			$	133,660,468

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
m	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2023. Rate will reset at a future date.
‡	Non-income producing security. Security is currently in default.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2023, the aggregate value of Rule 144A securities was $34,840,151, which represents 25.75% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
>>	PIK. 100% of the income received was in the form of principal.
Ψ	Perpetual security. Maturity date represents next call 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 10 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2023. 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.
ω	Perpetual security with no stated maturity date.

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2023:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Appreciation

CAD

(195,000)

USD

145,766

4/21/23

1,439

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
1	US Treasury 2yr Notes	$	206,453		$	204,189		6/30/23	$	2,264	$	—		$	141
(3)	US Treasury 10 yr Notes		(344,765	)		(335,102	)	6/21/23		—		(9,663	)		(1,031	)
(4)	US Treasury 10 yr Ultra Notes		(484,563	)		(467,396	)	6/21/23		—		(17,167	)		(2,188	)
2	US Treasury Long Bonds		262,313			250,458		6/21/23		11,855		—			2,000
Total Futures Contracts					$	(347,851	)		$	14,119	$	(26,830	)	$	(1,078	)

Table of Contents

The use of foreign currency exchange contracts and futures 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 are reflected in the Fund’s net assets.

¹	See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

AG – Aktiengesellschaft

CDOR03M – 3 Month Canadian Dollar Offered Rate

CVA – Certified Dutch Certificate

ETF – Exchange-Traded Fund

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

PIK – Payment-in-kind

REIT – Real Estate Investment Trust

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

S.F. – Single Family

SOFR03M – Secured Overnight Financing Rate 3 Month

SPDR – Standard & Poor’s Depositary Receipt

TD – TD Bank

yr – Year

Summary of currencies:

CAD – Canadian Dollar

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 Strategic Income Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 7.79%
Fannie Mae REMIC
Series 2014-34 MA 3.00% 2/25/44		55,833	$	53,366
Freddie Mac Structured
Agency Credit Risk REMICs Trust
Series 2021-DNA5 M2 144A 6.21% (SOFR + 1.65%) 1/25/34 #, •		2,349,241		2,305,410
Series 2021-HQA1 M2 144A 6.81% (SOFR + 2.25%) 8/25/33 #, •		3,000,000		2,887,872
Series 2022-DNA1 M2 144A 7.06% (SOFR + 2.50%) 1/25/42 #, •		3,000,000		2,767,500
Series 2022-DNA2 M2 144A 8.31% (SOFR + 3.75%) 2/25/42 #, •		3,000,000		2,887,582
GNMA Series 2015-151 KC 3.50% 4/20/34		20,013		19,495
Total Agency Collateralized Mortgage Obligations (cost $11,463,272)				10,921,225

Agency Mortgage-Backed Securities — 2.34%
Fannie Mae S.F. 30 yr
5.00% 10/1/52		702,371		700,435
5.50% 10/1/52		1,687,443		1,715,460
6.00% 12/1/52		845,688		864,006
Total Agency Mortgage-Backed Securities (cost $3,196,249)				3,279,901

Convertible Bond — 0.30%
Spirit Airlines 1.00% exercise
price $42.88, maturity date
5/15/26		518,000		419,839
Total Convertible Bond (cost $469,989)				419,839

Corporate Bonds — 50.31%
Banking — 7.04%
Banco BBVA Peru 5.25% 9/22/29 µ		125,000		120,614
Banco de Credito del Peru 144A 4.25% 4/1/23 #		550,000		550,000
Banco General 144A 5.25% 5/7/31 #, µ, Ψ		200,000		174,759
Banco Internacional del Peru 144A 3.25% 10/4/26 #		1,500,000		1,367,674
Banco Santander Mexico 144A 5.95% 10/1/28 #, µ		350,000		342,642
BBVA Bancomer
144A 1.875% 9/18/25 #		600,000		548,103
144A 5.875% 9/13/34 #, µ		600,000		524,520
5.875% 9/13/34 µ		200,000		174,840
Citizens Bank 6.064% 10/24/25 µ		285,000		268,373
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 #		500,000		431,735
Credit Suisse 1.00% 5/5/23		250,000		247,813
Deutsche Bank 3.729% 1/14/32 µ		200,000		149,325
Hana Bank 144A 3.50% 10/19/26 #, µ, Ψ		200,000		170,427
ICICI Bank 144A 4.00% 3/18/26 #		1,200,000		1,159,620
Itau Unibanco Holding 144A 3.25% 1/24/25 #		470,000		453,052
KeyCorp 4.789% 6/1/33 µ		68,000		60,945
NBK SPC 144A 1.625% 9/15/27 #, µ		1,800,000		1,602,612
NBK Tier 1 144A 3.625% 8/24/26 #, µ, Ψ		206,000		176,407
NBK Tier 1 Financing 2 144A 4.50% 8/27/25 #, µ, Ψ		300,000		272,868
Power Finance 3.90% 9/16/29		1,100,000		984,792
SVB Financial Group 4.57% 4/29/33 µ, ‡		156,000		90,620
				9,871,741
Basic Industry — 2.30%
AngloGold Ashanti Holdings
3.75% 10/1/30		350,000		306,444
6.50% 4/15/40		120,000		117,441
First Quantum Minerals 144A 6.875% 10/15/27 #		505,000		487,301
GUSAP III 144A 4.25% 1/21/30 #		900,000		827,937
Industrias Penoles 144A 4.15% 9/12/29 #		700,000		641,303
Suzano Austria 2.50% 9/15/28		1,000,000		852,010
				3,232,436
Brokerage — 1.03%
NFP 144A 6.875% 8/15/28 #		1,687,000		1,449,251
				1,449,251

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Capital Goods — 2.57%
Canpack 144A 3.875% 11/15/29 #		170,000	$	137,836
Cemex 144A 9.125% 3/14/28 #, µ, Ψ		570,000		571,541
CP Atlas Buyer 144A 7.00% 12/1/28 #		140,000		104,133
DAE Funding 144A 1.55% 8/1/24 #		300,000		282,310
GFL Environmental 144A 5.125% 12/15/26 #		76,000		74,385
NESCO Holdings II 144A 5.50% 4/15/29 #		612,000		554,285
SAN Miguel Industrias Pet 144A 3.50% 8/2/28 #		450,000		379,445
Standard Industries
144A 4.375% 7/15/30 #		1,392,000		1,212,613
144A 4.75% 1/15/28 #		38,000		35,553
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #		200,000		196,774
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #		710,000		53,250
				3,602,125
Communications — 5.82%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #		881,000		672,049
ATP Tower Holdings 144A 4.05% 4/27/26 #		300,000		258,199
CCO Holdings
144A 4.25% 2/1/31 #		41,000		33,572
144A 4.50% 8/15/30 #		530,000		448,452
Colombia Telecomunicaciones 144A 4.95% 7/17/30 #		200,000		152,584
Consolidated Communications
144A 5.00% 10/1/28 #		146,000		99,321
144A 6.50% 10/1/28 #		307,000		223,281
CSC Holdings
144A 5.375% 2/1/28 #		343,000		281,331
144A 5.75% 1/15/30 #		248,000		130,820
Digicel International Finance 144A 8.75% 5/25/24 #		1,132,000		1,018,917
Directv Financing 144A 5.875% 8/15/27 #		390,000		353,597
DISH DBS 144A 5.75% 12/1/28 #		465,000		347,878
Frontier Communications Holdings
144A 5.00% 5/1/28 #		203,000		176,383
144A 5.875% 10/15/27 #		336,000		305,760
5.875% 11/1/29		338,226		258,257
144A 6.00% 1/15/30 #		216,000		164,519
144A 6.75% 5/1/29 #		219,000		173,770
Globo Comunicacao e Participacoes 144A 4.875% 1/22/30 #		200,000		159,477
Gray Escrow II 144A 5.375% 11/15/31 #		320,000		212,843
IHS Holding 144A 5.625% 11/29/26 #		200,000		168,960
Ligado Networks 144A PIK 15.50% 11/1/23 #, >>		1,227,581		377,481
Matterhorn Telecom 3.125% 9/15/26	EUR	69,000		69,555
Millicom International Cellular 144A 4.50% 4/27/31 #		200,000		160,815
Network i2i 144A 5.65% 1/15/25 #, µ, Ψ		250,000		238,750
SK Telecom 144A 3.75% 4/16/23 #		500,000		499,829
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		700,000		547,118
Telesat Canada
144A 5.625% 12/6/26 #		743,000		384,094
144A 6.50% 10/15/27 #		145,000		46,400
Warnermedia Holdings 144A 5.141% 3/15/52 #		235,000		190,666
				8,154,678
Consumer Cyclical — 6.59%
Alibaba Group Holding 3.40% 12/6/27		1,000,000		943,541
Alsea 144A 7.75% 12/14/26 #		1,570,000		1,534,997
Arches Buyer 144A 6.125% 12/1/28 #		463,000		382,496
Arcos Dorados 144A 6.125% 5/27/29 #		845,000		808,399
Carnival
144A 5.75% 3/1/27 #		291,000		239,032
144A 7.625% 3/1/26 #		1,383,000		1,263,343
Kia 144A 1.75% 10/16/26 #		200,000		177,832
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		478,000		434,682
Michaels
144A 5.25% 5/1/28 #		351,000		292,899
144A 7.875% 5/1/29 #		852,000		597,205
PetSmart 144A 7.75% 2/15/29 #		590,000		579,781

Table of Contents

Schedules of investments

Delaware Ivy Strategic Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		310,000	$	274,040
Sands China 5.625% 8/8/25		600,000		585,324
Staples
144A 7.50% 4/15/26 #		720,000		631,512
144A 10.75% 4/15/27 #		500,000		363,162
VICI Properties
4.95% 2/15/30		50,000		46,969
5.125% 5/15/32		95,000		89,589
				9,244,803
Consumer Non-Cyclical — 3.53%
American Greetings 144A 8.75% 4/15/25 #		118,000		116,631
DP World 4.70% 9/30/49		200,000		174,406
DP World Crescent 3.875% 7/18/29		600,000		566,535
Endo Luxembourg Finance I 144A 6.125% 4/1/29 #, ‡		42,000		31,107
Grifols Escrow Issuer 144A 4.75% 10/15/28 #		147,000		120,689
Hadrian Merger Sub 144A 8.50% 5/1/26 #		239,000		196,315
InRetail Consumer 144A 3.25% 3/22/28 #		600,000		519,429
JBS USA Lux 144A 3.00% 2/2/29 #		268,000		228,986
JBS USA LUX 144A 3.625% 1/15/32 #		400,000		331,888
MajorDrive Holdings IV 144A 6.375% 6/1/29 #		743,000		551,127
Medline Borrower 144A 3.875% 4/1/29 #		579,000		502,954
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		402,000		341,742
Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡		342,000		254,740
Pilgrim’s Pride 4.25% 4/15/31		433,000		382,328
Teva Pharmaceutical Finance Netherlands III 6.75% 3/1/28		400,000		400,522
US Renal Care 144A 10.625% 7/15/27 #		851,000		224,814
				4,944,213
Electric — 2.30%
Adani Electricity Mumbai 144A 3.949% 2/12/30 #		620,000		442,896
Enel Chile 4.875% 6/12/28		840,000		819,735
Kallpa Generacion 144A 4.875% 5/24/26 #		1,000,000		963,455
Minejesa Capital 5.625% 8/10/37		200,000		156,967
TerraForm Power Operating 144A 5.00% 1/31/28 #		115,000		109,394
Vistra 144A 7.00% 12/15/26 #, µ, Ψ		775,000		682,802
Vistra Operations 144A 4.30% 7/15/29 #		52,000		46,605
				3,221,854
Energy — 8.57%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		96,000		84,816
144A 7.00% 11/1/26 #		236,000		228,349
Bellatrix Exploration
8.50% 9/11/23 =		228,000		0
12.50% 12/15/23 =		249,000		0
Callon Petroleum
144A 7.50% 6/15/30 #		1,605,000		1,510,249
144A 8.00% 8/1/28 #		75,000		74,370
Cosan 144A 5.50% 9/20/29 #		700,000		634,123
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		210,000		202,570
144A 6.00% 2/1/29 #		49,000		46,709
Ecopetrol 6.875% 4/29/30		49,000		45,204
Energy Transfer 6.50% 11/15/26 µ, Ψ		267,000		235,627
EQM Midstream Partners 144A 4.75% 1/15/31 #		2,475,000		2,057,690
Ferrellgas 144A 5.375% 4/1/26 #		187,000		175,301
Genesis Energy
7.75% 2/1/28		345,000		334,919
8.00% 1/15/27		590,000		583,988
Geopark 144A 5.50% 1/17/27 #		600,000		504,000
Mesquite Energy 144A 7.25% 2/15/24 #, ‡		122,000		1,068
Murphy Oil 6.375% 7/15/28		1,627,000		1,604,658
NuStar Logistics
6.00% 6/1/26		1,210,000		1,187,585
6.375% 10/1/30		1,225,000		1,176,747
Petrobras Global Finance 5.60% 1/3/31		500,000		477,837
Petroleos Mexicanos 6.70% 2/16/32		237,000		188,833
Petronas Capital 144A 3.50% 4/21/30 #		350,000		326,914

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Vital Energy 10.125% 1/15/28		351,000	$	337,378
				12,018,935
Finance Companies — 0.56%
Aircastle 4.40% 9/25/23		800,000		785,875
				785,875
Financials — 0.47%
Country Garden Holdings 7.25% 4/8/26		200,000		127,000
First Abu Dhabi Bank 4.50% 4/5/26 µ, Ψ		200,000		188,466
Highlands Holdings Bond Issuer 144A PIK 7.625% 10/15/25 #, >		320,897		297,145
Logan Group 5.75% 1/14/25		200,000		46,827
				659,438
Industrials — 0.77%
Adtalem Global Education 144A 5.50% 3/1/28 #		653,000		620,278
Ardagh Metal Packaging Finance USA 2.00% 9/1/28	EUR	500,000		453,590
				1,073,868
Insurance — 1.55%
AIA Group 144A 3.375% 4/7/30 #		200,000		184,063
Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, >		850,984		778,650
MetLife 10.75% 8/1/69		530,000		688,678
Sagicor Financial 144A 5.30% 5/13/28 #		555,000		525,629
				2,177,020
Real Estate Investment Trusts — 0.36%
Trust Fibra Uno 144A 4.869% 1/15/30 #		600,000		509,400
				509,400
Technology — 2.29%
CDW 3.276% 12/1/28		95,000		83,864
CommScope Technologies 144A 6.00% 6/15/25 #		150,000		141,410
Consensus Cloud Solutions
144A 6.00% 10/15/26 #		97,000		84,357
144A 6.50% 10/15/28 #		3,000		2,491
Entegris Escrow 144A 4.75% 4/15/29 #		215,000		203,457
Iron Mountain 144A 5.25% 7/15/30 #		348,000		314,114
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #		1,065,000		915,561
NCR
144A 5.00% 10/1/28 #		314,000		276,320
144A 5.125% 4/15/29 #		1,118,000		968,466
144A 5.25% 10/1/30 #		106,000		86,632
144A 6.125% 9/1/29 #		141,000		139,205
				3,215,877
Transportation — 3.53%
Abertis Infraestructuras Finance 3.248% 11/24/25 µ, Ψ	EUR	300,000		290,765
Azul Investments 144A 7.25% 6/15/26 #		200,000		131,315
Babcock International Group 1.375% 9/13/27	EUR	1,250,000		1,191,798
Burlington Northern Santa Fe 2.875% 6/15/52		180,000		126,317
Empresa de Transporte de Pasajeros Metro 144A 3.65% 5/7/30 #		600,000		556,200
ENA Master Trust 144A 4.00% 5/19/48 #		200,000		151,153
Georgian Railway JSC 4.00% 6/17/28		510,000		439,640
Grupo Aeromexico 144A 8.50% 3/17/27 #		1,500,000		1,320,986
Rumo Luxembourg 144A 5.25% 1/10/28 #		800,000		738,000
				4,946,174
Utilities — 1.03%
Comision Federal de Electricidad 144A 3.875% 7/26/33 #		750,000		573,357
Grupo Energia Bogota 144A 4.875% 5/15/30 #		200,000		177,476
Perusahaan Perseroan Persero Perusahaan Listrik Negara 144A 5.45% 5/21/28 #		700,000		698,092
				1,448,925
Total Corporate Bonds (cost $80,446,203)				70,556,613

Table of Contents

Schedules of investments

Delaware Ivy Strategic Income Fund

	Principal amount^°		Value (US $)
Municipal Bonds — 0.92%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 2.986% 7/1/24^		31,434	$	29,596
Series A-1 4.00% 7/1/35		68,614		59,973
Series A-1 4.00% 7/1/37		22,930		19,461
GDB Debt Recovery Authority of Puerto Rico (Taxable) 7.50% 8/20/40		1,424,973		1,182,728
Total Municipal Bonds (cost $1,473,398)				1,291,758

Non-Agency Collateralized Mortgage Obligations — 4.08%
Connecticut Avenue Securities Trust
Series 2022-R01 1M2
144A 6.46% (SOFR + 1.90%) 12/25/41 #, •		3,000,000		2,871,732
Series 2022-R02 2M2 144A 7.56% (SOFR + 3.00%) 1/25/42 #, •		3,000,000		2,846,347
Total Non-Agency Collateralized Mortgage Obligations (cost $6,000,000)				5,718,079

Non-Agency Commercial Mortgage-Backed Securities — 0.60%
BANK Series 2022-BNK39 B 3.239% 2/15/55 •		600,000		472,163
Benchmark Mortgage Trust Series 2020-B21 C 3.346% 12/17/53 •		500,000		362,803
Total Non-Agency Commercial Mortgage- Backed Securities (cost $958,965)				834,966

Loan Agreements — 1.77%
Applied Systems 2nd Lien 11.489% (SOFR03M + 6.75%) 9/17/27 •		539,334		541,356
Ascent Resources Utica Holdings 2nd Lien 13.815% (LIBOR03M + 9.00%) 11/1/25 •		179,000		190,076
Foresight Energy Operating Tranche A 13.159% (LIBOR03M + 8.00%) 6/30/27 •		287,088		279,911
Frontier Communications Tranche B 8.625% (LIBOR01M + 3.75%) 5/1/28 •		245,000		232,750
Jones DesLauriers Insurance Management 1st Lien
9.27% (CDOR03M + 4.25%) 3/27/28 •		314,687		231,096
9.27% (CDOR03M + 4.25%) 3/27/28 •		71,682		52,641
MLN US HoldCo 11.556% (SOFR01M + 6.80%)10/18/27 •		1,413,880		812,981
MLN US HoldCo Tranche B 13.704% (SOFR03M + 9.25%) 10/18/27 •		427,200		147,384
Total Loan Agreements (cost $3,170,254)				2,488,195

Sovereign Bonds — 5.16%Δ
Brazil — 0.19%
Brazilian Government International Bond 3.75% 9/12/31		300,000		260,079
				260,079
Chile — 0.59%
Chile Government International Bond 2.55% 7/27/33		1,000,000		824,636
				824,636
Colombia — 0.36%
Colombia Government International Bonds
3.125% 4/15/31		200,000		153,061
4.50% 3/15/29		400,000		353,533
				506,594
Dominican Republic — 0.12%
Dominican Republic International Bond 144A 4.875% 9/23/32 #		200,000		170,327
				170,327
Indonesia — 0.61%
Indonesia Government International Bond 3.85% 10/15/30		900,000		858,833
				858,833
Mexico — 0.82%
Mexico Government International Bonds
3.25% 4/16/30		654,000		587,140
3.50% 2/12/34		670,000		569,708
				1,156,848

Table of Contents

	Principal amount^°			Value (US $)
Sovereign BondsΔ (continued)
Morocco — 0.31%
Morocco Government International Bond 144A 2.375% 12/15/27 #		500,000		$	441,338
					441,338
Panama — 0.61%
Panama Notas del Tesoro 3.75% 4/17/26		900,000			854,325
					854,325
Peru — 1.33%
Corp Financiera de Desarrollo 5.25% 7/15/29 µ		200,000			193,368
Peruvian Government International Bonds
2.392% 1/23/26		1,000,000			943,864
2.783% 1/23/31		850,000			727,615
					1,864,847
Serbia — 0.22%
Serbia International Bond 144A 2.125% 12/1/30 #		400,000			304,542
					304,542
Total Sovereign Bonds (cost $8,172,267)					7,242,369

Supranational Banks — 0.75%
Banco Latinoamericano de Comercio Exterior 144A 2.375% 9/14/25 #		800,000			736,794
Corp Andina de Fomento 2.375% 5/12/23		320,000			318,966
Total Supranational Banks (cost $1,118,013)					1,055,760

US Treasury Obligations — 22.35%
US Treasury Bonds
3.625% 2/15/53		4,670,000			4,637,529
US Treasury Floating Rate Notes
4.931% (USBMMY3M + 0.20%) 1/31/25 •		7,275,000			7,279,946
US Treasury Notes
3.50% 1/31/30		2,795,000			2,784,082
3.50% 2/15/33		670,000			671,099
3.625% 3/31/28		1,745,000			1,747,999
3.875% 12/31/27		120,000			121,287
4.00% 2/28/30		570,000			585,141
4.125% 10/31/27		3,420,000			3,486,262
4.125% 11/15/32		4,220,000			4,434,956
US Treasury Notes
4.50% 11/30/24		5,570,000			5,592,846
Total US Treasury Obligations (cost $31,127,025)					31,341,147

		Number of shares
Common Stocks — 1.33%
Basic Industry — 0.52%
Foresight Energy =, †		42,271			722,404
Westmoreland Coal =, †		7,276			3,274
					725,678
Consumer Cyclical — 0.33%
Studio City International ADR †		19,076			126,981
Studio City International Holdings ADR †		46,303			308,221
True Religion Apparel =, †		2			36,517
					471,719
Energy — 0.17%
KCA Deutag International =, †		3,940			237,878
					237,878
Financials — 0.31%
New Cotai =, †		414,307			422,128
Riverbed Holdings =, †		32,302			8,076
			��		430,204
Total Common Stocks (cost $6,248,872)					1,865,479

Preferred Stock — 0.01%
True Religion Apparel 6.25% =, ω		2			11,435
Total Preferred Stock (cost $37,635)					11,435

Warrants — 0.01%
California Resources †		1,368			11,628
Total Warrants (cost $119,109)					11,628

Table of Contents

Schedules of investments

Delaware Ivy Strategic Income Fund

	Notional amount^*			Value (US $)
Options Purchased — 0.08%
Put Swaptions — 0.08%
CDX.HY.39.V1 5 yr strike price $100.50, expiration date 5/17/23 (MS)		8,300,000		$	106,960
Total Options Purchased (cost $112,050)					106,960

		Number of shares
Short-Term Investments — 1.70%
Money Market Mutual Funds — 1.70%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		594,570			594,570
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		594,570			594,570
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		594,570			594,570
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		594,570			594,570
Total Short-Term Investments (cost $2,378,280)					2,378,280
Total Value of Securities Before Options Written—99.50% (cost $156,491,581)					139,523,634

		Notional amount^*
Options Written — (0.05%)
Put Swaptions — (0.05%)
CDX.HY.39.V1 5 yr strike price $96.50, expiration date 5/17/23 (MS)		(8,300,000	)		(33,290	)
CDX.HY.39.V1 5 yr strike price $98.50, expiration date 5/17/23 (MS)		(4,400,000	)		(31,083	)
Total Options Written (premium received $83,390)					(64,373	)

°	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 March 31, 2023, the aggregate value of Rule 144A securities was $70,313,516, which represents 50.14% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2023. 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.
m	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2023. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
‡	Non-income producing security. Security is currently in default.
>>	PIK. 100% of the income received was in the form of principal.
=	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 10 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Δ	Securities have been classified by country of risk.
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.
*	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

Table of Contents

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2023:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPMCB	EUR	(5,000)	USD	5,382	4/28/23	$	—	$	(48	)
TD	CAD	(270,000)	USD	201,830	4/21/23		1,992		—
TD	EUR	(1,790,000)	USD	1,947,822	4/21/23		4,292		—
Total Foreign Currency Exchange Contracts						$	6,284	$	(48	)

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Variation Margin Due from (Due to) Brokers
(4)	Euro-BOBL	$	(511,364	)	$	(517,819	)	6/8/23	$	6,455	$	(1,346	)
58	US Treasury 5 yr Notes		6,351,453			6,221,091		6/30/23		130,362		13,140
22	US Treasury 10 yr Notes		2,528,281			2,443,430		6/21/23		84,851		7,563
47	US Treasury 10 yr Ultra Notes		5,693,610			5,498,540		6/21/23		195,070		25,703
8	US Treasury Long Bonds		1,049,250			1,001,833		6/21/23		47,417		8,000
Total Futures Contracts					$	14,647,075			$	464,155	$	53,060

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Payments Protection			Value		Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Variation Margin Due from (Due to) Brokers
Centrally Cleared:
Protection Sold/
Moody’s Ratings:
CDX.NA.HY.39.V1⁶
12/20/27 - Quarterly		1,400,000		5.000	%	$	16,381	$	(16,567	)	$	32,948	$	10,590
Total CDS Contracts						$	16,381	$	(16,567	)	$	32,948	$	10,590

The use of foreign currency exchange contracts, futures contracts, and swap 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 are reflected in the Fund’s net assets.

¹	See Note 7 in “Notes to financial statements.”

Table of Contents

Schedules of investments

Delaware Ivy Strategic Income Fund

²	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). 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 CDS agreement.
³	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
⁴	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $974.

Summary of abbreviations:

ADR – American Depositary Receipt

BOBL – Bundesobligationen

CDOR03M – 3 Month Canadian Dollar Offered Rate

GNMA – Government National Mortgage Association

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

MS – Morgan Stanley

PIK – Payment-in-kind

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

TD – TD Bank

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

yr – Year

Summary of currencies:

CAD – Canadian Dollar

EUR – European Monetary Unit

USD – US Dollar

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

Table of Contents

Delaware Ivy Total Return Bond Fund

March 31, 2023 (Unaudited)

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities — 7.94%
Fannie Mae S.F. 20 yr
4.00% 8/1/42		109,195	$	105,452
Fannie Mae S.F. 30 yr
2.50% 4/1/51		284,580		245,341
3.50% 1/1/52		479,768		445,854
3.50% 6/1/52		422,383		392,505
4.00% 5/1/51		162,882		157,596
4.50% 9/1/49		95,171		94,862
5.00% 9/1/52		586,534		584,917
5.50% 10/1/52		343,917		348,691
5.50% 3/1/53		660,143		666,781
Freddie Mac S.F. 15 yr
4.50% 9/1/37		175,142		174,787
Freddie Mac S.F. 30 yr
2.50% 5/1/52		142,785		123,152
3.00% 12/1/46		257,702		235,820
3.00% 7/1/50		405,022		368,991
4.00% 8/1/52		243,833		234,560
4.50% 9/1/52		303,686		297,903
5.00% 7/1/52		360,999		360,534
6.00% 12/1/52		140,610		143,656
GNMA II S.F. 30 yr
3.00% 12/20/51		175,213		159,902
Total Agency Mortgage-Backed Securities (cost $5,154,231)				5,141,304

Corporate Bonds — 47.70%
Banking — 15.72%
Akbank TAS 144A 6.80% 2/6/26 #		200,000		193,980
Banco Bradesco 144A 4.375% 3/18/27 #		200,000		189,428
Bank of America 6.204% 11/10/28 µ		475,000		496,982
Bank of New York Mellon 5.802% 10/25/28 µ		129,000		134,507
Barclays 7.385% 11/2/28 µ		385,000		408,425
BPCE 144A 5.125% 1/18/28 #		600,000		594,998
Citigroup 5.61% 9/29/26 µ		415,000		418,376
Credit Agricole 144A 5.301% 7/12/28 #		485,000		492,056
Credit Suisse 7.95% 1/9/25		340,000		346,038
DBS Group Holdings 1.50% 4/11/28 µ	EUR	400,000		433,258
Deutsche Bank
5.625% 5/19/31 µ	EUR	100,000		103,115
6.72% 1/18/29 µ		150,000		149,073
Development Bank of Kazakhstan JSC 144A 10.95% 5/6/26 #	KZT	100,000,000		182,317
Fifth Third Bank 5.852% 10/27/25 µ		895,000		882,805
Huntington National Bank 5.65% 1/10/30		485,000		465,141
ING Groep 3.00% 4/11/28 µ	EUR	1,700,000		1,842,160
KeyCorp 4.789% 6/1/33 µ		41,000		36,746
Morgan Stanley
2.95% 5/7/32 µ	EUR	500,000		493,949
6.138% 10/16/26 µ		490,000		499,685
6.296% 10/18/28 µ		651,000		685,120
SVB Financial Group 4.57% 4/29/33 µ, ‡		264,000		153,358
Truist Financial 6.123% 10/28/33 µ		224,000		235,222
US Bancorp
4.653% 2/1/29 µ		353,000		345,319
5.727% 10/21/26 µ		400,000		402,105
				10,184,163
Basic Industry — 2.44%
Celanese US Holdings
6.05% 3/15/25		205,000		206,320
6.165% 7/15/27		75,000		75,534
ELM for Firmenich International 3.75% 9/3/25 µ, Ψ	EUR	500,000		513,305
ICL Group 144A 6.375% 5/31/38 #		333,000		331,223
Metinvest 8.50% 4/23/26		200,000		123,930
Nutrien 4.90% 3/27/28		25,000		25,012
PPG Industries 2.75% 6/1/29	EUR	300,000		303,530
				1,578,854
Capital Goods — 1.41%
Cemex 144A 7.375% 6/5/27 #		200,000		207,080
Holcim Finance Luxembourg 0.50% 4/23/31	EUR	600,000		486,118
Honeywell International 4.125% 11/2/34	EUR	200,000		220,420
				913,618
Communications — 0.73%
Charter Communications Operating 3.85% 4/1/61		75,000		46,857
CK Hutchison Group Telecom Finance 1.50% 10/17/31	EUR	200,000		169,372
CT Trust 144A 5.125% 2/3/32 #		200,000		167,500

Table of Contents

Schedules of investments

Delaware Ivy Total Return Bond Fund

		Principal amount^°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Discovery Communications 4.00% 9/15/55			130,000	$	86,388
					470,117
Consumer Cyclical — 1.03%
Ford Motor Credit
2.30% 2/10/25			200,000		185,644
2.90% 2/10/29			200,000		165,839
VICI Properties 4.95% 2/15/30			335,000		314,691
					666,174
Consumer Non-Cyclical — 3.30%
Amgen
5.25% 3/2/33			470,000		483,135
5.65% 3/2/53			255,000		265,638
Central American Bottling 144A 5.25% 4/27/29 #			200,000		186,083
GE HealthCare Technologies
144A 5.60% 11/15/25 #			415,000		420,252
144A 5.65% 11/15/27 #			415,000		429,190
MHP Lux 6.95% 4/3/26			215,000		109,065
Zoetis 5.40% 11/14/25			240,000		244,179
					2,137,542
Electric — 4.95%
Duke Energy
2.55% 6/15/31			61,000		51,102
3.10% 6/15/28		EUR	200,000		206,842
Duke Energy Carolinas 4.95% 1/15/33			290,000		298,205
Enel 1.875% 6/8/30 µ, Ψ		EUR	300,000		234,561
Energo-Pro 144A 8.50% 2/4/27 #			200,000		192,750
Exelon 5.30% 3/15/33			315,000		320,776
Indianapolis Power & Light 144A 5.65% 12/1/32 #			620,000		651,983
Public Service of Colorado 5.25% 4/1/53			370,000		377,455
Southern 1.875% 9/15/81 µ		EUR	300,000		257,594
Vistra Operations
144A 5.00% 7/31/27 #			580,000		549,205
144A 5.625% 2/15/27 #			68,000		66,084
					3,206,557
Energy — 5.93%
BP Capital Markets America 4.812% 2/13/33			335,000		340,278
Enbridge 5.70% 3/8/33			225,000		234,167
Energean Israel Finance 144A 4.875% 3/30/26 #			200,000		185,750
Energy Transfer 5.75% 2/15/33			132,000		135,333
Enterprise Products Operating 5.35% 1/31/33			145,000		150,350
Galaxy Pipeline Assets Bidco
144A 2.16% 3/31/34 #			184,932		159,489
2.16% 3/31/34			184,932		159,489
Greenko Power II 144A 4.30% 12/13/28 #			191,000		165,454
KazTransGas JSC 144A 4.375% 9/26/27 #			235,000		211,269
Kinder Morgan 5.20% 6/1/33			495,000		492,157
Raizen Fuels Finance 144A 5.30% 1/20/27 #			389,000		376,440
Targa Resources Partners 5.00% 1/15/28			320,000		309,718
Thaioil Treasury Center 144A 2.50% 6/18/30 #			200,000		161,213
TotalEnergies 2.708% 5/5/23 µ, Ψ		EUR	700,000		757,815
					3,838,922
Finance Companies — 1.11%
Air Lease 5.85% 12/15/27			400,000		402,462
Aviation Capital Group
144A 3.50% 11/1/27 #			195,000		174,334
144A 6.25% 4/15/28 #			145,000		145,224
					722,020
Financial Services — 0.64%
Aroundtown
1.45% 7/9/28		EUR	400,000		269,149
1.625% 1/31/28		EUR	200,000		143,175
					412,324
Industrials — 0.27%
Georgian Railway JSC 4.00% 6/17/28			200,000		172,408
					172,408
Insurance — 4.07%
Allianz 2.625% 10/30/30 µ, Ψ		EUR	400,000		301,120
American International Group 5.125% 3/27/33	��		355,000		353,088
Aon 5.00% 9/12/32			200,000		201,052
AXA 5.125% 7/4/43 µ		EUR	500,000		542,225
Elevance Health 5.125% 2/15/53			175,000		174,491
Sagicor Financial 144A 5.30% 5/13/28 #			200,000		189,416
UnitedHealth Group 4.50% 4/15/33			880,000		875,328
					2,636,720

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Natural Gas — 0.30%
ENN Energy Holdings 144A 4.625% 5/17/27 #		200,000	$	197,976
				197,976
Real Estate Investment Trusts — 0.49%
Digital Stout Holding 3.75% 10/17/30	GBP	300,000		320,650
				320,650
Technology — 2.21%
Autodesk 2.40% 12/15/31		190,000		158,132
CDW 3.276% 12/1/28		180,000		158,899
Entegris Escrow 144A 4.75% 4/15/29 #		405,000		383,257
Oracle
4.65% 5/6/30		220,000		214,287
5.55% 2/6/53		160,000		152,528
6.15% 11/9/29		345,000		367,632
				1,434,735
Transportation — 2.84%
Abertis Infraestructuras Finance 3.248% 11/24/25 µ, Ψ	EUR	100,000		96,922
Autostrade per l’Italia 2.00% 12/4/28	EUR	300,000		282,204
Babcock International Group 1.375% 9/13/27	EUR	300,000		286,031
International Consolidated Airlines Group 3.75% 3/25/29	EUR	100,000		90,426
Mileage Plus Holdings 144A 6.50% 6/20/27 #		238,000		237,468
Rumo Luxembourg 144A 5.25% 1/10/28 #		215,000		198,338
Rutas 2 and 7 Finance 144A 8.67% 9/30/36 #, ^		359,334		227,413
Wizz Air Finance 1.35% 1/19/24	EUR	400,000		421,966
				1,840,768
Utilities — 0.26%
Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		200,000		166,188
				166,188
Total Corporate Bonds (cost $32,573,269)				30,899,736

Sovereign Bonds — 36.22%Δ
Albania — 0.28%
Albania Government International Bond 144A 3.50% 11/23/31 #	EUR	200,000		180,461
				180,461
Angola — 0.52%
Angolan Government International Bond 144A 8.75% 4/14/32 #		400,000		339,000
				339,000
Armenia — 0.24%
Republic of Armenia International Bond 144A 3.60% 2/2/31 #		200,000		154,842
				154,842
Bermuda — 0.96%
Bermuda Government International Bonds
144A 2.375% 8/20/30 #		250,000		214,467
144A 5.00% 7/15/32 #		200,000		201,088
5.00% 7/15/32		206,000		207,120
				622,675
Brazil — 0.26%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/33	BRL	1,000,000		168,116
				168,116
Canada — 2.74%
Canadian When Issued Government Bond 1.00% 6/1/27	CAD	2,600,000		1,774,021
				1,774,021
Chile — 0.63%
Chile Government International Bond
3.10% 5/7/41		282,000		212,368
4.34% 3/7/42		219,000		194,080
				406,448
Colombia — 1.29%
Colombia Government International Bonds
4.50% 1/28/26		400,000		384,425
6.125% 1/18/41		553,000		454,033
				838,458
Denmark — 2.63%
Denmark Government Bond 144A 2.25% 11/15/33 #	DKK	12,000,000		1,702,921
				1,702,921

Table of Contents

Schedules of investments

Delaware Ivy Total Return Bond Fund

	Principal amount^°		Value (US $)
Sovereign Bonds∆ (continued)
Dominican Republic — 1.17%
Dominican Republic International Bonds
144A 4.50% 1/30/30 #		400,000	$	349,293
144A 4.875% 9/23/32 #		267,000		227,386
6.50% 2/15/48		210,000		178,616
				755,295
Egypt — 0.24%
Egypt Government International Bond 5.25% 10/6/25		200,000		158,420
				158,420
Finland — 1.59%
Finland Government Bond 144A 1.375% 4/15/27 #	EUR	1,000,000		1,031,613
				1,031,613
Georgia — 0.28%
Georgia Government International Bond 144A 2.75% 4/22/26 #		200,000		179,028
				179,028
Germany — 1.90%
Bundesrepublik Deutschland Bundesanleihe
1.642% 8/15/50	EUR	1,450,000		848,157
1.80% 8/15/53	EUR	400,000		380,557
				1,228,714
Honduras — 0.24%
Honduras Government International Bond 144A 5.625% 6/24/30 #		200,000		158,717
				158,717
Indonesia — 1.53%
Indonesia Government International Bonds
1.40% 10/30/31	EUR	219,000		187,558
3.85% 10/15/30		416,000		396,972
4.65% 9/20/32		200,000		199,587
Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32		204,000		203,911
				988,028
Italy — 5.14%
Italy Buoni Poliennali Del Tesoro
0.35% 2/1/25	EUR	2,000,000		2,059,995
144A 0.60% 8/1/31 #	EUR	940,000		783,427
0.95% 6/1/32	EUR	580,000		485,364
				3,328,786

Ivory Coast — 0.98%
Ivory Coast Government International Bonds
4.875% 1/30/32	EUR	390,000		323,506
5.875% 10/17/31	EUR	350,000		312,895
				636,401
Kazakhstan — 0.28%
Kazakhstan Government International Bond 4.875% 10/14/44		200,000		178,982
				178,982
Morocco — 1.02%
Morocco Government International Bonds
4.00% 12/15/50		590,000		403,412
5.50% 12/11/42		300,000		259,988
				663,400
Netherlands — 1.67%
Netherlands Government Bonds
144A 0.50% 7/15/32 #	EUR	430,000		386,620
144A 2.50% 7/15/33 #	EUR	650,000		698,362
				1,084,982
New Zealand — 2.71%
New Zealand Government Bond 4.25% 5/15/34	NZD	2,800,000		1,755,008
				1,755,008
Pakistan — 0.10%
Pakistan Water & Power Development Authority 7.50% 6/4/31		200,000		64,604
				64,604
Paraguay — 1.63%
Paraguay Government International Bonds
144A 2.739% 1/29/33 #		278,000		226,603
144A 4.95% 4/28/31 #		625,000		607,725
5.60% 3/13/48		248,000		221,085
				1,055,413
Philippines — 0.47%
Philippine Government International Bond 0.25% 4/28/25	EUR	304,000		305,044
				305,044

Table of Contents

	Principal amount^°		Value (US $)
Sovereign BondsΔ (continued)
Republic of North Macedonia — 0.35%
North Macedonia Government International Bond 144A 1.625% 3/10/28 #	EUR	262,000	$	225,952
				225,952
Senegal — 0.25%
Senegal Government International Bond 6.25% 5/23/33		200,000		159,579
				159,579
South Africa — 1.70%
Republic of South Africa Government International Bonds
5.75% 9/30/49		602,000		443,647
5.875% 6/22/30		700,000		658,087
				1,101,734
Spain — 1.15%
Spain Government Bond 144A 1.85% 7/30/35 #	EUR	820,000		747,649
				747,649
United Kingdom — 0.76%
United Kingdom Gilt 0.375% 10/22/30	GBP	500,000		493,790
				493,790
Uzbekistan — 1.51%
Republic of Uzbekistan International Bonds
3.90% 10/19/31		625,000		502,891
5.375% 2/20/29		519,000		476,198
				979,089
Total Sovereign Bonds (cost $26,115,265)				23,467,170

Supranational Banks — 2.58%
Banque Ouest Africaine de Developpement
4.70% 10/22/31		200,000		164,242
5.00% 7/27/27		200,000		184,468
Corp Andina de Fomento 5.25% 11/21/25		200,000		202,338
European Union 1.00% 7/6/32	EUR	1,230,000		1,123,295
Total Supranational Banks (cost $1,778,143)				1,674,343

US Treasury Obligation — 0.73%
US Treasury Notes 3.625% 3/31/28		475,000		475,816
Total US Treasury Obligation (cost $473,993)				475,816

		Number of contracts
Options Purchased — 0.19%
Foreign Currency Call Option — 0.00%
USD vs CNH, strike price $7.30, expiration date 4/13/23, notional amount $23,472,566 (JPMCB)		3,215,420		28
Foreign Currency Put Options — 0.01%
EUR vs JPY, strike price 128 EUR, expiration date 5/23/23, notional amount $240,000,000 (JPMCB)		1,875,000		2,175
EUR vs USD, strike price 0.70 EUR, expiration date 4/14/23, notional amount $523,215 (JPMCB)		747,450		0
EUR vs USD, strike price 0.94 EUR, expiration date 4/12/23, notional amount $1,405,206 (JPMCB)		1,494,900		0
GBP vs USD, strike price 0.74 GBP, expiration date 4/12/23, notional amount $461,094 (JPMCB)		623,100		0
GBP vs USD, strike price 1.04 GBP, expiration date 4/12/23, notional amount $1,296,048 (JPMCB)		1,246,200		0

		Notional amount*
Put Swaptions — 0.18%
CDX.NA.HY.39.V1 5yr strike price $101.50, expiration date 5/17/23 (BNP)		6,800,000		118,667
Total Options Purchased (cost $252,651)				120,870

Table of Contents

Schedules of investments

Delaware Ivy Total Return Bond Fund

	Number of shares			Value (US $)
Short-Term Investments — 0.55%
Money Market Mutual Funds — 0.55%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		88,781		$	88,781
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		88,781			88,781
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		88,781			88,781
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		88,781			88,781
Total Short-Term Investments (cost $355,124)					355,124
Total Value of Securities Before Options Written—95.91% (cost $66,702,676)					62,134,363

		Number of contracts
Options Written — (0.13%)
Foreign Currency Call Option — (0.00%)
USD vs CNH, strike price $7.50, expiration date 4/13/23, notional amount $(24,115,650) (JPMCB)		(3,215,420	)		(3	)
Foreign Currency Put Options — (0.00%)
EUR vs JPY, strike price 118 EUR, expiration date 5/23/23, notional amount $(221,250,000) (JPMCB)		(1,875,000	)		(364	)
GBP vs USD, strike price 0.94 GBP, expiration date 4/12/23, notional amount $(1,757,142) (JPMCB)		(1,869,300	)		0
EUR vs USD, strike price 0.86 EUR, expiration date 4/12/23, notional amount $(1,928,421) (JPMCB)		(2,242,350	)		0

		Notional amount*
Put Swaptions — (0.13%)
CDX.NA.HY.39.V1 5yr strike price $97.50, expiration date 5/17/23 (BNP)		(6,800,000	)		(36,042	)
CDX.NA.HY.39.V1 5yr strike price $99.50, expiration date 5/17/23 (BNP)		(5,100,000	)		(48,387	)
Total Options Written (premium received $167,747)				$	(84,796	)

°	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 March 31, 2023, the aggregate value of Rule 144A securities was $16,448,512, which represents 25.39% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2023. Rate will reset at a future date.
‡	Non-income producing security. Security is currently in default.
Ψ	Perpetual security. Maturity date represents next call date.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
∆	Securities have been classified by country of risk.
*	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

Table of Contents

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2023:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPMCB	CZK	7,951,180		USD	(358,000	)	4/28/23	$	8,885	$	—
JPMCB	EUR	6,350,000		USD	(6,826,445	)	4/21/23		68,203		—
JPMCB	EUR	(1,440,000	)	USD	1,574,983		4/28/23		10,854		—
JPMCB	EUR	2,100,000		USD	(2,297,358	)	4/28/23		—		(16,337	)
JPMCB	GBP	374,198		USD	(459,305	)	4/21/23		2,506		—
JPMCB	IDR	5,504,245,803		USD	(358,000	)	4/28/23		9,796		—
JPMCB	INR	29,567,219		USD	(358,000	)	4/28/23		1,259		—
JPMCB	JPY	72,309,120		USD	(570,585	)	4/21/23		—		(24,146	)
JPMCB	KRW	469,697,120		USD	(361,000	)	4/28/23		—		(880	)
JPMCB	KZT	164,964,003		USD	(354,000	)	4/28/23		2,234		—
JPMCB	MXN	5,678,167		USD	(295,259	)	4/28/23		18,127		—
JPMCB	MXN	(5,678,167	)	USD	296,666		4/28/23		—		(16,720	)
JPMCB	NZD	(2,800,000	)	USD	1,812,975		4/21/23		62,061		—
TD	AUD	1,320,000		USD	(928,142	)	4/21/23		—		(45,126	)
TD	CAD	(2,476,083	)	USD	1,850,919		4/21/23		18,266		—
TD	DKK	(11,725,000	)	USD	1,715,809		4/21/23		6,612		—
TD	EUR	(28,746,850	)	USD	31,354,189		4/21/23		141,681		—
Total Foreign Currency Exchange Contracts								$	350,484	$	(103,209	)

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
(54)	3 month Euro-EURIBOR	$	(14,122,467	)	$	(14,164,120	)	12/18/23	$	41,653	$	—		$	(240	)
54	3 month Euro-EURIBOR		14,202,990			14,271,145		12/16/24		—		(68,155	)		4,073
37	Australian Treasury 10 yr Bonds		3,039,307			2,947,199		6/15/23		92,108		—			13,870
(10)	Canadian Treasury 10 yr Bonds		(933,481	)		(895,649	)	6/21/23		—		(37,832	)		(3,279	)
(9)	Euro-Bobl		(1,150,568	)		(1,124,293	)	6/8/23		—		(26,275	)		(2,794	)
(24)	Euro-BTP		(3,002,330	)		(2,890,359	)	6/8/23		—		(111,971	)		(20,035	)
(14)	Euro-Bund		(2,062,459	)		(2,072,044	)	6/8/23		9,585		—			(9,523	)
(14)	Euro-Buxl		(2,138,677	)		(2,003,823	)	6/8/23		—		(134,854	)		(16,020	)
(1)	Euro-OAT		(141,234	)		(136,287	)	6/8/23		—		(4,947	)		(691	)
(9)	Euro-Schatz		(1,031,636	)		(1,021,759	)	6/8/23		—		(9,877	)		(385	)
9	Long 10 yr Gilt		1,147,433			1,142,303		6/28/23		5,130		—			(469	)
23	Short Euro-BTP		2,628,297			2,598,163		6/8/23		30,134		—			3,589
(29)	US Treasury 2 yr Notes		(5,987,141	)		(5,921,369	)	6/30/23		—		(65,772	)		(4,078	)
100	US Treasury 5 yr Notes		10,950,781			10,912,321		6/30/23		38,460		—			22,656
91	US Treasury 10 yr Notes		10,457,891			10,157,038		6/21/23		300,853		—			31,281
2	US Treasury 10 yr Ultra Notes		242,281			233,724		6/21/23		8,557		—			1,094

Table of Contents

Schedules of investments

Delaware Ivy Total Return Bond 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
	US Treasury Long
(1)	Bonds	$	(131,156	)	$	(125,224	)	6/21/23	$	—	$	(5,932	)	$	(1,000	)
	US Treasury Long
(1)	Bonds		(131,250	)		(129,716	)	9/20/23		—		(1,534	)		(1,000	)
	US Treasury Ultra
(9)	Bonds		(1,270,125	)		(1,208,534	)	6/21/23		—		(61,591	)		(12,094	)
Total Futures Contracts					$	10,568,716			$	526,480	$	(528,740	)	$	4,955

See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

BNP – BNP Paribas

BTP – Buoni del Tesoro Poliennali

CDX.NA.HY – Credit Default Swap Index North America High Yield

EURIBOR – Euro interbank offered rate

GNMA – Government National Mortgage Association

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

OAT – Obligations Assimilables du Tresor

S.F. – Single Family

TD – TD Bank

yr – Year

Summary of currencies:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CNH – Chinese Yuan Renminbi

CZK – Czech Koruna

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

KZT – Kazakhstani Tenge

MXN – Mexican Peso

NZD – New Zealand Dollar

USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

Ivy Funds

March 31, 2023 (Unaudited)

	Delaware Ivy California Municipal High Income Fund			Delaware Ivy Corporate Bond Fund			Delaware Ivy Crossover Credit Fund			Delaware Ivy Emerging Markets Local Currency Debt Fund
Assets:
Investments, at value*	$	14,082,336		$	355,379,514		$	15,643,751		$	18,752,939
Foreign currencies, at value^Δ		—			—			—			1,231,560
Dividends and interest receivable		138,185			3,048,840			139,180			355,203
Investment management fees receivable		7,862			—			10,471			11,606
Receivable for securities sold		—			416,511			17,400			—
Foreign tax reclaims receivable		—			—			—			42,426
Receivable for fund shares sold		—			462,796			9,728			52,527
Unrealized appreciation on foreign currency exchange contracts		—			—			—			23,763
Securities lending income receivable		—			316			75			—
Prepaid expenses		—			5,662			25,760			32,239
Other assets		—			13,368			—			—
Total Assets		14,228,383			359,327,007			15,846,365			20,502,263
Liabilities:
Due to custodian		—			809,409			2,516			277,900
Other accrued expenses		36,469			556,572			60,474			126,763
Payable for fund shares redeemed		12,358			699,995			26,029			63,680
Administration expenses payable to affiliates		3,563			106,365			6,366			8,529
Distribution fees payable to affiliates		2,074			42,180			854			335
Distribution payable		516			—			—			—
Payable for securities purchased		—			297,597			14,880			1,604
Investment management fees payable to affiliates		—			104,511			—			—
Unrealized depreciation on foreign currency exchange contracts		—			—			—			51,170
Due to broker		—			—			—			44,452
Accrued capital gains taxes on appreciated securities		—			—			—			26,863
Total Liabilities		54,980			2,616,629			111,119			601,296
Total Net Assets	$	14,173,403		$	356,710,378		$	15,735,246		$	19,900,967

Net Assets Consist of:
Paid-in capital	$	15,171,582		$	451,834,775		$	21,804,720		$	27,973,280
Total distributable earnings (loss)		(998,179	)		(95,124,397	)		(6,069,474	)		(8,072,313	)
Total Net Assets	$	14,173,403		$	356,710,378		$	15,735,246		$	19,900,967

Table of Contents

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy California Municipal High Income Fund			Delaware Ivy Corporate Bond Fund			Delaware Ivy Crossover Credit Fund			Delaware Ivy Emerging Markets Local Currency Debt Fund
Net Asset Value

Class A:
Net assets	$	7,921,480		$	194,431,556		$	2,990,884		$	1,146,323
Shares of beneficial interest outstanding, unlimited authorization, no par		859,115			12,342,678			349,857			147,350
Net asset value per share	$	9.22		$	15.75		$	8.55		$	7.78
Sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.65		$	16.49		$	8.95		$	8.15

Class C:
Net assets	$	375,513		$	1,209,234		$	—		$	54,772
Shares of beneficial interest outstanding, unlimited authorization, no par		40,726			76,894			—			7,366
Net asset value per share	$	9.22		$	15.73		$	—		$	7.44

Class I:
Net assets	$	5,826,897		$	160,860,581		$	11,733,282		$	5,647,034
Shares of beneficial interest outstanding, unlimited authorization, no par		632,146			10,202,487			1,372,519			711,022
Net asset value per share	$	9.22		$	15.77		$	8.55		$	7.94

Class R6:
Net assets	$	—		$	—		$	—		$	12,827,280
Shares of beneficial interest outstanding, unlimited authorization, no par		—			—			—			1,616,119
Net asset value per share	$	—		$	—		$	—		$	7.94

Class Y:
Net assets	$	49,513		$	209,007		$	1,011,080		$	225,558
Shares of beneficial interest outstanding, unlimited authorization, no par		5,370			13,270			118,325			28,973
Net asset value per share	$	9.22		$	15.75		$	8.54		$	7.79

* Investments, at cost	$	15,010,327		$	405,211,306		$	18,562,307		$	20,921,184
^Δ Foreign currencies, at cost		—			—			—			1,179,539

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

Table of Contents

	Delaware Ivy Government Securities Fund			Delaware Ivy High Yield Fund			Delaware Ivy International Small Cap Fund			Delaware Ivy Multi-Asset Income Fund
Assets:
Investments, at value*	$	165,005,995		$	35,749,124		$	33,414,284		$	133,660,468
Cash		8,879			3,699			60,401			304,179
Cash collateral due from brokers		207,515			—			—			15,210
Foreign currencies, at value^Δ		—			—			50,124			—
Dividends and interest receivable		1,002,058			627,265			89,067			1,486,732
Receivable for fund shares sold		407,452			114,603			6,607			175,347
Variation margin due from broker on futures contracts		26,765			—			—			—
Prepaid expenses		6,140			27,786			30,372			—
Securities lending income receivable		74			—			—			2,432
Receivable for securities sold		—			85,167			124,226			1,129,940
Foreign tax reclaims receivable		—			—			104,953			154,720
Unrealized appreciation on foreign currency exchange contracts		—			—			—			1,439
Other assets		10,194			—			—			—
Total Assets		166,675,072			36,607,644			33,880,034			136,930,467
Liabilities:
Due to custodian		—			—			—			42,765
Payable for securities purchased		3,434,836			102,721			143,341			934,904
Payable for fund shares redeemed		634,618			123,892			38,618			321,451
Other accrued expenses		274,520			77,728			179,261			245,809
Investment management fees payable to affiliates		56,111			6,094			1,041			39,053
Administration expenses payable to affiliates		45,786			15,952			16,387			36,879
Distribution fees payable to affiliates		11,282			1,976			949			15,111
Distribution payable		404			—			—			—
Variation margin due to broker on futures contracts		—			—			—			1,078
Accrued capital gains taxes on appreciated securities		—			—			56,012			—
Total Liabilities		4,457,557			328,363			435,609			1,637,050
Total Net Assets	$	162,217,515		$	36,279,281		$	33,444,425		$	135,293,417

Net Assets Consist of:
Paid-in capital	$	199,034,434		$	47,138,280		$	36,299,133		$	149,321,616
Total distributable earnings (loss)		(36,816,919	)		(10,858,999	)		(2,854,708	)		(14,028,199	)
Total Net Assets	$	162,217,515		$	36,279,281		$	33,444,425		$	135,293,417

Table of Contents

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Government Securities Fund			Delaware Ivy High Yield Fund			Delaware Ivy International Small Cap Fund			Delaware Ivy Multi-Asset Income Fund
Net Asset Value

Class A:
Net assets	$	51,047,681		$	9,459,396		$	3,414,813		$	52,716,440
Shares of beneficial interest outstanding, unlimited authorization, no par		10,392,196			1,142,184			379,091			5,601,642
Net asset value per share	$	4.91		$	8.28		$	9.01		$	9.41
Sales charge		4.50	%		4.50	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	5.14		$	8.67		$	9.56		$	9.98

Class C:
Net assets	$	762,848		$	—		$	212,970		$	4,627,627
Shares of beneficial interest outstanding, unlimited authorization, no par		155,261			—			24,188			491,333
Net asset value per share	$	4.91		$	—		$	8.80		$	9.42

Class I:
Net assets	$	84,082,161		$	26,805,353		$	9,988,982		$	76,822,191
Shares of beneficial interest outstanding, unlimited authorization, no par		17,120,707			3,234,272			1,100,377			8,157,619
Net asset value per share	$	4.91		$	8.29		$	9.08		$	9.42

Class R6:
Net assets	$	26,324,825		$	14,532		$	19,815,904		$	1,067,426
Shares of beneficial interest outstanding, unlimited authorization, no par		5,358,894			1,742			2,184,179			113,420
Net asset value per share	$	4.91		$	8.34		$	9.07		$	9.41

Class Y:
Net assets	$	—		$	—		$	11,756		$	59,733
Shares of beneficial interest outstanding, unlimited authorization, no par		—			—			1,306			6,335
Net asset value per share	$	—		$	—		$	9.00		$	9.43

* Investments, at cost	$	169,752,086		$	38,571,460		$	31,395,789		$	141,064,224
^Δ Foreign currencies, at cost		—			—			47,771			—

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

Table of Contents

	Delaware Ivy Strategic Income Fund			Delaware Ivy Total Return Bond Fund
Assets:
Investments, at value*	$	139,523,634		$	62,134,363
Cash		290,921			462,933
Cash collateral due from brokers		499,766			997,848
Foreign currencies, at value^Δ		15,590			987,705
Dividends and interest receivable		2,045,751			777,235
Receivable for securities sold		1,157,441			—
Receivable for fund shares sold		260,053			227,667
Variation margin due from broker on futures contracts		53,060			4,955
Variation margin due from broker on centrally cleared credit default swap contracts		10,590			—
Unrealized appreciation on foreign currency exchange contracts		6,284			350,484
Securities lending income receivable		4,566			196
Foreign tax reclaims receivable		1,181			—
Investment management fees receivable		—			13,378
Prepaid expenses		—			51,024
Total Assets		143,868,837			66,007,788
Liabilities:
Options written, at value^∑		64,373			84,796
Payable for securities purchased		2,827,026			720,801
Payable for fund shares redeemed		376,527			242,142
Other accrued expenses		269,949			47,410
Administration expenses payable to affiliates		44,840			24,173
Investment management fees payable to affiliates		38,321			—
Distribution fees payable to affiliates		12,245			1,680
Due to broker		5,267			—
Unrealized depreciation on foreign currency exchange contracts		48			103,209
Total Liabilities		3,638,596			1,224,211
Total Net Assets	$	140,230,241		$	64,783,577

Net Assets Consist of:
Paid-in capital	$	179,234,087		$	84,325,769
Total distributable earnings (loss)		(39,003,846	)		(19,542,192	)
Total Net Assets	$	140,230,241		$	64,783,577

Table of Contents

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Strategic Income Fund			Delaware Ivy Total Return Bond Fund
Net Asset Value

Class A:
Net assets	$	48,161,404		$	6,982,987
Shares of beneficial interest outstanding, unlimited authorization, no par		5,535,878			851,005
Net asset value per share	$	8.70		$	8.21
Sales charge		4.50	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.11		$	8.60

Class C:
Net assets	$	2,225,825		$	268,950
Shares of beneficial interest outstanding, unlimited authorization, no par		255,827			33,160
Net asset value per share	$	8.70		$	8.11

Class I:
Net assets	$	89,011,741		$	25,826,239
Shares of beneficial interest outstanding, unlimited authorization, no par		10,227,592			3,123,165
Net asset value per share	$	8.70		$	8.27

Class R6:
Net assets	$	720,739		$	31,705,401
Shares of beneficial interest outstanding, unlimited authorization, no par		82,804			3,839,525
Net asset value per share	$	8.70		$	8.26

Class Y:
Net assets	$	110,532		$	—
Shares of beneficial interest outstanding, unlimited authorization, no par		12,708			—
Net asset value per share	$	8.70		$	—

* Investments, at cost	$	156,491,581		$	66,702,676
^Δ Foreign currencies, at cost		17,130			1,065,038
^∑ Options written, premium received		(83,390	)		(167,747	)

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

Table of Contents

Statements of operations

Ivy Funds

Six months ended March 31, 2023 (Unaudited)

	Delaware Ivy California Municipal High Income Fund			Delaware Ivy Corporate Bond Fund			Delaware Ivy Crossover Credit Fund			Delaware Ivy Emerging Markets Local Currency Debt Fund
Investment Income:
Interest	$	289,114		$	6,859,143		$	284,888		$	699,934
Dividends		1,673			144,800			14,676			2,409
Securities lending income		—			3,817			498			136
Foreign tax withheld		—			—			—			(16,664	)
		290,787			7,007,760			300,062			685,815

Expenses:
Investment advisory fees		40,080			913,060			40,782			80,767
Distribution expenses — Class A		10,612			252,145			4,181			1,443
Distribution expenses — Class C		1,899			6,487			—			276
Distribution expenses — Class Y		70			256			1,231			273
Registration fees		30,095			24,603			37,403			35,500
Audit and tax fees		23,169			25,607			27,027			29,522
Accounting and administration expenses		19,846			80,180			21,072			22,728
Reports and statements to shareholders servicing expenses		7,118			11,370			7,282			7,684
Dividend disbursing and transfer agent fees and expenses		4,286			434,461			12,626			17,682
Trustees’ fees and expenses		775			1,690			1,284			1,849
Custodian fees		670			6,146			1,252			33,493
Legal fees		189			4,446			389			1,194
Other		5,757			15,393			4,836			9,363
		144,566			1,775,844			159,365			241,774
Less expenses waived		(84,997	)		(60,445	)		(97,664	)		(151,706	)
Less waived distribution expenses — Class A		(3,469	)		(19,792	)		(3,223	)		(1,027	)
Less waived distribution expenses — Class C		(114	)		(362	)		—			(136	)
Less waived distribution expenses — Class Y		(21	)		—			(4	)		(6	)
Less expenses paid indirectly		(12	)		(799	)		(46	)		(164	)
Total operating expenses		55,953			1,694,446			58,428			88,735
Net Investment Income (Loss)		234,834			5,313,314			241,634			597,080

Table of Contents

Statements of operations

Ivy Funds

	Delaware Ivy California Municipal High Income Fund			Delaware Ivy Corporate Bond Fund			Delaware Ivy Crossover Credit Fund			Delaware Ivy Emerging Markets Local Currency Debt Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(192,176	)	$	(12,932,230	)	$	(270,465	)	$	(337,879	)¹
Foreign currencies		—			—			—			(436,302	)
Foreign currency exchange contracts		—			—			—			78,458
Net realized gain (loss)		(192,176	)		(12,932,230	)		(270,465	)		(695,723	)

Net change in unrealized appreciation (depreciation) on:
Investments		784,653			31,288,067			1,184,550			2,875,3841
Foreign currencies		—			—			—			62,285
Foreign currency exchange contracts		—			—			—			16,362
Net change in unrealized appreciation (depreciation)		784,653			31,288,067			1,184,550			2,954,031
Net Realized and Unrealized Gain (Loss)		592,477			18,355,837			914,085			2,258,308
Net Increase (Decrease) in Net Assets Resulting from Operations	$	827,311		$	23,669,151		$	1,155,719		$	2,855,388

¹	Includes $(22,529) capital gains tax paid and $(26,863) capital gains tax accrued for Delaware Ivy Emerging Markets Local Currency Debt Fund.

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

Table of Contents

	Delaware Ivy Government Securities Fund			Delaware Ivy High Yield Fund			Delaware Ivy International Small Cap Fund			Delaware Ivy Multi-Asset Income Fund
Investment Income:
Interest	$	2,518,426		$	1,382,045		$	—		$	2,451,943
Dividends		101,954			30,866			242,727			1,177,711
Securities lending income		4,706			10,211			13,482			82,616
Interest from affiliated fund		—			—			—			9,837
Foreign tax withheld		—			—			(24,398	)		(71,687	)
		2,625,086			1,423,122			231,811			3,650,420

Expenses:
Investment advisory fees		422,331			125,727			185,454			519,499
Distribution expenses — Class A		65,471			12,262			4,245			69,129
Distribution expenses — Class C		3,593			—			1,078			24,356
Distribution expenses — Class Y		—			—			111			100
Dividend disbursing and transfer agent fees and expenses		119,824			19,766			22,411			106,496
Accounting and administration expenses		45,348			26,372			26,308			41,617
Registration fees		22,624			13,217			36,708			37,538
Audit and tax fees		17,679			24,159			20,222			27,120
Trustees’ fees and expenses		10,063			1,841			2,011			8,828
Reports and statements to shareholders servicing expenses		8,925			7,830			7,648			8,558
Custodian fees		3,216			3,154			30,287			26,142
Legal fees		1,773			3,673			753			6,756
Other		7,735			10,364			15,601			30,457
		728,582			248,365			352,837			906,596
Less expenses waived		(51,569	)		(85,737	)		(163,141	)		(192,693	)
Less waived distribution expenses — Class A		(34,098	)		(4,702	)		(3,010	)		(24,690	)
Less waived distribution expenses — Class C		(1,000	)		—			(474	)		(3,626	)
Less waived distribution expenses — Class Y		—			—			(24	)		(1	)
Less expenses paid indirectly		(253	)		(160	)		(174	)		(345	)
Total operating expenses		641,662			157,766			186,014			685,241
Net Investment Income (Loss)		1,983,424			1,265,356			45,797			2,965,179

Table of Contents

Statements of operations

Ivy Funds

	Delaware Ivy Government Securities Fund			Delaware Ivy High Yield Fund			Delaware Ivy International Small Cap Fund			Delaware Ivy Multi-Asset Income Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(6,414,758	)	$	(2,609,784	)	$	(2,550,278	)¹	$	(8,174,439	)
Foreign currencies		—			—			40,127			(2,265	)
Foreign currency exchange contracts		—			—			(141,921	)		(38,722	)
Futures contracts		148,108			—			—			(33,673	)
Options purchased		7,523			—			—			—
Options written		(48,335	)		—			—			—
Net realized gain (loss)		(6,307,462	)		(2,609,784	)		(2,652,072	)		(8,249,099	)

Net change in unrealized appreciation (depreciation) on:
Investments		10,512,338			4,484,449			9,021,213	¹		22,893,968
Affiliated investments		—			—			—			2,779,792
Foreign currencies		—			—			11,281			12,098
Foreign currency exchange contracts		—			—			10,172			(50,213	)
Futures contracts		67,651			—			—			33,975
Net change in unrealized appreciation (depreciation)		10,579,989			4,484,449			9,042,666			25,669,620
Net Realized and Unrealized Gain (Loss)		4,272,527			1,874,665			6,390,594			17,420,521
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,255,951		$	3,140,021		$	6,436,391		$	20,385,700

¹	Includes $(95,477) capital gains tax paid and $(56,012) capital gains tax accrued for Delaware Ivy International Small Cap Fund.

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

Table of Contents

	Delaware Ivy Strategic Income Fund			Delaware Ivy Total Return Bond Fund
Investment Income:
Interest	$	4,537,594		$	1,208,315
Dividends		105,629			41,955
Securities lending income		86,597			7,524
Foreign tax withheld		—			(2,975	)
		4,729,820			1,254,819

Expenses:
Investment advisory fees		526,396			320,168
Distribution expenses — Class A		63,644			8,583
Distribution expenses — Class C		12,285			1,477
Distribution expenses — Class Y		125			—
Dividend disbursing and transfer agent fees and expenses		89,189			30,302
Accounting and administration expenses		43,604			31,679
Registration fees		40,026			37,221
Audit and tax fees		30,137			28,718
Legal fees		11,226			950
Trustees’ fees and expenses		9,732			3,786
Custodian fees		9,728			16,700
Reports and statements to shareholders servicing expenses		8,838			8,271
Other		29,326			30,626
		874,256			518,481
Less expenses waived		(227,452	)		(173,307	)
Less waived distribution expenses — Class A		(25,986	)		(2,673	)
Less waived distribution expenses — Class C		(3,737	)		(630	)
Less waived distribution expenses — Class Y		(17	)		—
Less expenses paid indirectly		(346	)		(201	)
Total operating expenses		616,718			341,670
Net Investment Income (Loss)		4,113,102			913,149

Table of Contents

Statements of operations

Ivy Funds

	Delaware Ivy Strategic Income Fund			Delaware Ivy Total Return Bond Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(6,657,349	)	$	(3,609,002	)
Foreign currencies		(92,707	)		(1,056,879	)
Foreign currency exchange contracts		(93,437	)		(1,534,297	)
Futures contracts		(670,768	)		319,567
Options purchased		(43,049	)		(12,669	)
Options written		—			95,886
Swap contracts		48			(70,281	)
Net realized gain (loss)		(7,557,262	)		(5,867,675	)

Net change in unrealized appreciation (depreciation) on:
Investments		11,900,207			10,336,545
Foreign currencies		9,786			(4,398	)
Foreign currency exchange contracts		(205,958	)		(1,373,010	)
Futures contracts		1,201,298			145,373
Options purchased		(5,090	)		(198,912	)
Options written		19,017			103,513
Swap contracts		33,922			—
Net change in unrealized appreciation (depreciation)		12,953,182			9,009,111
Net Realized and Unrealized Gain (Loss)		5,395,920			3,141,436
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,509,022		$	4,054,585

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

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy California Municipal High Income Fund						Delaware Ivy Corporate Bond Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	234,834		$	644,820		$	5,313,314		$	13,765,466
Net realized gain (loss)		(192,176	)		75,266			(12,932,230	)		(32,185,238	)
Net change in unrealized appreciation (depreciation)		784,653			(3,529,781	)		31,288,067			(105,724,711	)
Net increase (decrease) in net assets resulting from operations		827,311			(2,809,695	)		23,669,151			(124,144,483	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(149,008	)		(437,916	)		(2,750,327	)		(15,880,323	)
Class C		(4,971	)		(14,595	)		(11,090	)		(87,488	)
Class I		(117,428	)		(336,405	)		(2,718,936	)		(20,399,993	)
Class R6		—			—			—			(1,574,023	)
Class Y		(970	)		(7,314	)		(2,906	)		(13,108	)
		(272,377	)		(796,230	)		(5,483,259	)		(37,954,935	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		104,333			819,986			7,093,429			16,105,405
Class B¹		—			—			—			5
Class C		3,171			11,882			311,824			296,440
Class I		2,535,628			4,365,370			11,813,794			43,638,479
Class R6		—			—			—			2,893,526
Class Y		—			218			—			—

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		146,990			369,801			2,743,051			15,832,747
Class C		4,949			12,324			11,090			87,488
Class I		116,555			329,346			2,717,559			20,269,987
Class R6		—			—			—			1,574,023
Class Y		904			2,488			—			—
		2,912,530			5,911,415			24,690,747			100,698,100
Cost of shares redeemed:
Class A		(2,220,468	)		(5,078,671	)		(35,432,101	)		(81,875,467	)
Class B¹		—			—			—			(21,579	)
Class C		(27,303	)		(1,101,152	)		(445,226	)		(960,393	)
Class I		(4,201,329	)		(4,907,564	)		(65,090,121	)		(217,782,912	)
Class R6		—			—			—			(38,717,423	)
Class Y		(29,826	)		(1,089,953	)		—			—
		(6,478,926	)		(12,177,340	)		(100,967,448	)		(339,357,774	)
Decrease in net assets derived from capital share transactions		(3,566,396	)		(6,265,925	)		(76,276,701	)		(238,659,674	)
Net Decrease in Net Assets		(3,011,462	)		(9,871,850	)		(58,090,809	)		(400,759,092	)

Net Assets:
Beginning of period		17,184,865			27,056,715			414,801,187			815,560,279
End of period	$	14,173,403		$	17,184,865		$	356,710,378		$	414,801,187

Table of Contents

Statements of changes in net assets

Ivy Funds

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 the previous pages.

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

Table of Contents

	Delaware Ivy Crossover Credit Fund						Delaware Ivy Emerging Markets Local Currency Debt Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	241,634		$	810,642		$	597,080		$	1,555,978
Net realized gain (loss)		(270,465	)		(2,805,608	)		(695,723	)		(4,428,084	)
Net change in unrealized appreciation (depreciation)		1,184,550			(4,811,927	)		2,954,031			(5,058,266	)
Net increase (decrease) in net assets resulting from operations		1,155,719			(6,806,893	)		2,855,388			(7,930,372	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(50,292	)		(435,802	)		—			—
Class I		(199,058	)		(1,992,355	)		—			—
Class R6		—			(358,625	)		—			—
Class Y		(15,240	)		(82,061	)		—			—
		(264,590	)		(2,868,843	)		—			—

Capital Share Transactions:
Proceeds from shares sold:
Class A		24,229			704,434			84,181			91,257
Class C		—			—			1,381			593
Class I		1,483,817			9,822,946			414,207			1,673,252
Class R6		—			690,846			243			2,885,006
Class Y		2,993			105,176			1,123,303			9

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		50,292			432,820			—			—
Class I		199,058			1,992,348			—			—
Class R6		—			358,625			—			—
Class Y		2,339			10,801			—			—
		1,762,728			14,117,996			1,623,315			4,650,117
Cost of shares redeemed:
Class A		(1,196,058	)		(2,951,222	)		(251,677	)		(1,212,158	)
Class C		—			—			(15,049	)		(15,430	)
Class I		(3,024,861	)		(22,523,248	)		(2,914,085	)		(18,770,346	)
Class R6		—			(5,897,342	)		(2,620,484	)		(6,378,476	)
Class Y		(2,062	)		(70,626	)		(1,124,922	)		(470	)
		(4,222,981	)		(31,442,438	)		(6,926,217	)		(26,376,880	)
Decrease in net assets derived from capital share transactions		(2,460,253	)		(17,324,442	)		(5,302,902	)		(21,726,763	)
Net Decrease in Net Assets		(1,569,124	)		(27,000,178	)		(2,447,514	)		(29,657,135	)

Net Assets:
Beginning of period		17,304,370			44,304,548			22,348,481			52,005,616
End of period	$	15,735,246		$	17,304,370		$	19,900,967		$	22,348,481

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

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Government Securities Fund						Delaware Ivy High Yield Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,983,424		$	2,450,378		$	1,265,356		$	4,578,831
Net realized gain (loss)		(6,307,462	)		(21,575,366	)		(2,609,784	)		(5,297,682	)
Net change in unrealized appreciation (depreciation)		10,579,989			(19,961,522	)		4,484,449			(11,010,810	)
Net increase (decrease) in net assets resulting from operations		6,255,951			(39,086,510	)		3,140,021			(11,729,661	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(616,227	)		(588,347	)		(325,297	)		(1,063,272	)
Class C		(5,541	)		(378	)		—			—
Class I		(1,164,162	)		(1,277,007	)		(1,042,907	)		(4,984,513	)
Class R6		(354,674	)		(1,189,521	)		(491	)		(1,898,457	)
		(2,140,604	)		(3,055,253	)		(1,368,695	)		(7,946,242	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		5,080,886			6,165,836			1,586,458			2,918,308
Class C		168,178			220,005			—			—
Class I		13,493,564			58,154,785			2,217,588			14,011,810
Class R6		2,242,990			29,480,422			—			131,510

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		613,217			594,917			324,808			1,062,455
Class C		5,486			597			—			—
Class I		1,164,209			1,298,536			1,042,907			4,984,606
Class R6		354,674			1,212,166			491			1,898,457
		23,123,204			97,127,264			5,172,252			25,007,146
Cost of shares redeemed:
Class A		(11,208,747	)		(20,444,518	)		(2,839,092	)		(4,950,550	)
Class B¹		—			(22,641	)		—			—
Class C		(180,713	)		(635,701	)		—			—
Class I		(34,277,812	)		(70,104,153	)		(10,744,794	)		(58,445,870	)
Class R6		(5,666,031	)		(125,457,686	)		—			(32,689,570	)
		(51,333,303	)		(216,664,699	)		(13,583,886	)		(96,085,990	)
Decrease in net assets derived from capital share transactions		(28,210,099	)		(119,537,435	)		(8,411,634	)		(71,078,844	)
Net Decrease in Net Assets		(24,094,752	)		(161,679,198	)		(6,640,308	)		(90,754,747	)

Net Assets:
Beginning of period		186,312,267			347,991,465			42,919,589			133,674,336
End of period	$	162,217,515		$	186,312,267		$	36,279,281		$	42,919,589

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.

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

Table of Contents

	Delaware Ivy International Small Cap Fund						Delaware Ivy Multi-Asset Income Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	45,797		$	347,832		$	2,965,179		$	8,435,472
Net realized gain (loss)		(2,652,072	)		16,420,540			(8,249,099	)		21,731,856
Net change in unrealized appreciation (depreciation)		9,042,666			(45,828,652	)		25,669,620			(66,930,961	)
Net increase (decrease) in net assets resulting from operations		6,436,391			(29,060,280	)		20,385,700			(36,763,633	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(329,915	)		(1,036,290	)		(3,941,005	)		(3,852,612	)
Class C		(22,704	)		(60,730	)		(336,650	)		(297,376	)
Class I		(1,286,502	)		(7,303,050	)		(6,479,290	)		(8,976,790	)
Class R6		(2,153,456	)		(7,790,687	)		(79,239	)		(70,658	)
Class Y		(116,619	)		(14,316	)		(6,328	)		(5,729	)
		(3,909,196	)		(16,205,073	)		(10,842,512	)		(13,203,165	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		337,292			492,404			2,699,937			6,665,626
Class C		17,552			74,322			98,590			425,965
Class I		603,964			4,590,035			2,251,114			15,102,649
Class R6		312,123			5,932,670			64,555			165,002
Class Y		3,926,616			481,816			—			4,366

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		329,612			1,034,791			3,936,847			3,821,297
Class C		22,704			59,484			336,382			291,596
Class I		1,286,502			7,301,071			6,468,185			8,928,446
Class R6		2,153,456			7,790,687			79,239			70,658
Class Y		116,619			14,316			6,328			5,729
		9,106,440			27,771,596			15,941,177			35,481,334
Cost of shares redeemed:
Class A		(764,877	)		(2,671,873	)		(14,342,457	)		(24,588,526	)
Class C		(56,048	)		(131,818	)		(1,003,587	)		(2,509,562	)
Class I		(5,664,267	)		(39,850,541	)		(34,879,292	)		(105,567,503	)
Class R6		(4,779,968	)		(22,577,066	)		(162,113	)		(359,224	)
Class Y		(3,924,741	)		(612,604	)		(40,657	)		(18,620	)
		(15,189,901	)		(65,843,902	)		(50,428,106	)		(133,043,435	)
Decrease in net assets derived from capital share transactions		(6,083,461	)		(38,072,306	)		(34,486,929	)		(97,562,101	)
Net Decrease in Net Assets		(3,556,266	)		(83,337,659	)		(24,943,741	)		(147,528,899	)

Net Assets:
Beginning of period		37,000,691			120,338,350			160,237,158			307,766,057
End of period	$	33,444,425		$	37,000,691		$	135,293,417		$	160,237,158

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

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Strategic Income Fund						Delaware Ivy Total Return Bond Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	4,113,102		$	10,865,992		$	913,149		$	1,380,058
Net realized gain (loss)		(7,557,262	)		(11,932,950	)		(5,867,675	)		(1,413,925	)
Net change in unrealized appreciation (depreciation)		12,953,182			(33,089,309	)		9,009,111			(17,091,093	)
Net increase (decrease) in net assets resulting from operations		9,509,022			(34,156,267	)		4,054,585			(17,124,960	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,404,362	)		(3,015,633	)		(564,204	)		(276,561	)
Class C		(57,787	)		(122,545	)		(22,288	)		(13,264	)
Class I		(2,916,996	)		(7,986,695	)		(2,770,727	)		(2,253,223	)
Class R6		(22,280	)		(45,685	)		(2,882,968	)		(1,408,771	)
Class Y		(2,807	)		(5,869	)		—			(1	)
		(4,404,232	)		(11,176,427	)		(6,240,187	)		(3,951,820	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		4,032,064			9,534,8781			1,268,001			837,399
Class C		214,885			656,3821			17,569			38,513
Class I		6,266,847			30,435,0031			869,367			6,347,278
Class R6		89,664			340,6561			1,669,990			1,417,122
Class Y		15,075			24,8621			—			—

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,403,577			2,994,432			564,204			276,089
Class C		57,767			121,569			22,288			13,264
Class I		2,916,348			7,961,689			2,770,727			2,248,668
Class R6		22,280			45,685			2,882,968			1,408,771
Class Y		2,801			5,706			—			—
		15,021,308			52,120,862			10,065,114			12,587,104
Cost of shares redeemed:
Class A		(13,555,379	)		(31,678,540	)		(1,789,662	)		(4,938,497	)
Class C		(772,725	)		(1,992,721	)		(111,943	)		(246,828	)
Class I		(37,942,352	)		(133,548,730	)		(14,557,747	)		(58,274,370	)
Class R6		(213,159	)		(534,175	)		(6,334,768	)		(20,143,529	)
Class Y		(477	)		(63,610	)		—			(30	)
		(52,484,092	)		(167,817,776	)		(22,794,120	)		(83,603,254	)
Decrease in net assets derived from capital share transactions		(37,462,784	)		(115,696,914	)		(12,729,006	)		(71,016,150	)
Net Decrease in Net Assets		(32,357,994	)		(161,029,608	)		(14,914,608	)		(92,092,930	)

Net Assets:
Beginning of period		172,588,235			333,617,843			79,698,185			171,791,115
End of period	$	140,230,241		$	172,588,235		$	64,783,577		$	79,698,185

¹	Included payments from affiliates.

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

Table of Contents

Financial highlights

Delaware Ivy California Municipal High Income Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	10.68		$	10.48		$	10.58		$	9.98		$	10.16

Income (loss) from investment operations:
Net investment income²		0.14			0.30			0.21			0.21			0.26			0.26
Net realized and unrealized gain (loss)		0.34			(1.70	)		0.20			(0.11	)		0.60			(0.16	)
Total from investment operations		0.48			(1.40	)		0.41			0.10			0.86			0.10

Less dividends and distributions from:
Net investment income		(0.13	)		(0.27	)		(0.21	)		(0.20	)		(0.26	)		(0.26	)
Net realized gain		(0.03	)		(0.11	)		—			—			—			(0.02	)
Total dividends and distributions		(0.16	)		(0.38	)		(0.21	)		(0.20	)		(0.26	)		(0.28	)

Net asset value, end of period	$	9.22		$	8.90		$	10.68		$	10.48		$	10.58		$	9.98

Total return³		5.43	%		(13.46	)%		3.97	%		1.01	%		8.73	%		0.89	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,921		$	9,573		$	15	⁴	$	19	⁴	$	17	⁴	$	14	⁴
Ratio of expenses to average net assets⁵		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.78	%
Ratio of expenses to average net assets prior to fees waived⁵		1.98	%		1.52	%		1.33	%		1.23	%		1.29	%		1.32	%
Ratio of net investment income to average net assets		3.01	%		3.03	%		1.94	%		2.03	%		2.54	%		2.56	%
Ratio of net investment income to average net assets prior to fees waived		1.83	%		2.31	%		1.41	%		1.60	%		2.05	%		2.02	%
Portfolio turnover		3	%		28	%		16	%		9	%		10	%		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. 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

Financial highlights

Delaware Ivy California Municipal High Income Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	10.68		$	10.48		$	10.58		$	9.98		$	10.16

Income (loss) from investment operations:
Net investment income²		0.10			0.19			0.12			0.12			0.17			0.17
Net realized and unrealized gain (loss)		0.34			(1.68	)		0.20			(0.11	)		0.60			(0.17	)
Total from investment operations		0.44			(1.49	)		0.32			0.01			0.77			—	³

Less dividends and distributions from:
Net investment income		(0.09	)		(0.18	)		(0.12	)		(0.11	)		(0.17	)		(0.16	)
Net realized gain		(0.03	)		(0.11	)		—			—			—			(0.02	)
Total dividends and distributions		(0.12	)		(0.29	)		(0.12	)		(0.11	)		(0.17	)		(0.18	)

Net asset value, end of period	$	9.22		$	8.90		$	10.68		$	10.48		$	10.58		$	9.98

Total return⁴		4.96	%		(14.28	)%		3.09	%		0.13	%		7.81	%		(0.07	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	375		$	381		$	2	⁵	$	2	⁵	$	2	⁵	$	2	⁵
Ratio of expenses to average net assets⁶		1.70	%		1.70	%		1.65	%		1.67	%		1.66	%		1.63	%
Ratio of expenses to average net assets prior to fees waived⁶		2.87	%		2.20	%		2.10	%		2.02	%		2.06	%		2.08	%
Ratio of net investment income to average net assets		2.12	%		1.92	%		1.09	%		1.16	%		1.69	%		1.70	%
Ratio of net investment income to average net assets prior to fees waived		0.95	%		1.42	%		0.64	%		0.81	%		1.29	%		1.25	%
Portfolio turnover		3	%		28	%		16	%		9	%		10	%		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. 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 California Municipal High Income Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	10.68		$	10.48		$	10.58		$	9.98		$	10.16

Income (loss) from investment operations:
Net investment income²		0.15			0.33			0.23			0.23			0.28			0.28
Net realized and unrealized gain (loss)		0.34			(1.71	)		0.21			(0.10	)		0.60			(0.16	)
Total from investment operations		0.49			(1.38	)		0.44			0.13			0.88			0.12

Less dividends and distributions from:
Net investment income		(0.14	)		(0.29	)		(0.24	)		(0.23	)		(0.28	)		(0.28	)
Net realized gain		(0.03	)		(0.11	)		—			—			—			(0.02	)
Total dividends and distributions		(0.17	)		(0.40	)		(0.24	)		(0.23	)		(0.28	)		(0.30	)

Net asset value, end of period	$	9.22		$	8.90		$	10.68		$	10.48		$	10.58		$	9.98

Total return³		5.55	%		(13.29	)%		4.18	%		1.21	%		8.95	%		1.10	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,827		$	7,154		$	9	⁴	$	13	⁴	$	13	⁴	$	11	⁴
Ratio of expenses to average net assets⁵		0.58	%		0.60	%		0.60	%		0.60	%		0.60	%		0.58	%
Ratio of expenses to average net assets prior to fees waived⁵		1.71	%		1.45	%		1.21	%		1.12	%		1.16	%		1.20	%
Ratio of net investment income to average net assets		3.23	%		3.27	%		2.12	%		2.23	%		2.75	%		2.74	%
Ratio of net investment income to average net assets prior to fees waived		2.10	%		2.42	%		1.51	%		1.71	%		2.19	%		2.12	%
Portfolio turnover		3	%		28	%		16	%		9	%		10	%		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	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 California Municipal High Income Fund Class Y

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	10.68		$	10.48		$	10.58		$	9.98		$	10.16

Income (loss) from investment operations:
Net investment income²		0.14			0.26			0.21			0.21			0.26			0.25
Net realized and unrealized gain (loss)		0.34			(1.66	)		0.20			(0.11	)		0.60			(0.15	)
Total from investment operations		0.48			(1.40	)		0.41			0.10			0.86			0.10

Less dividends and distributions from:
Net investment income		(0.13	)		(0.27	)		(0.21	)		(0.20	)		(0.26	)		(0.26	)
Net realized gain		(0.03	)		(0.11	)		—			—			—			(0.02	)
Total dividends and distributions		(0.16	)		(0.38	)		(0.21	)		(0.20	)		(0.26	)		(0.28	)

Net asset value, end of period	$	9.22		$	8.90		$	10.68		$	10.48		$	10.58		$	9.98

Total return³		5.43	%		(13.48	)%		3.97	%		1.01	%		8.73	%		0.93	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	50		$	77		$	1	⁴	$	1	⁴	$	1	⁴	$	1	⁴
Ratio of expenses to average net assets⁵		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.78	%
Ratio of expenses to average net assets prior to fees waived⁵		1.96	%		1.26	%		1.45	%		1.35	%		1.40	%		1.44	%
Ratio of net investment income to average net assets		2.99	%		2.51	%		1.96	%		2.03	%		2.55	%		2.56	%
Ratio of net investment income to average net assets prior to fees waived		1.83	%		2.05	%		1.31	%		1.48	%		1.95	%		1.90	%
Portfolio turnover		3	%		28	%		16	%		9	%		10	%		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	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 Corporate Bond Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22²			9/30/21²			9/30/20²			9/30/19²			9/30/18²
Net asset value, beginning of period	$	15.03		$	19.62		$	20.70		$	19.62		$	18.06		$	18.81

Income (loss) from investment operations:
Net investment income³		0.20			0.36			0.39			0.45			0.48			0.45
Net realized and unrealized gain (loss)		0.73			(3.97	)		(0.03	)		1.11			1.56			(0.78	)
Total from investment operations		0.93			(3.61	)		0.36			1.56			2.04			(0.33	)

Less dividends and distributions from:
Net investment income		(0.21	)		(0.39	)		(0.42	)		(0.48	)		(0.48	)		(0.42	)
Net realized gain		—			(0.59	)		(1.02	)		—			—			—
Total dividends and distributions		(0.21	)		(0.98	)		(1.44	)		(0.48	)		(0.48	)		(0.42	)

Net asset value, end of period	$	15.75		$	15.03		$	19.62		$	20.70		$	19.62		$	18.06

Total return⁴		6.22	%⁵		(19.22	)%		1.59	%		8.07	%		11.48	%		(1.72	)%

Ratios and supplemental data:															��
Net assets, end of period (000 omitted)	$	194,431		$	210,466		$	333	⁶	$	355	⁶	$	348	⁶	$	364	⁶
Ratio of expenses to average net assets⁷		1.03	%		1.01	%		0.96	%		1.00	%		1.02	%		1.05	%
Ratio of expenses to average net assets prior to fees waived⁷		1.08	%		1.01	%		0.96	%		1.00	%		1.02	%		1.05	%
Ratio of net investment income to average net assets		2.61	%		2.05	%		1.89	%		2.26	%		2.54	%		2.41	%
Ratio of net investment income to average net assets prior to fees waived		2.56	%		2.05	%		1.89	%		2.26	%		2.54	%		2.41	%
Portfolio turnover		25	%		52	%		72	%		84	%		63	%		29	%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been revised to reflect the reverse stock split.
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 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

Financial highlights

Delaware Ivy Corporate Bond Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22²			9/30/21²			9/30/20²			9/30/19²			9/30/18²
Net asset value, beginning of period	$	15.01		$	19.59		$	20.67		$	19.59		$	18.03		$	18.78

Income (loss) from investment operations:
Net investment income³		0.12			0.18			0.21			0.27			0.30			0.27
Net realized and unrealized gain (loss)		0.73			(3.96	)		(0.03	)		1.11			1.56			(0.75	)
Total from investment operations		0.85			(3.78	)		0.18			1.38			1.86			(0.48	)

Less dividends and distributions from:
Net investment income		(0.13	)		(0.21	)		(0.24	)		(0.30	)		(0.30	)		(0.27	)
Net realized gain		—			(0.59	)		(1.02	)		—			—			—
Total dividends and distributions		(0.13	)		(0.80	)		(1.26	)		(0.30	)		(0.30	)		(0.27	)

Net asset value, end of period	$	15.73		$	15.01		$	19.59		$	20.67		$	19.59		$	18.03

Total return⁴		5.69	%⁵		(20.01	)%		0.68	%		7.13	%		10.52	%		(2.63	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,209		$	1,271		$	2	⁶	$	4	⁶	$	4	⁶	$	4	⁶
Ratio of expenses to average net assets⁷		2.07	%		2.05	%		1.84	%		1.89	%		1.92	%		1.94	%
Ratio of expenses to average net assets prior to fees waived⁷		2.16	%		2.05	%		1.84	%		1.89	%		1.920	%		1.94	%
Ratio of net investment income to average net assets		1.57	%		1.01	%		1.02	%		1.37	%		1.64	%		1.48	%
Ratio of net investment income to average net assets prior to fees waived		1.48	%		1.01	%		1.02	%		1.37	%		1.64	%		1.48	%
Portfolio turnover		25	%		52	%		72	%		84	%		63	%		29	%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been revised to reflect the reverse stock split.
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 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 Ivy Corporate Bond Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22²			9/30/21²			9/30/20²			9/30/19²			9/30/18²
Net asset value, beginning of period	$	15.04		$	19.62		$	20.70		$	19.62		$	18.06		$	18.81

Income (loss) from investment operations:
Net investment income³		0.23			0.41			0.42			0.51			0.54			0.51
Net realized and unrealized gain (loss)		0.74			(3.97	)		(0.03	)		1.11			1.56			(0.78	)
Total from investment operations		0.97			(3.56	)		0.39			1.62			2.10			(0.27	)

Less dividends and distributions from:
Net investment income		(0.24	)		(0.43	)		(0.45	)		(0.54	)		(0.54	)		(0.48	)
Net realized gain		—			(0.59	)		(1.02	)		—			—			—
Total dividends and distributions		(0.24	)		(1.02	)		(1.47	)		(0.54	)		(0.54	)		(0.48	)

Net asset value, end of period	$	15.77		$	15.04		$	19.62		$	20.70		$	19.62		$	18.06

Total return⁴		6.45	%⁵		(18.98	)%		1.87	%		8.39	%		11.84	%		(1.41	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	160,861		$	202,864		$	442	⁶	$	460	⁶	$	523	⁶	$	545	⁶
Ratio of expenses to average net assets⁷		0.71	%		0.72	%		0.70	%		0.71	%		0.70	%		0.72	%
Ratio of expenses to average net assets prior to fees waived⁷		0.74	%		0.72	%		0.70	%		0.71	%		0.70	%		0.72	%
Ratio of net investment income to average net assets		2.94	%		2.31	%		2.15	%		2.55	%		2.86	%		2.74	%
Ratio of net investment income to average net assets prior to fees waived		2.91	%		2.31	%		2.15	%		2.55	%		2.86	%		2.74	%
Portfolio turnover		25	%		52	%		72	%		84	%		63	%		29	%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been revised to reflect the reverse stock split.
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.

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

Table of Contents

Financial highlights

Delaware Ivy Corporate Bond Fund Class Y

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

	Six months ended 3/31/23²			Year ended												10/16/17¹ to
	(Unaudited)			9/30/22³			9/30/21³			9/30/20³			9/30/19³			9/30/18³
Net asset value, beginning of period	$	15.03		$	19.62		$	20.70		$	19.59		$	18.03		$	18.84

Income (loss) from investment operations:
Net investment income⁴		0.21			0.37			0.39			0.45			0.48			0.45
Net realized and unrealized gain (loss)		0.73			(3.97	)		(0.06	)		1.14			1.59			(0.87	)
Total from investment operations		0.94			(3.60	)		0.33			1.59			2.07			(0.42	)

Less dividends and distributions from:
Net investment income		(0.22	)		(0.40	)		(0.39	)		(0.48	)		(0.51	)		(0.39	)
Net realized gain		—			(0.59	)		(1.02	)		—			—			—
Total dividends and distributions		(0.22	)		(0.99	)		(1.41	)		(0.48	)		(0.51	)		(0.39	)

Net asset value, end of period	$	15.75		$	15.03		$	19.62		$	20.70		$	19.59		$	18.03

Total return⁵		6.27	%⁶		(19.18	)%		1.58	%		8.29	%		11.62	%		(2.16	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	209		$	200		$	—	^7,8	$	—	^7,8	$	—	^7,8	$	—	^7,8
Ratio of expenses to average net assets⁹		0.94	%		0.95	%		0.95	%		0.94	%		0.93	%		1.00	%
Ratio of expenses to average net assets prior to fees waived⁹		0.97	%		0.95	%		0.95	%		0.94	%		0.93	%		1.00	%
Ratio of net investment income to average net assets		2.70	%		2.13	%		1.90	%		2.32	%		2.62	%		2.62	%
Ratio of net investment income to average net assets prior to fees waived		2.67	%		2.13	%		1.90	%		2.32	%		2.62	%		2.62	%
Portfolio turnover		25	%		52	%		72	%		84	%		63	%		29	%¹⁰

1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been revised to reflect the reverse stock split.
4	Calculated using average shares outstanding.
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 period ended September 30, 2018.

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

Table of Contents

Delaware Ivy Crossover Credit Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.09		$	10.88		$	11.28		$	10.51		$	9.64		$	10.26

Income (loss) from investment operations:
Net investment income²		0.12			0.22			0.21			0.28			0.32			0.30
Net realized and unrealized gain (loss)		0.47			(2.30	)		0.33			0.77			0.90			(0.56	)
Total from investment operations		0.59			(2.08	)		0.54			1.05			1.22			(0.26	)

Less dividends and distributions from:
Net investment income		(0.13	)		(0.23	)		(0.22	)		(0.28	)		(0.35	)		(0.27	)
Net realized gain		—			(0.48	)		(0.72	)		—			—			(0.09	)
Total dividends and distributions		(0.13	)		(0.71	)		(0.94	)		(0.28	)		(0.35	)		(0.36	)

Net asset value, end of period	$	8.55		$	8.09		$	10.88		$	11.28		$	10.51		$	9.64

Total return³		7.30	%		(20.27	)%		4.93	%		10.18	%		13.10	%		(2.56	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,991		$	3,924		$	7	⁴	$	18	⁴	$	12	⁴	$	12	⁴
Ratio of expenses to average net assets⁵		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of expenses to average net assets prior to fees waived⁵		2.41	%		1.69	%		1.23	%		1.21	%		1.25	%		1.19	%
Ratio of net investment income to average net assets		2.78	%		2.26	%		1.92	%		2.64	%		3.23	%		3.07	%
Ratio of net investment income to average net assets prior to fees waived		1.27	%		1.47	%		1.59	%		2.33	%		2.88	%		2.78	%
Portfolio turnover		21	%		60	%		135	%		165	%		94	%		85	%

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

Financial highlights

Delaware Ivy Crossover Credit Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.09		$	10.88		$	11.28		$	10.51		$	9.64		$	10.26

Income (loss) from investment operations:
Net investment income²		0.13			0.24			0.24			0.31			0.34			0.33
Net realized and unrealized gain (loss)		0.47			(2.29	)		0.33			0.77			0.90			(0.56	)
Total from investment operations		0.60			(2.05	)		0.57			1.08			1.24			(0.23	)

Less dividends and distributions from:
Net investment income		(0.14	)		(0.26	)		(0.25	)		(0.31	)		(0.37	)		(0.30	)
Net realized gain		—			(0.48	)		(0.72	)		—			—			(0.09	)
Total dividends and distributions		(0.14	)		(0.74	)		(0.97	)		(0.31	)		(0.37	)		(0.39	)

Net asset value, end of period	$	8.55		$	8.09		$	10.88		$	11.28		$	10.51		$	9.64

Total return³		7.45	%		(20.05	)%		5.19	%		10.46	%		13.39	%		(2.41	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,733		$	12,427		$	30	⁴	$	39	⁴	$	27	⁴	$	23	⁴
Ratio of expenses to average net assets⁵		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of expenses to average net assets prior to fees waived⁵		1.82	%		1.27	%		1.03	%		1.06	%		1.13	%		1.06	%
Ratio of net investment income to average net assets		3.03	%		2.48	%		2.18	%		2.89	%		3.47	%		3.33	%
Ratio of net investment income to average net assets prior to fees waived		1.86	%		1.86	%		1.80	%		2.48	%		2.99	%		2.92	%
Portfolio turnover		21	%		60	%		135	%		165	%		94	%		85	%

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 Crossover Credit Fund Class Y

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.08		$	10.88		$	11.28		$	10.51		$	9.64		$	10.26

Income (loss) from investment operations:
Net investment income²		0.12			0.22			0.21			0.28			0.32			0.30
Net realized and unrealized gain (loss)		0.47			(2.31	)		0.33			0.77			0.90			(0.56	)
Total from investment operations		0.59			(2.09	)		0.54			1.05			1.22			(0.26	)

Less dividends and distributions from:
Net investment income		(0.13	)		(0.23	)		(0.22	)		(0.28	)		(0.35	)		(0.27	)
Net realized gain		—			(0.48	)		(0.72	)		—			—			(0.09	)
Total dividends and distributions		(0.13	)		(0.71	)		(0.94	)		(0.28	)		(0.35	)		(0.36	)

Net asset value, end of period	$	8.54		$	8.08		$	10.88		$	11.28		$	10.51		$	9.64

Total return³		7.32	%		(20.35	)%		4.93	%		10.18	%		13.10	%		(2.56	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,011		$	953		$	1	⁴	$	1	⁴	$	1	⁴	$	1	⁴
Ratio of expenses to average net assets⁵		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of expenses to average net assets prior to fees waived⁵		2.03	%		1.57	%		1.26	%		1.30	%		1.37	%		1.29	%
Ratio of net investment income to average net assets		2.78	%		2.29	%		1.93	%		2.65	%		3.23	%		3.06	%
Ratio of net investment income to average net assets prior to fees waived		1.65	%		1.62	%		1.57	%		2.25	%		2.76	%		2.67	%
Portfolio turnover		21	%		60	%		135	%		165	%		94	%		85	%

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

Financial highlights

Delaware Ivy Emerging Markets Local Currency Debt Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	6.84		$	8.74		$	8.46		$	8.68		$	8.22		$	9.47

Income (loss) from investment operations:
Net investment income²		0.19			0.33			0.29			0.31			0.42			0.39
Net realized and unrealized gain (loss)		0.75			(2.23	)		—			(0.43	)		0.04			(1.40	)
Total from investment operations		0.94			(1.90	)		0.29			(0.12	)		0.46			(1.01	)

Less dividends and distributions from:
Net investment income		—			—			(0.01	)		(0.10	)		—			(0.24	)
Total dividends and distributions		—			—			(0.01	)		(0.10	)		—			(0.24	)

Net asset value, end of period	$	7.78		$	6.84		$	8.74		$	8.46		$	8.68		$	8.22

Total return³		13.74	%		(21.74	)%		3.40	%		(1.39	)%		5.73	%		(11.01	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,146		$	1,165		$	3	⁴	$	8	⁴	$	9	⁴	$	12	⁴
Ratio of expenses to average net assets⁵		1.17	%		1.23	%		1.23	%		1.19	%		1.21	%		1.21	%
Ratio of expenses to average net assets prior to fees waived⁵		3.20	%		2.53	%		1.63	%		1.50	%		1.44	%		1.45	%
Ratio of net investment income to average net assets		5.20	%		4.08	%		3.21	%		3.63	%		4.94	%		4.28	%
Ratio of net investment income to average net assets prior to fees waived		3.17	%		2.78	%		2.81	%		3.32	%		4.71	%		4.04	%
Portfolio turnover		0	%		63	%		120	%		121	%		111	%		90	%

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 Ivy Emerging Markets Local Currency Debt Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	6.56		$	8.45		$	8.20		$	8.47		$	8.06		$	9.28

Income (loss) from investment operations:
Net investment income²		0.16			0.25			0.23			0.25			0.36			0.31
Net realized and unrealized gain (loss)		0.72			(2.14	)		0.02			(0.43	)		0.05			(1.37	)
Total from investment operations		0.88			(1.89	)		0.25			(0.18	)		0.41			(1.06	)

Less dividends and distributions from:
Net investment income		—			—			—			(0.09	)		—			(0.16	)
Total dividends and distributions		—			—			—			(0.09	)		—			(0.16	)

Net asset value, end of period	$	7.44		$	6.56		$	8.45		$	8.20		$	8.47		$	8.06

Total return³		13.42	%		(22.37	)%		3.05	%		(2.14	)%		5.09	%		(11.56	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	55		$	61		$	—	^4,5	$	2	⁴	$	2	⁴	$	2	⁴
Ratio of expenses to average net assets⁶		1.90	%		2.00	%		1.84	%		1.83	%		1.85	%		1.86	%
Ratio of expenses to average net assets prior to fees waived⁶		3.71	%		3.13	%		2.24	%		2.14	%		2.08	%		2.10	%
Ratio of net investment income to average net assets		4.49	%		3.31	%		2.66	%		3.02	%		4.36	%		3.54	%
Ratio of net investment income to average net assets prior to fees waived		2.68	%		2.18	%		2.24	%		2.71	%		4.13	%		3.30	%
Portfolio turnover		0	%		63	%		120	%		121	%		111	%		90	%

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	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.

Table of Contents

Financial highlights

Delaware Ivy Emerging Markets Local Currency Debt Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	6.97		$	8.87		$	8.57		$	8.77		$	8.28		$	9.54

Income (loss) from investment operations:
Net investment income²		0.21			0.37			0.33			0.35			0.47			0.43
Net realized and unrealized gain (loss)		0.76			(2.27	)		—			(0.44	)		0.04			(1.41	)
Total from investment operations		0.97			(1.90	)		0.33			(0.09	)		0.51			(0.98	)

Less dividends and distributions from:
Net investment income		—			—			(0.03	)		(0.11	)		(0.02	)		(0.28	)
Total dividends and distributions		—			—			(0.03	)		(0.11	)		(0.02	)		(0.28	)

Net asset value, end of period	$	7.94		$	6.97		$	8.87		$	8.57		$	8.77		$	8.28

Total return³		13.92	%		(21.42	)%		3.88	%		(1.07	)%		6.17	%		(10.56	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,647		$	7,252		$	28	⁴	$	28	⁴	$	77	⁴	$	80	⁴
Ratio of expenses to average net assets⁵		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of expenses to average net assets prior to fees waived⁵		2.32	%		1.73	%		1.42	%		1.29	%		1.21	%		1.23	%
Ratio of net investment income to average net assets		5.57	%		4.49	%		3.64	%		4.07	%		5.43	%		4.80	%
Ratio of net investment income to average net assets prior to fees waived		4.05	%		3.56	%		3.02	%		3.58	%		5.02	%		4.37	%
Portfolio turnover		0	%		63	%		120	%		121	%		111	%		90	%

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 Emerging Markets Local Currency Debt Fund Class R6

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	6.96		$	8.86		$	8.57		$	8.77		$	8.28		$	9.54

Income (loss) from investment operations:
Net investment income²		0.21			0.36			0.32			0.36			0.46			0.44
Net realized and unrealized gain (loss)		0.77			(2.26	)		—			(0.45	)		0.05			(1.42	)
Total from investment operations		0.98			(1.90	)		0.32			(0.09	)		0.51			(0.98	)

Less dividends and distributions from:
Net investment income		—			—			(0.03	)		(0.11	)		(0.02	)		(0.28	)
Total dividends and distributions		—			—			(0.03	)		(0.11	)		(0.02	)		(0.28	)

Net asset value, end of period	$	7.94		$	6.96		$	8.86		$	8.57		$	8.77		$	8.28

Total return³		14.08	%		(21.45	)%		3.76	%		(1.07	)%		6.17	%		(10.56	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,827		$	13,672		$	21	⁴	$	20	⁴	$	34	⁴	$	41	⁴
Ratio of expenses to average net assets⁵		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of expenses to average net assets prior to fees waived⁵		2.11	%		1.54	%		1.21	%		1.12	%		1.04	%		1.05	%
Ratio of net investment income to average net assets		5.57	%		4.50	%		3.57	%		4.12	%		5.36	%		4.83	%
Ratio of net investment income to average net assets prior to fees waived		4.26	%		3.76	%		3.16	%		3.80	%		5.12	%		4.58	%
Portfolio turnover		0	%		63	%		120	%		121	%		111	%		90	%

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

Financial highlights

Delaware Ivy Emerging Markets Local Currency Debt Fund Class Y

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	6.84		$	8.75		$	8.46		$	8.69		$	8.22		$	9.48

Income (loss) from investment operations:
Net investment income²		0.19			0.32			0.27			0.31			0.43			0.37
Net realized and unrealized gain (loss)		0.76			(2.23	)		0.03			(0.44	)		0.04			(1.39	)
Total from investment operations		0.95			(1.91	)		0.30			(0.13	)		0.47			(1.02	)

Less dividends and distributions from:
Net investment income		—			—			(0.01	)		(0.10	)		—			(0.24	)
Total dividends and distributions		—			—			(0.01	)		(0.10	)		—			(0.24	)

Net asset value, end of period	$	7.79		$	6.84		$	8.75		$	8.46		$	8.69		$	8.22

Total return³		13.89	%		(21.83	)%		3.52	%		(1.51	)%		5.72	%		(11.00	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	226		$	198		$	—	^4,5	$	2	⁴	$	3	⁴	$	3	⁴
Ratio of expenses to average net assets⁶		1.15	%		1.25	%		1.20	%		1.19	%		1.21	%		1.21	%
Ratio of expenses to average net assets prior to fees waived⁶		2.48	%		2.01	%		1.60	%		1.51	%		1.44	%		1.45	%
Ratio of net investment income to average net assets		5.22	%		4.07	%		3.04	%		3.65	%		4.99	%		4.11	%
Ratio of net investment income to average net assets prior to fees waived		3.89	%		3.31	%		2.64	%		3.33	%		4.76	%		3.87	%
Portfolio turnover		0	%		63	%		120	%		121	%		111	%		90	%

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.

Table of Contents

Delaware Ivy Government Securities Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	4.80		$	5.61		$	5.78		$	5.59		$	5.23		$	5.43

Income (loss) from investment operations:
Net investment income²		0.05			0.04			0.03			0.06			0.08			0.06
Net realized and unrealized gain (loss)		0.12			(0.80	)		(0.14	)		0.20			0.37			(0.19	)
Total from investment operations		0.17			(0.76	)		(0.11	)		0.26			0.45			(0.13	)

Less dividends and distributions from:
Net investment income		(0.06	)		(0.05	)		(0.06	)		(0.07	)		(0.09	)		(0.07	)
Total dividends and distributions		(0.06	)		(0.05	)		(0.06	)		(0.07	)		(0.09	)		(0.07	)

Net asset value, end of period	$	4.91		$	4.80		$	5.61		$	5.78		$	5.59		$	5.23

Total return³		3.50	%		(13.67	)%		(1.94	)%		4.75	%		8.59	%		(2.35	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	51,048		$	55,336		$	79	⁴	$	96	⁴	$	68	⁴	$	71	⁴
Ratio of expenses to average net assets⁵		0.94	%		0.97	%		0.97	%		0.98	%		1.00	%		1.04	%
Ratio of expenses to average net assets prior to fees waived⁵		1.13	%		1.13	%		1.00	%		1.05	%		1.13	%		1.16	%
Ratio of net investment income to average net assets		2.17	%		0.67	%		0.59	%		1.07	%		1.47	%		1.19	%
Ratio of net investment income to average net assets prior to fees waived		1.98	%		0.51	%		0.56	%		1.00	%		1.34	%		1.07	%
Portfolio turnover		90	%		148	%⁶		31	%		43	%		12	%		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.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

Table of Contents

Financial highlights

Delaware Ivy Government Securities Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	4.80		$	5.61		$	5.78		$	5.59		$	5.23		$	5.43

Income (loss) from investment operations:
Net investment income (loss)²		0.03			(0.01	)³		(0.01	)		0.01			0.03			0.01
Net realized and unrealized gain (loss)		0.12			(0.80	)		(0.15	)		0.20			0.37			(0.18	)
Total from investment operations		0.15			(0.81	)		(0.16	)		0.21			0.40			(0.17	)

Less dividends and distributions from:
Net investment income		(0.04	)		—	⁴		(0.01	)		(0.02	)		(0.04	)		(0.03	)
Total dividends and distributions		(0.04	)		—	⁴		(0.01	)		(0.02	)		(0.04	)		(0.03	)

Net asset value, end of period	$	4.91		$	4.80		$	5.61		$	5.78		$	5.59		$	5.23

Total return⁵		3.08	%⁶		(14.44	)%⁶		(2.75	)%		3.83	%		7.61	%		(3.14	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	763		$	754		$	1	⁷	$	2	⁷	$	1	⁷	$	1	⁷
Ratio of expenses to average net assets⁸		1.76	%		1.83	%		1.82	%		1.86	%		1.88	%		1.88	%
Ratio of expenses to average net assets prior to fees waived⁸		2.10	%		2.06	%		1.82	%		1.90	%		1.95	%		2.16	%
Ratio of net investment income (loss) to average net assets		1.36	%		(0.19	)%		(0.26	)%		0.18	%		0.59	%		0.24	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.02	%		(0.42	)%		(0.26	)%		0.14	%		0.52	%		(0.04	)%
Portfolio turnover		90	%		148	%⁹		31	%		43	%		12	%		42	%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
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 and does not reflect the impact of a sales charge.
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	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁹	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

100

Table of Contents

Delaware Ivy Government Securities Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	4.80		$	5.61		$	5.78		$	5.59		$	5.23		$	5.43

Income (loss) from investment operations:
Net investment income²		0.06			0.05			0.05			0.08			0.09			0.08
Net realized and unrealized gain (loss)		0.11			(0.80	)		(0.15	)		0.20			0.37			(0.19	)
Total from investment operations		0.17			(0.75	)		(0.10	)		0.28			0.46			(0.11	)

Less dividends and distributions from:
Net investment income		(0.06	)		(0.06	)		(0.07	)		(0.09	)		(0.10	)		(0.09	)
Total dividends and distributions		(0.06	)		(0.06	)		(0.07	)		(0.09	)		(0.10	)		(0.09	)

Net asset value, end of period	$	4.91		$	4.80		$	5.61		$	5.78		$	5.59		$	5.23

Total return³		3.63	%		(13.45	)%		(1.69	)%		5.01	%		8.89	%		(2.10	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	84,082		$	101,424		$	130	⁴	$	140	⁴	$	93	⁴	$	124	⁴
Ratio of expenses to average net assets⁵		0.69	%		0.72	%		0.72	%		0.72	%		0.72	%		0.78	%
Ratio of expenses to average net assets prior to fees waived⁵		0.75	%		0.80	%		0.76	%		0.77	%		0.77	%		0.82	%
Ratio of net investment income to average net assets		2.41	%		0.91	%		0.84	%		1.32	%		1.75	%		1.46	%
Ratio of net investment income to average net assets prior to fees waived		2.35	%		0.83	%		0.80	%		1.27	%		1.70	%		1.42	%
Portfolio turnover		90	%		148	%⁶		31	%		43	%		12	%		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.
⁶	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

101

Table of Contents

Financial highlights

Delaware Ivy Government Securities Fund Class R6

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

	Six months ended 3/31/23²			Year ended												10/16/17¹ to
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	4.80		$	5.61		$	5.78		$	5.59		$	5.23		$	5.43

Income (loss) from investment operations:
Net investment income³		0.06			0.05			0.05			0.08			0.10			0.08
Net realized and unrealized gain (loss)		0.12			(0.79	)		(0.14	)		0.20			0.37			(0.19	)
Total from investment operations		0.18			(0.74	)		(0.09	)		0.28			0.47			(0.11	)

Less dividends and distributions from:
Net investment income		(0.07	)		(0.07	)		(0.08	)		(0.09	)		(0.11	)		(0.09	)
Total dividends and distributions		(0.07	)		(0.07	)		(0.08	)		(0.09	)		(0.11	)		(0.09	)

Net asset value, end of period	$	4.91		$	4.80		$	5.61		$	5.78		$	5.59		$	5.23

Total return⁴		3.68	%⁵		(13.36	)%⁵		(1.57	)%		5.13	%		9.01	%		(1.99	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,325		$	28,798		$	138	⁶	$	172	⁶	$	120	⁶	$	179	⁶
Ratio of expenses to average net assets⁷		0.60	%		0.62	%		0.60	%		0.61	%		0.61	%		0.63	%
Ratio of expenses to average net assets prior to fees waived⁷		0.67	%		0.63	%		0.60	%		0.61	%		0.61	%		0.63	%
Ratio of net investment income to average net assets		2.51	%		0.96	%		0.96	%		1.44	%		1.86	%		1.74	%
Ratio of net investment income to average net assets prior to fees waived		2.44	%		0.95	%		0.96	%		1.44	%		1.86	%		1.74	%
Portfolio turnover		90	%		148	%⁸		31	%		43	%		12	%		42	%⁹

¹	Date of commencement of operations; ratios have been annualized and total return has 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.
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	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.
⁹	Portfolio turnover is representative of the Fund for the period ended September 30, 2018.

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

102

Table of Contents

Delaware Ivy High Yield Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	7.96		$	10.24		$	9.72		$	9.88		$	9.81		$	10.15

Income (loss) from investment operations:
Net investment income²		0.25			0.47			0.47			0.48			0.52			0.48
Net realized and unrealized gain (loss)		0.35			(1.98	)		0.54			(0.16	)		0.06			(0.30	)
Total from investment operations		0.60			(1.51	)		1.01			0.32			0.58			0.18

Less dividends and distributions from:
Net investment income		(0.28	)		(0.50	)		(0.49	)		(0.48	)		(0.51	)		(0.49	)
Net realized gain		—			(0.27	)		—			—			—			(0.03	)
Total dividends and distributions		(0.28	)		(0.77	)		(0.49	)		(0.48	)		(0.51	)		(0.52	)

Net asset value, end of period	$	8.28		$	7.96		$	10.24		$	9.72		$	9.88		$	9.81

Total return³		7.55	%		(15.64	)%		10.50	%		3.40	%		6.27	%		1.71	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,459		$	9,968		$	14	⁴	$	15	⁴	$	10	⁴	$	8	⁴
Ratio of expenses to average net assets⁵		0.97	%		0.99	%		0.99	%		0.99	%		1.00	%		1.00	%
Ratio of expenses to average net assets prior to fees waived⁵		1.47	%		1.28	%		1.13	%		1.16	%		1.15	%		1.11	%
Ratio of net investment income to average net assets		6.09	%		5.05	%		4.64	%		5.02	%		5.32	%		4.83	%
Ratio of net investment income to average net assets prior to fees waived		5.59	%		4.76	%		4.50	%		4.85	%		5.17	%		4.72	%
Portfolio turnover		28	%		47	%		83	%		80	%		69	%		81	%

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.

103

Table of Contents

Financial highlights

Delaware Ivy High Yield Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	7.96		$	10.25		$	9.72		$	9.88		$	9.81		$	10.15

Income (loss) from investment operations:
Net investment income²		0.26			0.49			0.50			0.51			0.54			0.51
Net realized and unrealized gain (loss)		0.36			(1.98	)		0.54			(0.17	)		0.07			(0.31	)
Total from investment operations		0.62			(1.49	)		1.04			0.34			0.61			0.20

Less dividends and distributions from:
Net investment income		(0.29	)		(0.53	)		(0.51	)		(0.50	)		(0.54	)		(0.51	)
Net realized gain		—			(0.27	)		—			—			—			(0.03	)
Total dividends and distributions		(0.29	)		(0.80	)		(0.51	)		(0.50	)		(0.54	)		(0.54	)

Net asset value, end of period	$	8.29		$	7.96		$	10.25		$	9.72		$	9.88		$	9.81

Total return³		7.82	%		(15.51	)%		10.91	%		3.68	%		6.44	%		2.10	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,805		$	32,938		$	85	⁴	$	87	⁴	$	54	⁴	$	46	⁴
Ratio of expenses to average net assets⁵		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of expenses to average net assets prior to fees waived⁵		1.16	%		1.03	%		0.97	%		1.01	%		1.02	%		1.00	%
Ratio of net investment income to average net assets		6.35	%		5.23	%		4.90	%		5.30	%		5.60	%		5.14	%
Ratio of net investment income to average net assets prior to fees waived		5.91	%		4.92	%		4.65	%		5.01	%		5.30	%		4.86	%
Portfolio turnover		28	%		47	%		83	%		80	%		69	%		81	%

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.

104

Table of Contents

Delaware Ivy High Yield Fund Class R6

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.01		$	10.24		$	9.71		$	9.88		$	9.80		$	10.15

Income (loss) from investment operations:
Net investment income²		0.26			0.49			0.50			0.51			0.54			0.51
Net realized and unrealized gain (loss)		0.36			(1.99	)		0.54			(0.18	)		0.08			(0.32	)
Total from investment operations		0.62			(1.50	)		1.04			0.33			0.62			0.19

Less dividends and distributions from:
Net investment income		(0.29	)		(0.46	)		(0.51	)		(0.50	)		(0.54	)		(0.51	)
Net realized gain		—			(0.27	)		—			—			—			(0.03	)
Total dividends and distributions		(0.29	)		(0.73	)		(0.51	)		(0.50	)		(0.54	)		(0.54	)

Net asset value, end of period	$	8.34		$	8.01		$	10.24		$	9.71		$	9.88		$	9.80

Total return³		7.78	%		(15.56	)%		10.92	%		3.58	%		6.55	%		2.00	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15		$	14		$	35	⁴	$	40	⁴	$	38	⁴	$	32	⁴
Ratio of expenses to average net assets⁵		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of expenses to average net assets prior to fees waived⁵		1.22	%		0.87	%		0.80	%		0.83	%		0.84	%		0.83	%
Ratio of net investment income to average net assets		6.38	%		5.20	%		4.91	%		5.29	%		5.59	%		5.10	%
Ratio of net investment income to average net assets prior to fees waived		5.88	%		5.05	%		4.83	%		5.18	%		5.47	%		4.99	%
Portfolio turnover		28	%		47	%		83	%		80	%		69	%		81	%

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.

105

Table of Contents

Financial highlights

Delaware Ivy International Small Cap Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.49		$	16.09		$	12.42		$	11.38		$	12.28		$	12.06

Income (loss) from investment operations:
Net investment income²		—	³		0.03			0.07			0.06			0.11			0.10
Net realized and unrealized gain (loss)		1.50			(5.18	)		3.64			1.19			(0.85	)		0.14
Total from investment operations		1.50			(5.15	)		3.71			1.25			(0.74	)		0.24

Less dividends and distributions from:
Net investment income		—			(0.84	)		(0.04	)		(0.21	)		(0.14	)		(0.02	)
Net realized gain		(0.98	)		(1.61	)		—			—			(0.02	)		—
Total dividends and distributions		(0.98	)		(2.45	)		(0.04	)		(0.21	)		(0.16	)		(0.02	)

Net asset value, end of period	$	9.01		$	8.49		$	16.09		$	12.42		$	11.38		$	12.28

Total return⁴		17.92	%		(37.08	)%		29.97	%		11.04	%		(5.92	)%		1.98	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,414		$	3,285		$	8	⁵	$	16	⁵	$	16	⁵	$	18	⁵
Ratio of expenses to average net assets⁶		1.31	%		1.37	%		1.37	%		1.37	%		1.39	%		1.45	%
Ratio of expenses to average net assets prior to fees waived⁶		2.41	%		2.03	%		1.59	%		1.57	%		1.58	%		1.54	%
Ratio of net investment income (loss) to average net assets		(0.01	)%		0.23	%		0.48	%		0.50	%		1.02	%		0.79	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.11	)%		(0.43	)%		0.26	%		0.30	%		0.83	%		0.70	%
Portfolio turnover		39	%		132	%⁷		47	%		75	%		73	%		60	%

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. 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	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

106

Table of Contents

Delaware Ivy International Small Cap Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.35		$	15.85		$	12.29		$	11.27		$	12.14		$	12.00

Income (loss) from investment operations:
Net investment income (loss)²		(0.03	)³		(0.06	)³		(0.05	)		(0.03	)		0.03			0.01
Net realized and unrealized gain (loss)		1.46			(5.10	)		3.61			1.18			(0.84	)		0.13
Total from investment operations		1.43			(5.16	)		3.56			1.15			(0.81	)		0.14

Less dividends and distributions from:
Net investment income		—			(0.73	)		—			(0.13	)		(0.04	)		—
Net realized gain		(0.98	)		(1.61	)		—			—			(0.02	)		—
Total dividends and distributions		(0.98	)		(2.34	)		—			(0.13	)		(0.06	)		—

Net asset value, end of period	$	8.80		$	8.35		$	15.85		$	12.29		$	11.27		$	12.14

Total return⁴		17.49	%		(37.56	)%		28.97	%		10.22	%		(6.62	)%		1.17	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	213		$	217		$	—	^5,6	$	2	⁵	$	2	⁵	$	2	⁵
Ratio of expenses to average net assets⁷		2.07	%		2.12	%		2.12	%		2.13	%		2.14	%		2.22	%
Ratio of expenses to average net assets prior to fees waived⁷		3.33	%		2.87	%		2.34	%		2.33	%		2.33	%		2.27	%
Ratio of net investment income (loss) to average net assets		(0.78	)%		(0.50	)%		(0.33	)%		(0.31	)%		0.25	%		0.11	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(2.04	)%		(1.25	)%		(0.55	)%		(0.51	)%		0.06	%		0.06	%
Portfolio turnover		39	%		132	%⁸		47	%		75	%		73	%		60	%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
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. 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	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

107

Table of Contents

Financial highlights

Delaware Ivy International Small Cap Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.54		$	16.17		$	12.47		$	11.42		$	12.33		$	12.08

Income (loss) from investment operations:
Net investment income²		0.01			0.05			0.14			0.10			0.16			0.16
Net realized and unrealized gain (loss)		1.51			(5.17	)		3.64			1.21			(0.87	)		0.13
Total from investment operations		1.52			(5.12	)		3.78			1.31			(0.71	)		0.29

Less dividends and distributions from:
Net investment income		—			(0.90	)		(0.08	)		(0.26	)		(0.18	)		(0.04	)
Net realized gain		(0.98	)		(1.61	)		—			—			(0.02	)		—
Total dividends and distributions		(0.98	)		(2.51	)		(0.08	)		(0.26	)		(0.20	)		(0.04	)

Net asset value, end of period	$	9.08		$	8.54		$	16.17		$	12.47		$	11.42		$	12.33

Total return³		18.19	%		(36.81	)%		30.45	%		11.54	%		(5.64	)%		2.33	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,989		$	12,838		$	60	⁴	$	77	⁴	$	72	⁴	$	66	⁴
Ratio of expenses to average net assets⁵		0.97	%		0.99	%		0.99	%		0.99	%		0.99	%		1.12	%
Ratio of expenses to average net assets prior to fees waived⁵		1.94	%		1.62	%		1.40	%		1.38	%		1.37	%		1.34	%
Ratio of net investment income to average net assets		0.24	%		0.43	%		0.96	%		0.91	%		1.47	%		1.28	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.73	)%		(0.20	)%		0.55	%		0.52	%		1.09	%		1.06	%
Portfolio turnover		39	%		132	%⁶		47	%		75	%		73	%		60	%

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	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

108

Table of Contents

Delaware Ivy International Small Cap Fund Class R6

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.53		$	16.17		$	12.46		$	11.42		$	12.32		$	12.09

Income (loss) from investment operations:
Net investment income²		0.01			0.07			0.14			0.10			0.15			0.16
Net realized and unrealized gain (loss)		1.51			(5.20	)		3.65			1.20			(0.85	)		0.11
Total from investment operations		1.52			(5.13	)		3.79			1.30			(0.70	)		0.27

Less dividends and distributions from:
Net investment income		—			(0.90	)		(0.08	)		(0.26	)		(0.18	)		(0.04	)
Net realized gain		(0.98	)		(1.61	)		—			—			(0.02	)		—
Total dividends and distributions		(0.98	)		(2.51	)		(0.08	)		(0.26	)		(0.20	)		(0.04	)

Net asset value, end of period	$	9.07		$	8.53		$	16.17		$	12.46		$	11.42		$	12.32

Total return³		18.08	%		(36.87	)%		30.55	%		11.45	%		(5.57	)%		2.28	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,816		$	20,651		$	52	⁴	$	69	⁴	$	73	⁴	$	82	⁴
Ratio of expenses to average net assets⁵		0.96	%		0.99	%		0.99	%		0.99	%		0.99	%		1.13	%
Ratio of expenses to average net assets prior to fees waived⁵		1.79	%		1.48	%		1.22	%		1.20	%		1.20	%		1.18	%
Ratio of net investment income to average net assets		0.30	%		0.58	%		0.92	%		0.89	%		1.40	%		1.25	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.53	)%		0.09	%		0.69	%		0.68	%		1.19	%		1.20	%
Portfolio turnover		39	%		132	%⁶		47	%		75	%		73	%		60	%

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	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

109

Table of Contents

Financial highlights

Delaware Ivy International Small Cap Fund Class Y

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.49		$	16.09		$	12.42		$	11.37		$	12.28		$	12.06

Income (loss) from investment operations:
Net investment income (loss)²		(0.02	)³		0.04			0.07			0.03			0.08			0.14
Net realized and unrealized gain (loss)		1.51			(5.19	)		3.64			1.23			(0.83	)		0.10
Total from investment operations		1.49			(5.15	)		3.71			1.26			(0.75	)		0.24

Less dividends and distributions from:
Net investment income		—			(0.84	)		(0.04	)		(0.21	)		(0.14	)		(0.02	)
Net realized gain		(0.98	)		(1.61	)		—			—			(0.02	)		—
Total dividends and distributions		(0.98	)		(2.45	)		(0.04	)		(0.21	)		(0.16	)		(0.02	)

Net asset value, end of period	$	9.00		$	8.49		$	16.09		$	12.42		$	11.37		$	12.28

Total return⁴		17.94	%		(37.08	)%		29.97	%		11.14	%		(6.00	)%		1.98	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12		$	10		$	—	^5,6	$	1	⁵	$	1	⁵	$	5	⁵
Ratio of expenses to average net assets⁷		0.82	%		1.35	%		1.37	%		1.37	%		1.39	%		1.45	%
Ratio of expenses to average net assets prior to fees waived⁷		1.69	%		1.94	%		1.63	%		1.59	%		1.63	%		1.59	%
Ratio of net investment income (loss) to average net assets		(0.34	)%		0.34	%		0.50	%		0.27	%		0.71	%		1.10	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.21	)%		(0.25	)%		0.24	%		0.05	%		0.47	%		0.96	%
Portfolio turnover		39	%		132	%⁸		47	%		75	%		73	%		60	%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
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	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

110

Table of Contents

Delaware Ivy Multi-Asset Income Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	11.28		$	9.81		$	10.58		$	11.07		$	11.02

Income (loss) from investment operations:
Net investment income²		0.18			0.34			0.37			0.39			0.43			0.42
Net realized and unrealized gain (loss)		1.04			(2.18	)		1.53			(0.61	)		(0.13	)		0.05
Total from investment operations		1.22			(1.84	)		1.90			(0.22	)		0.30			0.47

Less dividends and distributions from:
Net investment income		(0.09	)		(0.54	)		(0.43	)		(0.42	)		(0.45	)		(0.41	)
Net realized gain		(0.62	)		—			—			(0.13	)		(0.34	)		(0.01	)
Total dividends and distributions		(0.71	)		(0.54	)		(0.43	)		(0.55	)		(0.79	)		(0.42	)

Net asset value, end of period	$	9.41		$	8.90		$	11.28		$	9.81		$	10.58		$	11.07

Total return³		13.97	%		(16.99	)%⁴		19.57	%^4,5		(2.10	)%⁴		3.22	%⁴		4.41	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	52,716		$	56,948		$	87	⁶	$	88	⁶	$	119	⁶	$	131	⁶
Ratio of expenses to average net assets⁷		1.11	%		1.19	%		1.17	%		1.20	%		1.20	%		1.24	%
Ratio of expenses to average net assets prior to fees waived⁷		1.45	%		1.36	%		1.24	%		1.27	%		1.24	%		1.24	%
Ratio of net investment income to average net assets		3.80	%		3.21	%		3.38	%		3.89	%		4.06	%		3.77	%
Ratio of net investment income to average net assets prior to fees waived		3.46	%		3.04	%		3.31	%		3.82	%		4.02	%		3.77	%
Portfolio turnover		31	%		127	%⁸		57	%		71	%		54	%		59	%

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.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

111

Table of Contents

Financial highlights

Delaware Ivy Multi-Asset Income Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.91		$	11.27		$	9.81		$	10.58		$	11.07		$	11.02

Income (loss) from investment operations:
Net investment income²		0.14			0.26			0.29			0.32			0.35			0.33
Net realized and unrealized gain (loss)		1.04			(2.17	)		1.51			(0.61	)		(0.12	)		0.06
Total from investment operations		1.18			(1.91	)		1.80			(0.29	)		0.23			0.39

Less dividends and distributions from:
Net investment income		(0.05	)		(0.45	)		(0.34	)		(0.35	)		(0.38	)		(0.33	)
Net realized gain		(0.62	)		—			—			(0.13	)		(0.34	)		(0.01	)
Total dividends and distributions		(0.67	)		(0.45	)		(0.34	)		(0.48	)		(0.72	)		(0.34	)

Net asset value, end of period	$	9.42		$	8.91		$	11.27		$	9.81		$	10.58		$	11.07

Total return³		13.62	%		(17.54	)%⁴		18.56	%^4,5		(2.85	)%⁴		2.46	%⁴		3.64	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,628		$	4,909		$	8	⁶	$	10	⁶	$	14	⁶	$	16	⁶
Ratio of expenses to average net assets⁷		1.88	%		1.99	%		1.95	%		1.96	%		1.94	%		1.98	%
Ratio of expenses to average net assets prior to fees waived⁷		2.28	%		2.18	%		2.02	%		2.03	%		1.98	%		1.98	%
Ratio of net investment income to average net assets		3.04	%		2.40	%		2.61	%		3.13	%		3.31	%		3.01	%
Ratio of net investment income to average net assets prior to fees waived		2.64	%		2.21	%		2.54	%		3.06	%		3.27	%		3.01	%
Portfolio turnover		31	%		127	%⁸		57	%		71	%		54	%		59	%

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.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

112

Table of Contents

Delaware Ivy Multi-Asset Income Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	11.28		$	9.81		$	10.59		$	11.07		$	11.02

Income (loss) from investment operations:
Net investment income²		0.20			0.39			0.42			0.43			0.47			0.45
Net realized and unrealized gain (loss)		1.04			(2.18	)		1.53			(0.61	)		(0.11	)		0.06
Total from investment operations		1.24			(1.79	)		1.95			(0.18	)		0.36			0.51

Less dividends and distributions from:
Net investment income		(0.10	)		(0.59	)		(0.48	)		(0.47	)		(0.50	)		(0.45	)
Net realized gain		(0.62	)		—			—			(0.13	)		(0.34	)		(0.01	)
Total dividends and distributions		(0.72	)		(0.59	)		(0.48	)		(0.60	)		(0.84	)		(0.46	)

Net asset value, end of period	$	9.42		$	8.90		$	11.28		$	9.81		$	10.59		$	11.07

Total return³		14.26	%		(16.64	)%		20.08	%⁴		(1.76	)%		3.77	%		4.71	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	76,822		$	97,268		$	211	⁵	$	220	⁵	$	320	⁵	$	354	⁵
Ratio of expenses to average net assets⁶		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.93	%
Ratio of expenses to average net assets prior to fees waived⁶		1.02	%		1.05	%		0.99	%		0.99	%		0.97	%		0.96	%
Ratio of net investment income to average net assets		4.17	%		3.60	%		3.81	%		4.32	%		4.51	%		4.07	%
Ratio of net investment income to average net assets prior to fees waived		3.90	%		3.30	%		3.57	%		4.08	%		4.29	%		4.04	%
Portfolio turnover		31	%		127	%⁷		57	%		71	%		54	%		59	%

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.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

113

Table of Contents

Financial highlights

Delaware Ivy Multi-Asset Income Fund Class R6

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	11.28		$	9.82		$	10.59		$	11.08		$	11.03

Income (loss) from investment operations:
Net investment income²		0.20			0.39			0.43			0.44			0.47			0.47
Net realized and unrealized gain (loss)		1.04			(2.18	)		1.51			(0.61	)		(0.12	)		0.05
Total from investment operations		1.24			(1.79	)		1.94			(0.17	)		0.35			0.52

Less dividends and distributions from:
Net investment income		(0.11	)		(0.59	)		(0.48	)		(0.47	)		(0.50	)		(0.46	)
Net realized gain		(0.62	)		—			—			(0.13	)		(0.34	)		(0.01	)
Total dividends and distributions		(0.73	)		(0.59	)		(0.48	)		(0.60	)		(0.84	)		(0.47	)

Net asset value, end of period	$	9.41		$	8.90		$	11.28		$	9.82		$	10.59		$	11.08

Total return³		14.20	%		(16.60	)%		19.95	%⁴		(1.66	)%		3.69	%		4.96	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,067		$	1,024		$	2	⁵	$	3	⁵	$	4	⁵	$	4	⁵
Ratio of expenses to average net assets⁶		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.79	%
Ratio of expenses to average net assets prior to fees waived⁶		1.01	%		0.92	%		0.84	%		0.84	%		0.92	%		0.80	%
Ratio of net investment income to average net assets		4.17	%		3.66	%		3.91	%		4.34	%		4.50	%		4.23	%
Ratio of net investment income to average net assets prior to fees waived		3.91	%		3.49	%		3.82	%		4.25	%		4.33	%		4.22	%
Portfolio turnover		31	%		127	%⁷		57	%		71	%		54	%		59	%

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.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

114

Table of Contents

Delaware Ivy Multi-Asset Income Fund Class Y

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.90		$	11.28		$	9.82		$	10.59		$	11.07		$	11.02

Income (loss) from investment operations:
Net investment income²		0.18			0.34			0.39			0.40			0.42			0.42
Net realized and unrealized gain (loss)		1.04			(2.17	)		1.50			(0.61	)		(0.10	)		0.06
Total from investment operations		1.22			(1.83	)		1.89			(0.21	)		0.32			0.48

Less dividends and distributions from:
Net investment income		(0.07	)		(0.55	)		(0.43	)		(0.43	)		(0.46	)		(0.42	)
Net realized gain		(0.62	)		—			—			(0.13	)		(0.34	)		(0.01	)
Total dividends and distributions		(0.69	)		(0.55	)		(0.43	)		(0.56	)		(0.80	)		(0.43	)

Net asset value, end of period	$	9.43		$	8.90		$	11.28		$	9.82		$	10.59		$	11.07

Total return³		14.02	%		(16.94	)%⁴		19.50	%^4,5		(2.06	)%⁴		3.33	%⁴		4.45	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	60		$	88		$	—	^6,7	$	3	⁶	$	4	⁶	$	6	⁶
Ratio of expenses to average net assets⁸		1.11	%		1.16	%		1.15	%		1.15	%		1.17	%		1.19	%
Ratio of expenses to average net assets prior to fees waived⁸		1.35	%		1.33	%		1.22	%		1.22	%		1.21	%		1.19	%
Ratio of net investment income to average net assets		3.83	%		3.23	%		3.61	%		3.95	%		4.06	%		3.82	%
Ratio of net investment income to average net assets prior to fees waived		3.59	%		3.06	%		3.54	%		3.88	%		4.02	%		3.82	%
Portfolio turnover		31	%		127	%⁹		57	%		71	%		54	%		59	%

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	Rounds to less than $500 thousands.
⁸	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁹	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund’s portfolio managers and associated repositioning.

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

115

Table of Contents

Financial highlights

Delaware Ivy Strategic Income Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.43		$	10.20		$	9.92		$	9.99		$	9.97		$	10.27

Income (loss) from investment operations:
Net investment income²		0.22			0.38			0.41			0.42			0.44			0.42
Net realized and unrealized gain (loss)		0.29			(1.75	)		0.33			(0.05	)		0.06			(0.27	)
Total from investment operations		0.51			(1.37	)		0.74			0.37			0.50			0.15

Less dividends and distributions from:
Net investment income		(0.24	)		(0.40	)		(0.46	)		(0.44	)		(0.45	)		(0.40	)
Net realized gain		—			—			—			—			(0.03	)		(0.05	)
Total dividends and distributions		(0.24	)		(0.40	)		(0.46	)		(0.44	)		(0.48	)		(0.45	)

Net asset value, end of period	$	8.70		$	8.43		$	10.20		$	9.92		$	9.99		$	9.97

Total return³		6.11	%		(13.81	)%		7.59	%⁴		3.84	%		5.13	%		1.53	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	48,161		$	54,645		$	87	⁵	$	111	⁵	$	120	⁵	$	117	⁵
Ratio of expenses to average net assets⁶		1.00	%		1.06	%		1.04	%		1.05	%		1.05	%		1.15	%
Ratio of expenses to average net assets prior to fees waived⁶		1.38	%		1.28	%		1.19	%		1.17	%		1.15	%		1.16	%
Ratio of net investment income to average net assets		5.11	%		4.04	%		4.01	%		4.35	%		4.45	%		4.14	%
Ratio of net investment income to average net assets prior to fees waived		4.73	%		3.82	%		3.86	%		4.23	%		4.35	%		4.13	%
Portfolio turnover		35	%		57	%		62	%		59	%		45	%		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. 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.

116

Table of Contents

Delaware Ivy Strategic Income Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.43		$	10.19		$	9.91		$	9.98		$	9.97		$	10.27

Income (loss) from investment operations:
Net investment income²		0.19			0.31			0.33			0.35			0.36			0.35
Net realized and unrealized gain (loss)		0.29			(1.75	)		0.33			(0.06	)		0.05			(0.27	)
Total from investment operations		0.48			(1.44	)		0.66			0.29			0.41			0.08

Less dividends and distributions from:
Net investment income		(0.21	)		(0.32	)		(0.38	)		(0.36	)		(0.37	)		(0.33	)
Net realized gain		—			—			—			—			(0.03	)		(0.05	)
Total dividends and distributions		(0.21	)		(0.32	)		(0.38	)		(0.36	)		(0.40	)		(0.38	)

Net asset value, end of period	$	8.70		$	8.43		$	10.19		$	9.91		$	9.98		$	9.97

Total return³		5.68	%		(14.43	)%		6.77	%⁴		3.03	%		4.21	%		0.82	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,226		$	2,647		$	5	⁵	$	5	⁵	$	5	⁵	$	6	⁵
Ratio of expenses to average net assets⁶		1.77	%		1.82	%		1.82	%		1.83	%		1.85	%		1.85	%
Ratio of expenses to average net assets prior to fees waived⁶		2.35	%		2.25	%		2.05	%		2.08	%		2.04	%		2.02	%
Ratio of net investment income to average net assets		4.33	%		3.27	%		3.22	%		3.57	%		3.65	%		3.43	%
Ratio of net investment income to average net assets prior to fees waived		3.75	%		2.84	%		2.99	%		3.32	%		3.46	%		3.26	%
Portfolio turnover		35	%		57	%		62	%		59	%		45	%		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. 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.

117

Table of Contents

Financial highlights

Delaware Ivy Strategic Income Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.44		$	10.20		$	9.92		$	9.99		$	9.98		$	10.28

Income (loss) from investment operations:
Net investment income²		0.23			0.42			0.45			0.46			0.48			0.45
Net realized and unrealized gain (loss)		0.29			(1.75	)		0.33			(0.06	)		0.05			(0.27	)
Total from investment operations		0.52			(1.33	)		0.78			0.40			0.53			0.18

Less dividends and distributions from:
Net investment income		(0.26	)		(0.43	)		(0.50	)		(0.47	)		(0.49	)		(0.43	)
Net realized gain		—			—			—			—			(0.03	)		(0.05	)
Total dividends and distributions		(0.26	)		(0.43	)		(0.50	)		(0.47	)		(0.52	)		(0.48	)

Net asset value, end of period	$	8.70		$	8.44		$	10.20		$	9.92		$	9.99		$	9.98

Total return³		6.15	%		(13.36	)%		7.99	%4		4.23	%		5.43	%		1.95	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	89,012		$	114,410		$	241	⁵	$	257	⁵	$	315	⁵	$	315	⁵
Ratio of expenses to average net assets⁶		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%		0.82	%
Ratio of expenses to average net assets prior to fees waived⁶		0.97	%		1.00	%		0.98	%		0.96	%		0.93	%		0.93	%
Ratio of net investment income to average net assets		5.44	%		4.41	%		4.36	%		4.73	%		4.83	%		4.46	%
Ratio of net investment income to average net assets prior to fees waived		5.14	%		4.08	%		4.05	%		4.44	%		4.57	%		4.35	%
Portfolio turnover		35	%		57	%		62	%		59	%		45	%		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. 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.

118

Table of Contents

Delaware Ivy Strategic Income Fund Class R6

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.44		$	10.21		$	9.92		$	9.99		$	9.98		$	10.28

Income (loss) from investment operations:
Net investment income²		0.23			0.42			0.45			0.46			0.48			0.46
Net realized and unrealized gain (loss)		0.28			(1.75	)		0.34			(0.06	)		0.05			(0.27	)
Total from investment operations		0.51			(1.33	)		0.79			0.40			0.53			0.19

Less dividends and distributions from:
Net investment income		(0.25	)		(0.44	)		(0.50	)		(0.47	)		(0.49	)		(0.44	)
Net realized gain		—			—			—			—			(0.03	)		(0.05	)
Total dividends and distributions		(0.25	)		(0.44	)		(0.50	)		(0.47	)		(0.52	)		(0.49	)

Net asset value, end of period	$	8.70		$	8.44		$	10.21		$	9.92		$	9.99		$	9.98

Total return³		6.14	%		(13.44	)%		8.09	%⁴		4.23	%		5.43	%		1.92	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	721		$	796		$	1	⁵	$	22	⁵	$	48	⁵	$	53	⁵
Ratio of expenses to average net assets⁶		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%		0.77	%
Ratio of expenses to average net assets prior to fees waived⁶		0.97	%		0.88	%		0.84	%		0.80	%		0.78	%		0.78	%
Ratio of net investment income to average net assets		5.44	%		4.45	%		4.72	%		4.71	%		4.83	%		4.52	%
Ratio of net investment income to average net assets prior to fees waived		5.14	%		4.24	%		4.55	%		4.58	%		4.72	%		4.51	%
Portfolio turnover		35	%		57	%		62	%		59	%		45	%		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. 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.

119

Table of Contents

Financial highlights

Delaware Ivy Strategic Income Fund Class Y

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.43		$	10.20		$	9.92		$	9.99		$	9.97		$	10.27

Income (loss) from investment operations:
Net investment income²		0.22			0.39			0.44			0.42			0.44			0.42
Net realized and unrealized gain (loss)		0.29			(1.76	)		0.30			(0.05	)		0.06			(0.27	)
Total from investment operations		0.51			(1.37	)		0.74			0.37			0.50			0.15

Less dividends and distributions from:
Net investment income		(0.24	)		(0.40	)		(0.46	)		(0.44	)		(0.45	)		(0.40	)
Net realized gain		—			—			—			—			(0.03	)		(0.05	)
Total dividends and distributions		(0.24	)		(0.40	)		(0.46	)		(0.44	)		(0.48	)		(0.45	)

Net asset value, end of period	$	8.70		$	8.43		$	10.20		$	9.92		$	9.99		$	9.97

Total return³		6.11	%		(13.80	)%		7.59	%⁴		3.85	%		5.13	%		1.58	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	110		$	90		$	—	^5,6	$	7	⁵	$	7	⁵	$	8	⁵
Ratio of expenses to average net assets⁷		1.00	%		1.06	%		1.04	%		1.05	%		1.05	%		1.10	%

Ratio of expenses to average net assets prior to fees waived⁷		1.31	%		1.55	%		1.21	%		1.20	%		1.18	%		1.17	%
Ratio of net investment income to average net assets		5.13	%		4.06	%		4.32	%		4.35	%		4.46	%		4.18	%
Ratio of net investment income to average net assets prior to fees waived		4.82	%		3.57	%		4.15	%		4.20	%		4.33	%		4.11	%
Portfolio turnover		35	%		57	%		62	%		59	%		45	%		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. 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	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.

120

Table of Contents

Delaware Ivy Total Return Bond Fund Class A

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.49		$	10.16		$	10.22		$	10.22		$	10.02		$	10.11

Income (loss) from investment operations:
Net investment income²		0.10			0.08			0.10			0.09			0.17			0.16
Net realized and unrealized gain (loss)		0.37			(1.50	)		(0.04	)		0.10			0.52			(0.18	)
Total from investment operations		0.47			(1.42	)		0.06			0.19			0.69			(0.02	)

Less dividends and distributions from:
Net investment income		(0.75	)		(0.09	)		(0.02	)		(0.16	)		(0.49	)		(0.07	)
Net realized gain		—			(0.16	)		(0.10	)		(0.03	)		—			—
Total dividends and distributions		(0.75	)		(0.25	)		(0.12	)		(0.19	)		(0.49	)		(0.07	)

Net asset value, end of period	$	8.21		$	8.49		$	10.16		$	10.22		$	10.22		$	10.02

Total return³		5.42	%		(14.25	)%		0.77	%		2.07	%		7.23	%		(0.22	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,983		$	7,125		$	13	⁴	$	23	⁴	$	23	⁴	$	21	⁴
Ratio of expenses to average net assets⁵		1.23	%		1.33	%		1.24	%		1.22	%		1.22	%		1.22	%
Ratio of expenses to average net assets prior to fees waived⁵		1.83	%		1.59	%		1.42	%		1.41	%		1.40	%		1.39	%
Ratio of net investment income to average net assets		2.32	%		0.81	%		0.95	%		0.90	%		1.74	%		1.56	%
Ratio of net investment income to average net assets prior to fees waived		1.72	%		0.55	%		0.77	%		0.71	%		1.56	%		1.39	%
Portfolio turnover		70	%		105	%		119	%		112	%		121	%		152	%

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.

121

Table of Contents

Financial highlights

Delaware Ivy Total Return Bond Fund Class C

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.33		$	10.03		$	10.10		$	10.10		$	9.91		$	10.05

Income (loss) from investment operations:
Net investment income²		0.06			—	³		0.02			0.02			0.10			0.09
Net realized and unrealized gain (loss)		0.37			(1.47	)		(0.03	)		0.10			0.51			(0.17	)
Total from investment operations		0.43			(1.47	)		(0.01	)		0.12			0.61			(0.08	)

Less dividends and distributions from:
Net investment income		(0.65	)		(0.07	)		(0.01	)		(0.10	)		(0.42	)		(0.06	)
Net realized gain		—			(0.16	)		(0.05	)		(0.02	)		—			—
Total dividends and distributions		(0.65	)		(0.23	)		(0.06	)		(0.12	)		(0.42	)		(0.06	)

Net asset value, end of period	$	8.11		$	8.33		$	10.03		$	10.10		$	10.10		$	9.91

Total return⁴		5.14	%		(14.92	)%		(0.17	)%		1.32	%		6.45	%		(0.85	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	269		$	348		$	1	⁵	$	5	⁵	$	4	⁵	$	4	⁵
Ratio of expenses to average net assets⁶		1.95	%		2.08	%		1.95	%		1.92	%		1.92	%		1.92	%
Ratio of expenses to average net assets prior to fees waived⁶		2.91	%		2.58	%		2.13	%		2.11	%		2.10	%		2.09	%
Ratio of net investment income to average net assets		1.57	%		0.05	%		0.22	%		0.20	%		1.05	%		0.86	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.61	%		(0.45	)%		0.04	%		0.01	%		0.87	%		0.69	%
Portfolio turnover		70	%		105	%		119	%		112	%		121	%		152	%

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. 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.

122

Table of Contents

Delaware Ivy Total Return Bond Fund Class I

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.54		$	10.20		$	10.25		$	10.26		$	10.06		$	10.13

Income (loss) from investment operations:
Net investment income²		0.11			0.10			0.12			0.11			0.20			0.18
Net realized and unrealized gain (loss)		0.37			(1.50	)		(0.02	)		0.09			0.51			(0.18	)
Total from investment operations		0.48			(1.40	)		0.10			0.20			0.71			—	³

Less dividends and distributions from:
Net investment income		(0.75	)		(0.10	)		(0.03	)		(0.18	)		(0.51	)		(0.07	)
Net realized gain		—			(0.16	)		(0.12	)		(0.03	)		—			—
Total dividends and distributions		(0.75	)		(0.26	)		(0.15	)		(0.21	)		(0.51	)		(0.07	)

Net asset value, end of period	$	8.27		$	8.54		$	10.20		$	10.25		$	10.26		$	10.06

Total return⁴		5.73	%		(14.03	)%		0.96	%		2.19	%		7.45	%		0.03	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	25,826		$	37,651		$	99	⁵	$	102	⁵	$	120	⁵	$	123	⁵
Ratio of expenses to average net assets⁶		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets prior to fees waived⁶		1.48	%		1.27	%		1.23	%		1.24	%		1.23	%		1.21	%
Ratio of net investment income to average net assets		2.53	%		1.10	%		1.20	%		1.12	%		1.98	%		1.79	%
Ratio of net investment income to average net assets prior to fees waived		2.04	%		0.83	%		0.98	%		0.88	%		1.75	%		1.58	%
Portfolio turnover		70	%		105	%		119	%		112	%		121	%		152	%

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.

123

Table of Contents

Financial highlights

Delaware Ivy Total Return Bond Fund Class R6

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

	Six months ended 3/31/23¹			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
Net asset value, beginning of period	$	8.57		$	10.23		$	10.28		$	10.28		$	10.08		$	10.13

Income (loss) from investment operations:
Net investment income²		0.11			0.12			0.14			0.13			0.21			0.18
Net realized and unrealized gain (loss)		0.38			(1.51	)		(0.03	)		0.09			0.51			(0.15	)
Total from investment operations		0.49			(1.39	)		0.11			0.22			0.72			0.03

Less dividends and distributions from:
Net investment income		(0.80	)		(0.11	)		(0.03	)		(0.19	)		(0.52	)		(0.08	)
Net realized gain		—			(0.16	)		(0.13	)		(0.03	)		—			—
Total dividends and distributions		(0.80	)		(0.27	)		(0.16	)		(0.22	)		(0.52	)		(0.08	)

Net asset value, end of period	$	8.26		$	8.57		$	10.23		$	10.28		$	10.28		$	10.08

Total return³		5.66	%		(13.95	)%		1.08	%		2.41	%		7.57	%		0.25	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	31,706		$	34,574		$	60	⁴	$	56	⁴	$	70	⁴	$	89	⁴
Ratio of expenses to average net assets⁵		0.87	%		0.87	%		0.87	%		0.87	%		0.87	%		0.87	%
Ratio of expenses to average net assets prior to fees waived⁵		1.35	%		1.13	%		1.06	%		1.07	%		1.06	%		1.05	%
Ratio of net investment income to average net assets		2.66	%		1.26	%		1.33	%		1.24	%		2.11	%		1.79	%
Ratio of net investment income to average net assets prior to fees waived		2.18	%		1.00	%		1.14	%		1.04	%		1.92	%		1.61	%
Portfolio turnover		70	%		105	%		119	%		112	%		121	%		152	%

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.

124

Table of Contents

Notes to financial statements

Ivy Funds

March 31, 2023 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 39 series. These financial statements and the related notes pertain to 10 funds: Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy International Small Cap Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, and Delaware Ivy Total Return Bond Fund, (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Ivy Emerging Markets Local Currency Debt Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Ivy Emerging Markets Local Currency Debt Fund is considered nondiversified.

Each Fund currently offers Class A shares. Each Fund (other than Delaware Ivy Crossover Credit Fund and Delaware Ivy High Yield Fund) offers Class C shares, and each Fund (other than Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund and Delaware Ivy Total Return Bond Fund) offers Class Y shares. On December 17, 2021, Delaware Ivy Total Return Bond Fund’s Class Y share liquidated. In addition, each Fund (other than Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund which does not offer Class R6 shares) offers Class I and Class R6 shares. On May 18, 2022, Class R6 share liquidated for Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more ($250,000 or more for Delaware Ivy California Municipal High Income Fund) of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more ($250,000 or more for Delaware Ivy California Municipal High Income Fund) of Class A shares that received an NAV breakpoint for shares that are subject to a 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. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. Class C shares have no upfront sales charges, but are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I shares, Class R6 shares 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, interest rate swap (IRS) contracts, CDS and interest rate swap options contracts (swaptions) 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, other than ETFs, 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 the Funds' valuation designee, Delaware

125

Table of Contents

Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

Management Company (DMC). Subject to the oversight of the Trust's Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations 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 March 31, 2023, and for all open tax years (years ended September 30, 2019 - September 30, 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 March 31, 2023, 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 Funds can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' 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 or receive 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

126

Table of Contents

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 an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which each 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 California Municipal High Income Fund and Delaware Ivy Government Securities Fund declare dividends daily and pay monthly. Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy High Yield Fund, and Delaware Ivy Strategic Income Fund declare and pay dividends monthly. Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Multi-Asset Fund, and Delaware Ivy Total Return Bond Fund declare and pay dividends quarterly. Delaware Ivy International Small Cap Fund declares and pays dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, at least 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.”

127

Table of Contents

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 Ivy California 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 Corporate Bond Fund		0.475% of net assets 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.

Delaware Ivy Crossover Credit Fund		0.50% of net assets up to $500 million;
		0.45% of net assets over $500 million and up to $1 billion;
		0.425% of net assets over $1 billion and up to $2.5 billion;
		0.40% of net assets over $2.5 billion and up to $5 billion;
		0.375% of net assets over $5 billion.

Delaware Ivy Emerging Markets Local Currency Debt Fund		0.75% of net assets up to $1 billion;
		0.725% of net assets over $1 billion and up to $2 billion;
		0.70% of net assets over $2 billion and up to $5 billion;
		0.675% of net assets over $5 billion and up to $10 billion;
		0.65% of net assets over $10 billion.

Delaware Ivy Government Securities 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.

Delaware Ivy High Yield 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.

Delaware Ivy International Small Cap Fund		1.00% of net assets up to $1 billion;
		0.95% of net assets over $1 billion and up to $2 billion;
		0.90% of net assets over $2 billion and up to $5 billion;
		0.85% of net assets over $5 billion.

Delaware Ivy Multi-Asset Income Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.61% of net assets over $2 billion and up to $3 billion;
		0.58% of net assets over $3 billion.

128

Table of Contents

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Strategic Income Fund		0.68% of net assets up to $1 billion;
		0.62% of net assets over $1 billion and up to $2 billion;
		0.58% of net assets over $2 billion and up to $3 billion;
		0.57% of net assets over $3 billion.

Delaware Ivy Total Return Bond Fund		0.90% of net assets up to $1 billion;
		0.85% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $5 billion;
		0.75% of net assets over $5 billion.

DMC has entered into sub-advisory agreements with the following entities on behalf of Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Fund: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL), each of which is an affiliate of DMC (the “Affiliated Sub-Advisors”).

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. With respect to the Funds for which MIMAK serves as a sub-advisor, DMC has principal responsibility for all investment advisory services and may seek 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. In addition and with respect only to Delaware Ivy Multi-Asset Income Fund, MIMAK is responsible for the day-to-day management of the Fund.

MIMEL, is a part of MAM. Although DMC has principal responsibility for the DMC's portion of each Fund, DMC may seek investment advice and recommendations from MIMEL and the 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.

MIMGL, is a part of MAM. With respect to the Funds for which MIMGL serves as sub-advisor, DMC has principal responsibility for each Fund, and may seek investment advice and recommendations from MIMGL and DMC may also permit MIMGL 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 MIMGL's specialized market knowledge. In addition and with respect only to Delaware Ivy Total Return Bond Fund, MIMGL along with DMC is responsible for the day-to-day management of the Fund. MIMGL also serves as sub-advisor to Delaware Ivy International Small Cap Fund, executing security trades on behalf of DMC.

Pursuant to the terms of the relevant sub-advisory agreement, DMC pays each Affiliated Sub-Advisor a sub-advisory fee.

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 March 31, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Ivy California Municipal High Income Fund	$	2,071
Delaware Ivy Corporate Bond Fund		7,242
Delaware Ivy Crossover Credit Fund		2,087
Delaware Ivy Emerging Markets Local Currency Debt Fund		2,158
Delaware Ivy Government Securities Fund		4,209
Delaware Ivy High Yield Fund		2,439

129

Table of Contents

Notes to financial statements

Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Fund	Fees
Delaware Ivy International Small Cap Fund	$	2,378
Delaware Ivy Multi-Asset Income Fund		1,328
Delaware Ivy Strategic Income Fund		4,045
Delaware Ivy Total Return Bond Fund		2,860

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. 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 amount are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended March 31, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Ivy California Municipal High Income Fund	$	5,686
Delaware Ivy Corporate Bond Fund		259,128
Delaware Ivy Crossover Credit Fund		10,619
Delaware Ivy Emerging Markets Local Currency Debt Fund		6,322
Delaware Ivy Government Securities Fund		76,907
Delaware Ivy High Yield Fund		22,816
Delaware Ivy International Small Cap Fund		12,512
Delaware Ivy Multi-Asset Income Fund		87,167
Delaware Ivy Strategic Income Fund		91,733
Delaware Ivy Total Return Bond Fund		27,360

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 each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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%, and 0.25% of the average daily net assets of the Class A, Class C, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fee.

From January 30, 2023 through January 30, 2024, DMC, DDLP and/or DIFSC, each Fund’s transfer agent, have contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, 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, as applicable. The waivers and reimbursements are accrued daily and received monthly.

Fund		Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6				Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Ivy California Municipal High Income Fund			0.55	%		n/a

130

Table of Contents

Fund	Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6			Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Ivy Corporate Bond Fund		0.61	%		n/a
Delaware Ivy Crossover Credit Fund		0.65	%		n/a
Delaware Ivy Emerging Markets Local Currency Debt Fund		0.80	%		0.80	%
Delaware Ivy Government Securities Fund		0.64	%		0.60	%
Delaware Ivy High Yield Fund		0.72	%		0.72	%
Delaware Ivy International Small Cap Fund		0.99	%		0.99	%
Delaware Ivy Multi-Asset Income Fund		0.75	%		0.75	%
Delaware Ivy Strategic Income Fund		0.67	%		0.67	%
Delaware Ivy Total Return Bond Fund		0.95	%		0.87	%

Prior to January 30, 2023, DMC, DDLP, and/or DIFSC had contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) as follows:

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 R6		Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Ivy California Municipal High Income Fund	0.80		%	1.65	%	0.60	%	n/a		0.80	%
Delaware Ivy Corporate Bond Fund	n/a			n/a		n/a		n/a		n/a
Delaware Ivy Crossover Credit Fund	0.90		%	n/a		0.65	%	n/a		0.90	%
Delaware Ivy Emerging Markets Local Currency Debt Fund	1.23		%	1.84	%	0.80	%	0.80	%	1.20	%
Delaware Ivy Government Securities Fund	0.97		%	1.82	%	0.72	%	0.60	%	n/a
Delaware Ivy High Yield Fund	0.99		%	n/a		0.72	%	0.72	%	n/a
Delaware Ivy International Small Cap Fund	1.37		%	2.12	%	0.99	%	0.99	%	1.37	%
Delaware Ivy Multi- Asset Income Fund	1.17		%	1.95	%	0.75	%	0.75	%	1.15	%

131

Table of Contents

Notes to financial statements

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 R6		Operating expense limitation as a percentage of average daily net assets Class Y
Delaware Ivy Strategic Income Fund	1.04	%	1.82	%	0.67	%	0.67	%	1.04	%
Delaware Ivy Total Return Bond Fund	1.24	%	1.95	%	1.00	%	0.87	%	n/a

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 the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended March 31, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Ivy California Municipal High Income Fund	$	245
Delaware Ivy Corporate Bond Fund		7,255
Delaware Ivy Crossover Credit Fund		361
Delaware Ivy Emerging Markets Local Currency Debt Fund		590
Delaware Ivy Government Securities Fund		3,399
Delaware Ivy High Yield Fund		890
Delaware Ivy International Small Cap Fund		755
Delaware Ivy Multi-Asset Income Fund		880
Delaware Ivy Strategic Income Fund		3,357
Delaware Ivy Total Return Bond Fund		1,593

For the six months ended March 31, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund		Class A
Delaware Ivy California Municipal High Income Fund	$	55
Delaware Ivy Corporate Bond Fund		5,159
Delaware Ivy Crossover Credit Fund		60
Delaware Ivy Emerging Markets Local Currency Debt Fund		46
Delaware Ivy Government Securities Fund		1,212
Delaware Ivy High Yield Fund		850
Delaware Ivy International Small Cap Fund		609
Delaware Ivy Multi-Asset Income Fund		2,206
Delaware Ivy Strategic Income Fund		2,553
Delaware Ivy Total Return Bond Fund		45

For the six months ended March 31, 2023, 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 Ivy California Municipal High Income Fund	$	846	$	—
Delaware Ivy Corporate Bond Fund		358		2,657
Delaware Ivy Crossover Credit Fund		15		—
Delaware Ivy Emerging Markets Local Currency Debt Fund		27		—

132

Table of Contents��

Fund		Class A		Class C
Delaware Ivy Government Securities Fund	$	76	$	3
Delaware Ivy High Yield Fund		112		—
Delaware Ivy International Small Cap Fund		—		11
Delaware Ivy Multi-Asset Income Fund		471		99
Delaware Ivy Strategic Income Fund		496		73
Delaware Ivy Total Return Bond Fund		39		5

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 ETF 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 March 31, 2023, 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.

A summary of the transactions in affiliated companies during the six months ended March 31, 2023 was as follows:

	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			Interest income
Delaware Ivy Multi-Asset Income Fund
Corporate Bonds—0.00%
New Cotai
5.00% 2/2/27^=,*	$	340,012	$	19,254	$	—	$	—	$	(11,377	)	$	—		—	$	9,837
Common Stock—0.00%
New Cotail^=,†,*		—		—		—		—		2,791,169			—		—		—
	$	340,012	$	19,254	$	—	$	—	$	2,779,792		$	—		—	$	9,837


⁼	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.
^†	Non-income producing security.
^*	Issuer is not an affiliated investment of the Fund at March 31, 2023.

133

Table of Contents

Notes to financial statements

Ivy Funds

3. Investments

For the six months ended March 31, 2023, 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 Ivy California Municipal High Income Fund	$	460,654	$	—	$	3,573,590	$	—
Delaware Ivy Corporate Bond Fund		79,672,682		13,166,314		157,750,239		7,292,432
Delaware Ivy Crossover Credit Fund		3,045,750		240,521		4,962,265		100,883
Delaware Ivy Emerging Markets Local Currency Debt Fund		—		—		3,574,256		—
Delaware Ivy Government Securities Fund		785,000		149,074,563		2,401,525		180,018,388
Delaware Ivy High Yield Fund		10,779,640		—		19,966,625		—
Delaware Ivy International Small Cap Fund		14,138,963		—		23,748,664		—
Delaware Ivy Multi-Asset Income Fund		35,658,691		8,851,917		69,668,399		10,396,602
Delaware Ivy Strategic Income Fund		9,350,083		42,282,239		56,563,898		24,532,261
Delaware Ivy Total Return Bond Fund		36,667,620		10,058,874		47,977,921		18,589,304

At March 31, 2023, 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 March 31, 2023, 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 Ivy California Municipal High Income Fund	$	15,010,327	$	59,463	$	(987,454	)	$	(927,991	)
Delaware Ivy Corporate Bond Fund		405,211,306		1,526,121		(51,357,913	)		(49,831,792	)
Delaware Ivy Crossover Credit Fund		18,562,307		22,409		(2,940,965	)		(2,918,556	)
Delaware Ivy Emerging Markets Local Currency Debt Fund		20,921,184		779,030		(2,974,682	)		(2,195,652	)
Delaware Ivy Government Securities Fund		169,752,086		1,129,307		(5,807,747	)		(4,678,440	)
Delaware Ivy High Yield Fund		38,571,460		215,147		(3,037,483	)		(2,822,336	)
Delaware Ivy International Small Cap Fund		31,395,789		3,683,170		(1,664,675	)		2,018,495
Delaware Ivy Multi-Asset Income Fund		141,064,224		6,797,043		(14,212,071	)		(7,415,028	)
Delaware Ivy Strategic Income Fund		156,408,191		1,228,552		(17,673,169	)		(16,444,617	)
Delaware Ivy Total Return Bond Fund		66,534,929		1,843,229		(6,083,576	)		(4,240,347	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At September 30, 2022, capital loss carryforwards available to offset future realized capital gains, were as follows:

		Loss carryforward character
		Short-term		Long-term		Total
Delaware Ivy Corporate Bond Fund	$	16,377,601	$	15,932,656	$	32,310,257
Delaware Ivy Crossover Credit Fund		1,625,545		1,241,756		2,867,301
Delaware Ivy Emerging Markets Local Currency Debt Fund		1,381,809		1,966,849		3,348,658
Delaware Ivy Government Securities Fund		12,417,195		13,069,371		25,486,566
Delaware Ivy Strategic Income Fund		5,778,693		10,021,920		15,800,613
Delaware Ivy Total Return Bond Fund		4,853,881		3,624,627		8,478,508

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

134

Table of Contents

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 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 March 31, 2023:

	Delaware Ivy California Municipal High Income Fund
	Level 1		Level 2			Total
Securities
Assets:
Municipal Bonds	$	—	$	14,026,636	$	14,026,636
Short-Term Investments		55,700		—		55,700
Total Value of Securities	$	55,700	$	14,026,636	$	14,082,336

135

Table of Contents

Notes to financial statements

Ivy Funds

3. Investments (continued)

		Delaware Ivy Corporate Bond Fund
		Level 2
Securities
Assets:
Convertible Bond	$	507,373
Corporate Bonds		338,489,089
Municipal Bonds		4,598,951
Sovereign Bonds		1,970,905
US Treasury Obligations		9,813,196
Total Value of Securities	$	355,379,514


		Delaware Ivy Crossover Credit Fund
		Level 2
Securities
Assets:
Convertible Bond	$	25,936
Corporate Bonds		15,365,529
Municipal Bonds		93,055
US Treasury Obligations		159,231
Total Value of Securities	$	15,643,751


		Delaware Ivy Emerging Markets Local Currency Debt Fund
		Level 2
Securities
Assets:
Sovereign Bonds	$	17,827,930
Supranational Banks		925,009
Total Value of Securities	$	18,752,939

Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	23,763
Liabilities:
Foreign Currency Exchange Contracts	$	(51,170	)

¹	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

136

Table of Contents

	Delaware Ivy Government Securities Fund
		Level 1		Level 2		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	4,367,517	$	4,367,517
Agency Commercial Mortgage-Backed Securities		—		22,433,476		22,433,476
Agency Mortgage-Backed Securities		—		48,593,623		48,593,623
Agency Obligations		—		2,722,370		2,722,370
US Treasury Obligations		—		78,974,911		78,974,911
Short-Term Investments		7,914,098		—		7,914,098
Total Value of Securities	$	7,914,098	$	157,091,897	$	165,005,995

Derivatives¹
Assets:
Futures Contracts	$	118,173	$	—	$	118,173
Liabilities:
Futures Contracts	$	(50,522	$	—	$	(50,522	)

¹Future contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy High Yield Fund
	Level 1		Level 2			Total
Securities
Assets:
Convertible Bond	$	—	$	72,945	$	72,945
Corporate Bonds		—		33,809,554		33,809,554
Municipal Bonds		—		202,223		202,223
Short-Term Investments		1,664,402		—		1,664,402
Total Value of Securities	$	1,664,402	$	34,084,722	$	35,749,124

137

Table of Contents

Notes to financial statements

Ivy Funds

3. Investments (continued)

			Delaware Ivy International Small Cap Fund
			Level 1		Level 2		Total
Securities
Assets:
Common Stocks
Argentina			$	299,973	$	—	$	299,973
Australia				—		875,785		875,785
Austria				—		936,454		936,454
Brazil				878,466		—		878,466
Canada				3,491,539		—		3,491,539
China				347,964		2,395,713		2,743,677
Denmark				—		505,049		505,049
Finland				—		329,702		329,702
France				—		454,018		454,018
Germany				—		1,282,921		1,282,921
Greece				—		169,518		169,518
India				—		385,368		385,368
Indonesia				—		274,429		274,429
Ireland				339,517		—		339,517
Israel				430,693		—		430,693
Italy				—		2,019,290		2,019,290
Japan				—		7,629,119		7,629,119
Mexico				1,334,422		—		1,334,422
Netherlands				—		368,245		368,245
Norway				—		657,792		657,792
Republic of Korea				—		734,605		734,605
South Africa				212,471		—		212,471
Spain				—		648,938		648,938
Sweden				—		866,265		866,265
Taiwan				—		1,777,075		1,777,075
Thailand				232,402		—		232,402
United Kingdom				463,491		1,611,009		2,074,500
United States				418,814		—		418,814
Preferred Stock				246,450		—		246,450
Rights				—		3,520		3,520
Short-Term Investments				793,267		—		793,267
Total Value of Securities			$	9,489,469	$	23,924,815	$	33,414,284


	Delaware Ivy Multi-Asset Income Fund
		Level 1		Level 2		Level 3		Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—	$	3,253,112	$	—	$	3,253,112
Common Stocks
Basic Industry		—		1,369,240		535,853		1,905,093
Capital Goods		362,920		—		—		362,920

138

Table of Contents

	Delaware Ivy Multi-Asset Income Fund
	Level 1			Level 2		Level 3			Total
Communications	$	—		$	813,198	$	—		$	813,198
Consumer Cyclical		636,471			4,891,062		32,836			5,560,369
Consumer Non-Cyclical		7,905,252			14,208,295		—			22,113,547
Consumer Staples		695,558			—		—			695,558
Energy		4,340,376			649,740		350,779			5,340,895
Financial Services		—			—		332,150			332,150
Home builders		—			53,682		—			53,682
Industrials		1,813,483			4,020,032		—			5,833,515
Materials		4,040,265			657,208		—			4,697,473
Real Estate		567,529			526,763		—			1,094,292
REIT Diversified		117,562			1,482,456		—			1,600,018
REIT Healthcare		1,124,193			38,671		—			1,162,864
REIT Industrial		1,282,815			535,962		—			1,818,777
REIT Information Technology		972,066			—		—			972,066
REIT Lodging		287,250			—		—			287,250
REIT Mall		118,688			—		—			118,688
REIT Manufactured Housing		422,156			—		—			422,156
REIT Multifamily		1,324,071			270,087		—			1,594,158
REIT Office		117,440			274,038		—			391,478
REIT Retail		59,962			296,269		—			356,231
REIT Self-Storage		951,400			167,245		—			1,118,645
REIT Shopping Center		456,606			53,157		—			509,763
REIT Single Tenant		1,036,780			—		—			1,036,780
REIT Specialty		80,886			—		—			80,886
Technology		755,291			3,549,745		—			4,305,036
Utilities		1,002,458			4,773,969		—			5,776,427
Corporate Bonds¹		—			45,155,378		917,576	²		46,072,954
Exchange-Traded Funds		7,371,568			—		—			7,371,568
Loan Agreements		—			1,776,631		—			1,776,631
Master Limited Partnerships		484,617			—		—			484,617
Non-Agency Commercial Mortgage-Backed Securities		—			944,036		—			944,036
Preferred Stock		—			—		10,280			10,280
US Treasury Obligations		—			3,269,484		—			3,269,484
Warrants		9,919			—		—			9,919
Short-Term Investments		113,952			—		—			113,952
Total Value of Securities	$	38,451,534		$	93,029,460	$	2,179,474		$	133,660,468

Derivatives³
Assets:
Foreign Currency Exchange Contracts	$	—		$	1,439	$	—		$	1,439
Futures Contracts		14,119			—		—			14,119
Liabilities:
Futures Contracts	$	(26,830	)	$	—	$	—		$	(26,830	)

139

Table of Contents

Notes to financial statements

Ivy Funds

3. Investments (continued)

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
Corporate Bonds		—		98.01	%	1.99	%	100.00	%

The securities that have been valued at zero on the “Schedules of investments” is considered to be Level 3 investments in this table.

Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Strategic Income Fund
	Level 1		Level 2			Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	10,921,225		$	—		$	10,921,225
Agency Mortgage-Backed Securities		—		3,279,901			—			3,279,901
Common Stocks
Basic Industry		—		—			725,678			725,678
Consumer Cyclical		435,202		—			36,517			471,719
Energy		—		—			237,878			237,878
Financials		—		—			430,204			430,204
Convertible Bond		—		419,839			—			419,839
Corporate Bonds		—		70,556,613			—	¹		70,556,613
Loan Agreements		—		2,488,195			—			2,488,195
Municipal Bonds		—		1,291,758			—			1,291,758
Non-Agency Collateralized Mortgage Obligations		—		5,718,079			—			5,718,079
Non-Agency Commercial Mortgage-Backed Securities		—		834,966			—			834,966
Preferred Stock		—		—			11,435			11,435
Sovereign Bonds		—		7,242,369			—			7,242,369
Supranational Banks		—		1,055,760			—			1,055,760
US Treasury Obligations		—		31,341,147			—			31,341,147
Warrants		11,628		—			—			11,628
Options Purchased		—		106,960			—			106,960
Short-Term Investments		2,378,280		—			—			2,378,280
Total Value of Securities Before Options Written	$	2,825,110	$	135,256,812		$	1,441,712		$	139,523,634
Liabilities:
Options Written	$	—	$	(64,373	)	$	—		$	(64,373	)

140

Table of Contents

	Delaware Ivy Strategic Income Fund
	Level 1		Level 2			Level 3		Total
Derivatives²
Assets:
Centrally Cleared Credit Default Swaps	$	—	$	32,948		$	—	$	32,948
Foreign Currency Exchange Contracts		—		6,284			—		6,284
Futures Contracts		464,155		—			—		464,155
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(48	)	$	—	$	(48	)

The securities that have been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

Foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Total Return Bond Fund
	Level 1			Level 2			Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—		$	5,141,304		$	5,141,304
Corporate Bonds		—			30,899,736			30,899,736
Sovereign Bonds		—			23,467,170			23,467,170
Supranational Banks		—			1,674,343			1,674,343
US Treasury Obligation		—			475,816			475,816
Options Purchased		—			120,870			120,870
Short-Term Investments		355,124			—			355,124
Total Value of Securities Before Options Written	$	355,124		$	61,779,239		$	62,134,363
Liabilities:
Options Written	$	—		$	(84,796	)	$	(84,796	)

Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	—		$	350,484		$	350,484
Futures Contracts		526,480			—			526,480
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(103,209	)	$	(103,209	)
Futures Contracts		(528,740	)		—			(528,740	)

Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

As a result of utilizing international fair value pricing at March 31, 2023, the majority of Delaware Ivy International Small Cap Fund’s common stock investments were categorized as Level 2.

141

Table of Contents

Notes to financial statements

Ivy Funds

3. Investments (continued)

During the six months ended March 31, 2023, for all funds except Delaware Ivy Multi-Asset Income Fund and Delaware Ivy Strategic Income Fund, there were no transfers into or out of Level 3 investments. 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 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 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 except for Delaware Ivy Multi-Asset Income Fund and Delaware Ivy Strategic Income Fund. Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy International Small Cap Fund, and Delaware Ivy Total Return Bond Fund had no Level 3 investments at March 31, 2023.

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 Multi-Asset Income Fund

		Common Stocks			Corporate Bonds		Preferred Stock
Balance as of 9/30/22	$	1,060,800		$	340,012	$	10,280
Sales		(57,600	)		—		—
Net realized gain (loss)		(16,200	)		—		—
Amortization		—			1,264		—
Corporate Actions		—			17,990		—
Net change in unrealized appreciation (depreciation)		264,618			558,310		—
Balance as of 3/31/23	$	1,251,618		$	917,576	$	10,280
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 3/31/23	$	264,618		$	558,310	$	—

Delaware Ivy Strategic Income Fund

		Common Stocks			Preferred Stock
Balance as of 9/30/22	$	1,061,033		$	11,435
Sales		(60,000	)		—
Net realized gain (loss)		10,800			—
Net change in unrealized appreciation (depreciation)		418,444			—
Balance as of 3/31/23	$	1,430,277		$	11,435
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 3/31/23	$	418,444		$	—

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for the Fund is as follows:

142

Table of Contents

Delaware Ivy Multi-Asset Income Fund

Security

Asset

Value

Valuation
Technique

Unobservable Input

Input
Value

Foresight Energy

Common Stocks

532,579

Market approach

EV/Revenue multiple

0.68

EV/EBITDA multiple

1.65

KCA Deutag International

Common Stocks

350,779

Market approach

Broker quotes

N/A

New Cotai

Common Stocks

324,324

Market approach

Financials

N/A

New Cotai

Corporate Bonds

917,576

Market approach

Financials

N/A

Riverbed Holdings

Common Stocks

7,826

Market approach

Broker quotes

N/A

True Religion Apparel

Common Stocks

32,836

Market approach

EV/Revenue multiple

0.43

EV/EBITDA multiple

5.66

True Religion Apparel

Preferred Stock

10,280

Market approach

EV/Revenue multiple

0.43

EV/EBITDA multiple

5.66

Westmoreland Coal

Common Stocks

3,274

Market approach

Broker quotes

N/A

Delaware Ivy Strategic Income Fund

Security

Asset

Value

Valuation
Technique

Unobservable Input

Input
Value

Foresight Energy

Common Stocks

722,404

Market approach

EV/Revenue multiple

0.68

EV/EBITDA multiple

1.65

KCA Deutag International

Common Stocks

237,878

Market approach

Broker quotes

N/A

New Cotai

Common Stocks

422,128

Market approach

Financials

N/A

Riverbed Holdings

Common Stocks

8,076

Market approach

Broker quotes

N/A

True Religion Apparel

Common Stocks

36,517

Market approach

EV/Revenue multiple

0.43

EV/EBITDA multiple

5.66

True Religion Apparel

Preferred Stock

11,435

Market approach

EV/Revenue multiple

0.43

EV/EBITDA multiple

5.66

Westmoreland Coal

Common Stocks

3,274

Market approach

Broker quotes

N/A

143

Table of Contents

Notes to financial statements

Ivy Funds

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Ivy California Municipal High Income Fund				Delaware Ivy Corporate Bond Fund				Delaware Ivy Crossover Credit Fund
	Six months ended 3/31/23		Year ended 9/30/22		Six months ended 3/31/23		Year ended 9/30/22		Six months ended 3/31/23		Year ended 9/30/22
Shares sold:
Class A	11,386		83,321		456,706		2,618,451		2,914			69,948
Class C	346		1,176		20,797		48,522		—			—
Class I	282,069		442,675		760,816		7,318,249		174,906			979,757
Class R6¹	—		—		—		469,044		—			69,216
Class Y	—		3		—		—		358			10,072

Shares issued upon reinvestment of dividends and distributions:
Class A	16,135		36,682		176,118		2,525,682		5,973			43,100
Class C	542		1,217		713		13,932		—			—
Class I	12,807		32,766		174,480		3,238,627		23,622			197,627
Class R6¹	—		—		—		251,005		—			35,136
Class Y	100		246		—		—		278			1,088
	323,385		598,086		1,589,630		16,483,512		208,051			1,405,944

Shares from reverse stock split:²
Class A	—		—		—		(28,476,964	)	—			—
Class C	—		—		—		(187,486	)	—			—
Class I	—		—		—		(27,887,847	)	—			—
Class Y	—		—		—		(26,539	)	—			—

Shares redeemed:
Class A	(243,616	)	(490,585	)	(2,291,869	)	(13,559,439	)	(143,966	)		(307,372	)
Class B³	—		—		—		(3,382	)	—			—
Class C	(2,997	)	(103,128	)	(29,343	)	(146,095	)	—			—
Class I	(466,487	)	(504,238	)	(4,218,497	)	(36,736,275	)	(362,633	)		(2,369,868	)
Class R6¹	—		—		—		(6,601,449	)	—			(652,932	)
Class Y	(3,348	)	(102,064	)	—		—		(245	)		(7,106	)
	(716,448	)	(1,200,015	)	(6,539,709)		(113,625,476	)	(506,844	)		(3,337,278	)
Net decrease	(393,063	)	(601,929	)	(4,950,079	)	(97,141,964	)	(298,793	)		(1,931,334	)

144

Table of Contents

	Delaware Ivy Emerging Markets Local Currency Debt Fund						Delaware Ivy Government Securities Fund						Delaware Ivy High Yield Fund
	Six months ended 3/31/23			Year ended 9/30/22			Six months ended 3/31/23			Year ended 9/30/22			Six months ended 3/31/23			Year ended 9/30/22
Shares sold:
Class A		11,477			13,084			1,053,648			1,181,789			193,155			300,722
Class C		198			87			34,438			44,278			—			—
Class I		57,570			203,037			2,788,315			11,024,208			268,691			1,523,281
Class R6¹		—			351,222			458,842			5,583,841			—			15,102
Class Y		147,854			1			—			—			—			—

Shares issued upon reinvestment of dividends and distributions:
Class A		—			—			126,687			113,295			39,403			113,168
Class C		—			—			1,133			107			—			—
Class I		—			—			240,633			247,464			126,443			524,409
Class R6¹		—			—			73,288			227,162			59			199,551
		217,099			567,431			4,776,984			18,422,144			627,751			2,676,233

Shares redeemed:
Class A		(34,479	)		(146,908	)		(2,315,668	)		(3,866,427	)		(343,201	)		(527,243	)
Class B³		—			—			—			(4,056	)		—			—
Class C		(2,187	)		(926	)		(37,324	)		(117,526	)		—			—
Class I		(387,354	)		(2,279,871	)		(7,037,318	)		(13,277,747	)		(1,297,662	)		(6,178,495	)
Class R6¹		(347,268	)		(798,250	)		(1,172,166	)		(24,421,944	)		—			(3,625,930	)
Class Y		(147,854	)		—			—			—			—			—
		(919,142	)		(3,225,955	)		(10,562,476	)		(41,687,700	)		(1,640,863	)		(10,331,668	)
Net decrease		(702,043	)		(2,658,524	)		(5,785,492	)		(23,265,556	)		(1,013,112	)		(7,655,435	)

145

Table of Contents

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy International Small Cap Fund						Delaware Ivy Multi-Asset Income Fund						Delaware Ivy Strategic Income Fund
	Six months ended 3/31/23			Year ended 9/30/22			Six months ended 3/31/23			Year ended 9/30/22			Six months ended 3/31/23			Year ended 9/30/22
Shares sold:
Class A		36,867			39,545			291,046			619,676			467,689			984,411
Class C		1,912			7,261			10,469			40,737			24,887			69,100
Class I		66,426			379,066			238,982			1,405,194			723,749			3,149,670
Class R6¹		33,827			514,078			6,911			15,911			10,437			36,179
Class Y		428,030			49,640			—			440			1,740			2,541

Shares issued upon reinvestment of dividends and distributions:
Class A		37,930			81,160			428,207			358,300			162,171			316,484
Class C		2,668			4,717			36,611			27,126			6,672			12,841
Class I		147,029			571,289			702,793			833,423			336,900			837,138
Class R6¹		246,391			610,077			8,612			6,644			2,574			4,833
Class Y		13,435			1,124			688			538			324			605
		1,014,515			2,257,957			1,724,319			3,307,989			1,737,143			5,413,802

Shares redeemed:
Class A		(82,482	)		(213,596	)		(1,516,389	)		(2,321,429	)		(1,572,682	)		(3,352,000	)
Class C		(6,389	)		(12,081	)		(107,038	)		(237,668	)		(89,568	)		(211,579	)
Class I		(616,467	)		(3,149,611	)		(3,710,462	)		(9,982,150	)		(4,394,210	)		(14,006,841	)
Class R6¹		(515,764	)		(1,930,562	)		(17,103	)		(33,783	)		(24,586	)		(57,614	)
Class Y		(441,341	)		(59,198	)		(4,236	)		(1,725	)		(55	)		(7,050	)
		(1,662,443	)		(5,365,048	)		(5,355,228	)		(12,576,755	)		(6,081,101	)		(17,635,084	)
Net decrease		(647,928	)		(3,107,091	)		(3,630,909	)		(9,268,766	)		(4,343,958	)		(12,221,282	)

146

Table of Contents

	Delaware Ivy Total Return Bond Fund
	Six months ended 3/31/23			Year ended 9/30/22
Shares sold:
Class A		155,344			89,758
Class C		2,092			4,467
Class I		104,471			671,920
Class R6¹		202,177			158,026

Shares issued upon reinvestment of dividends and distributions:
Class A		69,313			28,317
Class C		2,762			1,378
Class I		337,894			229,690
Class R6¹		352,011			143,606
		1,226,064			1,327,162

Shares redeemed:
Class A		(213,115	)		(522,452	)
Class C		(13,480	)		(26,901	)
Class I		(1,726,141	)		(6,169,250	)
Class R6¹		(748,250	)		(2,126,484	)
Class Y		—			(3	)
		(2,700,986	)		(8,845,090	)
Net decrease		(1,474,922	)		(7,517,928	)


¹	Effective July 1, 2021, Class N shares were renamed Class R6 shares.
²	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The shares of beneficial interest outstanding, net asset value per share and offering price per shares have reflected the reverse stock split.
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 the previous pages.

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 the previous pages and on the “Statements of changes in net assets.” For the six months ended March 31, 2023 and the year ended September 30, 2022, each Fund had the following exchange transactions:

	Six months ended March 31, 2023						Year Ended September 30, 2022
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions			Value
Delaware Ivy California Municipal High
Income Fund					$	473,697					$	321,052
Class A		50,159		—				31,420		208
Class C		—		185				693		—
Class I		—		50,359				—		31,905
Delaware Ivy Corporate Bond Fund					$	5,102,170					$	4,906,817
Class A		465,118		17,103				761,707		63,875

147

Table of Contents

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Six months ended March 31, 2023							Year Ended September 30, 2022
	Exchange Redemptions			Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions			Value
Class B		—			—				5,194		—
Class C		11,723			—				29,831		—
Class I		5,401			464,692				29,978		762,319
Delaware Ivy Crossover Credit Fund						$	245,979					$	76,648
Class A		28,156			196				7,060		533
Class I		196			28,156				533		7,059
Delaware Ivy Emerging Markets Local Currency Debt Fund						$	16,110					$	46,666
Class A		1,490			672				4,427		1,277
Class I		660			1,464				1,257		4,357
Delaware Ivy Government Securities Fund						$	1,742,589					$	799,769
Class A		341,894			10,320				99,340		48,447
Class B		—			—				2,624		—
Class C		10,138			—				40,149		—
Class I		187			341,996				6,639		100,299
Delaware Ivy High Yield Fund						$	168,904					$	1,165,268
Class A		18,508			529				114,721		4,122
Class I		529			18,498				4,118		114,698
Delaware Ivy International Small Cap Fund						$	61,317					$	244,487
Class A		6,122			115				11,392		3,138
Class C		247			—				1,205		—
Class I		108			6,318				3,112		14,603
Class Y		—			—				2,103		—
Delaware Ivy Multi-Asset Income Fund						$	1,267,494					$	4,415,461
Class A		78,807			44,388				294,024		101,214
Class C		44,411			—				100,877		—
Class I		3,731	��		77,500				8,567		296,306
Class R6		—			3,036				—		5,842
Delaware Ivy Strategic Income Fund						$	686,622					$	5,096,100
Class A		65,821			7,913				435,821		68,241
Class C		6,188			—				73,857		—
Class I		2,981			66,119				6,534		443,364
Class R6		—			928				—		4,474
Delaware Ivy Total Return Bond Fund						$	256,232					$	304,442
Class A		24,602			4,918				14,787		14,610
Class C		4,223			—				10,720		—
Class I		757			24,444				6,529		17,215

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was 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 were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.

148

Table of Contents

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 above. It operates in substantially the same manner as the original Agreement. 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.

Each Fund had no amounts outstanding as of March 31, 2023, or at any time during the period then ended.

6. 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 6) 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 March 31, 2023.

7. 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 each Fund and the counterparty and by the posting of collateral by the counterparty to each Fund to cover each Fund’s exposure to the counterparty. Open foreign currency exchange contracts, if any, are disclosed on the "Schedules of investments."

During the six months ended March 31, 2023, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return 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. During the six months ended March 31, 2023, Delaware Ivy International Small Cap Fund, Delaware Ivy Multi-Asset Income Fund and Delaware Ivy Total Return Bond 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. Each Fund may use futures in the normal course of pursuing its investment objective. Each Fund 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

149

Table of Contents

Notes to financial statements

Ivy Funds

7. Derivatives (continued)

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 Government Securities Fund posted $207,515, Delaware Ivy Multi-Asset Income Fund posted $15,210, Delaware Ivy Strategic Income Fund posted $374,084 and Delaware Ivy Total Return Bond Fund posted $997,848 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 March 31, 2023, Delaware Ivy Government Securities Fund, Delaware Ivy Multi-Asset Income Fund, and Delaware Ivy Strategic Income 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 March 31, 2023, Delaware Ivy Multi-Asset Income 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 as a cash management tool. During the six months ended March 31, 2023, Delaware Ivy Total Return 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.

Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. 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.

During the six months ended March 31, 2023, Delaware Ivy Government Securities Fund, Delaware Ivy Strategic Income Fund, and Delaware Ivy Total Return Bond Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions. In addition, Delaware Ivy Total Return Bond Fund used options contracts to offset capital losses. In addition, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Bond used options contracts to manage the Fund's exposure to changes in foreign currencies.

Swap Contracts — Certain Funds enter into CDS contracts in the normal course of pursuing its investment objective. Delaware Ivy Emerging Markets Local Currency Debt Fund and Delaware Ivy Total Return Bond Fund entered into CDS contracts in order to hedge against a credit event. In addition, Delaware Ivy Strategic Income Fund entered into CDS contracts 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.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by a Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized

150

Table of Contents

appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. 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.

During the six months ended March 31, 2023, Delaware Ivy Total Return Bond Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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 March 31, 2023, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return 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.

During the six months ended March 31, 2023, the Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Bond Fund used CDS contracts to hedge against credit events. In addition, Delaware Ivy Strategic Income 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.”

At March 31, 2023, for bilateral derivative contracts, the Delaware Ivy Strategic Income Fund posted $125,682 in cash collateral, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”

151

Table of Contents

Notes to financial statements

Ivy Funds

7. Derivatives (continued)

Fair values of derivative instruments as of March 31, 2023 were as follows:

	Delaware Ivy Government Securities Fund Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due from broker on futures contracts*	$	118,173

		Delaware Ivy Government Securities Fund Liability Derivatives Fair Value
Statement of Assets and Liabilities Location		Interest Rate Contracts
Variation margin due to broker on futures contracts*	$	(50,522	)

		Delaware Ivy Multi-Asset Income Fund Asset Derivatives Fair Value
Statement of Assets and Liabilities Location		Currency Contracts		Interest Rate Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	1,439	$	—	$	1,439
Variation margin due from broker on futures contracts*		—		14,119		14,119
Total	$	1,439	$	14,119	$	15,558

	Delaware Ivy Multi-Asset Income Fund Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due from broker on futures contracts*	$	(26,830	)

	Delaware Ivy Strategic Income Fund Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts		Credit Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	6,284	$	—	$	—	$	6,284
Variation margin due from broker on futures contracts*		—		464,155		—		464,155
Variation margin due from brokers on centrally cleared credit default swap contracts*		—		—		32,948		32,948
Options purchased**		—		—		106,960		106,960
Total	$	6,284	$	464,155	$	139,908	$	610,347

152

Table of Contents

	Delaware Ivy Strategic Income Fund Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(48	)	$	—		$	(48	)
Options written, at value		—			(64,373	)		(64,373	)
Total	$	(48	)	$	(64,373	)	$	(64,421	)

	Delaware Ivy Total Return Bond Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts		Credit Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	350,484	$	—	$	—	$	350,484
Variation margin due from broker on futures contracts*		—		526,480		—		526,480
Options purchased**		2,203		—		118,667		120,870
Total	$	352,687	$	526,480	$	118,667	$	997,834

	Delaware Ivy Total Return Bond Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(103,209	)	$	—		$	—		$	(103,209	)
Variation margin due to broker on futures contracts*		—			(528,740	)		—			(528,740	)
Options written, at value		(367	)		—			(84,429	)		(84,796	)
Total	$	(103,576	)	$	(528,740	)	$	(84,429	)	$	(716,745	)

Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2023. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

^**

Included with "Investments, at value."

153

Table of Contents

Notes to financial statements

Ivy Funds

7. Derivatives (continued)

The effect of derivative instruments on the “Statements of operations” for the six months ended March 31, 2023 was as follows:

Delaware Ivy Government Securities Fund	Net Realized Gain (Loss) on:
	Futures Contracts		Options Purchased		Options Written			Total

Interest rate contracts	$	148,108	$	7,523	$	(48,335	)	$	107,296


	Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts

Interest rate contracts	$	67,651

Delaware Ivy Multi-Asset Income Fund	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Total

Currency contracts	$	(38,722	)	$	—		$	(38,722	)
Interest rate contracts		—			(33,258	)		(33,258	)
Equity contracts		—			(415	)		(415	)
Total	$	(38,722	)	$	(33,673	)	$	(72,395	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts			Futures Contracts		Total
Currency contracts	$	(50,213	)	$	—	$	(50,213	)
Interest rate contracts		—			33,975		33,975
Total	$	(50,213	)	$	33,975	$	(16,238	)

154

Table of Contents

Delaware Ivy Strategic Income Fund	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Swap Contracts		Total
Currency contracts	$	(93,437	)	$	—		$	—		$	—	$	(93,437	)
Interest rate contracts		—			(670,768	)		(43,049	)		—		(713,817	)
Credit contracts		—			—			—			48		48
Total	$	(93,437	)	$	(670,768	)	$	(43,049	)	$	48	$	(807,206	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts			Futures Contracts		Options Purchased			Options Written		Swap Contracts		Total
Currency contracts	$	(205,958	)	$	—	$	—		$	—	$	—	$	(205,958	)
Interest rate contracts		—			1,201,298		—			—		—		1,201,298
Credit contracts		—			—		(5,090	)		19,017		33,922		47,849
Total	$	(205,958	)	$	1,201,298	$	(5,090	)	$	19,017	$	33,922	$	1,043,189

Delaware Ivy Total Return Bond Fund	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts		Options Purchased			Options Written		Swap Contracts			Total
Currency contracts	$	(1,534,297	)	$	—	$	(37,078	)	$	16,325	$	—		$	(1,555,050	)
Interest rate contracts		—			319,567		—			41,921		—			361,488
Credit contracts		—			—		24,409			37,640		(70,281	)		(8,232	)
Total	$	(1,534,297	)	$	319,567	$	(12,669	)	$	95,886	$	(70,281	)	$	(1,201,794	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts			Futures Contracts		Options Purchased			Options Written		Total
Currency contracts	$	(1,373,010	)	$	—	$	—		$	—	$	(1,373,010	)
Interest rate contracts		—			145,373		—			—		145,373
Credit contracts		—			—		(198,912	)		103,513		(95,399	)
Total	$	(1,373,010	)	$	145,373	$	(198,912	)	$	103,513	$	(1,323,036	)

155

Table of Contents

Notes to financial statements

Ivy Funds

7. Derivatives (continued)

During the six months ended March 31, 2023, Delaware Ivy Emerging Markets Local Currency Debt Fund and Delaware Ivy International Small Cap Fund experienced net realized and unrealized gains or losses attributable to foreign currency exchange contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

The table below summarizes the average daily balance of derivative holdings by certain Funds during the six months ended March 31, 2023:

Foreign currency exchange contracts (average notional value)
Futures contracts (average notional value)
Options contracts (average notional value)*

	Long Derivative Volume
	Delaware Ivy Emerging Markets Local Currency Debt Fund		Delaware Ivy Government Securities Fund
Foreign currency exchange contracts (average notional value)	USD	2,941,158	USD	—
Futures contracts (average notional value)		—		5,551,288
Options contracts (average notional value)*		—		635

	Long Derivative Volume
	Delaware Ivy International Small Cap Fund		Delaware Ivy Multi-Asset Income Fund		Delaware Ivy Strategic Income Fund
Foreign currency exchange contracts (average notional value)	USD	75,913	USD	73,993	USD	60,603
Futures contracts (average notional value)		—		964,484		17,019,864
Options contracts (average notional value)*		—		—		41,671
CDS contracts (average notional value)**	USD	—	USD	—	USD	66,667

	Long Derivative Volume
	Delaware Ivy
	Total Return
	Bond Fund
Foreign currency exchange contracts (average notional value)	USD	8,652,384
Futures contracts (average notional value)		37,974,459
Options contracts (average notional value)*		98,284
CDS contracts (average notional value)**	USD	—

	Short Derivative Volume
	Delaware Ivy Emerging Markets Local Currency Debt Fund		Delaware Ivy Government Securities Fund
Foreign currency exchange contracts (average notional value)	USD	2,306,694	USD	—
Futures contracts (average notional value)		—		149,917
Options contracts (average notional value)*		—		536

	Short Derivative Volume
	Delaware Ivy International Small Cap Fund		Delaware Ivy Multi-Asset Income Fund		Delaware Ivy Strategic Income Fund
Foreign currency exchange contracts (average notional value)	USD	148,957	USD	743,266	USD	4,135,079
Futures contracts (average notional value)		—		666,006		28,499
Options contracts (average notional value)*		—		—		30,170

156

Table of Contents

	Short Derivative Volume
	Delaware Ivy
	Total Return
	Bond Fund
Foreign currency exchange contracts (average notional value)	USD	41,044,166
Futures contracts (average notional value)		31,506,460
Options contracts (average notional value)*		66,828

* Long represents purchased options and short represents written options.

** Long represents buying protection and short represents selling protection.

8. Offsetting

Certain Funds 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 certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds 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, certain Funds 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, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2023, certain Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Ivy Emerging Markets Local Currency Debt Fund

Counterparty								Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
JPMorgan Chase Bank								$	23,763	$	(51,170	)	$	(27,407	)

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)
JPMorgan Chase Bank	$	(27,407	)	$	—	$	—	$	—	$	—		$	(27,407	)

Delaware Ivy Multi-Asset Income Fund

Counterparty							Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
TD Bank							$	1,439	$	—	$	1,439

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)
TD Bank	$	1,439	$	—	$	—	$	—	$	—	$	1,439

157

Table of Contents

Notes to financial statements

Ivy Funds

8. Offsetting (continued)

Delaware Ivy Strategic Income Fund
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
JPMorgan Chase Bank	$	—	$	(48	)	$	(48	)
TD Bank		6,284		—			6,284
Morgan Stanley		19,017		(5,090	)		13,927
Total	$	25,301	$	(5,138	)	$	20,163

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)
JPMorgan Chase Bank	$	(48	)	$	—	$	—	$	—	$	—	$	(48	)
TD Bank		6,284			—		—		—		—		6,284
Morgan Stanley		13,927			—		—		—		—		13,927
Total	$	20,163		$	—	$	—	$	—	$	—	$	20,163

Delaware Ivy Total Return Bond Fund

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
BNP Paribas	$	20,821	$	—		$	20,821
JPMorgan Chase Bank		183,925		(127,734	)		56,191
TD Bank		166,559		(45,126	)		121,433
Total	$	371,305	$	(172,860	)	$	198,445

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)
BNP Paribas	$	20,821	$	—	$	—	$	—	$	—	$	20,821
JPMorgan Chase Bank		56,191		—		—		—		—		56,191
TD Bank		121,433		—		—		—		—		121,433
Total	$	198,445	$	—	$	—	$	—	$	—	$	198,445

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

9. 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.

158

Table of Contents

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.

During the six months ended March 31, 2023, the Funds had no securities out on loan.

10. Credit and Market Risk

The global outbreak of COVID-19 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 outbreak, its full economic impact and ongoing effects at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on a Fund's performance.

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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

159

Table of Contents

Notes to financial statements

Ivy Funds

10. Credit and Market Risk (continued)

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.

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 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.

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 nonpayment 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

160

Table of Contents

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.

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 March 31, 2023. 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.

Bonds are considered “pre-refunded” when the refunding issuer’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.

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.”

11. 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.

12. 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. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.

161

Table of Contents

Notes to financial statements

Ivy Funds

13. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

14. Subsequent Events

On February 15-16, 2023, the Board approved the reorganization of the Funds below into and with a substantially similar fund and class of another Delaware Fund (each a “Reorganization”) as shown in the table below:

Acquired Fund		Acquiring Fund
Delaware Ivy California Municipal High Income Fund, a series of the Trust		Delaware Tax-Free California Fund, a series of Voyageur Mutual Funds
Delaware Ivy Corporate Bond Fund, a series of the Trust		Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Delaware Ivy Crossover Credit Fund, a series of the Trust		Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Delaware Ivy Strategic Income Fund, a series of the Trust		Delaware Strategic Income Fund, a series of Delaware Group Government Fund

Each Reorganization is subject to the approval of Fund shareholders at a special shareholder meeting scheduled to be held on June 27, 2023.

If each Reorganization is approved by shareholders at that June 27, 2023 special shareholder meeting, each Reorganization is expected to occur on or about September 15, 2023.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2023, that would require recognition or disclosure in the Funds' financial statements.

162

Table of Contents

Other Fund information (Unaudited)

Ivy Funds

Form N-PORT and proxy voting information

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 Schedule of investments included in the Funds’ most recent Form 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 (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

163

Table of Contents

















	Semiannual report


Delaware Sustainable Equity Income Fund March 31, 2023 Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, 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^®

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 Delaware Sustainable Equity Income Fund 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 Fund is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector allocations and top 10 equity holdings	3
Schedule of investments	4
Statement of assets and liabilities	12
Statement of operations	14
Statements of changes in net assets	15
Financial highlights	18
Notes to financial statements	26
Other Fund information	37

This semiannual report is for the information of Delaware Sustainable Equity Income 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.

Unless otherwise noted, views expressed herein are current as of March 31, 2023, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is 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 October 1, 2022 to March 31, 2023 (Unaudited)

As a shareholder of the 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2022 to March 31, 2023.

Actual expenses

The first section of the table 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 table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the 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 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 table 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 the 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 Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Table of Contents

Disclosure of Fund expenses

For the six-month period from October 1, 2022 to March 31, 2023 (Unaudited)

Delaware Sustainable Equity Income Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 10/1/22		Ending Account Value 3/31/23		Annualized Expense Ratio	Expenses Paid During Period 10/1/22 to 3/31/23*
Actual Fund return^†
Class A	$	1,000.00	$	1,127.30	0.74%	$	3.92
Class I		1,000.00		1,129.90	0.50%	2.66
Class R		1,000.00		1,126.80	1.18%	6.26
Class R6		1,000.00		1,131.00	0.52%	2.76
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.24	0.74%	$	3.73
Class I		1,000.00		1,022.44	0.50%	2.52
Class R		1,000.00		1,019.05	1.18%	5.94
Class R6		1,000.00		1,022.34	0.52%	2.62

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Sustainable Equity Income Fund

As of March 31, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		100.48	%
Communication Services		8.67	%
Consumer Discretionary		5.71	%
Consumer Staples		8.39	%
Energy		7.23	%
Financials		18.41	%
Healthcare		16.76	%
Industrials		10.36	%
Information Technology		9.98	%
Materials		4.88	%
Real Estate		1.88	%
REIT Diversified		0.25	%
REIT Industrial		0.78	%
REIT Mall		0.36	%
REIT Multifamily		0.32	%
REIT Office		0.28	%
REIT Shopping Center		0.76	%
Utilities		5.46	%
Short-Term Investments		0.01	%
Total Value of Securities		100.49	%
Liabilities Net of Receivables and Other Assets		(0.49	)%
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
Hess		2.47	%
Johnson & Johnson		2.32	%
JPMorgan Chase & Co.		2.19	%
Pioneer Natural Resources		2.03	%
Schlumberger		1.56	%
Cisco Systems		1.47	%
Pfizer		1.41	%
Procter & Gamble		1.35	%
S&P Global		1.28	%
Verizon Communications		1.25	%

Table of Contents

Schedule of investments

Delaware Sustainable Equity Income Fund

March 31, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 100.48%
Communication Services — 8.67%
Alphabet Class A †		6,390	$	662,835
Alphabet Class C †		2,970		308,880
AT&T		37,860		728,805
Comcast Class A		21,580		818,098
IAC †		2,440		125,904
Interpublic Group		9,450		351,918
Meta Platforms Class A †		4,340		919,819
Netflix †		1,170		404,212
News		10,820		188,593
Omnicom Group		3,210		302,831
T-Mobile US †		2,340		338,926
Verizon Communications		25,630		996,751
Walt Disney †		7,650		765,994
				6,913,566
Consumer Discretionary — 5.71%
Advance Auto Parts		930		113,097
Aptiv †		1,070		120,043
Aramark		3,450		123,510
Best Buy		2,030		158,888
BorgWarner		2,490		122,284
Deckers Outdoor †		290		130,370
eBay		3,030		134,441
Ford Motor		21,710		273,546
Gap		10,980		110,239
General Motors		3,490		128,013
Hilton Worldwide Holdings		1,250		176,088
Home Depot		2,330		687,630
Kohl’s		4,810		113,227
Lowe’s		730		145,978
McDonald’s		2,920		816,461
Ralph Lauren		1,120		130,671
Starbucks		4,410		459,213
Tapestry		4,940		212,964
Whirlpool		970		128,059
Yum! Brands		2,040		269,443
				4,554,165
Consumer Staples — 8.39%
Archer-Daniels-Midland		2,990		238,183
Bunge		1,290		123,221
Campbell Soup		2,270		124,805

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Consumer Staples (continued)
Clorox		800	$	126,592
Coca-Cola		7,410		459,642
Colgate-Palmolive		1,670		125,501
Conagra Brands		6,450		242,262
Constellation Brands Class A		680		153,605
General Mills		3,870		330,730
Hormel Foods		3,050		121,634
Ingredion		1,410		143,439
J M Smucker		1,250		196,713
Kellogg		2,240		149,990
Keurig Dr Pepper		5,770		203,566
Kimberly-Clark		1,320		177,170
Kraft Heinz		6,900		266,823
Kroger		2,530		124,906
Mondelez International Class A		7,690		536,147
PepsiCo		1,960		357,308
Procter & Gamble		7,230		1,075,029
Target		1,410		233,538
Walgreens Boots Alliance		6,460		223,387
Walmart		6,470		954,001
				6,688,192
Energy — 7.23%
Baker Hughes		32,270		931,312
Hess		14,860		1,966,572
Pioneer Natural Resources		7,940		1,621,666
Schlumberger		25,350		1,244,685
				5,764,235
Financials — 18.41%
Aflac		5,300		341,956
Ally Financial		5,490		139,940
American Express		4,360		719,182
Arthur J Gallagher & Co.		1,700		325,227
Axis Capital Holdings		2,540		138,481
Bank of America		30,800		880,880
Bank of New York Mellon		12,140		551,642
BlackRock		1,210		809,635
Capital One Financial		3,400		326,944
Chubb		2,280		442,730
Citigroup		10,420		488,594
Goldman Sachs Group		2,320		758,895

Table of Contents

Schedule of investments

Delaware Sustainable Equity Income Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Hartford Financial Services Group		3,980	$	277,366
Huntington Bancshares		29,750		333,200
JPMorgan Chase & Co.		13,420		1,748,760
KeyCorp		31,300		391,876
Lazard Class A		10,210		338,053
Marsh & McLennan		1,380		229,839
MetLife		5,870		340,108
Moody’s		950		290,719
Morningstar		790		160,394
Nasdaq		6,720		367,382
Northern Trust		4,340		382,484
PNC Financial Services Group		3,190		405,449
Popular		2,480		142,377
Principal Financial Group		1,960		145,667
Prudential Financial		4,790		396,325
S&P Global		2,950		1,017,071
State Street		4,830		365,583
Synchrony Financial		6,230		181,168
T Rowe Price Group		4,140		467,406
Unum Group		2,960		117,098
US Bancorp		12,010		432,961
Voya Financial		3,120		222,955
				14,678,347
Healthcare — 16.76%
Abbott Laboratories		8,550		865,773
Amgen		520		125,710
Becton Dickinson and Co.		1,740		430,720
Biogen †		470		130,674
Boston Scientific †		9,150		457,774
Bristol-Myers Squibb		10,980		761,024
Cardinal Health		3,010		227,255
Centene †		1,830		115,674
Cigna		1,480		378,184
Cooper		390		145,610
CVS Health		6,660		494,905
Danaher		2,510		632,620
Elevance Health		910		418,427
Eli Lilly & Co.		960		329,683
Gilead Sciences		7,360		610,659
Humana		280		135,929
Illumina †		620		144,181

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Johnson & Johnson		11,950	$	1,852,250
Laboratory Corp. of America Holdings		540		123,887
McKesson		590		210,070
Medtronic		7,810		629,642
Merck & Co.		8,000		851,120
Moderna †		1,550		238,049
Pfizer		27,490		1,121,592
Regeneron Pharmaceuticals †		400		328,668
Thermo Fisher Scientific		1,480		853,028
UnitedHealth Group		650		307,184
Vertex Pharmaceuticals †		420		132,329
Viatris		11,940		114,863
Zimmer Biomet Holdings		1,480		191,216
				13,358,700
Industrials — 10.36%
3M		3,960		416,236
AECOM		1,420		119,734
Boeing †		1,600		339,888
Carlisle		490		110,774
Carrier Global		4,710		215,483
CSX		12,960		388,022
Cummins		1,050		250,824
Dover		1,280		194,483
Eaton		2,560		438,630
Emerson Electric		3,390		295,405
Fortive		1,850		126,115
General Electric		5,090		486,604
Honeywell International		2,240		428,109
Ingersoll Rand		3,000		174,540
Jacobs Solutions		1,040		122,210
Johnson Controls International		4,270		257,139
ManpowerGroup		1,480		122,144
Norfolk Southern		1,970		417,640
Northrop Grumman		650		300,118
Otis Worldwide		1,860		156,984
Owens Corning		1,280		122,624
PACCAR		4,950		362,340
Parker-Hannifin		850		285,694
Raytheon Technologies		9,920		971,466
Republic Services		1,190		160,912
Robert Half International		1,540		124,078

Table of Contents

Schedule of investments

Delaware Sustainable Equity Income Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Stanley Black & Decker		1,480	$	119,258
Trane Technologies		860		158,223
Uber Technologies †		3,840		121,728
United Airlines Holdings †		2,340		103,545
WESCO International		750		115,905
Westinghouse Air Brake Technologies		1,270		128,346
Xylem		1,210		126,687
				8,261,888
Information Technology — 9.98%
Advanced Micro Devices †		2,310		226,403
Amdocs		3,510		337,065
Analog Devices		3,110		613,354
Avnet		2,780		125,656
Broadridge Financial Solutions		930		136,310
Cisco Systems		22,380		1,169,915
Cognizant Technology Solutions Class A		5,140		313,180
Corning		5,580		196,862
Dell Technologies Class C		3,250		130,683
First Solar †		670		145,725
Gen Digital		7,190		123,380
GoDaddy Class A †		2,970		230,828
Hewlett Packard Enterprise		16,080		256,154
HP		4,350		127,673
IBM		3,090		405,068
Intel		20,900		682,803
Juniper Networks		5,940		204,455
Keysight Technologies †		770		124,340
Marvell Technology		5,350		231,655
Micron Technology		4,060		244,980
Okta †		1,570		135,397
ON Semiconductor †		2,240		184,397
Oracle		3,030		281,548
PayPal Holdings †		3,410		258,956
Salesforce †		3,750		749,175
Twilio Class A †		2,100		139,923
Western Union		16,480		183,752
				7,959,637
Materials — 4.88%
Air Products and Chemicals		1,100		315,931
Albemarle		530		117,151

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Materials (continued)
Amcor		20,640	$	234,883
Corteva		3,710		223,750
Dow		6,780		371,680
DuPont de Nemours		2,480		177,990
FMC		990		120,909
Freeport-McMoRan		8,419		344,461
International Flavors & Fragrances		1,690		155,412
International Paper		4,260		153,616
Linde		1,800		639,792
LyondellBasell Industries Class A		3,580		336,126
Mosaic		2,430		111,488
Newmont		4,530		222,061
Sonoco Products		2,120		129,320
Steel Dynamics		2,120		239,687
				3,894,257
Real Estate — 1.88%
American Tower		620		126,691
Equinix		180		129,787
Equity Residential		2,720		163,200
Healthpeak Properties		6,320		138,850
Host Hotels & Resorts		7,510		123,840
Iron Mountain		2,640		139,682
Rexford Industrial Realty		2,820		168,213
SL Green Realty		4,110		96,667
Sun Communities		1,010		142,289
Ventas		2,670		115,745
Weyerhaeuser		5,060		152,458
				1,497,422
REIT Diversified — 0.25%
Digital Realty Trust		2,020		198,586
				198,586
REIT Industrial — 0.78%
Prologis		4,960		618,859
				618,859
REIT Mall — 0.36%
Simon Property Group		2,570		287,763
				287,763

Table of Contents

Schedule of investments

Delaware Sustainable Equity Income Fund

	Number of
	shares		Value (US $)
Common Stocks (continued)
REIT Multifamily — 0.32%
AvalonBay Communities		770	$	129,406
UDR		2,990		122,770
				252,176
REIT Office — 0.28%
Boston Properties		2,080		112,569
Vornado Realty Trust		6,980		107,283
				219,852
REIT Shopping Center — 0.76%
Brixmor Property Group		7,850		168,932
Kimco Realty		12,410		242,367
Regency Centers		3,130		191,494
				602,793
Utilities — 5.46%
AES		5,210		125,457
Alliant Energy		2,380		127,092
American Electric Power		4,840		440,392
Avangrid		3,770		150,348
Consolidated Edison		4,840		463,043
Constellation Energy		1,650		129,525
Dominion Energy		4,030		225,317
Edison International		3,870		273,183
Entergy		1,660		178,848
Eversource Energy		1,750		136,955
Exelon		6,140		257,205
Hawaiian Electric Industries		3,200		122,880
NextEra Energy		8,660		667,513
NRG Energy		3,770		129,273
Public Service Enterprise Group		6,800		424,660
Sempra Energy		3,290		497,316
				4,349,007
Total Common Stocks
(cost $74,225,434)				80,099,445

Short-Term Investments — 0.01%
Money Market Mutual Funds — 0.01%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		1,458		1,458
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		1,458		1,458

Table of Contents

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		1,458	$	1,458
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		1,458		1,458
Total Short-Term Investments
(cost $5,832)				5,832
Total Value of Securities—100.49%
(cost $74,231,266)			$	80,105,277

†

Non-income producing security.

Summary of abbreviations:

REIT – Real Estate Investment Trust

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

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

Table of Contents

Statement of assets and liabilities

Delaware Sustainable Equity Income Fund

March 31, 2023 (Unaudited)

Assets:
Investments, at value*	$	80,105,277
Cash		2,024
Receivable for fund shares sold		190,320
Receivable for securities sold		137,019
Dividends receivable		100,979
Prepaid expenses		34,739
Total Assets		80,570,358
Liabilities:
Payable for fund shares redeemed		601,475
Other accrued expenses		193,515
Administration expenses payable to affiliates		53,143
Investment management fees payable to affiliates		8,299
Distribution fees payable to affiliates		1,332
Total Liabilities		857,764
Total Net Assets	$	79,712,594

Net Assets Consist of:
Paid-in capital	$	71,806,351
Total distributable earnings (loss)		7,906,243
Total Net Assets	$	79,712,594

Table of Contents

Net Asset Value

Class A:
Net assets	$	9,282,568
Shares of beneficial interest outstanding, unlimited authorization, no par		1,724,162
Net asset value per share	$	5.38
Sales charge		2.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	5.52

Class I:
Net assets	$	69,963,191
Shares of beneficial interest outstanding, unlimited authorization, no par		12,931,099
Net asset value per share	$	5.41

Class R:
Net assets	$	46,369
Shares of beneficial interest outstanding, unlimited authorization, no par		8,592
Net asset value per share	$	5.40

Class R6:
Net assets	$	420,466
Shares of beneficial interest outstanding, unlimited authorization, no par		75,749
Net asset value per share	$	5.55
______________
* Investments, at cost	$	74,231,266

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

Table of Contents

Statement of operations

Delaware Sustainable Equity Income Fund

Six months ended March 31, 2023 (Unaudited)

Investment Income:
Dividends	$	1,437,867
Securities lending income		2,716
Foreign tax withheld		(520	)
		1,440,063
Expenses:
Management fees		183,524
Distribution expenses — Class A		11,598
Distribution expenses — Class R		127
Accounting and administration expenses		44,128
Registration fees		39,531
Dividend disbursing and transfer agent fees and expenses		32,430
Audit and tax fees		16,631
Reports and statements to shareholders expenses		11,628
Trustees’ fees and expenses		9,696
Custodian fees		9,131
Legal fees		1,898
Other		6,438
		366,760
Less expenses waived		(91,966	)
Less waived distribution expenses — Class A		(1,952	)
Less waived distribution expenses — Class R		(1	)
Less expenses paid indirectly		(335	)
Total operating expenses		272,506
Net Investment Income (Loss)		1,167,557

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		5,022,247
Net change in unrealized appreciation (depreciation) on investments		10,424,855
Net Realized and Unrealized Gain (Loss)		15,447,102
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,614,659

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

Table of Contents

Statements of changes in net assets

Delaware Sustainable Equity Income Fund

	Six months ended 3/31/23			Year ended
	(Unaudited)			9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,167,557		$	6,118,350
Net realized gain (loss)		5,022,247			116,746,018
Net change in unrealized appreciation (depreciation)		10,424,855			(117,677,669	)
Net increase (decrease) in net assets resulting from operations		16,614,659			5,186,699

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(6,514,843	)		(435,365	)
Class E¹		—			(182,805	)
Class I		(64,429,055	)		(25,107,296	)
Class R		(29,097	)		(4,192	)
Class R6		(132,680	)		(5,027,098	)
		(71,105,675	)		(30,756,756	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		4,404,275			9,437,218
Class E¹		—			392,321
Class I		10,202,825			46,963,582
Class R		103,205			148
Class R6		405,869			2,775,318

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		6,514,294			426,511
Class E¹		—			182,737
Class I		62,673,243			24,830,139
Class R		29,097			4,192
Class R6		132,680			5,027,098
		84,465,488			90,039,264

Table of Contents

Statements of changes in net assets

Delaware Sustainable Equity Income Fund

	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(5,302,971	)	$	(3,499,513	)
Class E¹		—			(2,637,454	)
Class I		(77,088,475	)		(259,742,713	)
Class R		(110,187	)		(140	)
Class R6		(113,934	)		(76,041,869	)
		(82,615,567	)		(341,921,689	)
Increase (decrease) in net assets derived from capital share transactions		1,849,921			(251,882,425	)
Net Decrease in Net Assets		(52,641,095	)		(277,452,482	)

Net Assets:
Beginning of period		132,353,689			409,806,171
End of period	$	79,712,594		$	132,353,689

¹ On June 13, 2022, all Class E shares were liquidated.

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

Table of Contents

This page intentionally left blank.

Table of Contents

Financial highlights

Delaware Sustainable Equity Income Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

Ratios have been annualized and total return and portfolio turnover have not been annualized.

Calculated using average shares outstanding.

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. 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

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund.

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

Table of Contents

Six months ended 3/31/23¹			Year ended
(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
$	12.64		$	14.84		$	12.63		$	12.66		$	11.96		$	10.62


	0.07			0.25			0.25			0.24			0.21			0.21
	1.60			(1.17	)		2.80			0.11			0.83			1.30
	1.67			(0.92	)		3.05			0.35			1.04			1.51


	(0.12	)		(0.37	)		(0.26	)		(0.23	)		(0.22	)		(0.17	)
	(8.81	)		(0.91	)		(0.58	)		(0.15	)		(0.12	)		—	³
	(8.93	)		(1.28	)		(0.84	)		(0.38	)		(0.34	)		(0.17	)

$	5.38		$	12.64		$	14.84		$	12.63		$	12.66		$	11.96

	12.73	%		(7.48	)%		24.85	%		2.88	%		9.04	%		14.29	%


$	9,283		$	9,035		$	4	⁵	$	4	⁵	$	3	⁵	$	2	⁵
	0.74	%		0.74	%		0.74	%		0.74	%		0.75	%		0.75	%
	0.94	%		0.93	%		0.88	%		0.84	%		0.89	%		0.81	%
	2.02	%		1.73	%		1.75	%		2.01	%		1.79	%		1.87	%
	1.82	%		1.54	%		1.61	%		1.91	%		1.65	%		1.81	%
	92	%		94	%⁷		29	%		40	%		28	%		27	%

Table of Contents

Financial highlights

Delaware Sustainable Equity Income Fund Class I

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

Ratios have been annualized and total return and portfolio turnover have not been annualized.

Calculated using average shares outstanding.

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.

⁷

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund.

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

Table of Contents

Six months ended 3/31/23¹			Year ended
(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
$	12.66		$	14.83		$	12.63		$	12.67		$	11.96		$	10.62


	0.09			0.27			0.29			0.27			0.24			0.24
	1.59			(1.15	)		2.78			0.10			0.84			1.30
	1.68			(0.88	)		3.07			0.37			1.08			1.54


	(0.12	)		(0.38	)		(0.29	)		(0.26	)		(0.25	)		(0.20	)
	(8.81	)		(0.91	)		(0.58	)		(0.15	)		(0.12	)		—	³
	(8.93	)		(1.29	)		(0.87	)		(0.41	)		(0.37	)		(0.20	)

$	5.41		$	12.66		$	14.83		$	12.63		$	12.67		$	11.96

	12.99	%		(7.18	)%		25.05	%		3.07	%		9.39	%		14.56	%


$	69,963		$	123,164		$	334	⁵	$	297	⁵	$	301	⁵	$	282	⁵
	0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
	0.68	%		0.68	%		0.64	%		0.64	%		0.69	%		0.65	%
	2.25	%		1.85	%		2.00	%		2.21	%		2.04	%		2.14	%
	2.07	%		1.67	%		1.86	%		2.07	%		1.85	%		1.99	%
	92	%		94	%⁷		29	%		40	%		28	%		27	%

Table of Contents

Financial highlights

Delaware Sustainable Equity Income Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁸

Ratio of expenses to average net assets prior to fees waived⁸

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

Ratios have been annualized and total return and portfolio turnover have not been annualized.

Calculated using average shares outstanding.

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

Rounds to less than $500 thousands.

⁸

Expense ratios do not include expenses of any investment companies in which the Fund invests.

⁹

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund.

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

Table of Contents

Six months ended 3/31/23¹			Year ended
(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
$	12.64		$	14.85		$	12.62		$	12.65		$	11.95		$	10.62


	0.06			0.17			0.17			0.19			0.15			0.15
	1.60			(1.15	)		2.79			0.10			0.83			1.29
	1.66			(0.98	)		2.96			0.29			0.98			1.44


	(0.09	)		(0.32	)		(0.15	)		(0.17	)		(0.16	)		(0.11	)
	(8.81	)		(0.91	)		(0.58	)		(0.15	)		(0.12	)		—	³
	(8.90	)		(1.23	)		(0.73	)		(0.32	)		(0.28	)		(0.11	)

$	5.40		$	12.64		$	14.85		$	12.62		$	12.65		$	11.95

	12.68	%⁵		(7.87	)%⁵		24.14	%		2.37	%		8.50	%⁵		13.61	%


$	46		$	46		$	—	^6,7	$	1	⁶	$	1	⁶	$	1	⁶
	1.18	%		1.22	%		1.24	%		1.19	%		1.26	%		1.26	%
	1.31	%		1.28	%		1.24	%		1.19	%		1.28	%		1.26	%
	1.68	%		1.18	%		1.22	%		1.53	%		1.28	%		1.35	%
	1.55	%		1.12	%		1.22	%		1.53	%		1.26	%		1.35	%
	92	%		94	%⁹		29	%		40	%		28	%		27	%

Table of Contents

Financial highlights

Delaware Sustainable Equity Income Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

Ratios have been annualized and total return and portfolio turnover have not been annualized.

Calculated using average shares outstanding.

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.

⁸

The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund.

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

Table of Contents

Six months ended 3/31/23¹			Year ended
(Unaudited)			9/30/22			9/30/21			9/30/20			9/30/19			9/30/18
$	12.79		$	14.84		$	12.63		$	12.67		$	11.96		$	10.62


	0.09			0.28			0.29			0.27			0.24			0.25
	1.61			(1.17	)		2.79			0.10			0.84			1.29
	1.70			(0.89	)		3.08			0.37			1.08			1.54


	(0.13	)		(0.25	)		(0.29	)		(0.26	)		(0.25	)		(0.20	)
	(8.81	)		(0.91	)		(0.58	)		(0.15	)		(0.12	)		—	³
	(8.94	)		(1.16	)		(0.87	)		(0.41	)		(0.37	)		(0.20	)

$	5.55		$	12.79		$	14.84		$	12.63		$	12.67		$	11.96

	13.10	%⁵		(7.21	)%⁵		25.16	%		3.07	%		9.40	%⁵		14.56	%


$	421		$	109		$	70	⁶	$	80	⁶	$	86	⁶	$	93	⁶
	0.52	%		0.48	%		0.48	%		0.50	%		0.50	%		0.49	%
	0.65	%		0.52	%		0.48	%		0.50	%		0.53	%		0.49	%
	2.42	%		1.86	%		2.02	%		2.24	%		2.03	%		2.17	%
	2.29	%		1.82	%		2.02	%		2.24	%		2.00	%		2.17	%
	92	%		94	%⁸		29	%		40	%		28	%		27	%

Table of Contents

Notes to financial statements

Delaware Sustainable Equity Income Fund

March 31, 2023 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 39 series. These financial statements and the related notes pertain to Delaware Sustainable Equity Income Fund. The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act). The Fund offers Class A, Class I, Class R and Class R6 shares. On June 13, 2022, all Class E shares were liquidated. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares that received an NAV breakpoint for shares that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 12 months after your purchase, unless a specific waiver of the Limited CDSC applies. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. Class I shares, Class R shares and Class R6 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

The 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 Fund.

Federal Income Taxes — No provision for federal income taxes has been made as the 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

Table of Contents

the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended March 31, 2023, and for all open tax years (years ended September 30, 2019 - September 30, 2022), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended March 31, 2023, the Fund 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 the 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.

Other — Expenses directly attributable to the Fund are charged directly to the 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. 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 Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income

Table of Contents

Notes to financial statements

Delaware Sustainable Equity Income Fund

1. Significant Accounting Policies (continued)

and distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The 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 “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the 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 at the rates of 0.35% of net assets up to $1 billion, 0.33% of net assets over $1 billion and up to $2 billion, 0.31% of net assets over $2 billion and up to $5 billion, and 0.30% of net assets over $5 billion.

DMC has also entered into a sub-advisory agreement, on behalf of the Fund, with Macquarie Investment Management Global Limited (MIMGL), which is an affiliate of DMC.

MIMGL is a part of Macquarie Asset Management (MAM). Although DMC has principal responsibility for DMC’s portion of the Fund, DMC may seek investment advice and recommendations from MIMGL and DMC may also permit MIMGL 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 MIMGL’s specialized market knowledge. Pursuant to the terms of the sub-advisory agreement, DMC pays MIMGL a sub-advisory fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended March 31, 2023, the Fund paid $3,454 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. 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

Table of Contents

$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. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended March 31, 2023, the Fund paid $70,202 for these services. 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 Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual distribution and service (12b-1) fee of 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares, respectively. The fees are calculated daily and paid monthly. Class I shares and Class R6 shares do not pay a 12b-1 fee.

As provided in the investment management agreement, the 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 the Fund. This amount is included on the “Statement of operations” under “Legal fees.” For the six months ended March 31, 2023, the Fund paid $17,695 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees.

DMC, DDLP and/or DIFSC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: 0.74% for Class A shares; 0.50% for Class I shares; 1.22% for Class R shares; and 0.48% for Class R6 shares from October 1, 2022 through March 31, 2023*. Prior to January 30, 2024, the expense limitation may not be terminated without the consent of the Board. The waivers and reimbursements are accrued daily and received monthly.

For the six months ended March 31, 2023, DDLP earned $2,288 for commissions on sales of the Fund’s Class A shares. For the six months ended March 31, 2023, DDLP received gross CDSC commissions of $1 on redemptions of the Fund’s Class A shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the 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 Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs

Table of Contents

Notes to financial statements

Delaware Sustainable Equity Income Fund

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

in which it invests. The amount of these fees and expenses incurred indirectly by the 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.

*	The aggregate contractual waiver period covering this report is from January 28, 2022 through January 30, 2024.

3. Investments

For the six months ended March 31, 2023, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases			$	97,983,884
Sales				165,772,858

At March 31, 2023, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2023, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	74,231,266
Aggregate unrealized appreciation of investments	$	8,533,819
Aggregate unrealized depreciation of investments		(2,659,808	)
Net unrealized appreciation of investments	$	5,874,011

US GAAP defines fair value as the price that the 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 asset or liability based on the best information available under the circumstances. The Fund’s

Table of Contents

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 the 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. The 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 table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2023:

	Level 1
Securities
Assets:
Common Stocks	$	80,099,445
Short-Term Investments		5,832
Total Value of Securities	$	80,105,277

During the six months ended March 31, 2023, there were no transfers into or out of Level 3 investments. The 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 the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. During the six months ended March 31, 2023, there were no Level 3 investments.

Table of Contents

Notes to financial statements

Delaware Sustainable Equity Income Fund

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended			Year ended
	3/31/23			9/30/22
Shares sold:
Class A		576,856			653,211
Class E		—			26,018
Class I		920,682			3,146,378
Class R		7,111			10
Class R6		60,476			196,466

Shares issued upon reinvestment of dividends and distributions:
Class A		1,195,652			28,797
Class E		—			12,046
Class I		11,462,515			1,643,925
Class R		5,331			279
Class R6		23,666			330,874
		14,252,289			6,038,004

Shares redeemed:
Class A		(763,231	)		(243,777	)
Class E		—			(190,157	)
Class I		(9,183,488	)		(17,550,558	)
Class R		(7,513	)		(9	)
Class R6		(16,907	)		(5,218,928	)
		(9,971,139	)		(23,203,429	)
Net increase (decrease)		4,281,150			(17,165,425	)

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 table above and on the “Statements of changes in net assets.” For the six months ended March 31, 2023, and the year ended September 30, 2022, the Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Class I Shares		Class A Shares		Class I Shares		Value
Six months ended
3/31/23		11,958		134		134		11,896	$	70,759
Year ended
9/30/22		4,701		3,610		3,610		4,701		122,319

Table of Contents

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was 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 were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.

On October 31, 2022, the 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 above. It operates in substantially the same manner as the original Agreement. 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.

The Fund had no amounts outstanding as of March 31, 2023, or at any time during the period then ended.

6. Interfund Lending Program

7. Securities Lending

The 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

Table of Contents

Notes to financial statements

Delaware Sustainable Equity Income Fund

7. Securities Lending (continued)

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.

Cash collateral received by the Fund is generally invested in an individual separate account. 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. The Fund can also accept US government securities and letters of credit (noncash 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 the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the

Table of Contents

amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

At the six months ended March 31, 2023, the Fund had no securities out on loan.

8. Credit and Market Risk

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 Fund invests will cause the NAV of the Fund to fluctuate.

The 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 the 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 Fund’s 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 Fund’s 15% limit on investments in illiquid securities. As of March 31, 2023, there were no Rule 144A securities held by the Fund.

9. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

Table of Contents

Notes to financial statements

Delaware Sustainable Equity Income Fund

10. New Regulatory Pronouncement

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2023, that would require recognition or disclosure in the Fund’s financial statements.

Table of Contents

Other Fund information (Unaudited)

Delaware Sustainable Equity Income Fund

Form N-PORT and proxy voting information

The 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. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is 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 Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature.

Table of Contents

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:	June 2, 2023

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:	June 2, 2023

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 2, 2023

Ivy Funds N-CSRSCertified semi-annual shareholder report (management investment company)